Mydecine Innovations Group Inc - MYDECINE ANNOUNCES FILING OF UNAUDITED INTERIM FINANCIAL STATEMENTS

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

[e-mail]

 

AQSE Corporate Advisor

Novum Securities Limited  Tel: [phone]

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/.  

 

---

4027471_0.png

---