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

[image] MYDECINE ANNOUNCES FILING OF UNAUDITED INTERIM FINANCIAL STATEMENTS Vancouver, British Columbia, 22 August 2024 - Mydecine Innovations Group Inc. (the "Company") (CSE: MYCO) (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 LimitedTel: +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. Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian Dollars) As at, June 30, 2024 December 31, 2023 $ (audited) $ Current assets 13,605 37,646 Cash Sales tax receivable 144,915 155,455 Prepaids and deposits - 19,278 Total assets 158,520 212,379 Current liabilities 9,468,804 6,704,267 Accounts payable and accrued liabilities Notes payable 224,356 209,447 Convertible debentures, 5,919,367 5,213,984 net Total current 15,612,527 12,127,698 liabilities Shareholders' 126,268,990 126,123,011 deficiency Share capital Contributed surplus 16,787,778 16,787,778 Equity portion of 285,756 285,756 convertible debentures Deficit (158,796,531) (155,111,864) Total shareholders' (15,454,007) (11,915,319) deficiency Total liabilities and 158,520 212,379 shareholders' deficiency Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars) For the three months For the six ended months ended June 30, June 30, 2023 June 30, June 30, 2024 2024 2023 Expenses $ $ $ $ Finance cost 366,309 239,621 716,777 474,539 Corporate 2,176 2,018 2,768 503,649 development Depreciation - 3,403 - 8,678 - property and equipment Consulting - 1,523,776 - 3,456,714 fees Director and 227,304 124,921 430,022 308,883 management fees Foreign 25,645 (23,012) 75,122 (13,382) exchange loss Insurance 46,590 20,445 74,286 49,169 Office and 83,303 - 134,554 235,150 miscellaneous Professional 125,482 100,661 228,618 462,470 fees Regulatory 27,021 30,914 29,271 131,594 and filing fees Research and 1,503,187 101,750 1,516,751 245,084 development Salaries 269,223 393,751 494,570 768,810 Total (2,676,240) (2,518,248) (3,702,739) (6,631,358) expenses Other income - - - (5,139,452) (expenses) Realized loss on marketable securities, at fair value through profit and loss Impairment of - - - (1,285,366) loan receivable Other income - - - 26,667 Gain on - - - 53,107 settlement of other financial liability Gain on 7,257 - 18,072 (5,425) settlement of liability Total other 7,257 - 18,072 (6,350,469) income (expenses) Net loss and (2,668,983) (2,518,248) (3,684,667) (12,981,827) comprehensive loss for the period Net loss per (0.04) (0.10) (0.06) (0.59) share - Basic and diluted from continuing operations Weighted [image][image]61,190,997 [image]25,154,580 [image]57,528,278 [image]21,894,987 average number of shares outstanding - Basic and diluted Condensed Interim Consolidated Statements of Shareholders' Deficiency (Expressed in Canadian Dollars) Number of Share Contributed Equity Deficit Total Shares Capital Surplus Component Shareholder' of Deficiency Convertible Debentures Balance, 14,895,612 $115,918,379 $16,787,778 $ 175,756 $(134,164,832) $ (1,282,919) December 31, 2022 (restated) (Note 15) Shares 7,076,342 3,324,500 - - - 3,324,500 issued for financing Debt 3,818,850 1,679,466 - - - 1,679,466 settlement MindLeap Health Inc.'s - anti dilution clause settlement 666,667 346,666 - - - 346,666 Net loss - - - - (12,981,827) (12,981,827) for the period Balance, 26,457,471 $121,269,011 $16,787,778 $ 175,756 $(147,146,659) $ (8,914,114) June 30, 2023 (restated) (Note 15) Balance, 52,567,471 $126,123,011 $16,787,778 $ 285,756 $(155,111,864) $ (11,915,319) December 31, 2023 Debt 9,187,927 145,978 - - - 145,978 settlement Net loss - - - - (3,687,667) (3,687,667) for the period Balance, 61,755,398 $126,268,989 $16,787,778 $ 285,756 $(158,796,531) $ (15,454,007) June 30, 2024 Condensed Interim Consolidated Statements of Cash Flows (Expressed In Canadian Dollars) For the period June 30, 2024 June 30, 2023 ended, (Restated) (Note 15) Cash flows used in Operating activities Net loss for $(3,687,667) $(12,981,827) the period Items not - 8,679 affecting cash: Depreciation Finance cost 717,837 474,537 Unrealized 2,455 (1,947) foreign exchange gain (loss) Revaluation of - 5,139,452 marketable securities Gain on - (53,107) settlement of other financial liability Gain (loss) on (18,072) 5,425 debt settlement Impairment of - 1,285,366 loan receivables Changes in (2,982,447) (6,123,422) operating activities Changes in non 19,278 1,038,329 -cash working capital items: Prepaids and deposits Sales taxes 10,540 240,157 receivable Accounts 2,928,588 1,024,660 payable and accrued liabilities Cash used in (24,041) (3,820,276) operating activities Investing activities Sale of - 525,201 marketable securities Net cash used - 525,201 in investing activities Financing activities Proceeds from - 3,324,500 sale of shares, net of cash share issuance cost Net cash - 3,324,500 provided from financing activities Increase in (24,041) 26,425 cash during the period Cash, beginning 37,646 11,030 of the year Cash, end of $13,605 $40,455 the year Non-Cash $- $- Investing and Financing Activities Taxes paid Shares issued $145,979 $1,679,466 to settle debt Interest paid [image][image][image]$                [image][image]$                                    - - 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/. This information was brought to you by Cision http://news.cision.com The following files are available for download: https://mb.cision.com/Public/22818/4027471/89898e98ee29f619_org.png 4027471_0.png

Mydecine Innovations Group Inc