Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1520

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 14
Chunk 1520
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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 for office space. This lease
began in November 2021 and ended April 2024. The lease was not renewed after April 2024. In April 2024, the Company moved to a virtual
office model and does not have a physical office space as of December 31, 2024

The
Company had leased an office in Tampa, Florida, for its finance and general operations, which began in March 2022 for 37 months. On December
1, 2023, the Company formally terminated the lease with the landlord. There was a remaining deposit due from the landlord to the Company
of $0.005 million, which is recorded in accounts receivable in the accompanying balance sheet as of December 31, 2023. As of December
31, 2024, the amount was collected.

The
Company also leased a jet (Note 5) from a related party, which terminated on March 31, 2023.

Variable
lease costs

Variable
lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor. Variable lease
costs in 2023 related to the aircraft include usage expenses, which includes pilot expenses, jet fuel and general flight expenses.

The
components of lease expense were as follows:

Schedule of  Lease Expense  

    2024  
    2024 

    Year
    Ended December 31, 

    2024  
    2024 
  
    Lease
    costs 

    Operating
    lease