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

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 20
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 31, 2016, we capitalized as deferred development costs the expenditures that we incurred on these projects, net of the recoveries of such costs from our development partners. Since November 2016, we have expensed net costs as such costs did not meet the criteria for capitalization based on our impairment analysis.

We have previously reported on the chronology, by customer, of our investment in development costs relating to our various projects which we undertook with our strategic partners. A summary of these costs and recoveries between 2012 and 2019 is provided as below:

Net Costs absorbed by the Company:

                                                    (1)            (2)            (3)            (4)            (5)           (7)            Total  
  Cost incurred                               4,499,466        225,000      2,035,676        939,458      2,470,329       522,720       11,821,817  
  Recoveries from development partners      (3,442,050)      (100,000)      (838,500)      (300,000)      (200,000)      (46,000)      (4,926,550)  
  Net costs absorbed by the Company           1,057,416        125,000      1,197,176        639,458      2,270,329       476,720          6,895,2  

1. Chevron (2013-2019)

2. Repsol (2018-2019)

3. Castrol (2014-2018)

4. Saudi Aramco (2012-2013)

5. Northeast Utilities (2013-2015)

6. GM/Flextronics (2012-2015)

7. Other (various) (2011-2014)

The Chevron development project was self-funding after 2016. The Castrol project was suspended in 2018 given that Castrol was not prepared to commit additional funding to the project. The Saudi Aramco contract was completed in 2014. The Northeast Utilities contract was terminated in 2015 given that Northeast Utilities was not prepared to commit additional funding to the project other than in kind consideration. The GM/Flextronics work commenced in 2012; the Company was absorbing all of the costs associated with the development of the prototype product being developed in conjunction with GM/Flextronics. The prototype work was suspended