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/.