UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private
Issuer
Pursuant to Rule 13a-16
or 15d-16
under the Securities Exchange
Act of 1934
For the month of June 2024
Commission file number: 001-41557
Clearmind Medicine
Inc.
(Translation of registrant’s
name into English)
101 – 1220 West
6th Avenue
Vancouver, British
Columbia
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
CONTENTS
On June [_], 2024, the
registrant filed in Canada its unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis
for the three and six months ended April 30, 2024, with the Canadian Securities Administration and each of the Ontario Securities Commission,
British Columbia Securities Commission and Alberta Securities Commission.
This Report on Form 6-K is incorporated by reference into the Registrant’s Registration Statements on Form F-3 (File No. 333-275991,
333-270859, 333-273293), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is
submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
Clearmind Medicine Inc. |
|
|
Date: June 13, 2024 |
By: |
/s/ Adi Zuloff-Shani |
|
|
Name: |
Adi Zuloff-Shani |
|
|
Title: |
Chief Executive Officer |
3
Exhibit 99.1
CLEARMIND MEDICINE INC.
Condensed Interim Consolidated Financial Statements
For The Three and Six Months Ended April 30, 2024
(Expressed in United States Dollars)
(Unaudited)
CLEARMIND MEDICINE INC.
Condensed Interim Consolidated Statements of Financial Position
(Expressed in United States Dollars)
(Unaudited)
| |
April 30, | | |
October 31, | |
| |
2024 | | |
2023 | |
Assets | |
| | |
| |
Current assets | |
| | |
| |
Cash and cash equivalents | |
$ | 8,305,927 | | |
$ | 5,427,739 | |
Other receivables | |
| 69,506 | | |
| 104,320 | |
Short-term investment (Note 3) | |
| – | | |
| 86,112 | |
Prepaid expenses | |
| 210,609 | | |
| 40,403 | |
Related parties (Note 4b) | |
| 105,022 | | |
| 136,002 | |
Total current assets | |
| 8,691,064 | | |
| 5,794,576 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Property and equipment | |
| 624 | | |
| 1,727 | |
Intangible assets | |
| 113,848 | | |
| 119,310 | |
Restricted cash | |
| 40,182 | | |
| 37,675 | |
Total non-current assets | |
| 154,654 | | |
| 158,712 | |
| |
| | | |
| | |
Total assets | |
$ | 8,845,718 | | |
$ | 5,953,288 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 421,156 | | |
$ | 617,004 | |
Due to related parties (Note 4a) | |
| 47,009 | | |
| 42,433 | |
Derivative warrant liabilities (Note 5) | |
| 3,731,799 | | |
| 4,310,379 | |
Total current liabilities | |
| 4,199,964 | | |
| 4,969,816 | |
| |
| | | |
| | |
Total liabilities | |
$ | 4,199,964 | | |
$ | 4,969,816 | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
| |
| | | |
| | |
Share capital and share premium (Note 6) | |
| 22,757,547 | | |
| 17,131,223 | |
Warrants (Note 7) | |
| 459,341 | | |
| 459,341 | |
Share-based payment reserve (Notes 8,9) | |
| 2,494,196 | | |
| 2,182,221 | |
Accumulated other comprehensive loss | |
| (21,250 | ) | |
| (21,250 | ) |
Accumulated deficit | |
| (21,044,080 | ) | |
| (18,768,063 | ) |
Total shareholders’ equity | |
| 4,645,754 | | |
| 983,472 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 8,845,718 | | |
$ | 5,953,288 | |
Approved and authorized for issuance on behalf of the Board of Directors
on June 13, 2024:
/s/ Alan Rootenberg |
|
/s/ Adi Zuloff-Shani |
Alan Rootenberg, CFO |
|
Adi Zuloff-Shani, CEO |
(The accompanying notes are an integral part of
these condensed interim consolidated financial statements)
CLEARMIND MEDICINE INC.
Condensed Interim Consolidated Statements of Operations and Comprehensive
Loss
(Expressed in United States Dollars)
(Unaudited)
| |
Three months ended | | |
Six months ended | |
| |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Operating expenses | |
| | |
| | |
| | |
| |
General and administrative | |
$ | 980,549 | | |
$ | 1,338,445 | | |
$ | 2,137,062 | | |
$ | 2,583,873 | |
Research and development, net | |
| 322,956 | | |
| 317,572 | | |
| 550,434 | | |
| 905,202 | |
Total operating expenses | |
| 1,303,505 | | |
| 1,656,017 | | |
| 2,687,496 | | |
| 3,489,075 | |
| |
| | | |
| | | |
| | | |
| | |
Finance income (expenses) | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Changes in fair value of derivative warrant liabilities (Note 5) | |
| 405,002 | | |
| (360,557 | ) | |
| 560,145 | | |
| (360,557 | ) |
Unrealized gain (loss) on short-term investment (Note 3) | |
| 415,270 | | |
| 4,445 | | |
| 415,826 | | |
| (58,749 | ) |
Realized loss on short-term investment (Note 3) | |
| (423,438 | ) | |
| – | | |
| (423,438 | ) | |
| – | |
Foreign exchange gain (loss) | |
| 1,255 | | |
| (60,952 | ) | |
| 2,671 | | |
| (95,356 | ) |
Other finance income, net | |
| 33,955 | | |
| 5,966 | | |
| 94,531 | | |
| 23,981 | |
Total finance income (expenses) | |
| 432,044 | | |
| (411,098 | ) | |
| 649,735 | | |
| (490,681 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| | | |
| | | |
| | | |
| | |
Dividend received | |
| – | | |
| – | | |
| – | | |
| 16,555 | |
Total other income | |
| – | | |
| – | | |
| – | | |
| 16,555 | |
| |
| | | |
| | | |
| | | |
| | |
Loss before taxes | |
| (871,461 | ) | |
| (2,067,115 | ) | |
| (2,037,761 | ) | |
| (3,963,201 | ) |
Tax expenses | |
| (36,756 | ) | |
| (9,267 | ) | |
| (238,256 | ) | |
| (12,650 | ) |
Net Loss and Comprehensive loss | |
$ | (908,217 | ) | |
$ | (2,076,382 | ) | |
$ | (2,276,017 | ) | |
$ | (3,975,851 | ) |
Loss per share, basic and diluted | |
$ | (0.28 | ) | |
$ | (16.62 | ) | |
$ | (0.96 | ) | |
$ | (39.62 | ) |
Weighted average number of shares (*) for the purposes of basic and diluted loss per share | |
| 3,253,267 | | |
| 124,911 | | |
| 2,375,825 | | |
| 100,351 | |
(The accompanying notes are an integral part of
these condensed interim consolidated financial statements)
CLEARMIND MEDICINE INC.
Condensed Interim Statements of Changes in Shareholders’ Equity
(Deficit)
(Expressed in United States Dollars)
(Unaudited)
| |
Share capital and share premium | | |
| | |
Share-based | | |
Accumulated other | | |
| | |
Total shareholders’ | |
| |
Number of shares (*) | | |
Amount | | |
Warrants | | |
payment reserve | | |
comprehensive income | | |
Accumulated deficit | | |
equity (deficit) | |
Balance, October 31, 2023 | |
| 607,337 | | |
$ | 17,131,223 | | |
$ | 459,341 | | |
$ | 2,182,221 | | |
$ | (21,250 | ) | |
$ | (18,768,063 | ) | |
$ | 983,472 | |
Net loss for the period | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,276,017 | ) | |
| (2,276,017 | ) |
Issuance of common shares, pre-funded warrants and warrants (Note 6c(iii)) | |
| 1,500,000 | | |
| 1,459,815 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,459,815 | |
Exercise of warrants (Notes 6c(ii, v)) | |
| 1,194,102 | | |
| 4,154,389 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 4,154,389 | |
Issuance of common shares upon vesting of restricted stock units (Note 6c(vi)) | |
| 9,000 | | |
| 11,935 | | |
| – | | |
| (11,935 | ) | |
| – | | |
| – | | |
| – | |
Share-based compensation (Notes 6c (i, iv), 8, 9) | |
| 89 | | |
| 185 | | |
| – | | |
| 323,910 | | |
| – | | |
| – | | |
| 324,095 | |
Balance, April 30, 2024 | |
| 3,310,528 | | |
$ | 22,757,547 | | |
$ | 459,341 | | |
$ | 2,494,196 | | |
$ | (21,250 | ) | |
$ | (21,044,080 | ) | |
$ | 4,645,754 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, October 31, 2022 | |
| 43,992 | | |
$ | 6,706,644 | | |
$ | 459,110 | | |
$ | 1,896,724 | | |
$ | (21,250 | ) | |
$ | (10,147,226 | ) | |
$ | (1,105,998 | ) |
Net loss for the period | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (3,975,851 | ) | |
| (3,975,851 | ) |
Issuance of common shares | |
| 38,462 | | |
| 6,026,327 | | |
| – | | |
| 337,579 | | |
| – | | |
| – | | |
| 6,363,906 | |
Common shares and warrants issued to XYLO TECHNOLOGIES LTD. (formerly Medigus Ltd.) | |
| – | | |
| 296,845 | | |
| 231 | | |
| – | | |
| – | | |
| – | | |
| 297,076 | |
Issuance of common shares, pre-funded warrants and warrants | |
| 150,191 | | |
| 1,455,832 | | |
| – | | |
| – | | |
| – | | |
| – | | |
| 1,455,832 | |
Issuance of common shares upon vesting of restricted stock units | |
| 561 | | |
| 150,071 | | |
| – | | |
| (150,071 | ) | |
| – | | |
| – | | |
| – | |
Common shares for services | |
| – | | |
| – | | |
| – | | |
| 40,372 | | |
| – | | |
| – | | |
| 40,372 | |
Share-based compensation | |
| – | | |
| – | | |
| – | | |
| 199,567 | | |
| – | | |
| – | | |
| 199,567 | |
Balance, April 30, 2023 | |
| 233,206 | | |
$ | 14,635,719 | | |
$ | 459,341 | | |
$ | 2,324,171 | | |
$ | (21,250 | ) | |
$ | (14,123,077 | ) | |
$ | 3,274,904 | |
(The accompanying notes are an integral part of
these condensed interim consolidated financial statements)
CLEARMIND MEDICINE INC.
Condensed Interim Consolidated Statements of Cash Flows
(Expressed in United States Dollars)
(Unaudited)
| |
Six months ended April 30, | |
| |
2024 | | |
2023 | |
Operating activities | |
| | |
| |
Net loss | |
$ | (2,276,017 | ) | |
$ | (3,975,851 | ) |
| |
| | | |
| | |
Adjustments for: | |
| | | |
| | |
Amortization of intangible assets | |
| 5,462 | | |
| 4,975 | |
Amortization of right-of-use asset | |
| 17,804 | | |
| 26,789 | |
Interest on lease liability | |
| 1,629 | | |
| 2,682 | |
Exchange rate differences | |
| (8,980 | ) | |
| (77 | ) |
Share issuance costs allocated to derivate warrant liability | |
| 115,046 | | |
| – | |
Depreciation of property and equipment | |
| 1,103 | | |
| 3,813 | |
Changes in fair value of derivative warrant liability | |
| (560,145 | ) | |
| 360,557 | |
Share-based compensation | |
| 324,095 | | |
| 246,446 | |
Unrealized (gain) loss on short-term investment | |
| (415,826 | ) | |
| 58,749 | |
Realized loss on short-term investment | |
| 423,438 | | |
| – | |
Tax expenses | |
| 71,237 | | |
| 12,650 | |
| |
| | | |
| | |
Changes in working capital: | |
| | | |
| | |
Decrease (increase) in other receivables | |
| 72,078 | | |
| (100,197 | ) |
Increase in prepaid expenses | |
| (170,422 | ) | |
| (249,028 | ) |
Decrease in accounts payable and accrued liabilities | |
| (260,480 | ) | |
| (405,984 | ) |
Increase (decrease) in due to / from related parties | |
| 5,205 | | |
| (158,173 | ) |
Net cash used in operating activities | |
| (2,654,773 | ) | |
| (4,172,649 | ) |
| |
| | | |
| | |
Investing activities | |
| | | |
| | |
Proceeds from sale of short-term investment | |
| 78,500 | | |
| – | |
Net cash generated in investing activities | |
| 78,500 | | |
| – | |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Proceeds from issuance of common shares and warrants, net of issuance costs (Note 6c (iii)) | |
| 1,824,773 | | |
| 9,321,796 | |
Proceeds received from exercise of warrants (Notes 6c (ii,v)) | |
| 3,655,950 | | |
| – | |
Repayment of lease liabilities | |
| (19,087 | ) | |
| (30,984 | ) |
Net cash provided by financing activities | |
| 5,461,636 | | |
| 9,290,812 | |
Effect of foreign exchange rate changes on cash and cash equivalents | |
| (7,175 | ) | |
| (1,233 | ) |
Net increase in cash and cash equivalents | |
| 2,878,188 | | |
| 5,116,930 | |
Cash and cash equivalents at beginning of period | |
| 5,427,739 | | |
| 128,777 | |
Cash and cash equivalents at end of period | |
$ | 8,305,927 | | |
$ | 5,245,707 | |
| |
| | | |
| | |
Supplementary disclosure of cash flow information: | |
| | | |
| | |
Cash received for interest | |
$ | 120,612 | | |
$ | 26,663 | |
Cash paid for taxes | |
| 192,825 | | |
| – | |
Non-cash financing and investing activities | |
| | | |
| | |
Derivative liability converted to equity | |
$ | – | | |
$ | 290,569 | |
Right of use assets obtained in exchange for lease liabilities | |
| 107,827 | | |
| – | |
Early termination of office lease (Note 4c) | |
| (88,562 | ) | |
| – | |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
1. |
Nature of Operations
and Going Concern |
| a. | Clearmind Medicine Inc. (the “Company”) was incorporated
in the province of British Columbia on July 18, 2017. The Company is a clinical pharmaceutical company currently engaged in phase I/IIa
clinical trials of novel psychedelic medicines that have been developed to solve widespread, yet under-served, health problems. The Company’s
head office is located at Suite 101 -1220 West 6th Avenue, Vancouver, BC, V6H 1A5. The Company’s wholly owned Israeli
subsidiary (Clearmindmed Ltd.) functions as the research and development arm of the Company. |
On November 14, 2022, the Company completed
a listing on the Nasdaq Capital Market (“Nasdaq”). The Company trades under the symbol “CMND” on the Nasdaq and
on the Frankfurt Stock Exchange, (FSE), under the symbol “CWY”. The Company was listed on the Canadian Securities Exchange
(“CSE”) in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the
CSE but remains a reporting issuer in Canada.
On January 16, 2024, the Company completed
a registered direct and private placement for aggregate gross proceeds of $2.40 million. See note 6(c)(iii).
These condensed interim consolidated
financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets
and discharge its liabilities in the normal course of business. For the six months ended April 30, 2024, the Company has not generated
any revenues and has negative cash flows from operations of $2,654,773. As of April 30, 2024, the Company has an accumulated deficit of
$21,044,080. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing
through debt or equity. Management is of the opinion that sufficient working capital will be obtained from external financing to meet
the Company’s liabilities and commitments as they become due, although there is a risk that additional financing will not be available
on a timely basis or on terms acceptable to the Company. These factors raise substantial doubt on the Company’s ability to continue
as a going concern. These condensed interim consolidated financial statements do not reflect any adjustments that may be necessary if
the Company is unable to continue as a going concern.
On November 28, 2023, the Company’s Board of Directors (the “Board”)
approved a 1-for-30 reverse split of its issued and outstanding common shares, effective as of November 28, 2023, pursuant to which
holders of the Company’s common shares received 0.0333 of a common share for every one common share then held.
All issued and outstanding common shares
or instruments convertible into common shares contained in these financial statements have been retroactively adjusted to reflect the
reverse share split for all periods presented, unless explicitly stated otherwise.
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
2. |
Material Accounting Policy Information |
The accompanying consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”) on a going concern basis.
These condensed interim consolidated
financial statements include the accounts of the Company and its 100% owned subsidiaries, Clearmindmed Ltd. and Clearmind Labs Corp.
(inactive). All inter-company balances and transactions have been eliminated on consolidation.
These condensed interim consolidated
financial statements have been prepared on a historical cost basis, except for financial assets and liabilities (including derivatives)
which are presented at fair value through profit or loss (“FVTPL”), and are presented in United States dollars, which is
the Company’s functional currency.
| b. | Unaudited Interim Financial Information |
Certain information and footnote disclosures
normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report, as is permitted
by such rules and regulations. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with
the audited financial statements as of and for the year ended October 31, 2023 and the notes thereto (the “2023 Annual Report”).
The condensed interim consolidated financial
statements have been prepared on the same basis as the 2023 Annual Report. In the opinion of the Company’s management, these condensed
interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position
and results of operations for the interim periods presented. The results for the six months ended April 30, 2024 are not necessarily indicative
of the results for the year ending October 31, 2024, or for any future period.
As of April 30, 2024, there have been
no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 Annual Report except
for the following:
Amendments to IAS 1 Presentation
of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies
The Company has adopted the amendments
to IAS 1 for the first time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting
policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting
policy information’. Accounting policy information is material if, when considered together with other information included in
an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose
financial statements make on the basis of those financial statements.
The supporting paragraphs in IAS 1
are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is
immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions,
other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions,
other events or conditions is itself material.
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
2. |
Material Accounting Policy Information (continued) |
| c. | Significant Accounting Estimates and Judgments |
The preparation of consolidated financial
statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies
and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the
judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates.
Significant Estimates
Share-based Compensation
Fair values are determined using the
Black-Scholes option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity
instruments, which is dependent on the terms and conditions of the grant. Option-pricing models require the use of highly subjective
estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect
the fair value estimates and, therefore, existing models do not necessarily provide reliable measurement of the fair value of the Company’s
stock options.
Warrant Liability
The Company analyses warrants issued
to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities are adjusted to reflect fair
value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses
a fair valuation specialist to estimate the value of these instruments using the binomial pricing model.
The key assumptions used in the models
are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability
of any future adjustment event.
