Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 241

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 241
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.9

On
September 18, 2023, the Company completed an underwritten public offering for aggregate gross proceeds of $ 2.25 1.8

On
January 16, 2024, the Company completed a registered direct and private placement for aggregate gross proceeds of $ 2.40

  Going concern  

These consolidated financial statements have been prepared
on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal
course of business. For the year ended October 31, 2024, the Company did not generate any revenues and had negative cash flow from operations
of $4,858,659. As of October 31, 2024, the Company had an accumulated deficit of $24,022,741. The continued operations of the Company
are dependent on its ability to generate future cash flows or obtain additional financing through debt or equity. Management is of the
opinion that sufficient working capital will be obtained from external financing to meet the Company’s liabilities and commitments
as they become due, although there is a risk that additional financing will not be available on a timely basis or on terms acceptable
to the Company. These factors raise substantial doubt on the Company’s ability to continue as a going concern. These consolidated
financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.

  Reverse share split  

On
September 30, 2022, the Company’s Board of Directors (the “ Board”) approved a 1-for-30 reverse split of its issued
and outstanding common shares, effective as of September 30, 2022, pursuant to which holders of the Company’s common shares received 0.0333 one

On
November 28, 2023, the Board approved a 1-for-30 reverse split of its issued and outstanding common shares, effective as of November
28, 2023, pursuant to which holders of the Company’s common shares received 0.0333 one

All
issued and outstanding common shares or instruments convertible into common shares contained in these financial statements have been
retroactively adjusted to reflect the reverse share splits for all periods presented, unless explicitly stated otherwise.

F-8

CLEARMIND
MEDICINE INC.

Notes to
the Consolidated Financial Statements

(Expressed
in United States Dollars)

  Nature                                       

  Functional Currency and  

As
a result of the Company’s