Mydecine Innovations Group Inc - Annual and Q1 Financial Statements

PR Newswire

LONDON, United Kingdom, July 08

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
Shares		 Share
Capital		 Contributed
Surplus		 Equity Component of
Convertible Debentures		 Deficit Total Shareholders’
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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