Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1045

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 1045
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31, 2024 increased $3,430,051 from December 31, 2023 mainly
attributable to an increase of $2,300,000 in prepaid contracts due to stock issuances associated with Asian Business Development
service agreements, an increase of $118,796 in other current assets, a decrease of $2,187,051 in accrued compensation, a decrease of
$314,412 in accounts payable and accrued expenses, a decrease of $1,517,085 in changes associated with debt (amortization of debt
discounts, loss on extinguishment of debt, gain/loss on change in fair value of derivative liabilities, and increase in accrued
interest), an increase in amortization of prepaid contracts of $54,612, an increase of $642,329 in stock-based compensation,
partially offset a decrease of $2,334,064 in Net Loss.

Net
Cash Used in Investing Activities:

No
net cash was provided by or used in investing activities during the years ended December 31, 2024 and 2023.

Net
Cash Provided by Financing Activities:

Net
cash provided by financing activities for the year ended December 31, 2024 increased by $7,207,036 from the year ended December 31,
2023. The increase is mainly attributed the proceeds raised from the Company’s initial public offering, net of offering costs
of $9,725,213 partially offset by the repayments of notes payables of $2,361,677.

Off-balance
sheet financing arrangements

We
have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions
that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which
would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance
sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased
any non-financial assets.

Asian
Business Development Activities

The
Company initiated business development activities in the Asian region beginning in October of 2021. The Company has a strong strategic
interest in accelerating the drug development and potential commercialization efforts of JOTROL in this market. Our Chairman & CEO,
Christer Rosén, presented in person, our company’s status and pipeline at the BIOHK 2023 in Hong Kong in September of 2023.
The presentation led to