Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1121

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1121
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,000,000 shares of common stock issued to Bay Shore Trust during the year ended December
31, 2023 which totaled approximately $3.5 million to deferred finance costs. The Company had amortized approximately $0.7 million of
deferred offering costs as non-cash amortization of debt issuances costs in accordance with Generally Accepted Accounting Principles
(“GAAP”). As of December 31, 2023, this agreement was paid in full. This resulted in a write-off of unamortized deferred
financing costs, in the amount of $2.8 million which was recorded as interest expense.

The
Company recorded the fair value of a total of 157,170 shares of common stock issued to Bay Shore Trust during the year ended December
31, 2023 totaling approximately $1.1 million to record Bay Shore Trust conversions of a line of credit and interest to shares of common
stock.

The
Company recorded the fair value of a total of 35,715 shares of common stock issued to the MZ Group during the year ended December 31,
2023 totaling $0.25 million in lieu of fees for investor relation services.

On
November 15, 2023, the Company entered a warrant agreement and recorded the fair value of a total of 700,000 shares of common stock issued
to MIRALOGX, LLC which totaled $1,832,600 to expense.

See
notes to consolidated financial statements

F-8

MIRA
PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

Note
1. Description of business and summary of significant accounting policies:

Overview

MIRA
Pharmaceuticals, Inc. (NASDAQ: MIRA) is a clinical-stage pharmaceutical development company advancing two neuroscience programs targeting
neurologic and neuropsychiatric disorders. The company holds exclusive rights in the U.S., Canada, and Mexico for Ketamir-2 and MIRA-55,
two novel drug candidates designed to address unmet medical needs in pain management, depression, PTSD and cognitive function.

The
U.S. Drug Enforcement Administration (DEA)’s scientific review of Ketamir-2 and MIRA-55 concluded that it would not be considered
a controlled substance or listed chemical under the Controlled Substances Act (CSA) and its governing regulations.

As
used herein, the Company’s Common