Significant Judgments
The critical judgments that the Company’s
management has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts
recognized in the Company’s consolidated financial statements are as follows:
Going Concern
The application of the going concern
assumption requires management to take into account all available information about the future, which is at least but not limited to,
12 months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions raise
substantial doubt upon the Company’s ability to continue as a going concern.
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
Pursuant to the Share Exchange Agreement with XYLO TECHNOLOGIES LTD. (formerly
Medigus Ltd.) (“XYLO”), on February 14, 2022, the Company received 27,778 ordinary shares of XYLO, the investment cost was
$501,938.
During the six months ended April 30, 2024, the Company sold all the shares of
XYLO, for total proceeds of $78,500 and recorded a net realized loss of $7,612.
| |
October 31, 2023 | | |
Disposals | | |
Net realized loss | | |
April 30, 2024 | |
| |
| | |
| | |
| | |
| |
XYLO – Shares | |
$ | 86,112 | | |
$ | 78,500 | | |
$ | (7,612 | ) | |
$ | – | |
| |
October 31, 2022 | | |
Additions | | |
Unrealized loss | | |
October 31, 2023 | |
| |
| | |
| | |
| | |
| |
XYLO – Shares | |
$ | 193,750 | | |
$ | – | | |
$ | (107,638 | ) | |
$ | 86,112 | |
4. |
Related Party Transactions |
|
a. |
Compensation to key management personnel |
| (i) | The compensation to key management personnel for services they provide
to the Company is as follows: |
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
April 30, | | |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Officers: | |
| | |
| | |
| | |
| |
Consulting fees | |
$ | 78,586 | | |
$ | 87,471 | | |
$ | 248,274 | | |
$ | 220,501 | |
Share based compensation | |
| 25,854 | | |
| 30,188 | | |
| 41,555 | | |
| 75,380 | |
| |
$ | 113,440 | | |
$ | 117,659 | | |
$ | 289,829 | | |
$ | 295,881 | |
Directors: | |
| | | |
| | | |
| | | |
| | |
Directors’ fees | |
$ | 50,902 | | |
$ | 41,834 | | |
$ | 125,525 | | |
$ | 80,976 | |
Share based compensation | |
| 68,669 | | |
| 34,029 | | |
| 85,890 | | |
| 78,124 | |
| |
$ | 119,571 | | |
$ | 75,863 | | |
$ | 211,415 | | |
$ | 159,100 | |
| (ii) | Balances with related parties |
| |
April 30, | | |
October 31, | |
| |
2024 | | |
2023 | |
Amounts owed to officers | |
$ | 30,136 | | |
$ | 29,666 | |
Amounts owed to directors | |
| 16,873 | | |
| 12,767 | |
| |
$ | 47,009 | | |
$ | 42,433 | |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
4. |
Related Party Transactions (continued) |
| b. | On March 7, 2022, the Company signed an agreement with SciSparc Ltd (“SciSparc”), pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility study using certain molecules developed by each party (the “Cooperation Agreement”). Certain of the Company’s officers and directors currently operate, manage or are engaged as officers and/or directors of SciSparc. In June 2023, the Company entered into a research agreement with the Hebrew University
of Jerusalem to evaluate SciSparc’s and the Company’s combination treatment for obesity and metabolic syndrome. To date, the collaboration has resulted in the
filing of nine patent applications. To the extent the parties determine to proceed to a commercial cooperation, they may enter into a
joint venture by the parties share the economics and rights on a 50%-50% basis. To date, no determination has been made to pursue the
joint venture as the development of the project remains at a very early stage.
For the three and six months ended April 30, 2024, the Company incurred
research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $22,306 and $22,808, respectively
(three and six months ended April 30, 2023- $30,863 and $88,493 respectively). As of April 30, 2024, $105,022 is owed to the Company by
SciSparc (October 31, 2023- $136,002). |
| c. | On December 25, 2023, the Company entered into an agreement with SciSparc for the
lease of office space in Tel Aviv, Israel, having a total area of approximately 240 square meters. The Company occupies approximately
120 square meters of the space for its offices. The Company’s base rent was ILS 23,300 per month ($6,500) during the term of the
lease. The lease liability was discounted using the Company’s estimated incremental borrowing rate of 10%.
On March 31, 2024, the Company and SciSparc decided
to terminate the lease agreement prior to the initial term of the lease. As a result, the Company paid early termination fees of approximately
$15,000 and paid approximately $3,600 to a broker. The loss upon early termination related to this transaction was recorded as general
and administrative expenses within the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.
As of April 30, 2024, the Company and SciSparc were in the process
of negotiating the terms of a new lease contract. |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
5. |
Derivative warrant
liabilities |
| a. | On April 6, 2023, the Company issued 150,191 warrants in connection with its April 2023 Public Offering (“April 2023 Warrants”). The warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“April 2023 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability and the time of the grant and are revalued at the end of each reporting period. |
On January 21, 2024, following the January
2024 Public Offering, which included the offering of common shares at a price lower than the exercise price of the April 2023 Warrants,
the exercise price of the April 2023 Warrants was reduced to $1.077, and each April 2023 Warrant became exercisable into 9.124 common
shares of the Company.
During the period between November
29, 2023 and December 5, 2023, 71,520 April 2023 Warrants were exercised into 652,521 common shares.
During the period between March 8,
2024 and March 22, 2024, 2,219 April 2023 Warrants were exercised into 20,245 common shares.
| b. | On September 18, 2023, the Company issued 250,000 warrants in connection with its September 2023 Public Offering (“September 2023 Warrants”). The warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“September 2023 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability and the time of the grant and are revalued at the end of each reporting period. |
On January 21, 2024, following the January
2024 Public Offering, which included the offering of common shares at a price lower than the exercise price of the September 2023 Warrants,
the exercise price of the September 2023 Warrants was reduced to $1.077, and each September 2023 Warrant became exercisable into 4.988
common shares of the Company.
During the period between November
29, 2023 and December 5, 2023, 82,138 September 2023 Warrants were exercised into 409,667 common shares.
During the period between February
23, 2024 and March 22, 2024, 16,334 September 2023 Warrants were exercised into 81,469 common shares.
| c. | On January 16, 2024, the Company issued 1,500,000 warrants with an exercise price of $1.60 per warrant in connection with its January 2024 Public Offering (“January 2024 Warrants”). Each warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“January 2024 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period. On February 23, 2024, 30,200 January 2024 Warrants were exercised into 30,200 common shares. |
| d. | During the three and six months ended April 30, 2024, the Company recorded a gain on the revaluation of the total derivative warrant liabilities of $405,002 and $560,145, respectively, in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss. |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
5. |
Derivative warrant
liabilities (continued) |
| e. | The binomial model was used to measure the derivative warrant liability with the following assumptions: |
| |
April 30,
2024 | |
Share Price | |
| $1.19 | |
Exercise Price | |
| $1.077-$1.60 | |
Expected life | |
| 3.93-4.71 years | |
Risk-free interest rate | |
| 4.74-4.80 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 158.07-158.93 | % |
| f. | The following table presents the changes in the derivative warrant liability during the period: |
Balance as of November 1, 2022 | |
$ | - | |
Issuance of April 2023 Warrants | |
| 1,771,208 | |
Issuance of September 2023 Warrants | |
| 923,225 | |
Exercise of warrants | |
| (574,040 | ) |
Changes in fair value of warrants | |
| 2,189,986 | |
Balance as of October 31, 2023 | |
$ | 4,310,379 | |
Issuance of January 2024 Warrants | |
| 480,004 | |
Exercise of warrants | |
| (498,439 | ) |
Changes in fair value of warrants | |
| (560,145 | ) |
Balance as of April 30, 2024 | |
$ | 3,731,799 | |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
| a. | The Company’s authorized share capital is unlimited common shares without par value share. As of April 30, 2024, the number of common shares issued and outstanding was 3,310,528 (October 31, 2023 – 607,337). |
| b. | On November 28, 2023, the Company effected a 1-for-30 share consolidation. All share amounts and instruments convertible into common shares prior to the date of the reverse share split have been retroactively restated for all periods presented. |
|
c. |
Share transactions during
the six months ended April 30, 2024: |
| (i) | On
November 6, 2023, 45 common shares with a fair value of $117 were issued to providers of investor services in payment of services. |
| (ii) | Between November 29, 2023 and December 5, 2023, April 2023 Warrants and September 2023 Warrants were exercised into 1,062,188 shares, resulting in gross proceeds of $3,498,032. |
| (iii) | On January 16, 2024,
the Company completed a registered direct offering and concurrent private placement of (i) 1,468,000 Common Shares, (ii) 32,000 pre-funded
warrants to purchase 32,000 Common Shares and (iii) 1,500,000 unregistered common warrants to purchase 1,500,000 Common Shares. The pre-funded
warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The
unregistered common warrants have an exercise price of $1.60 per Common Share (after giving effect to adjustments and subject to further
adjustments as set forth therein), are immediately exercisable, and expire five years from the date of issuance. These warrants include
a cashless exercise provision and repricing provisions, under certain circumstances (“the January 2024 Offering”). The gross
proceeds from the January 2024 Offering were approximately $2.4 million before deducting estimated offering expenses. Net proceeds from
the offering were $1,824,773. On January 17, 2024, the pre-funded warrants were exercised. |
| (iv) | On February 19, 2024, 44 common shares with a fair value of
$68 were issued to providers of investor services in payment of services. |
| (v) | During the period between February 23, 2024 and March 2, 2024,
April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 131,914 shares, for gross proceeds of $157,918. |
| (vi) | On April 3, 2024, 9,000 common shares were issued in respect
of RSU’s that had been fully vested. The RSU’s had a fair value of $11,935 at the time of issuance. |
|
d. |
Share transactions during
the six months ended April 30, 2023: |
| (i) | On November 14, 2022, the Company completed an underwritten public offering of
38,462 common shares at a price to the public of $195.00 per share, for aggregate gross proceeds of $7.5 million, prior to deducting underwriting
discounts and offering expenses. The offering closed on November 17, 2022. Net proceeds from the offering were $6,363,906. |
In addition, the Company granted Aegis
Capital Corp. (“Aegis”), who acted as the underwriters for the deal, a 45-day option to purchase up to 5,769 additional common
shares, equal to 15% of the number of common shares sold in the offering solely to cover over-allotments, if any (“Over-Allotment”).
The public purchase price per additional common share would have been $195.00 per share. The Over-Allotment was not exercised.
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
6. |
Share Capital (continued) |
Aegis received 1,923 underwriter warrants,
(the “Underwriter Warrants”) each such Underwriter Warrant entitling the agents to receive one common share upon payment of
$243.75 per share, exercisable six months after the commencement of sales of this offering and expiring on a date which is no more than
five years after the commencement of sales of the offering. The fair value of the Underwriter Warrants of $337,579 were accounted for
as an issuance cost within the share-based payment reserve. The fair value of the Underwriter Warrants was estimated using the Black-Scholes
option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:
Risk-free interest rate | | | 1.43 | % |
Expected life (in years) | | | 5 | |
Expected volatility | | | 150 | % |
In connection with the offering, the
Company’s common shares were approved for listing on the Nasdaq and began trading on the Nasdaq (in addition to the CSE) under
the symbol “CMND” on November 15, 2022.
Following the public offering and pursuant to the XYLO SPA, XYLO was entitled to
receive 1,494 common shares and 75 warrants pursuant to an anti-dilution clause included in the agreement signed between the Company and
XYLO on June 29, 2022. The anti-dilution feature was recorded as a derivative liability as of October 31, 2022.
| (ii) | On January 16, 2023, 161 common shares were issued in respect
of RSU’s that had been fully vested. The RSU’s had a fair value of $39,975 at the time of issuance. |
| | On February 22, 2023, 400 common shares were issued in respect of fully vested RSU’s that had been fully vested. The RSU’s had a fair value of $110,096 at the time of issuance. |
| (iii) | On April 6, 2023, the Company completed an underwritten public offering of 103,249
common shares at a price to the public of $23.40 per share and pre-funded warrants to purchase 46,942 common shares at a price to the
public of $23.37 per pre-funded warrant (“Pre-Funded Warrants”), for aggregate gross proceeds of $3.5 million (the “April
2023 Public Offering”). The Pre-Funded Warrants were exercisable at $0.03 into one common share, and all the Pre-Funded Warrants
were exercised by April 30, 2023. In addition, each April 2023 Public Offering shareholder and each Pre-Funded Warrant holder received
a common warrant, which was immediately exercisable, will expire five years from the date of issuance and have an exercise price of $23.40
per common share (“April 2023 Public Offering Warrant”). The April 2023 Public Offering warrants include a cashless exercise
provision and repricing provisions under certain circumstances, that also includes a potential change in the number of shares to be issued
for each warrant depending on the change in the exercise price of the warrant. On September 24, 2023, as a result of the September 2023
Public Offering, which included the offering of common shares at a price lower than the exercise price of the April 2023 Warrants, the
exercise price of these warrants was reduced to $5.124, and each April 2023 Warrant is convertible into 4.6 common shares of the Company. |
Net proceeds from the offering were $2,936,079.
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
The following table summarizes
the changes in the Company’s warrants:
| |
Number of warrants | | |
Weighted average exercise price | |
| |
| | |
| |
Balance, October 31, 2022 | |
| 19,763 | | |
| 576.66 | |
| |
| | | |
| | |
Issuance of underwriter warrants | |
| 1,923 | | |
| 243.75 | |
Issuance of April 2023 warrants (*) | |
| 150,191 | | |
| 5.124 | |
Issuance of September 2023 warrants (**) | |
| 250,000 | | |
| 9.00 | |
Issuance of XYLO warrants | |
| 75 | | |
| 1,297.67 | |
Expiration of warrants | |
| (11,430 | ) | |
| 922.98 | |
Exercise of warrants | |
| (26,153 | ) | |
| 5.124 | |
| |
| | | |
| | |
Balance, October 31, 2023 | |
| 384,369 | | |
$ | 7.90 | |
Number of shares to be issued from the exercise of warrants | |
| 826,781 | | |
| | |
| |
| | | |
| | |
Balance, October 31, 2023 | |
| 384,369 | | |
$ | 7.90 | |
Issuance of January 2024 warrants (Note 5c) | |
| 1,500,000 | | |
| 1.60 | |
Exercise of warrants | |
| (202,411 | ) | |
| 3.04 | |
Expiration of warrants | |
| (8,333 | ) | |
| 98.43 | |
Balance, April 30, 2024 | |
| 1,673,625 | | |
$ | 1.53 | |
| |
| | | |
| | |
Number of shares to be issued from the exercise of warrants | |
| 2,925,075 | | |
| | |
As of April 30, 2024, the following warrants were outstanding:
Number of warrants outstanding | | | Number of shares to be issued from the exercise of warrants | | | Exercise price | | | Exercise price (USD) | | | Expiry date |
| | | | | | | | | | | | |
| 1,923 | | | | 1,923 | | | C$ | 335.06 | | | $ | 243.75 | | | November 17, 2027 |
| 50,299 | | | | 697,520 | | | $ | 1.077 | | | $ | 1.077 | | | April 5, 2028 |
| 75 | | | | 75 | | | C$ | 1,800 | | | $ | 1,309.47 | | | November 23, 2024 |
| 151,528 | | | | 755,757 | | | $ | 1.077 | | | $ | 1.077 | | | September 17, 2028 |
| 1,469,800 | | | | 1,469,800 | | | $ | 1.60 | | | $ | 1.60 | | | January 15, 2025 |
| 1,673,625 | | | | 2,925,075 | | | | | | | | | | | |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
| (a) | On November 14, 2023, the shareholders of the Company approved the Omnibus Equity Incentive Plan, or the Omnibus Plan. Pursuant to the Omnibus Plan, the Company is authorized to grant options or restricted share units (“RSUs) to officers, directors, employees and consultants enabling them to acquire, together with” Options”, “Awards” or “Stock Options” as defined, up to 20% of our issued and outstanding Common Shares (after taking into account existing awards from the Company’s 2021 stock option plan). The Awards can be granted for a maximum of 10 years and vest as determined by the Board. |
The maximum number of common shares
reserved for issuance in any 12-month period to a related party consultant may not exceed 5% of the issued and outstanding common shares
at the date of the grant (and may not exceed 15% in total, to all related parties). The maximum number of common shares reserved for
issuance in any 12-month period to any investor relations service provider may not exceed 2% of the issued and outstanding common shares
at the date of the grant.
