Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1130

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1130
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 accrued but unpaid interest had to be repaid in full on November
15, 2024. However, the Company did not borrow any funds from the MIRALOGX loan during the year ended December 31, 2024 or December 31,
2023 and the Loan Agreement expired on November 15, 2024.

Bay
Shore Trust

In
May 2021, the Company entered into a revolving credit facility which allowed for borrowings of up to $5 million from Starwood Trust,
a shareholder of the Company. The facility had an initial term of 24 months (extended to 36 months in March 2023), with a new maturity
date of May 10, 2024, at which time all outstanding borrowings and accrued interest, if any, were due in full. Borrowings accrued interest
at a rate of 5% per annum.

In
April 2023, the Company entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by the largest
shareholder of the Company. Under this Promissory Note and Loan Agreement (the “Bay Shore Note”), the Company had the right
to borrow up to an aggregate of $5 million from the Bay Shore Trust at any time up to the second anniversary of the issuance of the Bay
Shore Note or, if earlier, upon the completion of the Company’s IPO.

The
Bay Shore Note replaced the revolving credit facility that the Company entered into with Starwood Trust, and pursuant to which the Company
had an outstanding principal balance of $0.2 million as of the date of the Bay Shore Note (which outstanding balance was retired
with an advance under the Bay Shore Note).

In
consideration of the loan facility provided by the Bay Shore Trust, in April 2023, the Company issued to the Bay Shore Trust a common
stock purchase warrant giving the Bay Shore Trust the right to purchase up to 1,000,000 shares of common stock at an exercise price of
$5.00 per share, which warrant will expire five years after the date of grant. Pursuant to a registration rights agreement, the Company
registered for resale the shares issuable upon the exercise of the warrant in December 2023. See Note 8 for additional details related
to these warrants.

On
July 20, 2023, the Company entered into a conversion agreement with the Bay Shore Trust under which the Bay Shore Trust had agreed to
convert