Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 21

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 21
---
 due to the turnover of the GM project team by 2016-2017 and the Company's decision to stop committing additional funding to the project after 2016. The Company has been awarded several patents relating to the work completed on the GM/Flextronics project.

In 2019 the Company incurred $36,051 of expenses with respect to the ongoing costs associated with the Chevron project and recovered $77,597 from Chevron including payments received for certain milestones achieved in 2018.

The Company remains a pre-revenue entity at October 31, 2024. It did not incur any further development expenses on any project between 2020-2024.

Given the progress and momentum achieved to date with Chevron and with Romgaz, the Company believes it will have commercial orders, although there can be no assurances such purchase orders will be made or that revenues will be achieved in future. In October 2023 we received our first purchase order from Romgaz. We have now completed the initial ARTRA unit and are shipping that unit to Romgaz in 2025.

We are now engaged with the U of T who have been assisting us with our white paper report. The initial draft of this report was submitted to Chevron in January 2025.

Intellectual Property

Our intellectual property consists of two components:

a)A series of patents and provisional patents relating to the smart oil pan plug technology (the formal reference is the "multimodal conditional sensor platform and system thereof") originally developed from the work completed on the GM/Flextronics project.

b)A series of older patents relating to the Hall sensor application for magnetic random access memory (MRAM). These patents and the market for MRAM applications have not been pursued by the Company since 2009 and all of the costs associated with these patents were written off by 2013 after unsuccessful attempts to sell or license this intellectual property to other parties.

Beginning in 2018, we began to abandon provisional patent filings in a number of international jurisdictions as a cost cutting initiative. We have not funded any additional patent related activity nor patent filings since 2018.

We believe that the U. S. patents that have been granted for MRAM have sustaining value to be realized in the future. If the Company's financial position improves, it may pursue the exploitation of its patents in this field of endeavors.

Our patent costs are summarized below for the fiscal years ending October 31, 2019-2024:

                                 2021-2024      2020