| (b) | The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2024 and October 31, 2023: |
| |
Number
of options | | |
Weighted
average exercise price (C$) | | |
Weighted
average exercise price (USD$) | |
| |
| | |
| | |
| |
Outstanding,
October 31, 2022 | |
| 5,254 | | |
C$ | 613.5 | | |
$ | 450.64 | |
| |
| | | |
| | | |
| | |
Granted | |
| 334 | | |
| 442.22 | | |
| 318.81 | |
| |
| | | |
| | | |
| | |
Outstanding,
October 31, 2023 | |
| 5,588 | | |
C$ | 603.12 | | |
$ | 434.81 | |
| |
| | | |
| | | |
| | |
Expired | |
| (67 | ) | |
| 720.00 | | |
| 533.14 | |
| |
| | | |
| | | |
| | |
Outstanding,
April 30, 2024 | |
| 5,521 | | |
C$ | 601.70 | | |
$ | 437.73 | |
| |
| | | |
| | | |
| | |
Exercisable,
April 30, 2024 | |
| 4,803 | | |
C$ | 604.01 | | |
$ | 439.41 | |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
8. |
Stock Options (continued) |
| (c) | Additional information regarding stock options outstanding as of April 30, 2024, is as follows: |
Outstanding | | | | | | Exercisable | | | | |
Number of stock options | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price (C$) | | | Weighted average exercise price (USD$) | | | Number of stock options | | | Weighted average exercise price (C$) | | | Weighted average exercise price (USD$) | |
| | | | | | | | | | | | | | | | | | | |
| 533 | | | | 2.07 | | | C$ | 166.50 | | | $ | 121.13 | | | | 489 | | | C$ | 166.50 | | | $ | 121.13 | |
| 978 | | | | 7.76 | | | | 504.00 | | | | 366.65 | | | | 795 | | | | 504.00 | | | | 366.65 | |
| 1,166 | | | | 2.07 | | | | 675.00 | | | | 491.05 | | | | 1,110 | | | | 675.00 | | | | 491.05 | |
| 200 | | | | 5.00 | | | | 702.00 | | | | 510.69 | | | | 174 | | | | 702.00 | | | | 510.69 | |
| 133 | | | | 2.39 | | | | 747.00 | | | | 543.43 | | | | 133 | | | | 747.00 | | | | 543.43 | |
| 422 | | | | 7.61 | | | | 612.00 | | | | 445.22 | | | | 422 | | | | 612.00 | | | | 445.22 | |
| 1,044 | | | | 7.76 | | | | 720.00 | | | | 523.79 | | | | 783 | | | | 720.00 | | | | 523.79 | |
| 667 | | | | 2.17 | | | | 756.00 | | | | 549.98 | | | | 611 | | | | 756.00 | | | | 549.98 | |
| 111 | | | | 7.61 | | | | 900.00 | | | | 654.74 | | | | 93 | | | | 900.00 | | | | 654.74 | |
| 61 | | | | 9.07 | | | | 315.00 | | | | 229.16 | | | | 46 | | | | 315.00 | | | | 229.16 | |
| 156 | | | | 9.16 | | | | 504.00 | | | | 366.65 | | | | 130 | | | | 504.00 | | | | 366.65 | |
| 50 | | | | 9.19 | | | | 32.17 | | | | 23.40 | | | | 17 | | | | 32.17 | | | | 23.40 | |
| 5,521 | | | | 5.16 | | | C$ | 601.70 | | | $ | 437.73 | | | | 4,803 | | | C$ | 604.01 | | | $ | 439.41 | |
The fair value for stock options previously
granted to certain consultants for ongoing services measured during the period have been estimated using the Black-Scholes option pricing
model assuming no expected dividends or forfeitures and the following weighted average assumptions:
| |
six
months
ended
April 30,
2024 | | |
six
months
ended
April 30,
2023 | |
| |
| | |
| |
Risk-free interest rate | |
| 3.89 | % | |
| 3.89 | % |
Expected life (in years) | |
| 5.11 | | |
| 5.13 | |
Expected volatility | |
| 150.79%-161.87 | % | |
| 113%-118 | % |
| d. | The portion of the total fair value of stock options expensed during the three and six months ended April 30, 2024, were $23,292 and $56,870, respectively (2023 - $22,804 and $121,935, respectively) which was recorded as share-based compensation expense. |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
9. |
Restricted Share Units |
| The following table summarizes the continuity of RSUs: |
|
|
Number
of
RSUs |
|
|
Weighted
average
issue price (C$) |
|
|
Weighted
average
issue price (USD$) |
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31, 2022 |
|
|
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
2,200 |
|
|
|
55.97 |
|
|
|
41.46 |
|
Vested |
|
|
(2,200 |
) |
|
|
55.97 |
|
|
|
41.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31, 2023 |
|
|
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted (i) |
|
|
437,765 |
|
|
|
1.78 |
|
|
|
1.29 |
|
Vested |
|
|
(200,784 |
) |
|
|
1.80 |
|
|
|
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, April 30, 2024 |
|
|
236,981 |
|
|
$ |
1.76 |
|
|
$ |
1.28 |
|
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
10. |
Financial Instruments
and Risk Management |
| a. | Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of April 30, 2024, as follows: |
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance April 30, 2024 | |
Derivative warrants liability | |
$ | – | | |
$ | – | | |
$ | 3,731,799 | | |
$ | 3,731,799 | |
Assets and liabilities measured at fair
value on a recurring basis were presented in the Company’s statement of financial position as of October 31, 2023, as follows:
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance October 31, 2023 | |
Short-term investment | |
$ | 86,112 | | |
$ | – | | |
$ | – | | |
$ | 86,112 | |
Derivative warrants liability | |
| – | | |
| – | | |
| 4,310,379 | | |
| 4,310,379 | |
The fair value of other assets and
liabilities, which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate
their carrying values due to the relatively short-term maturity of these instruments.
Financial instruments that potentially
subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing
its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.
|
c. |
Foreign Exchange Rate Risk |
Foreign currency risk is the risk that
the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is
exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in a foreign currency. The Company’s
subsidiary operates in Israel and has certain monetary financial instruments denominated in New Israeli Shekel and CAD. The Company has
not entered into foreign exchange rate contracts to mitigate this risk.
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
10. |
Financial Instruments
and Risk Management (continued) |
|
c. |
Foreign Exchange Rate Risk
(continued) |
The following table indicates the impact
of foreign currency exchange risk on net working capital as of April 30, 2024. The table below also provides a sensitivity analysis of
a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company’s
net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have
had the equal but opposite effect as of April 30, 2024.
Cash and cash equivalents | |
$ | 238,379 | |
Other receivables | |
| 49,369 | |
Accounts payable and accrued liabilities | |
| (129,877 | ) |
Due to related parties | |
| (37,009 | ) |
Total foreign currency financial assets and liabilities | |
$ | 120,862 | |
| |
| | |
Impact of a 10% strengthening or weakening of foreign exchange rate | |
$ | 12,086 | |
Interest rate risk is the risk that
the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company
is not exposed to significant interest rate risk as it does not have any liabilities with variable rates.
Liquidity risk is the risk that the
Company will not be able to meet its financial obligations as they fall due. The Company’s objective to managing liquidity risk
is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company relies on raising debt or equity
financing in a timely manner.
The following amounts are the contractual
maturities of financial liabilities as of April 30, 2024 and October 31, 2023:
April 30, 2024 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 421,156 | | |
$ | 421,156 | | |
$ | – | |
Due to related parties | |
| 47,009 | | |
| 47,009 | | |
| – | |
| |
$ | 468,165 | | |
$ | 468,165 | | |
$ | – | |
October 31, 2023 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 617,004 | | |
$ | 617,004 | | |
$ | – | |
Due to related parties | |
| 42,433 | | |
| 42,433 | | |
| – | |
| |
$ | 659,437 | | |
$ | 659,437 | | |
$ | – | |
CLEARMIND MEDICINE INC.
Notes to the Condensed Interim Consolidated Financial Statements
(Expressed in United States Dollars)
(Unaudited)
The Company manages its capital to
maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital
structure of the Company consists of cash and equity comprised of issued share capital, RSU reserve, warrants reserve, and options reserve.
The Company manages its capital structure
and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board, will balance its overall capital
structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.
The Company is not subject to externally
imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from
the six months ended April 30, 2024.
12. |
Segmented Information |
As of April 30, 2024, the Company has
one operating segment, being the research and development of novel psychedelic medicine, which takes place primarily in Israel.
| a. | On January 15, 2024, the Company signed a long-term licensing
agreement with the research & development company of Bar-Ilan University (“BIRAD”), a leading Israeli research center.
The licensing agreement refers to the Company’s dedicated treatment for cocaine addiction which previously indicated a significant
decrease in cocaine craving. Under this agreement, the Company received a worldwide exclusive license and will pay BIRAD certain milestone
payments upon commerciality of the product and royalties of 2.5% for a period of 15 years following the first commercial sale. |
| b. | On March 19, 2024, the Company signed an exclusive patent
licensing agreement with Yissum research development company of the Hebrew University of Jerusalem. This agreement provides Clearmind
with exclusive global rights to further develop, manufacture, and commercialize innovative compounds invented by Professors Rami Yaka,
Ahmed Masaewa and Avi Priel from the Hebrew University. The Company will pay Yissum, royalties of 3% on sales. In addition, the Company
will pay an annual license fee of $25,000 for seven years, after which the license fee will increase to $35,000 for three years, and
$50,000 for every year thereafter. Finally, the Company will pay Yissum $400,000 upon the first patient enrolled in a Phase III Clinical
Trial and $600,000 upon first commercial sale in the US or EU. |
| c. | On Marh 30, 2024, the Company signed an exclusive licensing
agreement with Yissum. Under the terms of the agreement, Clearmind receives exclusive worldwide rights to develop, research, manufacture,
market, and commercialize products derived from a patent-pending synthesis of psychedelic compounds, enriching the company’s innovative
portfolio in addiction and mental health treatments. The Company will pay Yissum royalties of 3% on sales. In addition, the Company will
pay an annual license fee of $25,000 for seven years, after which the license fee will increase to $35,000 for three years, and $50,000
for every year thereafter. Finally, the Company will pay Yissum $400,000 upon the first patient enrolled in a Phase III Clinical Trial
and $600,000 upon first commercial sale in the US or EU. |
| d. | Respect to the Company's lease commitment, refer to Note
4c. |
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Exhibit 99.2
CLEARMIND MEDICINE INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
For the Three and Six Months Ended April 30,
2024
(Expressed in United States Dollars)
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
This Management’s Discussion and Analysis
(“MD&A”) of Clearmind Medicine Inc. (“Clearmind” or the “Company”), prepared as of June 13, 2024,
should be read in conjunction with the unaudited condensed interim consolidated financial statements and the notes thereto for the three
and six months ended April 30, 2024, which were prepared in accordance with International Financial Reporting Standards (“IFRS”).
All amounts are expressed in United States dollars unless otherwise indicated.
Additional information about the Company is available
on SEDAR at www.sedar.com.
Cautionary Statement Regarding Forward-Looking
Information
This MD&A may contain “forward-looking
statements” which reflect the Company’s current expectations regarding future results of operations, performance and achievements
of the Company. The Company has tried, wherever possible, to identify these forward-looking statements by, among other things, using
words such as “anticipate,” “believe,” “estimate,” “expect” and similar expressions.
The statements reflect the current beliefs of the management of the Company, and are based on currently available information. Accordingly,
these statements are subject to known and unknown risks, uncertainties and other factors, which could cause the actual results, performance,
or achievements of the Company to differ materially from those expressed in, or implied by, these statements.
The Company undertakes no obligation to publicly
update or review the forward-looking statements whether as a result of new information, future events or otherwise.
Historical results of operations and trends that
may be inferred from the following discussions and analysis may not necessarily indicate future results from operations.
Description of Business and Company Overview
Corporate Information
The Company was incorporated on July 18, 2017,
pursuant to the provisions of the Business Corporations Act (British Columbia). The Company’s principal executive offices are located
at 101 – 1220 W. 6th Ave, Vancouver, BC V6H1A5 and its operational offices are located at 20 Rahul Wallenberg, Tel Aviv, Israel.
On November 14, 2022, the Company completed a
listing on the Nasdaq Capital Market (“Nasdaq”). The Company trades under the symbol “CMND” on the Nasdaq and
on the Frankfurt Stock Exchange, or FSE, under the symbol “CWY”. The Company was listed on the Canadian Securities Exchange
(“CSE”) in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the
CSE but remains a reporting issuer in Canada.
On November 28, 2023, the Company’s Board
approved a 1-for-30 reverse split of its issued and outstanding common shares, effective as of November 28, 2023, such that each
thirty of the Company’s common shares, no par value, were consolidated into one common share, no par value.
On January 16, 2024, the Company completed a
registered direct and private placement for aggregate gross proceeds of $2.40 million.
Company Overview
The Company is a clinical pharmaceutical
company currently engaged in phase I/IIa clinical trials of novel psychedelic medicines to solve widespread, yet under-served, health
problems. The Company’s goal is to develop and provide a new type of treatment for mental health disorders, including AUD, binge
drinking and eating disorders, where there is significant unmet need and lack of innovation. The Company sees psychedelic therapies, which
previously may have been overlooked or underused, as the future of treatment for a variety of indications. The Company believes that its
solution for AUD can help solve one of the world’s biggest health problems, which costs the United States alone roughly $250 billion
each year.
The Company’s flagship
treatment and focus for the short term is on AUD, which is incredibly common. It varies from mild to excessive and describes a person’s
inability to restrict their alcohol consumption, despite negative social, occupational, or health consequences. Alcohol consumption contributes
to 3 million deaths each year globally and is the third most common preventable cause of death in the United States. Apart from potentially
changing people’s lives, the Company believes that the Company’s treatment could potentially reduce the amount currently
being spent on the consequences of AUD in the United States, Europe, India, China and other countries around the world. The Company also
believes that its treatment may address binge drinking. 95,000 people die every year in the United States alone due to binge drinking.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Significant developments during the period
On January 10, 2024, the
Company announced that it completed a Type A meeting with the U.S. Food and Drug Administration (FDA) to discuss the Company’s
clinical trial of its proprietary MEAI-based, CMND-100 compound, for the treatment of Alcohol Use Disorder treatment (AUD) using its
novel psychedelic- based therapy. The active ingredient in CMND-100 is MEAI (5-methoxy-2-aminoindane), a novel psychoactive molecule
that has been reported to reduce the desire to consume alcoholic beverages while exerting a euphoric alcohol-like experience. MEAI was
found to interact with the serotonergic receptors 5-HT1a, 5-HT2a and 5-HT2b. The serotonergic system is considered to play a key role
in the regulation of alcohol intake, reward, preference, and dependence. MEAI was also found to interact with the alpha-2-adrenergic
receptors α2A, α2B and α2C and the plasma membrane monoamine transporters for dopamine (DAT), norepinephrine (NET)
and serotonin (SERT); these are believed to participate in mediating alcohol drinking behavior, and therefore could constitute important
molecular targets for interventions that target drugs of abuse such as alcohol.
On January 16, 2024, the Company
completed the closing of the sale of Common Shares and Pre-Funded Warrants in a registered direct offering. In a concurrent private placement,
the Company also agreed to sell to the same investors, Common Warrants. Aggregate gross proceeds to the Company from both transactions
were approximately $2.4 million. The transactions consisted of the sale of an aggregate of 1,500,000 Common Units (or Pre-Funded Units),
each consisting of one Common Share or Pre-Funded Warrant and one Common Warrant to purchase one Common Share per warrant at an exercise
price of $1.60. The public offering price per Common Unit was $1.60 (or $1.5999 for each Pre-Funded Unit, which is equal to the public
offering price per Common Unit sold in the offering minus an exercise price of $0.0001 per Pre-Funded Warrant). The Pre-Funded Warrants
were immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering,
the number of Common Units in the offering decreased on a one-for-one basis. The Common Warrants will be exercisable immediately after
registration and expire 60 months after the initial issuance date.
On February 1, 2024, the Company announced the signature of a long-term licensing
agreement with BIRAD, the research and development company of Bar-Ilan University, a leading Israeli research center. The licensing agreement
refers to the Company’s dedicated treatment for cocaine addiction which previously indicated a significant decrease in cocaine craving.
Clearmind previously reported positive pre-clinical results for the treatment of cocaine addiction using MEAI, its novel psychedelic molecule.
The pre-clinical trial was led by Professor Gal Yadid and his team from the Gonda Multidisciplinary Brain Research Center located at Bar-Ilan
University (Ramat Gan, Israel), one of the most respected researchers and research institutions in the field of addiction. The trial was
designed according to the self-administration paradigm, which is the gold-standard model for examining drug addiction and is based on
operant conditioning. Animals previously conditioned with cocaine, received either cocaine (at 15mg/kg) or MEAI at doses of 2.5, 5, 10
and 20 mg/kg. Animals treated with MEAI spent less time in the compartment associated with cocaine. The results suggested a potential
role for MEAI in abolishing cocaine-induced conditioned place-preference and eliminating heightened craving, as well as establishing that
the compound was not addictive. The 5 mg/kg dose was found to be the most effective dose and was selected for further study.
In an additional trial, animals
were catheterized and trained to self-administer cocaine. After the establishment of the addiction model, animals underwent an extinction
phase where no cocaine was administered and MEAI was given to the test group. Finally, a relapse phase was carried out where the addicted
animals were reminded of the drug with a single administration and then the animals were returned to the self-administration habitat
without receiving the drug. The assumption was that the more an animal yearns to receive the drug, the more it would press on the active
pedal. The results identified a sub-group within the study, which dramatically responded to the treatment, significantly decreasing the
craving for cocaine, as compared to the non-treated control group. This sub-group, representing 60% of animals, showed very high response,
both within the sub-group and across the animals tested. This pattern of results aligns with a previous Clearmind study that tested the
conditioned place-preference paradigm, where a similar sub-population group was identified in the context of cocaine preference. This
research also demonstrated MEAI’s unique ability to treat cocaine addiction and its potential to become, if approved by regulatory
agencies, the first dedicated cocaine addiction treatment.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
On February 5, 2024, the Company
announced that it has received patent approval for its psychedelic based treatment of binge behaviors in China by the China National Intellectual
Property Administration. The granting of this latest patent establishes both the Company’s patent protection around its flagship
molecule as well as its extensive IP protection in the psychedelic space.
On February 20, 2024,
the Company announced that it has submitted three patent applications under the international Patent Cooperation Treaty (“PCT”),
as part of its ongoing collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a specialty clinical-stage pharmaceutical
company focusing on the development of therapies to treat disorders of the central nervous system. The three patent applications refer
to novel proprietary combinations of lysergic acid diethylamide (LSD), psilocybin and N,N-dimethyltryptamine (DMT) and SciSparc’s
Palmitoylethanolamide (PEA), the active ingredient of SciSparc’ proprietary CannAmide™. These applications were previously
filed as provisional patent applications with the United States Patent and Trademark Office (USPTO). The latest patent applications build
upon Clearmind’s broad IP protection in the psychedelic space, which now includes 27 granted patents and 24 pending patent applications
across 15 patent families, nine of which have been granted in major jurisdictions such as the US, Europe, China, and India.
On February 23, 2024, the Company
announced that it has received approval from the Ministry of Health of Israel to commence its phase I/IIa clinical trial for alcohol use
disorder (AUD) patients using the Company’s proprietary MEAI-based (5-methoxy-2-aminoindane) CMND-100 oral capsule. The clinical
trial is a multinational, multi-center, single and multiple dose tolerability, safety and pharmacokinetic study of CMND-100 in healthy
volunteers and AUD subjects. The Israeli study will be led by Prof. Mark Weiser, M.D., head of the Psychiatric Division at the Sheba Medical
Center in the Tel Aviv suburb of Ramat Gan.
