REG-Mydecine Innovations Group Inc: MYDECINE ANNOUNCES FILING OF UNAUDITED INTERIM FINANCIAL STATEMENTS
22/08/2024 12:15
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)
As at, June 30, 2024 $ December 31, 2023 (audited) $
Current assets Cash 13,605 37,646
Sales tax receivable 144,915 155,455
Prepaids and deposits - 19,278
Total assets 158,520 212,379
Current liabilities 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)
Total shareholders' deficiency (15,454,007) (11,915,319)
Total liabilities and shareholders' 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
Total expenses (2,676,240) (2,518,248) (3,702,739) (6,631,358)
Other income (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)
Total other income (expenses) 7,257 - 18,072 (6,350,469)
Net loss and comprehensive loss for the period (2,668,983) (2,518,248) (3,684,667) (12,981,827)
Net loss per share - Basic and diluted from continuing operations (0.04) (0.10) (0.06) (0.59)
Weighted average number of shares outstanding - Basic and diluted 61,190,997 25,154,580 57,528,278 21,894,987
Condensed Interim Consolidated Statements of Shareholders' Deficiency
(Expressed in Canadian Dollars)
Number of Shares Share Capital Contributed Surplus Equity Component of Convertible Debentures Deficit Total Shareholder' Deficiency
Balance, December 31, 2022 (restated) (Note 15) 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, June 30, 2023 (restated) (Note 15) 26,457,471 $ 121,269,011 $ 16,787,778 $ 175,756 $ (147,146,659) $ (8,914,114)
Balance, December 31, 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, June 30, 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)
For the period ended, June 30, 2024 June 30, 2023 (Restated) (Note 15)
Cash flows used in
Operating activities
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
Changes in operating activities (2,982,447) (6,123,422)
Changes in non-cash working capital items: 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
Cash used in operating activities (24,041) (3,820,276)
Investing activities
Sale of marketable securities - 525,201
Net cash used in investing activities - 525,201
Financing activities
Proceeds from sale of shares, net of cash share issuance cost - 3,324,500
Net cash provided from financing activities - 3,324,500
Increase in cash during the period (24,041) 26,425
Cash, beginning of the year 37,646 11,030
Cash, end of the year $ 13,605 $ 40,455
Non-Cash Investing and Financing Activities 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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