Mydecine Innovations Group Inc - Annual and Q1 Financial Statements

[image] MYDECINE ANNOUCES FILING OF AUDITED AND Q1 FINANCIAL STATEMENTS Vancouver, British Columbia, July 8, 2024- Mydecine Innovations Group Inc. (the "Company") (CSE: MYCO) (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(TM) 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, December 31, 2022 2023$ (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 5 - 6,950,019 fair value through profit and loss    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 14 6,704,267 5,333,959 liabilities    Notes payable 9 209,447 85,204    Convertible debentures, net 8 5,213,984 -    Other liability, at fair 10 - 399,774 value through profit and loss 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 8 285,756 175,756 convertible debentures    Deficit (155,111,864) (134,164,832) Total shareholders' equity (11,915,319) (1,282,919) (deficiency) Total liabilities and 212,379 9,232,992 shareholders' equity (deficiency) Consolidated Statements of Loss and Comprehensive Loss (Expressed In Canadian Dollars) For the years ended, Note December 31, December 31, 2022 2023 (restated)(Note 17) Expenses    Finance cost 8,9 1,302,738 911,594    Corporate 544,366 2,574,487 development    Depreciation - 7 9,876 128,861 property and equipment    Consulting fees 4,405,681 5,119,275    Director and 13 943,680 821,594 management fees    Foreign exchange 1,553 175,669 loss (gain)    Insurance 55,079 926,848    Office and 51,234 175,374 miscellaneous    Professional fees 1,208,116 1,059,559    Regulatory and 155,947 133,193 filing fees     Research and 1,083,853 3,513,106 development     Salaries 13 1,090,568 1,518,704 Total expenses 10,852,691 17,058,264 Other income (expenses) Change in fair value 10 - 974,536 of derivative liabilities, at fair value through profit and loss Realized loss on 5 (5,139,452) - marketable securities, at fair value through profit and loss Revaluation of 5 - 960,957 marketable securities, at fair value through profit and loss Impairment loss on 5 (1,285,365) - loan receivable Other income 5 26,667 93,656 Change in fair value 10 - (399,774) of financial liability Gain on settlement of 10 53,107 - financial liability Forgiveness of 702 - accounts payable   Loss on prepaids 6 (3,750,000) -   Loss on disposal of 7 - (316,208) equipment Total other income (10,094,341) 1,313,167 (expenses) Loss from continuing (20,947,032) (15,745,097) operations  Income from 1,4 - 6,495,405 discontinued operations Net loss and (20,947,032) (9,249,692) comprehensive loss for the year Net loss per share - (0.68) (1.07) Basic and diluted from continuing operations Weighted average 30,696,926 8,647,471 number of shares outstanding - Basic and diluted Consolidated Statements of Shareholders' Equity (Deficiency)  (Expressed In Canadian Dollars) Note Number of Share Contributed Equity Deficit Total Shares Capital Surplus Component Shareholders' of Equity Convertible (Deficiency) Debentures Balance, 5,218,600 $ 107,662,388 $ 17,288,315 $ 175,756 $ (124,915,140)  $ 211,319 December 31, 2021 Shares 11 8,645,577 7,247,840 318,127                              7,565,967 issued -   - for financing Share 11                (814,738)   156,819                                (657,919) issuance - -   - cost Share 11 950,263 541,650 - - - 541,650 issued for debt settlements MindLeap 11 53,175       305,756                               305,756 Health - -   - Inc.'s - anti dilution clause Neuropharm 11   10,397   544,001 Inc.'s - (544,001) -   -   - anti dilution clause Performance 11 17,600 431,482 (431,482)                              - Warrants -   - exercised Net loss - - -            (9,249,692) (9,249,692) for - the year Balance, 14,895,612 $ 115,918,379 $ 16,787,778 $      $  (134,164,832) $ (1,282,919) December 175,756 31, 2022 (restated) (Note 17) Shares 11 8,969,674 3,608,499 -                              3,608,499 issued -   - for financing Shares 11 24,216,667 4,570,000 - - - 4,570,000 issued for services Share 11 3,818,851 1,679,465 - - - 1,679,465 issued for debt MindLeap 11 666,667 346,666                              346,666 Health - -   - Inc.'s - anti dilution clause settlement Obligation 8 - - - 110,000 - 110,000 to issue shares Net loss - - -            (20,947,032) (20,947,032) for - the year Balance, 52,567,471 $ 126,123,011 $ 16,787,778 $ 285,756 $  (155,111,864) $ (11,915,319) December 31, 2023 Consolidated Statements of Cash Flows  (Expressed In Canadian Dollars) For the years Note December 31, December 31, 2022 ended, 2023 (restated) (Note 17) Cash flows used in Operating activities     Net loss for $ (20,947,032) $ (15,745,097) the period from continuing operations     Items not affecting cash:     Depreciation 7 9,876 128,861     Finance cost 8,9 1,302,738 904,782     Change in fair 10 - (974,536) value of derivative liability     Change in fair 10 - 399,774 value of financial liability     Unrealized (1,484) 11,020 foreign exchange gain     Revaluation of 5 - (960,957) marketable securities     Realized loss 5 5,139,452 - on marketable security     Gain on 7 - 316,208 termination of lease     Gain on 10 (53,107) - settlement of financial liability     Loss on 6 3,750,000 - prepaids    Impairment of 5 1,285,365 - loan receivables Changes in (9,514,192) (15,919,945) operating activities from continuing operations Changes in 4 - (433,363) operating activities from discontinued operations Changes in (9,514,192) (16,485,980) operating activities  Changes in non -cash working capital items:     Accounts 86,667 (82,811) receivable     Prepaids and 1,879,987 3,403,114 deposits     Sales taxes 120,680 (97,128) receivable     Accounts 3,209,773 4,702,204 payable and accrued liabilities Cash used in (4,217,085) (8,427,929) operating activities Investing activities    Sale of 525,202 - marketable securities    Cash disposed on 4 - (2,076) sale of Mindleap    Lease payments - (35,466) Net cash used in 525,202 (37,542) investing activities Financing activities    Proceeds from 11 3,608,499 6,908,048 sale of shares, net of cash share issuance cost    Proceeds from 9 110,000 175,642 note payable    Repayment of 9 - (102,500) note Net cash provided 3,718,499 6,981,190 from financing activities Increase in cash 26,616 (1,484,281) during the year Cash, beginning of 11,030 1,495,311 the year Cash, end of the $ 37,646 $ 11,030 year Non-Cash Investing and Financing Activities Marketable 8 $ - $ 550,000 securities transferred in lieu of cash for convertible debentures Shares issued to 11 $ 2,499,467 $ 541,650 settle debt MindLeap Health 11 $ 346,666 $ - Inc.'s - anti dilution clause settlement 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/. This information was brought to you by Cision http://news.cision.com https://news.cision.com/mydecine-innovations-group-inc/r/annual-and-q1-financial-statements,c4012276 The following files are available for download: https://news.cision.com/mydecine-innovations-group-inc/i/4012276-0-png,c3318081 4012276_0.png

Mydecine Innovations Group Inc