The active ingredient in CMND-100
is MEAI, an innovative, psychoactive and non-hallucinogenic molecule that has been reported to reduce the desire to consume alcoholic
beverages, while exerting a slight euphoric alcohol-like experience. MEAI was found to interact with the serotonergic receptors 5-HT1a
and 5-HT2a. The serotonergic system is considered to play a key role in the regulation of alcohol intake, reward, preference, and dependence.
MEAI was also found to interact with the alpha-2-adrenergic receptors α2A, α2B and α2C, as well as the plasma membrane
monoamine transporters for dopamine (DAT), norepinephrine (NET) and serotonin (SERT). These receptors and transporters are believed to
participate in mediating alcohol drinking behavior and could constitute important molecular targets for interventions that target drugs
subject to abuse, such as alcohol.
On February 27, 2024, the Company
announced that it has submitted three patent applications under the international Patent Cooperation Treaty (“PCT”), as part
of its ongoing collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a specialty clinical-stage pharmaceutical company
focusing on the development of therapies to treat disorders of the central nervous system. The three patent applications refer to novel
proprietary combinations of 3,4-Methylenedioxymethamphetamine (MDMA), Ibogaine, and Ketamine and SciSparc’s Palmitoylethanolamide
(PEA), the active ingredient of SciSparc’ proprietary CannAmide™. These applications were previously filed as provisional
patent applications with the United States Patent and Trademark Office (USPTO). The latest patent applications build upon Clearmind’s
broad IP protection in the psychedelic space, which now includes 27 granted patents and 24 pending patent applications across 15 patent
families, nine of which have been granted in major jurisdictions such as the US, Europe, China, and India.
On March 13, 2024, the Company
announced that it has received approval for a voluntary delisting of its common shares from the Canadian Securities Exchange (“CSE”).
The delisting from the CSE does not affect the Company’s listing on the NASDAQ Capital Market (the “NASDAQ”). The common
shares will continue to trade on the NASDAQ under the symbol CMND. The Company believes that the trading volume of its shares on the CSE
no longer justified the expenses and administrative efforts required to maintain a dual listing. The Company also believes that the delisting
from the CSE will create a central marketplace for its common shares on the NASDAQ, and ultimately benefit the long-term liquidity and
shareholder value of the Company. Following delisting from the CSE, Clearmind’s shareholders can trade their common shares through
their brokers on NASDAQ. As most brokers in Canada, including many discount and online brokers, have the ability to buy and sell securities
listed on NASDAQ, Clearmind’s NASDAQ listing will continue to provide shareholders with the same accessibility to trade the Company’s
common shares. Shareholders holding shares in Canadian brokerage accounts should contact their brokers to confirm how to trade Clearmind’s
shares on the NASDAQ.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
On March 27, 2024, the Company
announced that it has submitted its tenth patent application under the international Patent Cooperation Treaty (“PCT”), as
part of its ongoing collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a specialty clinical-stage pharmaceutical
company focusing on the development of therapies to treat disorders of the central nervous system. The patent applications refer to the
novel proprietary composition of Clearmind’s MEAI compound (5-methoxy-2-aminoindane) with Palmitoylethanolamide (“PEA”),
the active ingredient of SciSparc’s proprietary CannAmide™, for preventing and/or treating depression. This application was
previously filed as provisional patent application with the United States Patent and Trademark Office (“USPTO”). According
to the ResearchAndMarkets.com, the global depression and anxiety disorders treatment market size was estimated to be USD 21.56 billion
in 2023 and is expected to reach at USD 41.83 billion by 2034 with a CAGR of 6.21% during the forecast period 2024-2034.
Overall, as part of this collaboration, nine other patent applications have been
filed by Clearmind with the USPTO for various compositions, including the composition of SciSparc’s PEA with Clearmind’s
MEAI compound for the treatments of alcohol use disorder, cocaine addiction and obesity and its related metabolic disorders.
On April 10, 2024, the Company
announced that it has filed a patent application with United States Patent and Trademark Office (USPTO) for the use of 3-methylmethcathinone
(with the chemical name 2-(methylamino)-1-(3-methylphenyl)-1-propanon) (“3-MMC”), to prevent and/or treat eating disorders
either alone or in conjunction with Palmitoylethanolamide (“PEA”). A report by the World Obesity Federation, predicts that
half the world will be overweight or obese by 2035. The report authors say this increase could put a strain on healthcare systems and
cause $4 trillion in economic damage.
On April 17, 2024, the Company
has announced that it has signed an exclusive licensing agreement with Yissum Research Development Company of the Hebrew University of
Jerusalem. This partnership marks a significant step in harnessing generation 3.0 psychedelic compounds, methods of their preparation,
and uses thereof in the treatment of addiction and mental disorders. Under the terms of the agreement, Clearmind receives exclusive worldwide
rights to develop, research, manufacture, market, and commercialize products derived from a patent-pending synthesis of psychedelic compounds,
enriching the Company’s innovative portfolio in addiction and mental health treatments.
On May 7, 2024, the Company
has announced that it has signed an exclusive patent licensing agreement with Yissum Research Development Company of the Hebrew University
of Jerusalem. This agreement provides Clearmind with exclusive global rights to further develop, manufacture, and commercialize innovative
compounds invented by Professors Rami Yaka, Ahmed Masaewa and Avi Priel from the Hebrew University. These novel compounds are targeted
at treating post-traumatic stress disorder (PTSD) and other mental health conditions. The global market for PTSD treatment, valued at
$16.8 billion in 2023, is expected to reach $27.37 billion by 2033, according to Future Market Insights. Existing treatment options like
SSRIs and SNRIs offer limited efficacy and are often accompanied by side effects including nausea, weight gain, sexual dysfunction, insomnia
and increased anxiety. Under the terms of the agreement, Clearmind receives exclusive rights to develop, manufacture, and commercialize
novel compounds for treating PTSD and other mental health disorders. Clearmind is responsible for the ongoing development and potential
commercialization in line with regulatory guidelines. The agreement includes future milestone payments, royalties on future sales, and
commitments to safeguard intellectual property rights.
On May 10, 2024, the Company
announced that it has advanced in its proprietary MEAI- based alcohol substitute beverage program. The Company has completed most of the
pre-clinical studies required for a novel-food application submission according to novel foods and food additives legislation and regulations
accepted in many jurisdictions worldwide. Clearmind’s alcohol substitute was granted patents in the U.S., India and Europe. This
project is being led by former Red Bull Canada and Juul Labs Canada executive, Nicholas Kadysh, serving as an Executive Special Advisor
to the Company. According to a report by IWSR, the leader in global beverage alcohol data and insights, no- and low-alcohol consumption
across the world’s leading 10 no/low markets, which account for approximately 70% of global no/low-alcohol volumes, grew by +5%
in volume in 2023, and the market is now worth over $13 billion. The no/low alcohol category is forecast to grow at a volume CAGR of +6%
between 2023 and 2027, led by no-alcohol at +7%, with low-alcohol expanding by +3% over the same timescale.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Prior Use of Proceeds Disclosure
The table below describes the difference between
the Company’s anticipated use of proceeds from public offerings completed since November 2022, as disclosed in previous news releases.
The table shows the amounts actually spent for the period from November 1, 2022, through to April 30, 2024. The variances noted below
do not have a material impact on the Company’s ability to achieve its business objectives and milestones. The table below does not
include proceeds received from the exercise of warrants.
Use of Available Funds | |
Disclosure Regarding Use of Proceeds (USD) | |
Spent through to April 30, 2024 (USD) |
November 2022 public offering: | |
| |
|
To advance the formulation and clinical development efforts in our MEAI patented compounds (completed); | |
1.5 million | |
1.46 million |
To complete the pre-IND enabling studies and IND submission (completed) | |
1.0 million | |
1.0 million |
To complete planned Phase I/IIa studies | |
3.5 million | |
0.44 million |
The remainder for working capital and general corporate purposes and possible in-licensing of intellectual property for new product candidates | |
0.4 million | |
0.4 million |
April 2023 Public Offering | |
| |
|
General corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures | |
2.9 million | |
2.9 million |
September 2023 Public Offering | |
| |
|
For general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of its product candidates, working capital, future acquisitions and general capital expenditures. | |
2.25 million | |
0.45 million |
January 2024 Public Offering | |
| |
|
For general corporate purposes and working capital. | |
2.4 million | |
0.6 million |
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Selected Financial Information
The following financial data prepared in accordance
with IFRS in United States dollars is presented for the three- and six-month period ended April 30, 2024 and 2023.
| |
Three months ended | | |
Six months ended | |
| |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Operating expenses | |
| | |
| | |
| | |
| |
General and administrative | |
$ | 980,549 | | |
$ | 1,338,445 | | |
$ | 2,137,062 | | |
$ | 2,583,873 | |
Research and development, net | |
| 322,956 | | |
| 317,572 | | |
| 550,434 | | |
| 905,202 | |
Total operating expenses | |
| 1,303,505 | | |
| 1,656,017 | | |
| 2,687,496 | | |
| 3,489,075 | |
| |
| | | |
| | | |
| | | |
| | |
Finance income (expenses) | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Changes in fair value of derivative warrant liabilities | |
| 405,002 | | |
| (360,557 | ) | |
| 560,145 | | |
| (360,557 | ) |
Unrealized gain (loss) on short-term investment | |
| 415,270 | | |
| 4,445 | | |
| 415,826 | | |
| (58,749 | ) |
Realized loss on short-term investment | |
| (423,438 | ) | |
| – | | |
| (423,438 | ) | |
| – | |
Foreign exchange gain (loss) | |
| 1,255 | | |
| (60,952 | ) | |
| 2,671 | | |
| (95,356 | ) |
Other finance income, net | |
| 33,955 | | |
| 5,966 | | |
| 94,531 | | |
| 23,981 | |
Total finance income (expenses) | |
| 432,044 | | |
| (411,098 | ) | |
| 649,735 | | |
| (490,681 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income | |
| | | |
| | | |
| | | |
| | |
Dividend received | |
| – | | |
| – | | |
| – | | |
| 16,555 | |
Total other income | |
| – | | |
| – | | |
| – | | |
| 16,555 | |
| |
| | | |
| | | |
| | | |
| | |
Loss before taxes | |
| (871,461 | ) | |
| (2,067,115 | ) | |
| (2,037,761 | ) | |
| (3,963,201 | ) |
Tax expenses | |
| (36,756 | ) | |
| (9,267 | ) | |
| (238,256 | ) | |
| (12,650 | ) |
Net Loss and Comprehensive loss | |
$ | (908,217 | ) | |
$ | (2,076,382 | ) | |
$ | (2,276,017 | ) | |
$ | (3,975,851 | ) |
Loss per share, basic and diluted | |
$ | (0.28 | ) | |
$ | (16.62 | ) | |
$ | (0.96 | ) | |
$ | (39.62 | ) |
Weighted average number of shares for the purposes of basic and diluted loss per share | |
| 3,253,267 | | |
| 124,911 | | |
| 2,375,825 | | |
| 100,351 | |
Three-month period ended April 30, 2024,
compared to the three-month period ended April 30, 2023
Research Costs
Research costs are comprised primarily of (i)
pre-clinical trials and (ii), regulatory professional and other expenses.
For the three-month period ended April 30, 2024,
research costs amounted to $322,956 as compared to $317,572 for the three-month period ended April 30, 2023.
During the mentioned period, most of our R&D
activity revolved around our upcoming clinical trial.
General and Administrative Expenses
For the three-month period ended April 30, 2024,
general and administrative expenses amounted to $980,549 as compared to $1,338,445 for the three-month period ended April 30, 2023.
Finance incomes (expenses)
For the three-month period ended April 30, 2024,
financial incomes amounted to $432,044 as compared to financial expenses of ($411,098) for the three-month period ended April 30, 2023.
The financial incomes during the three-month period ended April 30, 2024, consist of change in warrant liability of $405,002, foreign
exchange gain of $1,255, unrealized gain on short-term investment of $415,270, realized loss on short-term investment of $423,438 and
finance income, net of $33,955.
Loss for the period
The Company reported a loss for the three-month
period ended April 30, 2024, of $908,217 as compared to a loss of $2,076,382 for the three-month period ended April 30, 2023.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Six-month period ended April 30, 2024,
compared to the six-month period ended April 30, 2023
Research Costs
Research costs are comprised primarily of (i)
pre-clinical trials and (ii), regulatory professional and other expenses.
For the six-month period ended April 30, 2024,
research costs amounted to $550,434 as compared to $905,202 for the six-month period ended April 30, 2023.
During the mentioned period, most of our R&D
activity revolved around our upcoming clinical trial. The decrease in activities compare to the prior period results from the large expenses
incurred to complete our pre-clinical program.
General and Administrative Expenses
For the six-month period ended April 30, 2024,
general and administrative expenses amounted to $2,137,062 as compared to $2,583,873 for the six-month period ended April 30, 2023.
Finance incomes (expenses)
For the six-month period ended April 30, 2024,
financial incomes amounted to $649,735 as compared to financial expenses of ($490,681) for the six-month period ended April 30, 2023.
The financial incomes during the six-month period ended April 30, 2024, consist of change in warrant liability of $560,145, foreign exchange
gain of $2,671, unrealized gain on short-term investment of $415,826, realized loss on short-term investment of 423,438 and finance income,
net of $94,531.
Loss for the period
The Company reported a loss for the six-month
period ended April 30, 2024, of $2,276,017 as compared to a loss of $3,975,851 for the six-month period ended April 30, 2023.
Financial Summary of Quarterly Results
The following is a summary of the Company’s
financial results for the eight most recently completed quarters.
| |
April 30, 2024 | | |
January 31, 2024 | | |
October 31, 2023 | | |
July 31, 2023 | |
| |
| | |
| | |
| | |
| |
Total revenues | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | |
Net loss | |
| (908,217 | ) | |
| (1,367,800 | ) | |
| (4,069,799 | ) | |
| (575,187 | ) |
Net loss per share, basic and diluted | |
| (0.28 | ) | |
| (0.90 | ) | |
| (1.24 | ) | |
| (2.40 | ) |
| |
April 30, 2023 | | |
January 31, 2023 | | |
October 31, 2022 | | |
July 31, 2022 | |
| |
| | |
| | |
| | |
| |
Total revenues | |
$ | – | | |
$ | – | | |
$ | – | | |
$ | – | |
Net loss | |
| (2,076,382 | ) | |
| (1,899,469 | ) | |
| (1,554,178 | ) | |
| (1,483,012 | ) |
Net loss per share, basic and diluted | |
| (16.62 | ) | |
| (24.80 | ) | |
| (35.51 | ) | |
| (33.60 | ) |
Factors causing significant
variations in quarterly results are as follows:
|
● |
The decrease in loss for
the quarter ended July 31, 2022, was primarily due to a decrease in research and development expenditures. |
|
● |
The increase in loss for
the quarter ended October 31, 2022, was primarily due to an increase in research and development expenditures. |
|
● |
The increase in loss for
the quarter ended January 31, 2023, was primarily due to an increase in general and administrative costs. |
|
● |
The increase in loss for
the quarter ended April 30, 2023, was primarily due to an increase in financial expenses relating to the change in fair value of
the warrant liability of $360,557. |
|
● |
The decrease in loss for
the quarter ended July 31, 2023, was primarily due to a gain on the revaluation of the total warrant liability of $482,331. |
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
|
● |
The increase in loss for
the quarter ended October 31, 2023, was primarily due to a loss on the revaluation of the total warrant liability of $2,189,986. |
|
● |
The decrease in loss for
the quarter ended January 31, 2024, was primarily due to a gain on the revaluation of the total warrant liability of $155,143. |
|
● |
The decrease in loss for
the quarter ended April 30, 2024, was primarily due to a gain on the revaluation of the total warrant liability of $405,002. |
Liquidity
and Capital Resources
As of April 30, 2024, the Company had cash on
hand of $8,305,927 and working capital of $4,491,100, compared to $5,427,739 and working capital of $824,760 as of October 31, 2023,
respectively. During the six-month period ended April 30, 2024, the Company’s overall position of cash increased by $2,878,188
from the year ended October 31, 2023. This increase in cash can be attributed to the following:
|
● |
The Company’s net cash used in operating
activities during the six-month period ended April 30, 2024, was $2,654,773 as compared to $4,172,649 for the six-month period ended April
30, 2023. This decrease is mostly due to a decrease in expenditures on operating activities after adjusting for non-cash items, and changes
in prepaid expenses, receivables, accounts payable and accrued liabilities and amounts due to/from related parties.
|
| ● | Net cash generated from investing activities - being proceeds from
the sale of a short-term investment- for the six -month period ended April 30, 2024, was $78,500 as compared to $nil for the six-month
period ended April 30, 2023. |
|
● |
Net cash provided from financing activities for the six -month period
ended April 30, 2024, was $5,461,636 as compared to $9,290,812 for the six-month period ended April 30, 2023. Cash provided in 2024 was
from the January 2024 Public Offering and from exercise of warrants. In 2023 the cash was provided from the November 2022 Public Offering
and the April 2023 Public Offering. |
The Company anticipates that its cash and cash
equivalents will provide sufficient liquidity for at least twelve months, however, the Company may have capital requirements in excess
of its currently available resources in order to advance all it its programs. The actual amount of cash that the Company will need to
operate is subject to many factors, including, but not limited to, the timing, design and conduct of clinical trials. The Company is
dependent upon significant future financing to provide the cash necessary to execute its current operations, including the commercialization
of any of its drug candidates.
In the event the Company’s plans change,
its assumptions change or prove inaccurate, or its capital resources in addition to projected cash flow, if any, prove to be insufficient
to fund operations, the Company may be required to seek additional financing. There can be no assurance that the Company will have sufficient
financing to meet its future capital requirements or that additional financing will be available on terms acceptable to the Company in
the future.
Capital
Management
The Company manages its capital to maintain its
ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure
of the Company consists of cash and equity comprised of issued capital, shares issuable, warrants reserve and share-based payment reserve.
The Company manages its capital structure and
makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall
capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.
