Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 87

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 87
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BA loan was converted to a 3-year term loan, bearing interest at5% per annum, paid monthly. The total principal balance plus any accrued and unpaid interest is payable in full on December 31, 2026. The amount of interest expense incurred during the year ended October 31, 2024 is $1,764(2023 - $nil).

The continuity of the long-term loan is summarized as follows:

  Balance, October 31, 2022      $43,796  
  Foreign exchange                 ( 542  
  Balance, October 31, 2023      $43,254  
  Accrued interest                 1,764  
  Foreign exchange                 ( 212  
  Balance, October 31, 2024      $44,806  

The following represents a maturity analysis of the Company's undiscounted contractual loan obligations as at October 31, 2024:

USD
Less than one year $2,156
Between one and five years $45,632

10. Leases
(a)As a lessee
The lease obligation relates to the use of office space in Toronto, Ontario. The lease agreement has a term of August 1, 2022 to July 31, 2025. The present value of the lease obligation was calculated using a discount rate of9%.
The lease liability is summarized as follows:
Balance, October 31, 2021 24,788
New lease agreement 48,408
Interest expense 3,629
Lease payments ( 28,946
Foreign exchange ( 3,095
Balance, October 31, 2022 44,784
Interest expense 3,323
Lease payments ( 18,932
Foreign exchange ( 121
Balance, October 31, 2023 29,054
Interest expense 1,820
Lease payments ( 19,201
Foreign exchange 307
Balance, October 31, 2024 11,980
The following represents a maturity analysis of the Company's undiscounted contractual lease obligations as at October 31, 2024:
USD
Less than one year $12,873
(b)As a lessor
The Company sub-leases a portion of its office space under a lease agreement for a term of three years, expiring July 31, 2025. The sub-lease is classified as an operating lease because it does not transfer substantially all of the risks and