Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 366

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 366
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 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 Stock, par value $0.0001 per share, is referred to as the “Common Stock” and the
Company’s preferred stock, par value $0.0001 per share, is referred to as the “Preferred Stock”.

Initial
public offering

On
August 7, 2023, the Company closed its initial public offering consisting of 1,275,000 shares at a price of $7.00 per share for approximately
$8.9 million in gross proceeds. After deducting the underwriting commission and other deferred offering expenses totaling