The Company is not subject to externally imposed
capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the year
ended October 31, 2023.
Off Balance
Sheet Arrangements
There are no off-balance sheet arrangements to
which the Company is committed.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Transactions With Related Parties
|
a. |
Compensation to key management
personnel |
|
(i) |
The compensation to key management personnel for services they provide
to the Company is as follows: |
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
April 30, | | |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Officers: | |
| | |
| | |
| | |
| |
Consulting fees | |
$ | 78,586 | | |
$ | 87,471 | | |
$ | 248,274 | | |
$ | 220,501 | |
Share based compensation | |
| 25,854 | | |
| 30,188 | | |
| 41,555 | | |
| 75,380 | |
| |
$ | 113,440 | | |
$ | 117,659 | | |
$ | 289,829 | | |
$ | 295,881 | |
Directors: | |
| | | |
| | | |
| | | |
| | |
Directors’ fees | |
$ | 50,902 | | |
$ | 41,834 | | |
$ | 125,525 | | |
$ | 80,976 | |
Share based compensation | |
| 68,669 | | |
| 34,029 | | |
| 85,890 | | |
| 78,124 | |
| |
$ | 119,571 | | |
$ | 75,863 | | |
$ | 211,415 | | |
$ | 159,100 | |
| (ii) | Balances with related parties |
| |
April 30, | | |
October 31, | |
| |
2024 | | |
2023 | |
Amounts owed to officers | |
$ | 30,136 | | |
$ | 29,666 | |
Amounts owed to directors | |
| 16,873 | | |
| 12,767 | |
| |
$ | 47,009 | | |
$ | 42,433 | |
|
b. |
On March 7, 2022, the Company signed an agreement with SciSparc Ltd. (“SciSparc”),
pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility study using certain molecules developed by
each party (the “Cooperation Agreement”). Certain of the Company’s officers and directors currently operate, manage
or are engaged as officers and/or directors of SciSparc.
In June 2023, the Company entered into a
research agreement with the Hebrew University of Jerusalem to evaluate SciSparc and the Company’s combination treatment for
obesity and metabolic syndrome.
To date, the collaboration has resulted in
the filing of nine patent applications. To the extent the parties determine to proceed to a commercial cooperation, they may enter
into a joint venture by the parties share the economics and rights on a 50%-50% basis. To date, no determination has been made to
pursue the joint venture as the development of the project remains in a very early stage.
For the three and six months ended April 30, 2024, the Company incurred
research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $22,306 and $22,808, respectively
(three and six months ended April 30, 2023, $30,863 and $88,493 respectively). As of April 30, 2024, $105,022 is owed to the Company by
SciSparc (October 31, 2023- $136,002). |
|
c. |
On December 25, 2023, the Company entered into an agreement with SciSparc for the
lease of office space in Tel Aviv, Israel, having a total area of approximately 240 square meters. The Company occupies approximately
120 square meters of the space for its offices. The Company’s base rent was ILS 23,300 per month ($6,500) during the term of the
lease. The lease liability was discounted using the Company’s estimated incremental borrowing rate of 10%.
On March 31, 2024, the Company and SciSparc decided
to terminate the lease agreement prior to the initial term of the lease. As a result, the Company paid early termination fees of approximately
$15,000 and paid approximately $3,600 to a broker. The loss upon early termination related to this transaction was recorded as general
and administrative expenses within the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.
As of April 30, 2024, the Company and SciSparc were in the process
of negotiating the terms of a new lease contract.
|
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Financial
Instruments and Risk Management
Assets and liabilities measured at
fair value on a recurring basis were presented on the Company’s statement of financial position as of April 30, 2024, as follows:
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance April 30, 2024 | |
Derivative warrants liability | |
$ | – | | |
$ | – | | |
$ | 3,731,799 | | |
$ | 3,731,799 | |
Assets and liabilities measured at
fair value on a recurring basis were presented on the Company’s statement of financial position as of October 31, 2023, as follows:
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance October 31, 2023 | |
Short-term investment | |
$ | 86,112 | | |
$ | – | | |
$ | – | | |
$ | 86,112 | |
Derivative warrants liability | |
| – | | |
| – | | |
| 4,310,379 | | |
| 4,310,379 | |
The fair values financial instruments,
which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate their
carrying values due to the relatively short-term maturity of these instruments.
Financial instruments that potentially
subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing
its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.
(c) |
Foreign Exchange Rate Risk |
Foreign currency risk is the risk
that the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company
is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in a foreign currency. The Company’s
subsidiary operates in Israel and has certain monetary financial instruments denominated in New Israeli Shekel and CAD. The Company has
not entered into foreign exchange rate contracts to mitigate this risk.
The following table indicates the
impact of foreign currency exchange risk on net working capital as at April 30, 2024. The table below also provides a sensitivity analysis
of a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company’s
net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have
had the equal but opposite effect as of April 30, 2024.
Cash and cash equivalents | |
$ | 238,379 | |
Other receivables | |
| 49,369 | |
Accounts payable and accrued liabilities | |
| (129,877 | ) |
Due to related parties | |
| (37,009 | ) |
Total foreign currency financial assets and liabilities | |
$ | 120,862 | |
| |
| | |
Impact of a 10% strengthening or weakening of foreign exchange rate | |
$ | 12,086 | |
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Interest rate risk is the risk that
the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company
is not exposed to significant interest rate risk as it does not have any liabilities with variable rates.
Liquidity risk is the risk that the
Company will not be able to meet its financial obligations as they fall due. The Company’s objective to managing liquidity risk
is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company relies on raising debt or equity
financing in a timely manner.
The following amounts are the contractual
maturities of financial liabilities as of April 30, 2024, and October 31, 2023:
April 30, 2024 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 421,156 | | |
$ | 421,156 | | |
$ | – | |
Due to related parties | |
| 47,009 | | |
| 47,009 | | |
| – | |
| |
$ | 468,165 | | |
$ | 468,165 | | |
$ | – | |
October 31, 2023 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 617,004 | | |
$ | 617,004 | | |
$ | – | |
Due to related parties | |
| 42,433 | | |
| 42,433 | | |
| – | |
| |
$ | 659,437 | | |
$ | 659,437 | | |
$ | – | |
Accounting Standards Issued But Not Yet
Effective
A number of new standards, and amendments to
standards and interpretations, are not yet effective for the six months ended April 30, 2024, and have not been early adopted in preparing
these condensed interim consolidated financial statements. These new standards, and amendments to standards and interpretations are either
not applicable or are not expected to have a significant impact on the Company’s condensed interim consolidated financial statements.
Significant
Accounting Estimates and Judgments
The preparation of condensed interim consolidated
financial statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application
of policies and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form
the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Significant Estimates
Share-based Compensation
Fair values are determined using the Black-Scholes
option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity instruments,
which is dependent on the terms and conditions of the grant. Option-pricing models require the use of highly subjective estimates and
assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect the fair value
estimates and, therefore, existing models do not necessarily provide reliable measurement of the fair value of the Company’s stock
options.
Warrant Liability
The Company analyses warrants issued to determine
whether they meet the classification as liabilities or equity. Derivative warrant liabilities are adjusted to reflect fair value at each
reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses a fair valuation
specialist to estimate the value of these instruments using the binomial pricing model.
The key assumptions used in the models are the
expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability of any future
adjustment event.
Significant Judgments
The critical judgments that the Company’s
management has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts
recognized in the Company’s consolidated financial statements are as follows:
Going Concern
The application of the going concern assumption
which requires management to take into account all available information about the future, which is at least but not limited to, 12 months
from the year end of the reporting period. The Company is aware that material uncertainties related to events or conditions may cast
significant doubt upon the Company’s ability to continue as a going concern.
Disclosure of Outstanding Share Data
Authorized share capital consists of unlimited
number of common shares without par value.
As of April 30, 2024, and June 13, 2024, the
Company had 3,310,528 and 3,310,616 common shares issued and outstanding, respectively.
As of April 30, 2024, and June 13, 2024, the
Company had 5,521 stock options outstanding.
As of April 30, 2024, and June 13, 2024, the Company
had 2,925,075 warrants outstanding.
As of April 30, 2024, and June 13, 2024, the Company
had 430,984 RSU’s outstanding.
CLEARMIND MEDICINE INC.
Management’s Discussion and Analysis
For the Three and Six Months Ended April 30, 2024
Risks and Uncertainties
The Company business, and investing
in the Company’s securities, are subject to numerous risks, as more fully described in the section entitled “Risk Factors”
beginning on page 9 and other risk factors contained in the Company’s Annual Information Form filed in SEDAR on December 1, 2022.
If any of these risks actually occur, the Company’s business, financial condition or results of operations would likely be materially
adversely affected. In each case, the trading price of the Company’s securities would likely decline, and investors may lose all
or part of their investment. The following is a summary of some of the principal risks the Company faces:
|
● |
The Company has incurred
losses since its inception. The Company anticipated that it will incur significant losses for the foreseeable future, and the Company
may never achieve or maintain profitability. |
|
● |
The Company’s financial
statements contain an explanatory paragraph regarding substantial doubt about the Company’s ability to continue as a going
concern. |
|
● |
If the Company is unable
to establish sales and marketing capabilities or enter into agreements to sell and market any product candidates, the Company may
not be successful in commercializing those product candidates. |
|
● |
If the Company is unable
to maintain effective proprietary rights for the Company’s product candidates or any future product candidates, the Company
may not be able to compete effectively in its markets. |
14
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Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($)
|
Apr. 30, 2024 |
Oct. 31, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 8,305,927
|
$ 5,427,739
|
Other receivables |
69,506
|
104,320
|
Short-term investment (Note 3) |
|
86,112
|
Prepaid expenses |
210,609
|
40,403
|
Related parties (Note 4b) |
105,022
|
136,002
|
Total current assets |
8,691,064
|
5,794,576
|
Non-current assets |
|
|
Property and equipment |
624
|
1,727
|
Intangible assets |
113,848
|
119,310
|
Restricted cash |
40,182
|
37,675
|
Total non-current assets |
154,654
|
158,712
|
Total assets |
8,845,718
|
5,953,288
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
421,156
|
617,004
|
Due to related parties (Note 4a) |
47,009
|
42,433
|
Derivative warrant liabilities (Note 5) |
3,731,799
|
4,310,379
|
Total current liabilities |
4,199,964
|
4,969,816
|
Total liabilities |
4,199,964
|
4,969,816
|
Shareholders’ equity |
|
|
Share capital and share premium (Note 6) |
22,757,547
|
17,131,223
|
Warrants (Note 7) |
459,341
|
459,341
|
Share-based payment reserve (Notes 8,9) |
2,494,196
|
2,182,221
|
Accumulated other comprehensive loss |
(21,250)
|
(21,250)
|
Accumulated deficit |
(21,044,080)
|
(18,768,063)
|
Total shareholders’ equity |
4,645,754
|
983,472
|
Total liabilities and shareholders’ equity |
$ 8,845,718
|
$ 5,953,288
|
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v3.24.1.1.u2
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Operating expenses |
|
|
|
|
|
General and administrative |
|
$ 980,549
|
$ 1,338,445
|
$ 2,137,062
|
$ 2,583,873
|
Research and development, net |
|
322,956
|
317,572
|
550,434
|
905,202
|
Total operating expenses |
|
1,303,505
|
1,656,017
|
2,687,496
|
3,489,075
|
Finance income (expenses) |
|
|
|
|
|
Changes in fair value of derivative warrant liabilities (Note 5) |
|
405,002
|
(360,557)
|
560,145
|
(360,557)
|
Unrealized gain (loss) on short-term investment (Note 3) |
|
415,270
|
4,445
|
415,826
|
(58,749)
|
Realized loss on short-term investment (Note 3) |
|
(423,438)
|
|
(423,438)
|
|
Foreign exchange gain (loss) |
|
1,255
|
(60,952)
|
2,671
|
(95,356)
|
Other finance income, net |
|
33,955
|
5,966
|
94,531
|
23,981
|
Total finance income (expenses) |
|
432,044
|
(411,098)
|
649,735
|
(490,681)
|
Other income |
|
|
|
|
|
Dividend received |
|
|
|
|
16,555
|
Total other income |
|
|
|
|
16,555
|
Loss before taxes |
|
(871,461)
|
(2,067,115)
|
(2,037,761)
|
(3,963,201)
|
Tax expenses |
|
(36,756)
|
(9,267)
|
(238,256)
|
(12,650)
|
Net Loss and Comprehensive loss |
|
$ (908,217)
|
$ (2,076,382)
|
$ (2,276,017)
|
$ (3,975,851)
|
Loss per share, basic (in Dollars per share) |
|
$ (0.28)
|
$ (16.62)
|
$ (0.96)
|
$ (39.62)
|
Weighted average number of shares for the purposes of basic loss per share (in Shares) |
[1] |
3,253,267
|
124,911
|
2,375,825
|
100,351
|
|
|
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v3.24.1.1.u2
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares
|
3 Months Ended |
6 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Profit or loss [abstract] |
|
|
|
|
|
Loss per share , diluted |
|
$ (0.28)
|
$ (16.62)
|
$ (0.96)
|
$ (39.62)
|
Weighted average number of shares for the purposes of diluted loss per share |
[1] |
3,253,267
|
124,911
|
2,375,825
|
100,351
|
|
|
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v3.24.1.1.u2
Condensed Interim Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited) - USD ($)
|
Share capital and share premium |
Warrants |
Share-based payment reserve |
Accumulated other comprehensive income |
Accumulated deficit |
Total |
Balance at Oct. 31, 2022 |
|
$ 6,706,644
|
$ 459,110
|
$ 1,896,724
|
$ (21,250)
|
$ (10,147,226)
|
$ (1,105,998)
|
Balance (in Shares) at Oct. 31, 2022 |
[1] |
43,992
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
(3,975,851)
|
(3,975,851)
|
Issuance of common shares |
|
$ 6,026,327
|
|
337,579
|
|
|
6,363,906
|
Issuance of common shares (in Shares) |
[1] |
38,462
|
|
|
|
|
|
Common shares and warrants issued to XYLO TECHNOLOGIES LTD. (formerly Medigus Ltd.) |
|
$ 296,845
|
231
|
|
|
|
297,076
|
Issuance of common shares, pre-funded warrants and warrants |
|
$ 1,455,832
|
|
|
|
|
1,455,832
|
Issuance of common shares, pre-funded warrants and warrants (in Shares) |
[1] |
150,191
|
|
|
|
|
|
Issuance of common shares upon vesting of restricted stock units |
|
$ 150,071
|
|
(150,071)
|
|
|
|
Issuance of common shares upon vesting of restricted stock units (in Shares) |
[1] |
561
|
|
|
|
|
|
Common shares for services |
|
|
|
40,372
|
|
|
40,372
|
Share-based compensation |
|
|
|
199,567
|
|
|
199,567
|
Balance at Apr. 30, 2023 |
|
$ 14,635,719
|
459,341
|
2,324,171
|
(21,250)
|
(14,123,077)
|
3,274,904
|
Balance (in Shares) at Apr. 30, 2023 |
[1] |
233,206
|
|
|
|
|
|
Balance at Oct. 31, 2023 |
|
$ 17,131,223
|
459,341
|
2,182,221
|
(21,250)
|
(18,768,063)
|
983,472
|
Balance (in Shares) at Oct. 31, 2023 |
[1] |
607,337
|
|
|
|
|
|
Net loss for the period |
|
|
|
|
|
(2,276,017)
|
(2,276,017)
|
Issuance of common shares, pre-funded warrants and warrants |
|
$ 1,459,815
|
|
|
|
|
1,459,815
|
Issuance of common shares, pre-funded warrants and warrants (in Shares) |
[1] |
1,500,000
|
|
|
|
|
|
Exercise of warrants |
|
$ 4,154,389
|
|
|
|
|
4,154,389
|
Exercise of warrants (in Shares) |
[1] |
1,194,102
|
|
|
|
|
|
Issuance of common shares upon vesting of restricted stock units |
|
$ 11,935
|
|
(11,935)
|
|
|
|
Issuance of common shares upon vesting of restricted stock units (in Shares) |
[1] |
9,000
|
|
|
|
|
|
Share-based compensation |
|
$ 185
|
|
323,910
|
|
|
324,095
|
Share-based compensation (in Shares) |
|
89
|
|
|
|
|
|
Balance at Apr. 30, 2024 |
|
$ 22,757,547
|
$ 459,341
|
$ 2,494,196
|
$ (21,250)
|
$ (21,044,080)
|
$ 4,645,754
|
Balance (in Shares) at Apr. 30, 2024 |
[1] |
3,310,528
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Operating activities |
|
|
Net loss |
$ (2,276,017)
|
$ (3,975,851)
|
Adjustments for: |
|
|
Amortization of intangible assets |
5,462
|
4,975
|
Amortization of right-of-use asset |
17,804
|
26,789
|
Interest on lease liability |
1,629
|
2,682
|
Exchange rate differences |
(8,980)
|
(77)
|
Share issuance costs allocated to derivate warrant liability |
115,046
|
|
Depreciation of property and equipment |
1,103
|
3,813
|
Changes in fair value of derivative warrant liability |
(560,145)
|
360,557
|
Share-based compensation |
324,095
|
246,446
|
Unrealized (gain) loss on short-term investment |
(415,826)
|
58,749
|
Realized loss on short-term investment |
423,438
|
|
Tax expenses |
71,237
|
12,650
|
Changes in working capital: |
|
|
Decrease (increase) in other receivables |
72,078
|
(100,197)
|
Increase in prepaid expenses |
(170,422)
|
(249,028)
|
Decrease in accounts payable and accrued liabilities |
(260,480)
|
(405,984)
|
Increase (decrease) in due to / from related parties |
5,205
|
(158,173)
|
Net cash used in operating activities |
(2,654,773)
|
(4,172,649)
|
Investing activities |
|
|
Proceeds from sale of short-term investment |
78,500
|
|
Net cash generated in investing activities |
78,500
|
|
Financing activities |
|
|
Proceeds from issuance of common shares and warrants, net of issuance costs (Note 6c (iii)) |
1,824,773
|
9,321,796
|
Proceeds received from exercise of warrants (Notes 6c (ii,v)) |
3,655,950
|
|
Repayment of lease liabilities |
(19,087)
|
(30,984)
|
Net cash provided by financing activities |
5,461,636
|
9,290,812
|
Effect of foreign exchange rate changes on cash and cash equivalents |
(7,175)
|
(1,233)
|
Net increase in cash and cash equivalents |
2,878,188
|
5,116,930
|
Cash and cash equivalents at beginning of period |
5,427,739
|
128,777
|
Cash and cash equivalents at end of period |
8,305,927
|
5,245,707
|
Supplementary disclosure of cash flow information: |
|
|
Cash received for interest |
120,612
|
26,663
|
Cash paid for taxes |
192,825
|
|
Non-cash financing and investing activities |
|
|
Derivative liability converted to equity |
|
290,569
|
Right of use assets obtained in exchange for lease liabilities |
107,827
|
|
Early termination of office lease (Note 4c) |
$ (88,562)
|
|
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v3.24.1.1.u2
Nature of Operations and Going Concern
|
6 Months Ended |
Apr. 30, 2024 |
Nature of Operations and Going Concern [Abstract] |
|
Nature of Operations and Going Concern |
1. |
Nature of Operations
and Going Concern |
| a. | Clearmind Medicine Inc. (the “Company”) was incorporated
in the province of British Columbia on July 18, 2017. The Company is a clinical pharmaceutical company currently engaged in phase I/IIa
clinical trials of novel psychedelic medicines that have been developed to solve widespread, yet under-served, health problems. The Company’s
head office is located at Suite 101 -1220 West 6th Avenue, Vancouver, BC, V6H 1A5. The Company’s wholly owned Israeli
subsidiary (Clearmindmed Ltd.) functions as the research and development arm of the Company. |
On November 14, 2022, the Company completed
a listing on the Nasdaq Capital Market (“Nasdaq”). The Company trades under the symbol “CMND” on the Nasdaq and
on the Frankfurt Stock Exchange, (FSE), under the symbol “CWY”. The Company was listed on the Canadian Securities Exchange
(“CSE”) in Toronto until March 14, 2024. Following approval for a voluntary delisting, the Company no longer trades on the
CSE but remains a reporting issuer in Canada.
