Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 236

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 236
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financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1b to the financial
statements, the Company’s accumulated losses and the additional funds needed to maintain its operations raise substantial doubt
about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1b.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis
for Opinion

These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“ PCAOB”) and are required to be independent with respect to the Company in accordance with the U. S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.

/s/ Brightman
Almagor Zohar & Co.

Certified
Public Accountants

A Firm in
the Deloitte Global Network

Tel Aviv,
Israel

January 22,
2025

We have served
as the Company’s auditor since 2023.

F-3

CLEARMIND
MEDICINE INC.

Consolidated
Statements of Financial Position

(Expressed
in United States Dollars)

                                             October