Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1191

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9C
Chunk 1191
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Common Stock” and the
Company’s preferred stock, par value $0.0001 per share, is referred to as the “Preferred Stock”.

Initial
public offering

On
August 7, 2023, the Company closed its initial public offering consisting of 1,275,000 shares at a price of $7.00 per share for approximately
$8.9 million in gross proceeds. After deducting the underwriting commission and other deferred offering expenses totaling $1.2 million,
the net proceeds to the Company were $7.7 million (the “IPO”).

The
shares were offered and sold pursuant to the Company’s Registration Statement on Form S-1, as amended (File No. 333-273024), originally
filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2023 (the “Registration Statement”)
and the final quarterly report filed with the Commission pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The Registration
Statement was declared effective by the Commission on August 2, 2023. The common stock began trading on The Nasdaq Capital Market on
August 3, 2023 under the symbol “MIRA”. The closing of the IPO occurred on August 7, 2023. (See Note 8 “Common Stock”).

As
of the completion of the IPO, among other things, certain of the Company’s then-outstanding convertible debt was converted into
shares of common stock. See Note 4 for more information.

Basis
of Presentation

Certain
amounts in the prior year financial statements have been reclassified to conform to the current year presentation. There is no impact
to total cash flows from operations as a result of this reclassification. Specifically, the Company reclassed certain non-cash expenses
related to related party line of credit included in “Change in operating assets and liabilities” to “Adjustments to
reconcile net loss to net cash from operations”

Revenue
recognition

The
Company currently has no source of revenue. Miscellaneous income, including interest, is recognized when earned by the Company.

Income
taxes

The
Company accounts for income taxes pursuant to the provision of Accounting Standards Codification (“ASC”) 740-10, “Accounting
for Income Taxes” (“ASC 740-10”), which requires, among other things, an asset and liability approach to calculating
deferred income taxes. The