Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 101

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 101
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4,627,452 4,433,363 3,239,483
Cash flows from financing activities:
Proceeds from issuance of convertible debentures 417,950 645,151 765,671
Repayments of convertible debentures ( 287,460) ( 270,000) ( 63,490)
Non-cash changes:
Accretion expense 272,501 279,834 1,179,603
Accrued interest on convertible debentures 530,033 471,596 368,280
Loss (gain) on repayment of convertible debentures 62,253 27,243 ( 47,877)
Loss on conversion of convertible debentures 45,535 21,120 94,326
Loss (gain) on revaluation of derivative liabilities 78,915 ( 658,503) ( 409,607)
Loss on extinguishment of debt 388,985 1,400,823 200,650
Convertible debentures converted into common shares ( 680,701) ( 1,656,422) ( 764,432)
Foreign exchange (gain) loss ( 31,515) ( 66,753) ( 129,244)
Balance - end of year 5,423,948 4,627,452 4,433,363

F-24

Micromem Technologies Inc.

Notes to Consolidated Financial Statements

For the years ended October 31, 2024, 2023, and 2022

(Expressed in United States dollars, unless otherwise noted)

19. Income taxes
(a)The reconciliation of income tax attributed to continuing operations computed at the statutory tax rates to income tax expense is as follows:
2024 2023 2022
Loss before income taxes ( 3,062,798 ( 2,691,670 ( 2,287,095
─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Statutory tax rate 26.5% 26.5% 26.5%
Expected income tax recovery ( 811,641 ( 713,293 ( 606,080
Accretion expense and loss (gain) on convertible debentures and derivative liabilities 224,771 283,688 269,531
Stock-based compensation 1,727 57,761 10,992
Non-deductible (non