REG-Mydecine Innovations Group Inc: Annual and Q1 Financial Statements
08/07/2024 07:15
MYDECINE ANNOUCES FILING OF AUDITED AND Q1 FINANCIAL STATEMENTS
Vancouver, British Columbia, July 8, 2024— Mydecine Innovations Group Inc.
(the “Company”) (CSE: MYCO) (FSE: 0NF0) (OTC: MYCOF) (AQSE: MYIG) is
pleased to confirm that further to its news release dated June 14, 2024, the
Company has filed on SEDAR+ its audited financial statements, accompanying
management discussion and analysis and related CEO and CFO certifications for
the period ended December 31, 2023 (the "Annual Filings") and its interim Q1
financial statements, accompanying management discussion and analysis and
related CEO and CFO certifications for the period ended March 31, 2024 (the
"Quarterly Filings"). The Annual Filings and Quarterly Filings can be obtained
on the Company's SEDAR+ profile at www.sedarplus.ca.
The final results for the year ended 31 December 2023 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.
Consolidated Statements of Financial Position
(Expressed In Canadian Dollars)
As at, Note December 31, 2023$ December 31, 2022 (restated) (Note 17)$
Current assets
Cash 37,646 11,030
Other receivables 4 - 86,667
Sales tax receivable 155,455 276,135
Marketable securities, at fair value through profit and loss 5 - 6,950,019
Prepaids and deposits 6 19,278 1,220,349
Total current assets 212,379 8,544,200
Non-current assets
Prepaids and deposits 6 - 678,916
Property and equipment 7 - 9,876
Total assets 212,379 9,232,992
Current liabilities
Accounts payable and accrued liabilities 14 6,704,267 5,333,959
Notes payable 9 209,447 85,204
Convertible debentures, net 8 5,213,984 -
Other liability, at fair value through profit and loss 10 - 399,774
Total current liabilities 12,127,698 5,818,937
Non-current liabilities
Convertible debentures, net 8 - 4,696,974
Total liabilities 12,127,698 10,515,911
Shareholders’ equity (deficiency)
Share capital 11 126,123,011 115,918,379
Contributed surplus 11 16,787,778 16,787,778
Equity portion of convertible debentures 8 285,756 175,756
Deficit (155,111,864) (134,164,832)
Total shareholders’ equity (deficiency) (11,915,319) (1,282,919)
Total liabilities and shareholders’ equity (deficiency) 212,379 9,232,992
Consolidated Statements of Loss and Comprehensive Loss
(Expressed In Canadian Dollars)
For the years ended, Note December 31, 2023 December 31, 2022 (restated)(Note 17)
Expenses
Finance cost 8,9 1,302,738 911,594
Corporate development 544,366 2,574,487
Depreciation – property and equipment 7 9,876 128,861
Consulting fees 4,405,681 5,119,275
Director and management fees 13 943,680 821,594
Foreign exchange loss (gain) 1,553 175,669
Insurance 55,079 926,848
Office and miscellaneous 51,234 175,374
Professional fees 1,208,116 1,059,559
Regulatory and filing fees 155,947 133,193
Research and development 1,083,853 3,513,106
Salaries 13 1,090,568 1,518,704
Total expenses 10,852,691 17,058,264
Other income (expenses)
Change in fair value of derivative liabilities, at fair value through profit and loss 10 - 974,536
Realized loss on marketable securities, at fair value through profit and loss 5 (5,139,452) -
Revaluation of marketable securities, at fair value through profit and loss 5 - 960,957
Impairment loss on loan receivable 5 (1,285,365) -
Other income 5 26,667 93,656
Change in fair value of financial liability 10 - (399,774)
Gain on settlement of financial liability 10 53,107 -
Forgiveness of accounts payable 702 -
Loss on prepaids 6 (3,750,000) -
Loss on disposal of equipment 7 - (316,208)
Total other income (expenses) (10,094,341) 1,313,167
Loss from continuing operations (20,947,032) (15,745,097)
Income from discontinued operations 1,4 - 6,495,405
Net loss and comprehensive loss for the year (20,947,032) (9,249,692)
Net loss per share – Basic and diluted from continuing operations (0.68) (1.07)
Weighted average number of shares outstanding – Basic and diluted 30,696,926 8,647,471