On January 16, 2024, the Company completed
a registered direct and private placement for aggregate gross proceeds of $2.40 million. See note 6(c)(iii).
These condensed interim consolidated
financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets
and discharge its liabilities in the normal course of business. For the six months ended April 30, 2024, the Company has not generated
any revenues and has negative cash flows from operations of $2,654,773. As of April 30, 2024, the Company has an accumulated deficit of
$21,044,080. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing
through debt or equity. Management is of the opinion that sufficient working capital will be obtained from external financing to meet
the Company’s liabilities and commitments as they become due, although there is a risk that additional financing will not be available
on a timely basis or on terms acceptable to the Company. These factors raise substantial doubt on the Company’s ability to continue
as a going concern. These condensed interim consolidated financial statements do not reflect any adjustments that may be necessary if
the Company is unable to continue as a going concern.
On November 28, 2023, the Company’s Board of Directors (the “Board”)
approved a 1-for-30 reverse split of its issued and outstanding common shares, effective as of November 28, 2023, pursuant to which
holders of the Company’s common shares received 0.0333 of a common share for every one common share then held.
All issued and outstanding common shares
or instruments convertible into common shares contained in these financial statements have been retroactively adjusted to reflect the
reverse share split for all periods presented, unless explicitly stated otherwise.
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v3.24.1.1.u2
Material Accounting Policy Information
|
6 Months Ended |
Apr. 30, 2024 |
Material Accounting Policy Information [Abstract] |
|
Material Accounting Policy Information |
2. |
Material Accounting Policy Information |
The accompanying consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”) on a going concern basis.
These condensed interim consolidated
financial statements include the accounts of the Company and its 100% owned subsidiaries, Clearmindmed Ltd. and Clearmind Labs Corp.
(inactive). All inter-company balances and transactions have been eliminated on consolidation.
These condensed interim consolidated
financial statements have been prepared on a historical cost basis, except for financial assets and liabilities (including derivatives)
which are presented at fair value through profit or loss (“FVTPL”), and are presented in United States dollars, which is
the Company’s functional currency.
| b. | Unaudited Interim Financial Information |
Certain information and footnote disclosures
normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report, as is permitted
by such rules and regulations. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with
the audited financial statements as of and for the year ended October 31, 2023 and the notes thereto (the “2023 Annual Report”).
The condensed interim consolidated financial
statements have been prepared on the same basis as the 2023 Annual Report. In the opinion of the Company’s management, these condensed
interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position
and results of operations for the interim periods presented. The results for the six months ended April 30, 2024 are not necessarily indicative
of the results for the year ending October 31, 2024, or for any future period.
As of April 30, 2024, there have been
no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 Annual Report except
for the following:
Amendments to IAS 1 Presentation
of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies
The Company has adopted the amendments
to IAS 1 for the first time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting
policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting
policy information’. Accounting policy information is material if, when considered together with other information included in
an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose
financial statements make on the basis of those financial statements.
The supporting paragraphs in IAS 1
are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is
immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions,
other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions,
other events or conditions is itself material. | c. | Significant Accounting Estimates and Judgments |
The preparation of consolidated financial
statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies
and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the
judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates.
Significant Estimates
Share-based Compensation
Fair values are determined using the
Black-Scholes option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity
instruments, which is dependent on the terms and conditions of the grant. Option-pricing models require the use of highly subjective
estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect
the fair value estimates and, therefore, existing models do not necessarily provide reliable measurement of the fair value of the Company’s
stock options.
Warrant Liability
The Company analyses warrants issued
to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities are adjusted to reflect fair
value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses
a fair valuation specialist to estimate the value of these instruments using the binomial pricing model.
The key assumptions used in the models
are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability
of any future adjustment event.
Significant Judgments
The critical judgments that the Company’s
management has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts
recognized in the Company’s consolidated financial statements are as follows:
Going Concern
The application of the going concern
assumption requires management to take into account all available information about the future, which is at least but not limited to,
12 months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions raise
substantial doubt upon the Company’s ability to continue as a going concern.
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v3.24.1.1.u2
Short-term Investment
|
6 Months Ended |
Apr. 30, 2024 |
Short-term Investment [Abstract] |
|
Short-term Investment |
Pursuant to the Share Exchange Agreement with XYLO TECHNOLOGIES LTD. (formerly
Medigus Ltd.) (“XYLO”), on February 14, 2022, the Company received 27,778 ordinary shares of XYLO, the investment cost was
$501,938.
During the six months ended April 30, 2024, the Company sold all the shares of
XYLO, for total proceeds of $78,500 and recorded a net realized loss of $7,612.
| |
October 31, 2023 | | |
Disposals | | |
Net realized loss | | |
April 30, 2024 | |
| |
| | |
| | |
| | |
| |
XYLO – Shares | |
$ | 86,112 | | |
$ | 78,500 | | |
$ | (7,612 | ) | |
$ | – | |
| |
October 31, 2022 | | |
Additions | | |
Unrealized loss | | |
October 31, 2023 | |
| |
| | |
| | |
| | |
| |
XYLO – Shares | |
$ | 193,750 | | |
$ | – | | |
$ | (107,638 | ) | |
$ | 86,112 | |
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v3.24.1.1.u2
Related Party Transactions
|
6 Months Ended |
Apr. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
4. |
Related Party Transactions |
|
a. |
Compensation to key management personnel |
| (i) | The compensation to key management personnel for services they provide
to the Company is as follows: |
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
April 30, | | |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Officers: | |
| | |
| | |
| | |
| |
Consulting fees | |
$ | 78,586 | | |
$ | 87,471 | | |
$ | 248,274 | | |
$ | 220,501 | |
Share based compensation | |
| 25,854 | | |
| 30,188 | | |
| 41,555 | | |
| 75,380 | |
| |
$ | 113,440 | | |
$ | 117,659 | | |
$ | 289,829 | | |
$ | 295,881 | |
Directors: | |
| | | |
| | | |
| | | |
| | |
Directors’ fees | |
$ | 50,902 | | |
$ | 41,834 | | |
$ | 125,525 | | |
$ | 80,976 | |
Share based compensation | |
| 68,669 | | |
| 34,029 | | |
| 85,890 | | |
| 78,124 | |
| |
$ | 119,571 | | |
$ | 75,863 | | |
$ | 211,415 | | |
$ | 159,100 | |
| (ii) | Balances with related parties |
| |
April 30, | | |
October 31, | |
| |
2024 | | |
2023 | |
Amounts owed to officers | |
$ | 30,136 | | |
$ | 29,666 | |
Amounts owed to directors | |
| 16,873 | | |
| 12,767 | |
| |
$ | 47,009 | | |
$ | 42,433 | |
| b. | On March 7, 2022, the Company signed an agreement with SciSparc Ltd (“SciSparc”), pursuant to which the Company and SciSparc agreed to cooperate in conducting a feasibility study using certain molecules developed by each party (the “Cooperation Agreement”). Certain of the Company’s officers and directors currently operate, manage or are engaged as officers and/or directors of SciSparc. In June 2023, the Company entered into a research agreement with the Hebrew University
of Jerusalem to evaluate SciSparc’s and the Company’s combination treatment for obesity and metabolic syndrome. To date, the collaboration has resulted in the
filing of nine patent applications. To the extent the parties determine to proceed to a commercial cooperation, they may enter into a
joint venture by the parties share the economics and rights on a 50%-50% basis. To date, no determination has been made to pursue the
joint venture as the development of the project remains at a very early stage.
For the three and six months ended April 30, 2024, the Company incurred
research and development expenses conducted within the framework of the Cooperation Agreement in the amount of $22,306 and $22,808, respectively
(three and six months ended April 30, 2023- $30,863 and $88,493 respectively). As of April 30, 2024, $105,022 is owed to the Company by
SciSparc (October 31, 2023- $136,002). |
| c. | On December 25, 2023, the Company entered into an agreement with SciSparc for the
lease of office space in Tel Aviv, Israel, having a total area of approximately 240 square meters. The Company occupies approximately
120 square meters of the space for its offices. The Company’s base rent was ILS 23,300 per month ($6,500) during the term of the
lease. The lease liability was discounted using the Company’s estimated incremental borrowing rate of 10%.
On March 31, 2024, the Company and SciSparc decided
to terminate the lease agreement prior to the initial term of the lease. As a result, the Company paid early termination fees of approximately
$15,000 and paid approximately $3,600 to a broker. The loss upon early termination related to this transaction was recorded as general
and administrative expenses within the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss.
As of April 30, 2024, the Company and SciSparc were in the process
of negotiating the terms of a new lease contract. |
|
v3.24.1.1.u2
Derivative Warrant Liabilities
|
6 Months Ended |
Apr. 30, 2024 |
Derivative Warrant Liabilities [Abstract] |
|
Derivative warrant liabilities |
5. |
Derivative warrant
liabilities |
| a. | On April 6, 2023, the Company issued 150,191 warrants in connection with its April 2023 Public Offering (“April 2023 Warrants”). The warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“April 2023 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability and the time of the grant and are revalued at the end of each reporting period. |
On January 21, 2024, following the January
2024 Public Offering, which included the offering of common shares at a price lower than the exercise price of the April 2023 Warrants,
the exercise price of the April 2023 Warrants was reduced to $1.077, and each April 2023 Warrant became exercisable into 9.124 common
shares of the Company.
During the period between November
29, 2023 and December 5, 2023, 71,520 April 2023 Warrants were exercised into 652,521 common shares.
During the period between March 8,
2024 and March 22, 2024, 2,219 April 2023 Warrants were exercised into 20,245 common shares.
| b. | On September 18, 2023, the Company issued 250,000 warrants in connection with its September 2023 Public Offering (“September 2023 Warrants”). The warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“September 2023 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability and the time of the grant and are revalued at the end of each reporting period. |
On January 21, 2024, following the January
2024 Public Offering, which included the offering of common shares at a price lower than the exercise price of the September 2023 Warrants,
the exercise price of the September 2023 Warrants was reduced to $1.077, and each September 2023 Warrant became exercisable into 4.988
common shares of the Company.
During the period between November
29, 2023 and December 5, 2023, 82,138 September 2023 Warrants were exercised into 409,667 common shares.
During the period between February
23, 2024 and March 22, 2024, 16,334 September 2023 Warrants were exercised into 81,469 common shares.
| c. | On January 16, 2024, the Company issued 1,500,000 warrants with an exercise price of $1.60 per warrant in connection with its January 2024 Public Offering (“January 2024 Warrants”). Each warrant includes a cashless exercise provision and repricing adjustments for offerings at a price lower than the existing exercise price of the warrants, stock splits, reclassifications, subdivisions, and other similar transactions (“January 2024 Warrant Adjustments”) and therefore, these warrants were recorded at their fair value as a derivative liability at the time of the grant and are revalued at the end of each reporting period. On February 23, 2024, 30,200 January 2024 Warrants were exercised into 30,200 common shares. | | d. | During the three and six months ended April 30, 2024, the Company recorded a gain on the revaluation of the total derivative warrant liabilities of $405,002 and $560,145, respectively, in the Condensed Interim Consolidated Statements of Operations and Comprehensive Loss. | | e. | The binomial model was used to measure the derivative warrant liability with the following assumptions: |
| |
April 30,
2024 | |
Share Price | |
| $1.19 | |
Exercise Price | |
| $1.077-$1.60 | |
Expected life | |
| 3.93-4.71 years | |
Risk-free interest rate | |
| 4.74-4.80 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 158.07-158.93 | % |
| f. | The following table presents the changes in the derivative warrant liability during the period: |
Balance as of November 1, 2022 | |
$ | - | |
Issuance of April 2023 Warrants | |
| 1,771,208 | |
Issuance of September 2023 Warrants | |
| 923,225 | |
Exercise of warrants | |
| (574,040 | ) |
Changes in fair value of warrants | |
| 2,189,986 | |
Balance as of October 31, 2023 | |
$ | 4,310,379 | |
Issuance of January 2024 Warrants | |
| 480,004 | |
Exercise of warrants | |
| (498,439 | ) |
Changes in fair value of warrants | |
| (560,145 | ) |
Balance as of April 30, 2024 | |
$ | 3,731,799 | |
|
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v3.24.1.1.u2
Share Capital
|
6 Months Ended |
Apr. 30, 2024 |
Share Capital [Abstract] |
|
Share Capital |
| a. | The Company’s authorized share capital is unlimited common shares without par value share. As of April 30, 2024, the number of common shares issued and outstanding was 3,310,528 (October 31, 2023 – 607,337). |
| b. | On November 28, 2023, the Company effected a 1-for-30 share consolidation. All share amounts and instruments convertible into common shares prior to the date of the reverse share split have been retroactively restated for all periods presented. |
|
c. |
Share transactions during
the six months ended April 30, 2024: |
| (i) | On
November 6, 2023, 45 common shares with a fair value of $117 were issued to providers of investor services in payment of services. |
| (ii) | Between November 29, 2023 and December 5, 2023, April 2023 Warrants and September 2023 Warrants were exercised into 1,062,188 shares, resulting in gross proceeds of $3,498,032. |
| (iii) | On January 16, 2024,
the Company completed a registered direct offering and concurrent private placement of (i) 1,468,000 Common Shares, (ii) 32,000 pre-funded
warrants to purchase 32,000 Common Shares and (iii) 1,500,000 unregistered common warrants to purchase 1,500,000 Common Shares. The pre-funded
warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The
unregistered common warrants have an exercise price of $1.60 per Common Share (after giving effect to adjustments and subject to further
adjustments as set forth therein), are immediately exercisable, and expire five years from the date of issuance. These warrants include
a cashless exercise provision and repricing provisions, under certain circumstances (“the January 2024 Offering”). The gross
proceeds from the January 2024 Offering were approximately $2.4 million before deducting estimated offering expenses. Net proceeds from
the offering were $1,824,773. On January 17, 2024, the pre-funded warrants were exercised. |
| (iv) | On February 19, 2024, 44 common shares with a fair value of
$68 were issued to providers of investor services in payment of services. |
| (v) | During the period between February 23, 2024 and March 2, 2024,
April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 131,914 shares, for gross proceeds of $157,918. |
| (vi) | On April 3, 2024, 9,000 common shares were issued in respect
of RSU’s that had been fully vested. The RSU’s had a fair value of $11,935 at the time of issuance. |
|
d. |
Share transactions during
the six months ended April 30, 2023: |
| (i) | On November 14, 2022, the Company completed an underwritten public offering of
38,462 common shares at a price to the public of $195.00 per share, for aggregate gross proceeds of $7.5 million, prior to deducting underwriting
discounts and offering expenses. The offering closed on November 17, 2022. Net proceeds from the offering were $6,363,906. |
In addition, the Company granted Aegis
Capital Corp. (“Aegis”), who acted as the underwriters for the deal, a 45-day option to purchase up to 5,769 additional common
shares, equal to 15% of the number of common shares sold in the offering solely to cover over-allotments, if any (“Over-Allotment”).
The public purchase price per additional common share would have been $195.00 per share. The Over-Allotment was not exercised. Aegis received 1,923 underwriter warrants,
(the “Underwriter Warrants”) each such Underwriter Warrant entitling the agents to receive one common share upon payment of
$243.75 per share, exercisable six months after the commencement of sales of this offering and expiring on a date which is no more than
five years after the commencement of sales of the offering. The fair value of the Underwriter Warrants of $337,579 were accounted for
as an issuance cost within the share-based payment reserve. The fair value of the Underwriter Warrants was estimated using the Black-Scholes
option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:
Risk-free interest rate | | | 1.43 | % | Expected life (in years) | | | 5 | | Expected volatility | | | 150 | % |
In connection with the offering, the
Company’s common shares were approved for listing on the Nasdaq and began trading on the Nasdaq (in addition to the CSE) under
the symbol “CMND” on November 15, 2022.
