Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 171

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 5
Chunk 171
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 comprehensive loss

Net loss for the year ended October 31, 2024, amounted
to $5,254,678 representing a decrease of $3,366,159, or 39.0%, compared to $8,620,837 for the year ended October 31, 2023. The decrease
is as a result of a decrease in general and administrative expenses, a decrease in research and development expenses, an increase in the
changes in fair value of derivative warrant liabilities of $2,897,788 and an increase in the interest income on deposits of $201,156.

Income Taxes

We have yet to generate taxable income in Canada.
We anticipate that we will continue to generate tax losses for the foreseeable future and that we will be able to carry forward these
tax losses indefinitely to future taxable years. Accordingly, we do not expect to pay taxes in Canada until we have taxable income after
the full utilization of our carry forward tax losses. Our Israeli subsidiary pays income taxes in Israel in connection with its costs
plus agreement with the Company.

B. Liquidity and Capital Resources

As of October 31, 2024, we had cash and cash equivalents
on hand of $6,573,813 and a positive working capital of $2,956,793, compared to $5,427,739 and positive working capital of $824,760 as
of October 31, 2023, respectively.

We may have capital requirements in excess of its
currently available resources. In the event our plans change, our assumptions change or prove inaccurate, or our capital resources in
addition to projected cash flow, if any, prove to be insufficient to fund operations, we may be required to seek additional financing.
There can be no assurance that we will have sufficient financing to meet its future capital requirements or that additional financing
will be available on terms acceptable to us in the future.

As of October 31, 2024, we had accounts payable
and accrued liabilities of $526,056. In January 2024, we completed a public offering of our common shares and warrants to purchase our
common shares for gross proceeds of $2.4 million. These funds will be used to fund the Company in the near term.

We have financed our operations for the last year
primarily from our issuance of Common Shares and warrants.

Prior Use of Proceeds

Since we announced the COB on May 25, 2021, we
have raised an aggregate of approximately $19.