Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 285

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 285
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 “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 asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected
future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation
allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred
asset will not be realized.

    F-9

MIRA
                                            PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

The