Mydecine Innovations Group Inc - MYDECINE ANNOUNCES FILING OF UNAUDITED INTERIM FINANCIAL STATEMENTS
PR Newswire
LONDON, United Kingdom, August 22
MYDECINE ANNOUNCES FILING OF UNAUDITED INTERIM FINANCIAL STATEMENTS
Vancouver, British Columbia, 22 August 2024 - Mydecine Innovations Group Inc. (the "Company") (CSE: MYCO) (FSE: 0NF0) (OTC: MYCOF) (AQSE: MYIG) is pleased to confirm that the Company has filed on SEDAR+ its unaudited financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the 6 months ended 30 June 2024 (the "Interim Filings"). The Interim Filings can be obtained on the Company's SEDAR+ profile at www.sedarplus.ca.
The interim results for the year ended 30 June 2024 are set out below.
The Directors of Mydecine take responsibility for this announcement.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
On behalf of the Board of Directors,
MYDECINE INNOVATIONS GROUP INC.
Joshua Bartch
Chief Executive Officer
contact@mydecineinc.com
AQSE Corporate Advisor
Novum Securities Limited Tel: +44 (0)207 399 9400
David Coffman / George Duxberry
About Mydecine Innovations Group Inc.
Mydecine Innovations Group is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and posttraumatic stress disorder (PTSD). The core strategy blends advanced technology with an elaborate infrastructure for drug discovery and development. Mydecine's dedicated multinational team constantly develops new paths for breakthrough treatment solutions in areas with considerable unmet needs. By collaborating with some of the world's leading specialists, the Company aspires to responsibly speed up the development of breakthrough medications to provide patients with safer and more effective treatment solutions. At the same time, Mydecine's approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unmatched therapeutic potential through its clinical trial efforts with worldclass scientific and regulatory expertise.
Learn more at: https://www.mydecine.com/ and follow the company on Twitter, LinkedIn, YouTube, and Instagram.
Forward-looking Information Statement
This news release may contain certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and United States securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the anticipated timing for the filing of the Annual Filings, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations
NEITHER THE CSE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)
Asat, |
|
June30,2024 $ | December 31, 2023 (audited) $ |
Currentassets Cash |
|
13,605 |
37,646 |
Sales tax receivable |
| 144,915 | 155,455 |
Prepaids and deposits |
| - | 19,278 |
Totalassets |
| 158,520 | 212,379 |
Currentliabilities Accounts payable and accrued liabilities |
|
9,468,804 |
6,704,267 |
Notes payable |
| 224,356 | 209,447 |
Convertible debentures, net |
| 5,919,367 | 5,213,984 |
Total current liabilities |
| 15,612,527 | 12,127,698 |
Shareholders'deficiency Share capital |
|
126,268,990 |
126,123,011 |
Contributed surplus |
| 16,787,778 | 16,787,778 |
Equity portion of convertible debentures |
| 285,756 | 285,756 |
Deficit |
| (158,796,531) | (155,111,864) |
Totalshareholders'deficiency |
| (15,454,007) | (11,915,319) |
Totalliabilitiesandshareholders'deficiency |
| 158,520 | 212,379 |
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian Dollars)
|
| For the three months ended |
For the six months ended | ||
|
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 |
Expenses |
| $ | $ | $ | $ |
Finance cost |
| 366,309 | 239,621 | 716,777 | 474,539 |
Corporate development |
| 2,176 | 2,018 | 2,768 | 503,649 |
Depreciation - property and equipment |
| - | 3,403 | - | 8,678 |
Consulting fees |
| - | 1,523,776 | - | 3,456,714 |
Director and management fees |
| 227,304 | 124,921 | 430,022 | 308,883 |
Foreign exchange loss |
| 25,645 | (23,012) | 75,122 | (13,382) |
Insurance |
| 46,590 | 20,445 | 74,286 | 49,169 |
Office and miscellaneous |
| 83,303 | - | 134,554 | 235,150 |
Professional fees |
| 125,482 | 100,661 | 228,618 | 462,470 |
Regulatory and filing fees |
| 27,021 | 30,914 | 29,271 | 131,594 |
Research and development |
