Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 524

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 524
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 issued to the Holder on October 10, 2022, valued
at 1/12th of the original 514,403 shares issued at commencement of Note II.

On
November 10, 2022, Note II was amended to postpone the commencement of the principle from November 11, 2022 to February 11, 2023 and
payable in three monthly instalments. An additional 128,599 shares of common stock were issued to the Holder on November 10, 2022, value
at 1/4th of the original 514,403 shares issued at commencement of Note II.

On
February 6, 2023, Note II was amended to postpone the commencement of the principle to February 28, 2023. On March 6, 2023, Note II was
amended to postpone the commencement of the principal from February 11, 2023 to May 31, 2023. The Company and the noteholder agreed to
a repayment plan on past due interest. In addition, the Company agreed to prepay in cash the aggregate principal amount of the Note II
of 120% (or 137.5% on or after the first six months from closing) plus any accrued interest on the sale of all the assets of the Company
and its subsidiaries, upon the Change of Control, or on a Qualified Offering. Upon default of Note II, the Company agrees to pay 137.5%
of the outstanding note principal, and accrued interest through maturity and all liquidation damages. As a result of the material modification,
the incremental fair value of the modified derivative was classified as a debt extinguishment. Due to the extension of the maturity date
of the convertible note, the fair value of the derivative liability increased. This resulted in the Company recording a loss on extinguishment
of debt of $670,419.

    F-15

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
5 – Convertible Debt and Derivative Liability, continued

Senior
Secured Note – Formerly Known as the Convertible Debt II, continued

On
September 22, 2023, Note II was amended to postpone the commencement of the principle to December 31, 2023. The Company and the noteholder
agreed to a repayment plan on past due interest. In addition,