Following the public offering and pursuant to the XYLO SPA, XYLO was entitled to
receive 1,494 common shares and 75 warrants pursuant to an anti-dilution clause included in the agreement signed between the Company and
XYLO on June 29, 2022. The anti-dilution feature was recorded as a derivative liability as of October 31, 2022.
| (ii) | On January 16, 2023, 161 common shares were issued in respect
of RSU’s that had been fully vested. The RSU’s had a fair value of $39,975 at the time of issuance. |
| | On February 22, 2023, 400 common shares were issued in respect of fully vested RSU’s that had been fully vested. The RSU’s had a fair value of $110,096 at the time of issuance. |
| (iii) | On April 6, 2023, the Company completed an underwritten public offering of 103,249
common shares at a price to the public of $23.40 per share and pre-funded warrants to purchase 46,942 common shares at a price to the
public of $23.37 per pre-funded warrant (“Pre-Funded Warrants”), for aggregate gross proceeds of $3.5 million (the “April
2023 Public Offering”). The Pre-Funded Warrants were exercisable at $0.03 into one common share, and all the Pre-Funded Warrants
were exercised by April 30, 2023. In addition, each April 2023 Public Offering shareholder and each Pre-Funded Warrant holder received
a common warrant, which was immediately exercisable, will expire five years from the date of issuance and have an exercise price of $23.40
per common share (“April 2023 Public Offering Warrant”). The April 2023 Public Offering warrants include a cashless exercise
provision and repricing provisions under certain circumstances, that also includes a potential change in the number of shares to be issued
for each warrant depending on the change in the exercise price of the warrant. On September 24, 2023, as a result of the September 2023
Public Offering, which included the offering of common shares at a price lower than the exercise price of the April 2023 Warrants, the
exercise price of these warrants was reduced to $5.124, and each April 2023 Warrant is convertible into 4.6 common shares of the Company. |
Net proceeds from the offering were $2,936,079.
|
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v3.24.1.1.u2
Warrants
|
6 Months Ended |
Apr. 30, 2024 |
Warrants [Abstract] |
|
Warrants |
The following table summarizes
the changes in the Company’s warrants:
| |
Number of warrants | | |
Weighted average exercise price | |
| |
| | |
| |
Balance, October 31, 2022 | |
| 19,763 | | |
| 576.66 | |
| |
| | | |
| | |
Issuance of underwriter warrants | |
| 1,923 | | |
| 243.75 | |
Issuance of April 2023 warrants (*) | |
| 150,191 | | |
| 5.124 | |
Issuance of September 2023 warrants (**) | |
| 250,000 | | |
| 9.00 | |
Issuance of XYLO warrants | |
| 75 | | |
| 1,297.67 | |
Expiration of warrants | |
| (11,430 | ) | |
| 922.98 | |
Exercise of warrants | |
| (26,153 | ) | |
| 5.124 | |
| |
| | | |
| | |
Balance, October 31, 2023 | |
| 384,369 | | |
$ | 7.90 | |
Number of shares to be issued from the exercise of warrants | |
| 826,781 | | |
| | |
| |
| | | |
| | |
Balance, October 31, 2023 | |
| 384,369 | | |
$ | 7.90 | |
Issuance of January 2024 warrants (Note 5c) | |
| 1,500,000 | | |
| 1.60 | |
Exercise of warrants | |
| (202,411 | ) | |
| 3.04 | |
Expiration of warrants | |
| (8,333 | ) | |
| 98.43 | |
Balance, April 30, 2024 | |
| 1,673,625 | | |
$ | 1.53 | |
| |
| | | |
| | |
Number of shares to be issued from the exercise of warrants | |
| 2,925,075 | | |
| | |
| (*) | These
warrants convert into 697,520 shares. |
| (**) | These
warrants convert into 755,757 shares. |
As of April 30, 2024, the following warrants were outstanding:
Number of warrants outstanding | | | Number of shares to be issued from the exercise of warrants | | | Exercise price | | | Exercise price (USD) | | | Expiry date | | | | | | | | | | | | | | | 1,923 | | | | 1,923 | | | C$ | 335.06 | | | $ | 243.75 | | | November 17, 2027 | | 50,299 | | | | 697,520 | | | $ | 1.077 | | | $ | 1.077 | | | April 5, 2028 | | 75 | | | | 75 | | | C$ | 1,800 | | | $ | 1,309.47 | | | November 23, 2024 | | 151,528 | | | | 755,757 | | | $ | 1.077 | | | $ | 1.077 | | | September 17, 2028 | | 1,469,800 | | | | 1,469,800 | | | $ | 1.60 | | | $ | 1.60 | | | January 15, 2025 | | 1,673,625 | | | | 2,925,075 | | | | | | | | | | | |
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v3.24.1.1.u2
Stock Options
|
6 Months Ended |
Apr. 30, 2024 |
Stock Options [Abstract] |
|
Stock Options |
| (a) | On November 14, 2023, the shareholders of the Company approved the Omnibus Equity Incentive Plan, or the Omnibus Plan. Pursuant to the Omnibus Plan, the Company is authorized to grant options or restricted share units (“RSUs) to officers, directors, employees and consultants enabling them to acquire, together with” Options”, “Awards” or “Stock Options” as defined, up to 20% of our issued and outstanding Common Shares (after taking into account existing awards from the Company’s 2021 stock option plan). The Awards can be granted for a maximum of 10 years and vest as determined by the Board. |
The maximum number of common shares
reserved for issuance in any 12-month period to a related party consultant may not exceed 5% of the issued and outstanding common shares
at the date of the grant (and may not exceed 15% in total, to all related parties). The maximum number of common shares reserved for
issuance in any 12-month period to any investor relations service provider may not exceed 2% of the issued and outstanding common shares
at the date of the grant.
| (b) | The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2024 and October 31, 2023: |
| |
Number
of options | | |
Weighted
average exercise price (C$) | | |
Weighted
average exercise price (USD$) | |
| |
| | |
| | |
| |
Outstanding,
October 31, 2022 | |
| 5,254 | | |
C$ | 613.5 | | |
$ | 450.64 | |
| |
| | | |
| | | |
| | |
Granted | |
| 334 | | |
| 442.22 | | |
| 318.81 | |
| |
| | | |
| | | |
| | |
Outstanding,
October 31, 2023 | |
| 5,588 | | |
C$ | 603.12 | | |
$ | 434.81 | |
| |
| | | |
| | | |
| | |
Expired | |
| (67 | ) | |
| 720.00 | | |
| 533.14 | |
| |
| | | |
| | | |
| | |
Outstanding,
April 30, 2024 | |
| 5,521 | | |
C$ | 601.70 | | |
$ | 437.73 | |
| |
| | | |
| | | |
| | |
Exercisable,
April 30, 2024 | |
| 4,803 | | |
C$ | 604.01 | | |
$ | 439.41 | |
| (c) | Additional information regarding stock options outstanding as of April 30, 2024, is as follows: |
Outstanding | | | | | | Exercisable | | | | | Number of stock options | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price (C$) | | | Weighted average exercise price (USD$) | | | Number of stock options | | | Weighted average exercise price (C$) | | | Weighted average exercise price (USD$) | | | | | | | | | | | | | | | | | | | | | | | 533 | | | | 2.07 | | | C$ | 166.50 | | | $ | 121.13 | | | | 489 | | | C$ | 166.50 | | | $ | 121.13 | | | 978 | | | | 7.76 | | | | 504.00 | | | | 366.65 | | | | 795 | | | | 504.00 | | | | 366.65 | | | 1,166 | | | | 2.07 | | | | 675.00 | | | | 491.05 | | | | 1,110 | | | | 675.00 | | | | 491.05 | | | 200 | | | | 5.00 | | | | 702.00 | | | | 510.69 | | | | 174 | | | | 702.00 | | | | 510.69 | | | 133 | | | | 2.39 | | | | 747.00 | | | | 543.43 | | | | 133 | | | | 747.00 | | | | 543.43 | | | 422 | | | | 7.61 | | | | 612.00 | | | | 445.22 | | | | 422 | | | | 612.00 | | | | 445.22 | | | 1,044 | | | | 7.76 | | | | 720.00 | | | | 523.79 | | | | 783 | | | | 720.00 | | | | 523.79 | | | 667 | | | | 2.17 | | | | 756.00 | | | | 549.98 | | | | 611 | | | | 756.00 | | | | 549.98 | | | 111 | | | | 7.61 | | | | 900.00 | | | | 654.74 | | | | 93 | | | | 900.00 | | | | 654.74 | | | 61 | | | | 9.07 | | | | 315.00 | | | | 229.16 | | | | 46 | | | | 315.00 | | | | 229.16 | | | 156 | | | | 9.16 | | | | 504.00 | | | | 366.65 | | | | 130 | | | | 504.00 | | | | 366.65 | | | 50 | | | | 9.19 | | | | 32.17 | | | | 23.40 | | | | 17 | | | | 32.17 | | | | 23.40 | | | 5,521 | | | | 5.16 | | | C$ | 601.70 | | | $ | 437.73 | | | | 4,803 | | | C$ | 604.01 | | | $ | 439.41 | |
The fair value for stock options previously
granted to certain consultants for ongoing services measured during the period have been estimated using the Black-Scholes option pricing
model assuming no expected dividends or forfeitures and the following weighted average assumptions:
| |
six
months
ended
April 30,
2024 | | |
six
months
ended
April 30,
2023 | |
| |
| | |
| |
Risk-free interest rate | |
| 3.89 | % | |
| 3.89 | % |
Expected life (in years) | |
| 5.11 | | |
| 5.13 | |
Expected volatility | |
| 150.79%-161.87 | % | |
| 113%-118 | % |
| d. | The portion of the total fair value of stock options expensed during the three and six months ended April 30, 2024, were $23,292 and $56,870, respectively (2023 - $22,804 and $121,935, respectively) which was recorded as share-based compensation expense. |
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v3.24.1.1.u2
Restricted Share Units
|
6 Months Ended |
Apr. 30, 2024 |
Restricted Share Units [Abstract] |
|
Restricted Share Units |
9. |
Restricted Share Units |
| The following table summarizes the continuity of RSUs: |
|
|
Number
of
RSUs |
|
|
Weighted
average
issue price (C$) |
|
|
Weighted
average
issue price (USD$) |
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31, 2022 |
|
|
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
2,200 |
|
|
|
55.97 |
|
|
|
41.46 |
|
Vested |
|
|
(2,200 |
) |
|
|
55.97 |
|
|
|
41.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31, 2023 |
|
|
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted (i) |
|
|
437,765 |
|
|
|
1.78 |
|
|
|
1.29 |
|
Vested |
|
|
(200,784 |
) |
|
|
1.80 |
|
|
|
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, April 30, 2024 |
|
|
236,981 |
|
|
$ |
1.76 |
|
|
$ |
1.28 |
|
(i) | During the six months ended April 30,
2024, the Company issued 437,765 RSU’s to consultants, directors and officers. 200,784 RSU’s vested with a fair value of
$267,346 (2023-$77,632). |
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v3.24.1.1.u2
Financial Instruments and Risk Management
|
6 Months Ended |
Apr. 30, 2024 |
Financial Instruments and Risk Management [Abstract] |
|
Financial Instruments and Risk Management |
10. |
Financial Instruments
and Risk Management |
| a. | Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of April 30, 2024, as follows: |
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance April 30, 2024 | |
Derivative warrants liability | |
$ | – | | |
$ | – | | |
$ | 3,731,799 | | |
$ | 3,731,799 | |
Assets and liabilities measured at fair
value on a recurring basis were presented in the Company’s statement of financial position as of October 31, 2023, as follows:
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance October 31, 2023 | |
Short-term investment | |
$ | 86,112 | | |
$ | – | | |
$ | – | | |
$ | 86,112 | |
Derivative warrants liability | |
| – | | |
| – | | |
| 4,310,379 | | |
| 4,310,379 | |
The fair value of other assets and
liabilities, which include cash, amounts receivable, accounts payable and accrued liabilities, and amounts due to related parties, approximate
their carrying values due to the relatively short-term maturity of these instruments.
Financial instruments that potentially
subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing
its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure.
|
c. |
Foreign Exchange Rate Risk |
Foreign currency risk is the risk that
the fair value of future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is
exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in a foreign currency. The Company’s
subsidiary operates in Israel and has certain monetary financial instruments denominated in New Israeli Shekel and CAD. The Company has
not entered into foreign exchange rate contracts to mitigate this risk. The following table indicates the impact
of foreign currency exchange risk on net working capital as of April 30, 2024. The table below also provides a sensitivity analysis of
a 10% strengthening of the foreign currency against functional currencies identified which would have increased (decreased) the Company’s
net loss by the amounts shown in the table below. A 10% weakening of the foreign currency against the functional currencies would have
had the equal but opposite effect as of April 30, 2024.
Cash and cash equivalents | |
$ | 238,379 | |
Other receivables | |
| 49,369 | |
Accounts payable and accrued liabilities | |
| (129,877 | ) |
Due to related parties | |
| (37,009 | ) |
Total foreign currency financial assets and liabilities | |
$ | 120,862 | |
| |
| | |
Impact of a 10% strengthening or weakening of foreign exchange rate | |
$ | 12,086 | |
Interest rate risk is the risk that
the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company
is not exposed to significant interest rate risk as it does not have any liabilities with variable rates.
Liquidity risk is the risk that the
Company will not be able to meet its financial obligations as they fall due. The Company’s objective to managing liquidity risk
is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company relies on raising debt or equity
financing in a timely manner.
The following amounts are the contractual
maturities of financial liabilities as of April 30, 2024 and October 31, 2023:
April 30, 2024 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 421,156 | | |
$ | 421,156 | | |
$ | – | |
Due to related parties | |
| 47,009 | | |
| 47,009 | | |
| – | |
| |
$ | 468,165 | | |
$ | 468,165 | | |
$ | – | |
October 31, 2023 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 617,004 | | |
$ | 617,004 | | |
$ | – | |
Due to related parties | |
| 42,433 | | |
| 42,433 | | |
| – | |
| |
$ | 659,437 | | |
$ | 659,437 | | |
$ | – | |
|
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v3.24.1.1.u2
Capital Management
|
6 Months Ended |
Apr. 30, 2024 |
Capital Management [Abstract] |
|
Capital Management |
The Company manages its capital to
maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital
structure of the Company consists of cash and equity comprised of issued share capital, RSU reserve, warrants reserve, and options reserve.
The Company manages its capital structure
and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board, will balance its overall capital
structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.
The Company is not subject to externally
imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from
the six months ended April 30, 2024.
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v3.24.1.1.u2
Segmented Information
|
6 Months Ended |
Apr. 30, 2024 |
Segmented Information [Abstract] |
|
Segmented Information |
12. |
Segmented Information |
As of April 30, 2024, the Company has
one operating segment, being the research and development of novel psychedelic medicine, which takes place primarily in Israel.
|
X |
- DefinitionThe entire disclosure for operating segments.
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v3.24.1.1.u2
Commitments
|
6 Months Ended |
Apr. 30, 2024 |
Commitments [Abstract] |
|
Commitments |
| a. | On January 15, 2024, the Company signed a long-term licensing
agreement with the research & development company of Bar-Ilan University (“BIRAD”), a leading Israeli research center.
The licensing agreement refers to the Company’s dedicated treatment for cocaine addiction which previously indicated a significant
decrease in cocaine craving. Under this agreement, the Company received a worldwide exclusive license and will pay BIRAD certain milestone
payments upon commerciality of the product and royalties of 2.5% for a period of 15 years following the first commercial sale. |
| b. | On March 19, 2024, the Company signed an exclusive patent
licensing agreement with Yissum research development company of the Hebrew University of Jerusalem. This agreement provides Clearmind
with exclusive global rights to further develop, manufacture, and commercialize innovative compounds invented by Professors Rami Yaka,
Ahmed Masaewa and Avi Priel from the Hebrew University. The Company will pay Yissum, royalties of 3% on sales. In addition, the Company
will pay an annual license fee of $25,000 for seven years, after which the license fee will increase to $35,000 for three years, and
$50,000 for every year thereafter. Finally, the Company will pay Yissum $400,000 upon the first patient enrolled in a Phase III Clinical
Trial and $600,000 upon first commercial sale in the US or EU. |
| c. | On Marh 30, 2024, the Company signed an exclusive licensing
agreement with Yissum. Under the terms of the agreement, Clearmind receives exclusive worldwide rights to develop, research, manufacture,
market, and commercialize products derived from a patent-pending synthesis of psychedelic compounds, enriching the company’s innovative
portfolio in addiction and mental health treatments. The Company will pay Yissum royalties of 3% on sales. In addition, the Company will
pay an annual license fee of $25,000 for seven years, after which the license fee will increase to $35,000 for three years, and $50,000
for every year thereafter. Finally, the Company will pay Yissum $400,000 upon the first patient enrolled in a Phase III Clinical Trial
and $600,000 upon first commercial sale in the US or EU. |
| d. | Respect to the Company's lease commitment, refer to Note
4c. |
|
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v3.24.1.1.u2
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Apr. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
The accompanying consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”) on a going concern basis. These condensed interim consolidated
financial statements include the accounts of the Company and its 100% owned subsidiaries, Clearmindmed Ltd. and Clearmind Labs Corp.
