Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1419

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 1419
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) and $148,751,
in the years ended December 31, 2024 and 2023, respectively.

Gain
(Loss) on Extinguishment of Debt

During
the years ended 2024 and 2023, the Senior Secured Convertible Note was amended several times with materially different economics thus
requiring for the recording of debt as an extinguishment and re-recording the debt with the amended terms. This resulted in a gain/(loss)
on extinguishment of debt in the years ended December 31, 2024 and 2023 of $857,723 and $(887,946), respectively. 

84

Liquidity
and Capital Resources; Plan of Operations

As
of December 31, 2024, we had cash and cash equivalents of $3,769,510. Our cash equivalents are held in high yield savings account. Since
inception, we have incurred net losses and negative cash flows from operations. On December 31, 2024, we had an accumulated deficit of
$26,022,129.

Historically,
we have financed our operations primarily by selling common stock and convertible debt. On December 2, 2024, the Company priced its initial
public offering of 2,750,000 shares of common stock at a price of $4.00 per share. The offering closed on December 4, 2024, and the Company
started trading on the Nasdaq Capital Market under the ticker symbol “JUNS”. The Company sold 2,750,000 shares of its Common
Stock to the underwriters and yielded proceeds of $9,725,213, net of underwriters and other fees of $1,274,787. On April 11, 2022, we
issued a senior secured convertible note in the principal amount of $1,111,111 in exchange for $1,000,000 as described above in “Item
1. Business” of this Annual Report on Form 10-K, which was paid down with the proceeds from the initial public offering.

For the fiscal years ended December
31, 2024 and 2023, we generated no revenues from product sales and reported net losses of $2,439,625 and $4,783,689, respectively, and
negative cash flow from operating activities of $3,911,004 and $480,953, respectively. There is substantial doubt regarding our ability
to continue as a going concern as a result