Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1553

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 1553
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 into an amendment to extend the maturity date of the Senior
Secured Note to October 11, 2024.

On
November 15, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of
the Senior Secured Note to December 10, 2024. During December 2024, the Company fully repaid the Senior Secured Note pursuant to the
terms in the amount of $2,102,797. On April 29, 2024, the Company, the Holder of the Note II and the CEO entered into an
amendment in which the CEO agrees to exchange 685,867 shares issued to the Holder in exchange for his related party notes that
accrued interest at 3% that are due from the Company in an aggregate principal amount of $266,667 and the Holder agreed to forfeit
all rights to all additional future shares from the Company that would of become due upon a qualified offering as well as the
conversion option. Therefore, the principal amount of the note was increased to $1,377,778 and the exchange debt follows the
requirements of Note II. In addition, the Holder agreed to extend the note maturity date to August 11, 2024. The note shall be
designated as a 10% original issue discount secured note (“Senior Secured Note”) moving forward. The Senior Secured Note
and interest will become due and payable upon the earliest of the maturity date or upon the occurrence of a qualified event. The
note is recorded on the balance sheet under note payable. As a result of the conversion feature of the note being removed the
Company recorded a one-time gain on the modification of the debt of $951,868 and a new derivative liability of $407,494 was recorded
related to the Senior Secured Note.

88

On
August 8, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the Senior
Secured Note to October 11, 2024.

On
November 15, 2024, the Company, and the Holder of the Senior Secured Note entered into an amendment to extend the maturity date of the
Senior Secured Note to December 10, 2024.

During December 2024, the Company fully repaid the Senior Secured Note pursuant to the terms
in the amount of $2,102,797.