Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1051

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 1051
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 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.

The
Shares. In connection with the issuance of the Note, the Company issued 514,403 shares of common stock to the holder with a fair
market value of $2.16 per share (aggregate value of $1,111,111) as additional consideration for the holder lending $1,000,000 to the
Company. The 514,403 shares have a relatively fair value of $310,000.

The
Purchase Agreement related to the Note was amended to provide that upon closing, the purchaser will receive 133.33% coverage (i.e. the
face amount of the Note, i.e., $1,111,111.11 divided by the lesser of (i) the price/share of the last issuance of solely common stock
(including options) of the Company, i.e., $5.00/share or (ii) the price per share of common stock (or if units are issued in the Qualified
Offering, the price of units sold in the Qualified Offering), in shares of common stock of the Company (or if units are issued in the
Qualified Offering, units). The number of shares to be received at closing shall be determined by using clause (i) above.

In
light of the foregoing, the holder shall receive an additional number of shares of common stock, such that it shall have received the
number of shares of common stock of the aggregate value of $1,111