Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1269

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 1269
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 Company’s IPO price, which resulted in the issuance of 157,170 shares to the Bay
Shore Trust. On August 14, 2023, the Company paid $1.0 million in full to Bay Shore Trust, which was the amount due. The Company also
paid accrued interest of $0.03 million. Both amounts are recorded in the accompanying statement of operations for the year ended December
31, 2023 as interest expense. The remaining amount of $0.01 million in accrued interest due to Bay Shore Trust was paid as of December
31, 2024, as reflected in the accompanying financial statements, and the Note is no longer active.

    F-13

MIRA
                                            PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

Note
5. Related party transactions:

Due
from Related Party - As of the year ended December 31, 2023, the Company paid $0.07 million to vendors on behalf of a related party.
During the year ended December 31, 2024, related parties made payments on behalf of the Company in the amount of $0.03 million for wages
of personnel working with the Company which is classified as advances from affiliates in the statement of cash flows and offset against
the related party receivable on the balance sheet. As of December 31, 2024, $0.04 million remains outstanding as a related party receivable.

Travel
expenses - In April 2021, the Company entered into an airplane lease with an entity under common control that the Company incurred
approximately $0.05 million of lease charges per month. The Company terminated the lease March 31, 2023, without any penalties. The Company
may continue to incur related party travel-related expenses as they occur, which will be recorded in Related Party Travel Costs, in the
statement of operations. During the year ended December 31, 2023, the Company incurred $0.5 million, for travel-related expenses to the
related party for monthly rental charges and airplane-related expenses. There were no such travel-related expenses in 2024.

License
agreement - See Note 3.

Line
of credit - See Note 4.

Stock
settlement agreement- See Note 8

Note
6. Leases:

The
Company’s former corporate headquarters were located in Baltimore, Maryland, which included a lease