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Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

Note 3 – Related Party Transactions

 

The Company’s Chief Executive Officer (CEO) has loaned the Company working capital since inception. The balance of the loan payable to the CEO totaled $146,432 at both March 31, 2025 and December 31, 2024. The balance is due on demand and accrues interest at 3% per year. Accrued 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.

 

 

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.