Consolidated Statements of Shareholders’ Equity (Deficiency)
(Expressed In Canadian Dollars)
Note Number of Share Contributed Equity Component of Deficit Total Shareholders’
Shares Capital Surplus Convertible Debentures Equity (Deficiency)
Balance, December 31, 2021 5,218,600 $ 107,662,388 $ 17,288,315 $ 175,756 $ (124,915,140) $ 211,319
Shares issued for financing 11 8,645,577 7,247,840 318,127 - - 7,565,967
Share issuance cost 11 - (814,738) 156,819 - - (657,919)
Share issued for debt settlements 11 950,263 541,650 - - - 541,650
MindLeap Health Inc.’s – anti dilution clause 11 53,175 305,756 - - - 305,756
Neuropharm Inc.’s – anti dilution clause 11 10,397 544,001 (544,001) - - -
Performance Warrants exercised 11 17,600 431,482 (431,482) - - -
Net loss for the year - - - - (9,249,692) (9,249,692)
Balance, December 31, 2022 (restated) (Note 17) 14,895,612 $ 115,918,379 $ 16,787,778 $ 175,756 $ (134,164,832) $ (1,282,919)
Shares issued for financing 11 8,969,674 3,608,499 - - - 3,608,499
Shares issued for services 11 24,216,667 4,570,000 - - - 4,570,000
Share issued for debt 11 3,818,851 1,679,465 - - - 1,679,465
MindLeap Health Inc.’s – anti dilution clause settlement 11 666,667 346,666 - - - 346,666
Obligation to issue shares 8 - - - 110,000 - 110,000
Net loss for the year - - - - (20,947,032) (20,947,032)
Balance, December 31, 2023 52,567,471 $ 126,123,011 $ 16,787,778 $ 285,756 $ (155,111,864) $ (11,915,319)
Consolidated Statements of Cash Flows
(Expressed In Canadian Dollars)
For the years ended, Note December 31, 2023 December 31, 2022 (restated) (Note 17)
Cash flows used in
Operating activities
Net loss for the period from continuing operations $ (20,947,032) $ (15,745,097)
Items not affecting cash:
Depreciation 7 9,876 128,861
Finance cost 8,9 1,302,738 904,782
Change in fair value of derivative liability 10 - (974,536)
Change in fair value of financial liability 10 - 399,774
Unrealized foreign exchange gain (1,484) 11,020
Revaluation of marketable securities 5 - (960,957)
Realized loss on marketable security 5 5,139,452 -
Gain on termination of lease 7 - 316,208
Gain on settlement of financial liability 10 (53,107) -
Loss on prepaids 6 3,750,000 -
Impairment of loan receivables 5 1,285,365 -
Changes in operating activities from continuing operations (9,514,192) (15,919,945)
Changes in operating activities from discontinued operations 4 - (433,363)
Changes in operating activities (9,514,192) (16,485,980)
Changes in non-cash working capital items:
Accounts receivable 86,667 (82,811)
Prepaids and deposits 1,879,987 3,403,114
Sales taxes receivable 120,680 (97,128)
Accounts payable and accrued liabilities 3,209,773 4,702,204
Cash used in operating activities (4,217,085) (8,427,929)
Investing activities
Sale of marketable securities 525,202 -
Cash disposed on sale of Mindleap 4 - (2,076)
Lease payments - (35,466)
Net cash used in investing activities 525,202 (37,542)
Financing activities
Proceeds from sale of shares, net of cash share issuance cost 11 3,608,499 6,908,048
Proceeds from note payable 9 110,000 175,642
Repayment of note 9 - (102,500)
Net cash provided from financing activities 3,718,499 6,981,190
Increase in cash during the year 26,616 (1,484,281)
Cash, beginning of the year 11,030 1,495,311
Cash, end of the year $ 37,646 $ 11,030
Non-Cash Investing and Financing Activities
Marketable securities transferred in lieu of cash for convertible debentures 8 $ - $ 550,000
Shares issued to settle debt 11 $ 2,499,467 $ 541,650
MindLeap Health Inc.’s – anti dilution clause settlement 11 $ 346,666 $ -
Sale of subsidiary 4 $ - $ 6,928,768
This financial information has been extracted from the audited financial
statements of the Company for the year ended 31 December 2023. The financial
statements are prepared in accordance with the International Financial
Reporting Standards (IFRS). The Annual Report is available from the Company's
website at https://mydecine.com/.
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