Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 519

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 519
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 2023, respectively, and is included in
accrued interest on the accompanying balance sheets. The Company repaid a total of $100,000 during the year ended December 31, 2024,
$83,880 in principal and $16,120 in accrued interest.

    F-12

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
3 – Related Party Transactions, continued

During
the year ended December 31, 2023, an employee loaned the Company $25,000. The balance of the loan as of December 31, 2024 and 2023, was
$0 and $25,000, respectively. The loan is due on demand and accrues interest at 3% per year. Accrued interest related to the loan was
$0 and $723 as of December 31, 2024 and 2023, respectively, and is included in accrued interest on the accompanying balance sheet. The
Company repaid a total of $26,422 during the year ended December 31, 2024, $25,000 in principal and $1,421 in accrued interest.

Accrued
compensation includes partially accrued salaries to executives since inception. Since inception, executive salaries have been paid in
cash when the Company’s cash flow has permitted such payment. During 2020, the Company began consistently paying salaries at 50%
of the salaries reflected in the respective employment agreements. As of September 2021, the Company began paying full salaries. Throughout
2022, the Company returned to paying partial salaries and by November 2022 the Company stopped paying 100% salaries in an effort to conserve
cash.

On
September 29, 2023, various employees and board members agreed to forgive accrued compensation in the amount of $4,189,626. In exchange
of the forgiveness the Company issued an aggregate of 2,353,661 stock options with an exercise price of $1.33 and an aggregate of 1,399,834
restricted stock units with a grant date value of $1.33 in exchange for the aggregate forgiveness of compensation in the amount of $4,189,626.
Additionally, the Company agreed to a bonus of $513,013 for the employees and a bonus of $70,200 to the board members, to be paid upon
the occurrence of