Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 70

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 70
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 the year ended December 31, 2024, $83,880 in principal
and $16,120 in accrued interest.

On March 15, 2024, a former
executive agreed to forgive $100,000 of accrued compensation in exchange for 49,605 options to purchase common stock and 7,500 restricted
stock units, The options to purchase common stock have a strike price of $1.33. The option had a grant date fair value of $50,000. The
Company recorded a gain on the forgiveness of accrued compensation in the amount of $40,000.

As of March 31, 2025 and December
31, 2024, $84,105 and $64,105, respectively, was due to a company wholly owned by the Company’s Chief Financial Officer. The amount is included in accrued compensation on the Company’s balance sheets.

Critical Accounting Policies

Our accounting policies
are more fully described in Note 2 – Significant accounting policies to our consolidated financial statements included as part
of this Quarterly Report and our Annual Report on Form 10-K for fiscal 2024, filed with the SEC on March 28, 2025. As disclosed in Note 2, the
preparation of financial statements in conformity with U.S. GAAP requires management to make substantial judgment or estimation in
their application that may significantly affect reported amounts in the consolidated financial statements and accompanying notes.
Actual results could differ significantly from those estimates. We believe the following discussion addresses our most critical
accounting policies, which are those that are most important to the portrayal of our financial condition and results of operations
and require management’s most difficult, subjective and complex judgments.

Off-Balance Sheet Arrangements

We have no off-balance sheet
arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures
that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act,
such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized, and reported within the time period specified in the