Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 26

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 26
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 October 31, 2023 and $0.7186 at October 31, 2024.

i)The other expenses reported relate to the convertible debentures. These expenses are all non-cash expenses and compare as follows:

                                                                      2024           2023        Change  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  Accretion expense                                                272,501        279,834        (7,333  
  Loss on conversion of convertible debentures                      45,535         21,120        24,415  
  Loss (gain) on revaluation of derivative liabilities              78,915       (658,503       737,418  
  Loss (gain) on extinguishment/repayment of convertible debe      514,501      1,428,066      (913,565  
  Net expense                                                      911,452      1,070,517      (159,065  

Fiscal 2023 Compared to Fiscal 2022

a)Administration costs were $148,616 in 2023 versus $185,366 in 2022. These costs include rent and occupancy costs of $17,663 (2022: $50,907, the Company reported sublet income for a portion of its office space in 2022; office insurance costs of $1,930 (2022: $1,696; the Company did not renew its directors and officers' insurance coverage after 2020), investor relations, listings and filing fees of $52,756 (2022: $64,769), other general and administrative expenses of $70,584 (2022: $59,938).

b)Professional and other fees and salaries costs were $610,052 in 2023 versus $647,710 in 2022. The components of these total costs include legal and audit related expenses of $144,244 in 2023 (2022: $110,933), third party consulting fees were $67,664 in 2023 (2022: $69,563), staff salaries and benefits were $398,144 in 2023 (2022: $467,214).

The CFO has received $86,250 of management fees in 2023 (2022: $40,615). The CEO of the Company has received $190,317 of compensation in 2023 (2022: $92,902).

c)Travel and entertainment expenses were $63,