Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 86

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 86
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The Company issued a debenture on March 17, 2020, with a principal amount of $51,500CAD ($37,126USD) and an original maturity date of June 17, 2020. The debenture's maturity date was extended by six month intervals on June 17, 2020, December 17, 2020, June 17, 2021, December 17, 2021, June 17, 2022, December 17, 2022, June 17, 2023, December 17, 2023 and June 17, 2024. The most recent extension on June 17, 2024 extended the debenture to December 17, 2024. The extension of the debenture's maturity date resulted in a substantial modification of the existing terms of the debenture and accordingly was accounted for as an extinguishment. The debenture bears interest at a rate of24% and is unsecured. At October 31, 2024, the debenture had an outstanding balance of $37,389($52,031CAD) (October 31, 2023 - $37,509($52,031CAD)). During the year ended October 31, 2024, total interest expense of $9,081(2023 - $9,170, 2022 - $9,604) was recognized in the consolidated statement of operations and comprehensive loss. As at the date of these consolidated financial statements were approved for issuance, the loan was not repaid.

F-15

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)

9. Long-term loan

The Company was granted a $60,000CAD ($44,806USD) unsecured, interest-free loan from the Government of Canada under the Canada Emergency Business Account ("CEBA") program to cover its operating costs (the "CEBA Loan"). If the Company were to have repaid $40,000CAD ($29,871USD) of the aggregate amount advanced on or before January 18, 2024, the repayment of the remaining $20,000CAD would have been forgiven. The balance was not paid by January 18, 2024, and as a result, on January 19, 2024 the CE