Company: JUNS
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010990
Chunk: 39

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 39
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 interest relating to the loan was $2,147
and $1,064
as of March 31, 2025 and December 31, 2024, respectively, and is included in accrued interest on the accompanying condensed consolidated balance sheets.

    13

JUPITER NEUROSCIENCES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

Note 3 – Related Party Transactions,
continued

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 (“RSUs”). The options to purchase common stock have a strike price of $1.33
and together with the RSUs had a grant date fair value of $60,000.
Accordingly, 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, 2023, $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.

Note 4 – Accounts Payable and Accrued
Expenses

Accounts payable and accrued expenses consisted
of the following:

Schedule
of Accounts Payable and Accrued Expenses

    March 31,  2025  
    December 31,  2024  
  
    Accounts payable 
    $158,483  
    $278,676 
  
    Professional fees 
     103,590  
     40,271 
  
    License fee 
     18,750  
     75,000 
  
    Credit cards 
     2,108  
     2,536 
  
    Total accounts payable and accrued expenses 
    $282,931  
    $396,483 

Accrued compensation of $1,407,658 and $1,415,093
as of March 31, 2025 and December 31, 2024, respectively, includes accrued salaries and health benefits to executives since inception
and as well as board fees. Since inception, executive salaries have been paid in cash when the Company’s cash flow has permitted such payment.
Prior to the IPO, in order to conserve cash, certain