Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1761

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7A
Chunk 1761
---
 of $2,195,550.

Note
7 – Income Taxes 

A
reconciliation of income taxes at the U.S. federal statutory rate to the benefit for income taxes is as follows:

Schedule
of Income Tax Provision

    2024  
    2023 
  
    Federal 
     21.00% 
     21.00%
  
    State 
     2.07% 
     2.55%
  
    Nondeductible expenses 
     -2.33% 
     -3.85%
  
    Change in valuation allowance 
     -20.74% 
     -19.70%
  
    Effective tax rate 
     -  
     - 

    F-21

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
7 – Income Taxes, continued 

A
summary of the Company’s deferred tax assets is as follows:

Schedule
of Deferred Tax Assets

    2024  
    2023 
  
    U.S Federal and State net operating loss 
    $3,083,545  
    $2,429,544 
  
    Stock based compensation 
     1,272,925  
     1,031,860 
  
    Accrued salaries 
     382,288  
     395,899 
  
    Orphan drug credit 
     1,060,118  
     924,171 
  
    Derivative liability 
     -  
     370,572 
  
    Other 
     260,481  
     392,486 
  
    Total net deferred tax assets 
     6,059,357  
     5,544,532 
  
    Valuation allowance 
     (6,059,357) 
     (5,544,532)
  
    Total Deferred Tax Asset 
    $-  
    $- 

As
of December 31, 2024, the Company had federal and state (post-apportioned basis) net operating losses (“NOLs”) of $26 million,
as well as federal orphan drug tax credit carryforwards of approximately $1.06 million. Approximately $10.0 million of the foregoing
federal and state NOLs will expire at various dates from 2026 through 204