Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 29

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 29
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 in 2024 (2023: $2,044).

C. Research and Development:

Under IFRS, research costs are expensed in the period incurred. Development expenses are expensed as incurred unless they meet the criteria for deferral and amortization under IFRS, which criteria is the translation of research findings or other knowledge into a plan for the technology prior to commercial production or use.

D. Trend Information:

The market applications for "smart" sensors are expanding; there are potential applications that could be utilized in virtually every industry vertical.

Our prospects for commercial revenues are dependent upon the successful completion of milestones in the development contracts that we have initiated to date and upon the customers deciding to proceed with commercial orders once these development contracts are successfully completed.

Off-Balance Sheet Arrangements:

We are not party to any off-balance sheet arrangements. In addition, we have no unconsolidated special purpose financing or partnership entities.

Tabular Disclosure of Contractual Obligations:

A summary of our financial commitments as of October 31, 2024, is as below:

  Payments due by period ($USD)                                                                                                         
                                             Total                  Less than 1       1-5 years         More than                       
  Operating lease obligations        $       12,873         $       12,873            -                 -                  -            
  Payments due by period ($USD)                                                                                                         
                                             Total                  Less than 30      31-90 days        Over 90 days                    
  Trade payables                     $       336,575        $       -                 -                 -                               
  Payments due by period ($USD)                                                                                                         
                                             Total                  Less than 3       Three to six      Six to twelve      One to five  
  Convertible debentures             $       4,040,479      $       2,492,556         1,376,673         171,250            -            
  Debenture payable                  $       37,389         $       37,389            -                 -                  -            
  Warrant liabilities                $       1,087,997      $       -                 -                 -                  1,087,997    
  Long-term debt                     $       49,477         $       -                 -                 -                  49,477       

Critical Accounting Policies:

Our significant accounting policies are set forth in our consolidated financial statements, which should be read in conjunction with management's discussion of our critical accounting policies and estimates set forth below.

Our consolidated