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

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 25
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 $610,052 in 2023. The components of these total costs include legal and audit related expenses of $98,412 in 2024 (2023: $144,244), third party consulting fees were $40,977 in 2024 (2023: $ 67,664), staff salaries and benefits were $252,017 in 2024 (2023: $398,144).

The CFO has received $40,904 of management fees in 2024 (2023: $86,250). The CEO of the Company has received $36,919 of compensation in 2024 (2023: $190,317).

c)Travel and entertainment expenses were $37,631 in 2024 (2023: $63,360).

d)In 2024, the Company did not award any stock options to directors, officers, employees and consultants. (2023: 3,000,000 stock options issued to consultants). In 2024 an expense of $6,517 was reported (2023: $217,965) and was calculated using the Black Scholes option-pricing model.

e)Interest expense was $604,664 in 2024 versus $540,929 in 2023. This represents the actual interest expense obligations incurred by the Company based on the stated interest rates on the convertible debenture notes.

f)Amortization expense was $16,492 in 2024 relating to Capital Assets (2023: $16,492).

g)Financing costs were $24,227 in 2024 versus $86,352 in 2023. These expenses relate to costs associated with the convertible debenture financings which the Company completed in 2024 and 2023.

h)The gain on foreign exchange reported in 2024 was $21,404 versus a gain of $62,613 in 2023. This included the exchange relating to the translation of $CDN denominated transactions during the year and to Canadian denominated assets and liabilities at fiscal quarter and year ends. It also included the foreign exchange relating to the initiation, renewal, conversion, and repayment of convertible debentures transactions during the fiscal years. The Canadian dollar, relative to the U. S. dollar was$0.7596 at October 31, 2020, $0.7956 at October 31, 2021, $0.7327 at October 31, 2022, $0.7207 at