Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 27

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 27
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360 in 2023 (2022: $59,504).

d)In 2023, the Company awarded 3,000,000 stock options to directors, officers, employees and consultants. (2022: 2,025,000 stock options issued to consultants); the related expense of $217,965 was calculated using the Black Scholes option-pricing model (2022: $41,484).

e)Interest expense was $540,929 in 2023 versus $469,425 in 2022. 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 2023 relating to Capital Assets (2022: $29,755 consisting of $3,877 relating to patents and $25,878 relating to Capital Assets).

g)Financing costs were $86,352 in 2023 versus $13,233 in 2022. These expenses relate to costs associated with the convertible debenture financings which the Company completed in 2023 and 2022; there were fewer such financings in 2022.

h)The gain on foreign exchange reported in 2023 was $62,613 versus a gain of $176,477 in 2022. 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 $0.7509 at October 31, 2019,$0.7596 at October 31, 2020, $0.7956 at October 31, 2021, $0.7327 at October 31, 2022 and $0.7207 at October 31, 2023.

i)The other expenses reported relate to the convertible debentures. These expenses are all non-cash expenses and compare as follows:

                                                                    2023           2022         Change  
                                                                       $              $              $  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Accretion expense                                              279,834      1,179,603       (899,769  
  Loss (Gain) on conversion/repayment of deb