| 1,503,187 | 101,750 | 1,516,751 | 245,084 |
Salaries |
| 269,223 | 393,751 | 494,570 | 768,810 |
Totalexpenses |
| (2,676,240) | (2,518,248) | (3,702,739) | (6,631,358) |
Otherincome(expenses) Realized loss on marketable securities, at fair value through profit and loss |
|
- |
- |
- |
(5,139,452) |
Impairment of loan receivable |
| - | - | - | (1,285,366) |
Other income |
| - | - | - | 26,667 |
Gain on settlement of other financial liability |
| - | - | - | 53,107 |
Gain on settlement of liability |
| 7,257 | - | 18,072 | (5,425) |
Totalotherincome(expenses) |
| 7,257 | - | 18,072 | (6,350,469) |
Netlossandcomprehensivelossfortheperiod |
|
(2,668,983) |
(2,518,248) |
(3,684,667) |
(12,981,827) |
Netlosspershare-Basicanddilutedfromcontinuing operations |
|
(0.04) |
(0.10) |
(0.06) |
(0.59) |
Weightedaveragenumberofsharesoutstanding-Basicand diluted |
|
|
|
|
|
61,190,997
25,154,580
57,528,278
21,894,987
Condensed Interim Consolidated Statements of Shareholders' Deficiency
(Expressed in Canadian Dollars)
|
| NumberofShares | ShareCapital | ContributedSurplus |
| EquityComponentofConvertible Debentures |
Deficit |
| TotalShareholder'Deficiency |
Balance,December31,2022(restated)(Note15) |
| 14,895,612 | $ 115,918,379 | $ 16,787,778 | $ | 175,756 | $ (134,164,832) | $ | (1,282,919) |
Shares issued for financing |
|
7,076,342 |
3,324,500 |
- |
|
- |
- |
|
3,324,500 |
Debt settlement |
| 3,818,850 | 1,679,466 | - |
| - | - |
| 1,679,466 |
MindLeap Health Inc.'s - anti dilution clause |
|
|
|
|
|
|
|
|
|
settlement |
| 666,667 | 346,666 | - |
| - | - |
| 346,666 |
Net loss for the period |
| - | - | - |
| - | (12,981,827) |
| (12,981,827) |
Balance,June30,2023(restated)(Note15) |
| 26,457,471 | $ 121,269,011 | $ 16,787,778 | $ | 175,756 | $ (147,146,659) | $ | (8,914,114) |
Balance,December31,2023 |
|
52,567,471 |
$ 126,123,011 |
$ 16,787,778 |
$ |
285,756 |
$ (155,111,864) |
$ |
(11,915,319) |
Debt settlement |
| 9,187,927 | 145,978 | - |
| - | - |
| 145,978 |
Net loss for the period |
| - | - | - |
| - | (3,687,667) |
| (3,687,667) |
Balance,June30, 2024 |
| 61,755,398 | $ 126,268,989 | $ 16,787,778 | $ | 285,756 | $ (158,796,531) | $ | (15,454,007) |
Condensed Interim Consolidated Statements of Cash Flows
(Expressed In Canadian Dollars)
Fortheperiodended, |
|
June30,2024 | June30,2023 (Restated)(Note15) |
Cashflowsused in |
|
|
|
Operatingactivities |
|
|
|
Net loss for the period |
| $ (3,687,667) | $ (12,981,827) |
Items not affecting cash: Depreciation |
| - | 8,679 |
Finance cost |
| 717,837 | 474,537 |
Unrealized foreign exchange gain (loss) |
| 2,455 | (1,947) |
Revaluation of marketable securities |
| - | 5,139,452 |
Gain on settlement of other financial liability |
| - | (53,107) |
Gain (loss) on debt settlement |
| (18,072) | 5,425 |
Impairment of loan receivables |
| - | 1,285,366 |
Changesinoperatingactivities |
| (2,982,447) | (6,123,422) |
Changesinnon-cashworkingcapitalitems: Prepaids and deposits |
|
19,278 |
1,038,329 |
Sales taxes receivable |
| 10,540 | 240,157 |
Accounts payable and accrued liabilities |
| 2,928,588 | 1,024,660 |
Cashusedinoperatingactivities |
| (24,041) | (3,820,276) |
Investingactivities |
|
|
|
Sale of marketable securities |
| - | 525,201 |
Netcashusedininvestingactivities |
| - | 525,201 |
Financingactivities |
|
|
|
Proceeds from sale of shares, net of cash share issuance cost |
| - | 3,324,500 |
Netcashprovidedfromfinancingactivities |
| - | 3,324,500 |
Increaseincashduringtheperiod |
|
(24,041) |
26,425 |
Cash,beginningofthe year |
| 37,646 | 11,030 |
Cash,endofthe year |
| $ 13,605 | $ 40,455 |
Non-CashInvestingandFinancingActivities Taxes paid |
|
$ - |
$ - |
Shares issued to settle debt |
| $ 145,979 | $ 1,679,466 |
Interest paid |
|
|
|
$ -
$ -
This financial information has been extracted from the unaudited financial statements of the Company for the 6 months ended 30 June 2024. The financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The Report is available from the Company's website at https://mydecine.com/.
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