Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 131

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 131
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 no expiration
date.

    F-15

MIRA
                                            PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

A
reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows:

 Schedule
of Reconciliation of Effective Income Tax Rate

    Year
    Ended December 31, 2024 

    Amount  
    Rate 
  
    Book
    Loss 
    $7,852,659  

    Tax
    Benefit at U.S. Federal Statutory Rate 
     (1,649,058) 
     21.00%
  
    State
    Taxes, Net of Federal Benefit 
     (341,591) 
     4.35%
  
    Change
    in Valuation Allowance 
     3,311,262  
     (42.17)%
  
    Permanent
    Items 
     (1,320,612) 
     16.82%
  
    Net
    actual effective rate 
    $-  
     -%

Note
8. Stockholders’ equity:

Capital
stock

The
Company has the authority to issue 110,000,000 shares of capital stock, consisting of 100,000,000 shares of Common Stock and 10,000,000
shares of undesignated preferred stock (as amended and restated on June 28, 2023), whose rights and privileges will be defined by the
Board of Directors when a series of preferred stock is designated.

Reverse
stock-split

Effective
June 28, 2023, the Company completed a 1-for-5 reverse stock split of its outstanding common stock upon the filing of the Company’s
Third Amended and Restated Articles of Incorporation with the Florida Secretary of State. No fractional shares were issued in connection
with the reverse stock split, and all such fractional shares resulting from the reverse stock split were rounded up to the nearest whole
number. The shares issuable upon the exercise of our outstanding options and warrants, and the exercise prices of such options and warrants,
have been adjusted to reflect the reverse stock split. All share and per share information in the accompanying financial statements have
been retrospectively adjusted to reflects the reverse stock split.

Common
Stock

At
IPO in August 2023, 1,275