Mijem Newcomm Tech Inc.
Interim Condensed Consolidated Financial Statements For the nine months ended April 30, 2023 and 2022 (unaudited)
To our Shareholders
The accompanying unaudited interim condensed consolidated financial statements of Mijem Newcomm Tech Inc. ("MNTI") have been prepared by and are the responsibility of MNTI management in accordance with International Accounting Standards ("IAS") 34, Interim Financing Reporting as issued by the International Accounting Standards Board. These unaudited interim condensed consolidated financial statements do not include all the information and notes required by International Financial Reporting Standards ("IFRS") for annual financial statements and should be read in conjunction with Mijem Newcomm Tech Inc.'s annual financial statements and notes for July 31, 2022.
Mijem Newcomm Tech Inc.
Interim Condensed Consolidated Statements of Financial Position
As at April 30, 2023 and July 31, 2022
Expressed in Canadian Dollars (Unaudited)
As at | Note | Apr 30, 2023 | Jul 31, 2022 |
$ | $ | ||
ASSETS | |||
Current: | |||
Cash | 46,314 | 429,883 | |
Short-term investment | 5,000 | 33,000 | |
Government remittances recoverable | 15,554 | 96,482 | |
Prepaid expenses | 244 | 77,332 | |
67,112 | 636,697 | ||
Non-Current | |||
Equipment | 7 | - | 998 |
Intangible assets | 8 | 37,551 | 43,936 |
37,551 | 44,934 | ||
TOTAL ASSETS | 104,663 | 681,631 | |
LIABILITIES | |||
Current: | |||
Accounts payable and accrued liabilities | 9 | 259,357 | 163,007 |
259,357 | 163,007 | ||
TOTAL LIABILITES | 259,357 | 163,007 | |
SHAREHOLDERS' DEFICIENCY | |||
Share capital | 10 | 6,271,777 | 6,271,777 |
Warrants reserve | 10 | 117,874 | 117,874 |
Options reserve | 10 | 393,806 | 377,746 |
Contributed surplus | 10 | 538,714 | 501,333 |
Deficit | (7,476,865) | (6,750,106) | |
TOTAL SHAREHOLDERS' DEFICIENCY | (154,694) | 518,624 | |
104,663 | 681,631 | ||
These interim condensed consolidated financial statements were approved for issue on June 20th, 2023 by the board of directors and signed on its behalf by:
"Phuong Dinh" | "Alex Pekurar" |
Director | Director |
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The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Mijem Newcomm Tech Inc.
Interim Condensed Consolidated Statements of Loss and Comprehensive Loss
For the Nine Months Ended April 30, 2023 and 2022
Expressed in Canadian Dollars (Unaudited)
Three Months | Nine Months | ||||||
Note | 2023 | 2022 | 2023 | 2022 | |||
REVENUE | - | 5,623 | - | 5,623 | |||
EXPENSES | 596 | 94,314 | |||||
Advertising and promotion | 161,436 | 314,286 | |||||
Corporate management | 12,355 | 105,508 | 133,473 | 260,884 | |||
Salaries | 11,837 | 101,452 | 126,532 | 198,522 | |||
Research and development expense (recovery) | 10,488 | 73,348 | 102,210 | 217,937 | |||
Share based compensation | 10 | 8,598 | 26,584 | 53,441 | 267,771 | ||
Interest | 814 | - | 1,763 | 24,148 | |||
Professional fees | 12,729 | 18,811 | 49,232 | 96,702 | |||
Regulatory fees | 4,279 | (941) | 25,645 | 13,204 | |||
Communication | 2,817 | 4,629 | 23,288 | 10,790 | |||
Amortization of intangible assets | 8 | 1,990 | 1,990 | 5,972 | 5,972 | ||
Office and sundry expense | 2,130 | 3,613 | 13,972 | 6,220 | |||
Bank charges | 718 | 1,347 | 2,237 | 1,902 | |||
Insurance | 29,887 | 20,625 | 95,216 | 24,705 | |||
Rent | 150 | 750 | 450 | 3,524 | |||
Depreciation of Equipment | 7 | - | 324 | 132 | 972 | ||
Listing expense | 4 | - | - | - | 783,042 | ||
TOTAL EXPENSES | 99,388 | 519,476 | 727,877 | 2,230,581 | |||
LOSS BEFORE THE FOLLOWING ITEMS | (99,388) | (513,853) | (727,877) | (2,224,958) | |||
Interest income | 146 | 747 | 2,046 | 1,412 | |||
Gain on sales of fixed assets | - | - | 106 | - | |||
Revaluation of cryptocurrency | - | (713) | (412) | (2,779) | |||
Government assistance | - | - | - | (2,038) | |||
Foreign currency translation loss | 11 | (425) | (622) | (4,870) | |||
Change in fair value of derivative liability | - | - | - | 59,041 | |||
Accretion expense | - | - | - | (35,445) | |||
NET LOSS AND COMPREHENSIVE LOSS | (99,231) | (514,244) | (726,759) | (2,209,637) | |||
Basic and diluted loss per share | (0.0036) | (0.0189) | (0.0262) | (0.1162) | |||
Weighted average number of basic common | |||||||
shares outstanding | 27,787,636 | 27,183,557 | 27,787,636 | 19,023,658 |
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The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Mijem Newcomm Tech Inc.
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficiency)
For the Nine Months Ended April 30, 2023 and 2022
Expressed in Canadian Dollars (Unaudited)
Number of | Share capital | Warrant | Option | Contributed surplus | Deficit | Total | |
Note | shares | capital | reserve | reserve | surplus | ||
$ | $ | $ | $ | $ | $ | ||
As at July 31,2021 | 11,333,989 | 2,769,487 | 416,314 | 76,828 | 29,615 | (3,973,951) | (681,707) |
Shares issued on conversion of promisory notes | 4,124,428 | 667,278 | 667,278 | ||||
Shares issued for cash | 9,946,630 | 2,344,849 | 2,344,849 | ||||
Equity issued for amalgamation | 2,441,624 | 610,406 | 86,286 | 27,065 | 723,757 | ||
Broker warrants issued | (65,282) | 65,282 | - | ||||
Exercise of warrants | 295,168 | 25,067 | (24,984) | 83 | |||
Redemption of shares | (354,203) | (80,028) | 15,028 | (65,000) | |||
Share based compensation | 267,771 | 267,771 | |||||
Expiry of warrants | (425,024) | 425,024 | - | ||||
Expiry of options | (31,666) | 31,666 | - | ||||
Net loss and comprehensive loss for the period | (2,209,637) | (2,209,637) | |||||
As at April 30, 2022 | 27,787,636 | 6,271,777 | 117,874 | 339,998 | 501,333 | (6,183,588) | 1,047,394 |
As at July 31, 2022 | 27,787,636 | 6,271,777 | 117,874 | 377,746 | 501,333 | (6,750,106) | 518,624 |
Share based compensation | 53,441 | 53,441 | |||||
Expiry of options | (37,381) | 37,381 | - | ||||
Net loss and comprehensive loss for the period | (726,759) | (726,759) | |||||
As at April 30, 2023 | 27,787,636 | 6,271,777 | 117,874 | 393,806 | 538,714 | (7,476,865) | (154,694) |
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The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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Mijem Newcomm Tech Inc. published this content on 29 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2023 23:24:05 UTC.