(inactive). All inter-company balances and transactions have been eliminated on consolidation. These condensed interim consolidated
financial statements have been prepared on a historical cost basis, except for financial assets and liabilities (including derivatives)
which are presented at fair value through profit or loss (“FVTPL”), and are presented in United States dollars, which is
the Company’s functional currency.
|
Unaudited Interim Financial Information |
| b. | Unaudited Interim Financial Information | Certain information and footnote disclosures
normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report, as is permitted
by such rules and regulations. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with
the audited financial statements as of and for the year ended October 31, 2023 and the notes thereto (the “2023 Annual Report”). The condensed interim consolidated financial
statements have been prepared on the same basis as the 2023 Annual Report. In the opinion of the Company’s management, these condensed
interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position
and results of operations for the interim periods presented. The results for the six months ended April 30, 2024 are not necessarily indicative
of the results for the year ending October 31, 2024, or for any future period. As of April 30, 2024, there have been
no material changes in the Company’s significant accounting policies from those that were disclosed in the 2023 Annual Report except
for the following: Amendments to IAS 1 Presentation
of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements—Disclosure of Accounting Policies The Company has adopted the amendments
to IAS 1 for the first time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting
policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting
policy information’. Accounting policy information is material if, when considered together with other information included in
an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose
financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1
are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is
immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions,
other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions,
other events or conditions is itself material.
|
Significant Accounting Estimates and Judgments |
| c. | Significant Accounting Estimates and Judgments | The preparation of consolidated financial
statements in accordance with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies
and reported amounts of assets, liabilities, income, and expenses. The estimates and associated assumptions are based on historical experience
and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the
judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates. Significant Estimates Share-based Compensation Fair values are determined using the
Black-Scholes option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity
instruments, which is dependent on the terms and conditions of the grant. Option-pricing models require the use of highly subjective
estimates and assumptions including the expected stock price volatility. Changes in the underlying assumptions can materially affect
the fair value estimates and, therefore, existing models do not necessarily provide reliable measurement of the fair value of the Company’s
stock options. Warrant Liability The Company analyses warrants issued
to determine whether they meet the classification as liabilities or equity. Derivative warrant liabilities are adjusted to reflect fair
value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations. The Company uses
a fair valuation specialist to estimate the value of these instruments using the binomial pricing model. The key assumptions used in the models
are the expected future volatility in the price of the Company’s shares, the expected life of the warrants and the probability
of any future adjustment event. Significant Judgments The critical judgments that the Company’s
management has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts
recognized in the Company’s consolidated financial statements are as follows: Going Concern The application of the going concern
assumption requires management to take into account all available information about the future, which is at least but not limited to,
12 months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions raise
substantial doubt upon the Company’s ability to continue as a going concern.
|
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v3.24.1.1.u2
Short-term Investment (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Short-term Investment [Abstract] |
|
Schedule of Ordinary Shares of Medigus |
During the six months ended April 30, 2024, the Company sold all the shares of
XYLO, for total proceeds of $78,500 and recorded a net realized loss of $7,612.
| |
October 31, 2023 | | |
Disposals | | |
Net realized loss | | |
April 30, 2024 | |
| |
| | |
| | |
| | |
| |
XYLO – Shares | |
$ | 86,112 | | |
$ | 78,500 | | |
$ | (7,612 | ) | |
$ | – | |
| |
October 31, 2022 | | |
Additions | | |
Unrealized loss | | |
October 31, 2023 | |
| |
| | |
| | |
| | |
| |
XYLO – Shares | |
$ | 193,750 | | |
$ | – | | |
$ | (107,638 | ) | |
$ | 86,112 | |
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v3.24.1.1.u2
Related Party Transactions (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Related Party Transactions [Abstract] |
|
Schedule of Key Management Personnel for Employment Services |
The compensation to key management personnel for services they provide
to the Company is as follows:
| |
Three months ended | | |
Three months ended | | |
Six months ended | | |
Six months ended | |
| |
April 30, | | |
April 30, | | |
April 30, | | |
April 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Officers: | |
| | |
| | |
| | |
| |
Consulting fees | |
$ | 78,586 | | |
$ | 87,471 | | |
$ | 248,274 | | |
$ | 220,501 | |
Share based compensation | |
| 25,854 | | |
| 30,188 | | |
| 41,555 | | |
| 75,380 | |
| |
$ | 113,440 | | |
$ | 117,659 | | |
$ | 289,829 | | |
$ | 295,881 | |
Directors: | |
| | | |
| | | |
| | | |
| | |
Directors’ fees | |
$ | 50,902 | | |
$ | 41,834 | | |
$ | 125,525 | | |
$ | 80,976 | |
Share based compensation | |
| 68,669 | | |
| 34,029 | | |
| 85,890 | | |
| 78,124 | |
| |
$ | 119,571 | | |
$ | 75,863 | | |
$ | 211,415 | | |
$ | 159,100 | |
|
Schedule of Balances with Related Parties |
Balances with related parties
| |
April 30, | | |
October 31, | |
| |
2024 | | |
2023 | |
Amounts owed to officers | |
$ | 30,136 | | |
$ | 29,666 | |
Amounts owed to directors | |
| 16,873 | | |
| 12,767 | |
| |
$ | 47,009 | | |
$ | 42,433 | |
|
v3.24.1.1.u2
Derivative Warrant Liabilities (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Derivative Warrant Liabilities [Abstract] |
|
Schedule of Binomial Model was used to Measure the Derivative Warrant Liability |
The binomial model was used to measure the derivative warrant liability with the following assumptions:
| |
April 30,
2024 | |
Share Price | |
| $1.19 | |
Exercise Price | |
| $1.077-$1.60 | |
Expected life | |
| 3.93-4.71 years | |
Risk-free interest rate | |
| 4.74-4.80 | % |
Dividend yield | |
| 0.00 | % |
Expected volatility | |
| 158.07-158.93 | % |
|
Schedule of Changes in the Warrants Liability |
The following table presents the changes in the derivative warrant liability during the period:
Balance as of November 1, 2022 | |
$ | - | |
Issuance of April 2023 Warrants | |
| 1,771,208 | |
Issuance of September 2023 Warrants | |
| 923,225 | |
Exercise of warrants | |
| (574,040 | ) |
Changes in fair value of warrants | |
| 2,189,986 | |
Balance as of October 31, 2023 | |
$ | 4,310,379 | |
Issuance of January 2024 Warrants | |
| 480,004 | |
Exercise of warrants | |
| (498,439 | ) |
Changes in fair value of warrants | |
| (560,145 | ) |
Balance as of April 30, 2024 | |
$ | 3,731,799 | |
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v3.24.1.1.u2
Share Capital (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Share Capital [Abstract] |
|
Schedule of the Fair Value of Underwriters Warrants |
The fair value of the Underwriter Warrants was estimated using the Black-Scholes
option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions: Risk-free interest rate | | | 1.43 | % | Expected life (in years) | | | 5 | | Expected volatility | | | 150 | % |
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v3.24.1.1.u2
Warrants (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Warrants [Abstract] |
|
Schedule of Warrants |
The following table summarizes
the changes in the Company’s warrants:
| |
Number of warrants | | |
Weighted average exercise price | |
| |
| | |
| |
Balance, October 31, 2022 | |
| 19,763 | | |
| 576.66 | |
| |
| | | |
| | |
Issuance of underwriter warrants | |
| 1,923 | | |
| 243.75 | |
Issuance of April 2023 warrants (*) | |
| 150,191 | | |
| 5.124 | |
Issuance of September 2023 warrants (**) | |
| 250,000 | | |
| 9.00 | |
Issuance of XYLO warrants | |
| 75 | | |
| 1,297.67 | |
Expiration of warrants | |
| (11,430 | ) | |
| 922.98 | |
Exercise of warrants | |
| (26,153 | ) | |
| 5.124 | |
| |
| | | |
| | |
Balance, October 31, 2023 | |
| 384,369 | | |
$ | 7.90 | |
Number of shares to be issued from the exercise of warrants | |
| 826,781 | | |
| | |
| |
| | | |
| | |
Balance, October 31, 2023 | |
| 384,369 | | |
$ | 7.90 | |
Issuance of January 2024 warrants (Note 5c) | |
| 1,500,000 | | |
| 1.60 | |
Exercise of warrants | |
| (202,411 | ) | |
| 3.04 | |
Expiration of warrants | |
| (8,333 | ) | |
| 98.43 | |
Balance, April 30, 2024 | |
| 1,673,625 | | |
$ | 1.53 | |
| |
| | | |
| | |
Number of shares to be issued from the exercise of warrants | |
| 2,925,075 | | |
| | |
| (*) | These
warrants convert into 697,520 shares. |
| (**) | These
warrants convert into 755,757 shares. |
|
Schedule of Warrants Outstanding |
As of April 30, 2024, the following warrants were outstanding: Number of warrants outstanding | | | Number of shares to be issued from the exercise of warrants | | | Exercise price | | | Exercise price (USD) | | | Expiry date | | | | | | | | | | | | | | | 1,923 | | | | 1,923 | | | C$ | 335.06 | | | $ | 243.75 | | | November 17, 2027 | | 50,299 | | | | 697,520 | | | $ | 1.077 | | | $ | 1.077 | | | April 5, 2028 | | 75 | | | | 75 | | | C$ | 1,800 | | | $ | 1,309.47 | | | November 23, 2024 | | 151,528 | | | | 755,757 | | | $ | 1.077 | | | $ | 1.077 | | | September 17, 2028 | | 1,469,800 | | | | 1,469,800 | | | $ | 1.60 | | | $ | 1.60 | | | January 15, 2025 | | 1,673,625 | | | | 2,925,075 | | | | | | | | | | | |
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v3.24.1.1.u2
Stock Options (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Stock Options [Abstract] |
|
Schedule of Changes in Stock Options |
The following table summarizes the changes in the Company’s stock options for the periods ended April 30, 2024 and October 31, 2023:
| |
Number
of options | | |
Weighted
average exercise price (C$) | | |
Weighted
average exercise price (USD$) | |
| |
| | |
| | |
| |
Outstanding,
October 31, 2022 | |
| 5,254 | | |
C$ | 613.5 | | |
$ | 450.64 | |
| |
| | | |
| | | |
| | |
Granted | |
| 334 | | |
| 442.22 | | |
| 318.81 | |
| |
| | | |
| | | |
| | |
Outstanding,
October 31, 2023 | |
| 5,588 | | |
C$ | 603.12 | | |
$ | 434.81 | |
| |
| | | |
| | | |
| | |
Expired | |
| (67 | ) | |
| 720.00 | | |
| 533.14 | |
| |
| | | |
| | | |
| | |
Outstanding,
April 30, 2024 | |
| 5,521 | | |
C$ | 601.70 | | |
$ | 437.73 | |
| |
| | | |
| | | |
| | |
Exercisable,
April 30, 2024 | |
| 4,803 | | |
C$ | 604.01 | | |
$ | 439.41 | |
|
Schedule of Additional Information Regarding Stock Options Outstanding |
Additional information regarding stock options outstanding as of April 30, 2024, is as follows Outstanding | | | | | | Exercisable | | | | | Number of stock options | | | Weighted average remaining contractual life (years) | | | Weighted average exercise price (C$) | | | Weighted average exercise price (USD$) | | | Number of stock options | | | Weighted average exercise price (C$) | | | Weighted average exercise price (USD$) | | | | | | | | | | | | | | | | | | | | | | | 533 | | | | 2.07 | | | C$ | 166.50 | | | $ | 121.13 | | | | 489 | | | C$ | 166.50 | | | $ | 121.13 | | | 978 | | | | 7.76 | | | | 504.00 | | | | 366.65 | | | | 795 | | | | 504.00 | | | | 366.65 | | | 1,166 | | | | 2.07 | | | | 675.00 | | | | 491.05 | | | | 1,110 | | | | 675.00 | | | | 491.05 | | | 200 | | | | 5.00 | | | | 702.00 | | | | 510.69 | | | | 174 | | | | 702.00 | | | | 510.69 | | | 133 | | | | 2.39 | | | | 747.00 | | | | 543.43 | | | | 133 | | | | 747.00 | | | | 543.43 | | | 422 | | | | 7.61 | | | | 612.00 | | | | 445.22 | | | | 422 | | | | 612.00 | | | | 445.22 | | | 1,044 | | | | 7.76 | | | | 720.00 | | | | 523.79 | | | | 783 | | | | 720.00 | | | | 523.79 | | | 667 | | | | 2.17 | | | | 756.00 | | | | 549.98 | | | | 611 | | | | 756.00 | | | | 549.98 | | | 111 | | | | 7.61 | | | | 900.00 | | | | 654.74 | | | | 93 | | | | 900.00 | | | | 654.74 | | | 61 | | | | 9.07 | | | | 315.00 | | | | 229.16 | | | | 46 | | | | 315.00 | | | | 229.16 | | | 156 | | | | 9.16 | | | | 504.00 | | | | 366.65 | | | | 130 | | | | 504.00 | | | | 366.65 | | | 50 | | | | 9.19 | | | | 32.17 | | | | 23.40 | | | | 17 | | | | 32.17 | | | | 23.40 | | | 5,521 | | | | 5.16 | | | C$ | 601.70 | | | $ | 437.73 | | | | 4,803 | | | C$ | 604.01 | | | $ | 439.41 | |
|
Schedule of Fair Value of Stock Options |
The fair value for stock options previously
granted to certain consultants for ongoing services measured during the period have been estimated using the Black-Scholes option pricing
model assuming no expected dividends or forfeitures and the following weighted average assumptions:
| |
six
months
ended
April 30,
2024 | | |
six
months
ended
April 30,
2023 | |
| |
| | |
| |
Risk-free interest rate | |
| 3.89 | % | |
| 3.89 | % |
Expected life (in years) | |
| 5.11 | | |
| 5.13 | |
Expected volatility | |
| 150.79%-161.87 | % | |
| 113%-118 | % |
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v3.24.1.1.u2
Restricted Share Units (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Restricted Share Units [Abstract] |
|
Schedule of Changes in RSUs |
The following table summarizes the continuity of RSUs:
|
|
Number
of
RSUs |
|
|
Weighted
average
issue price (C$) |
|
|
Weighted
average
issue price (USD$) |
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31, 2022 |
|
|
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
2,200 |
|
|
|
55.97 |
|
|
|
41.46 |
|
Vested |
|
|
(2,200 |
) |
|
|
55.97 |
|
|
|
41.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31, 2023 |
|
|
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted (i) |
|
|
437,765 |
|
|
|
1.78 |
|
|
|
1.29 |
|
Vested |
|
|
(200,784 |
) |
|
|
1.80 |
|
|
|
1.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, April 30, 2024 |
|
|
236,981 |
|
|
$ |
1.76 |
|
|
$ |
1.28 |
|
(i) | During the six months ended April 30,
2024, the Company issued 437,765 RSU’s to consultants, directors and officers. 200,784 RSU’s vested with a fair value of
$267,346 (2023-$77,632). |
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v3.24.1.1.u2
Financial Instruments and Risk Management (Tables)
|
6 Months Ended |
Apr. 30, 2024 |
Financial Instruments and Risk Management [Abstract] |
|
Schedule of Assets and Liabilities Measured at Fair Value |
Assets and liabilities measured at fair value on a recurring basis were presented in the Company’s statement of financial position as of April 30, 2024, as follows:
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance April 30, 2024 | |
Derivative warrants liability | |
$ | – | | |
$ | – | | |
$ | 3,731,799 | | |
$ | 3,731,799 | |
| |
Fair Value Measurements Using | | |
| |
| |
Quoted prices in active markets for identical instruments (Level 1) | | |
Significant other observable inputs (Level 2) | | |
Significant unobservable inputs (Level 3) | | |
Balance October 31, 2023 | |
Short-term investment | |
$ | 86,112 | | |
$ | – | | |
$ | – | | |
$ | 86,112 | |
Derivative warrants liability | |
| – | | |
| – | | |
| 4,310,379 | | |
| 4,310,379 | |
|
Schedule of Foreign Currency Exchange Risk on Net Working Capital |
A 10% weakening of the foreign currency against the functional currencies would have
had the equal but opposite effect as of April 30, 2024.
Cash and cash equivalents | |
$ | 238,379 | |
Other receivables | |
| 49,369 | |
Accounts payable and accrued liabilities | |
| (129,877 | ) |
Due to related parties | |
| (37,009 | ) |
Total foreign currency financial assets and liabilities | |
$ | 120,862 | |
| |
| | |
Impact of a 10% strengthening or weakening of foreign exchange rate | |
$ | 12,086 | |
|
Schedule of Contractual Maturities of Financial Liabilities |
The following amounts are the contractual
maturities of financial liabilities as of April 30, 2024 and October 31, 2023:
April 30, 2024 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 421,156 | | |
$ | 421,156 | | |
$ | – | |
Due to related parties | |
| 47,009 | | |
| 47,009 | | |
| – | |
| |
$ | 468,165 | | |
$ | 468,165 | | |
$ | – | |
October 31, 2023 | |
Total | | |
Within 1 year | | |
Within 2-5 years | |
| |
| | |
| | |
| |
Accounts payable and accrued liabilities | |
$ | 617,004 | | |
$ | 617,004 | | |
$ | – | |
Due to related parties | |
| 42,433 | | |
| 42,433 | | |
| – | |
| |
$ | 659,437 | | |
$ | 659,437 | | |
$ | – | |
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v3.24.1.1.u2
Nature of Operations and Going Concern (Details) - USD ($)
|
|
|
|
|
6 Months Ended |
|
Jan. 16, 2024 |
Nov. 28, 2023 |
Apr. 06, 2023 |
Nov. 14, 2022 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Oct. 31, 2023 |
Nature of Operations and Going Concern [Line Items] |
|
|
|
|
|
|
|
Incorporation date |
|
|
|
|
Jul. 18, 2017
|
|
|
Aggregate gross proceeds |
$ 2,400,000
|
|
$ 3,500,000
|
$ 7,500,000
|
|
|
|
Cash flow from operations |
|
|
|
|
$ (2,654,773)
|
$ (4,172,649)
|
|
Accumulated deficit |
|
|
|
|
(21,044,080)
|
|
$ (18,768,063)
|
Price per share (in Dollars per share) |
|
$ 0.0333
|
|
|
|
|
|
Reverse stock split, description |
|
1-for-30 reverse split
|
|
|
|
|
|
Going Concern [Member] |
|
|
|
|
|
|
|
Nature of Operations and Going Concern [Line Items] |
|
|
|
|
|
|
|
Cash flow from operations |
|
|
|
|
2,654,773
|
|
|
Accumulated deficit |
|
|
|
|
$ 21,044,080
|
|
|
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v3.24.1.1.u2
Short-term Investment (Details) - USD ($)
|
|
6 Months Ended |
|
|
|
|
|
Feb. 14, 2022 |
Apr. 30, 2024 |
Apr. 03, 2024 |
Nov. 06, 2023 |
Feb. 22, 2023 |
Feb. 19, 2023 |
Jan. 16, 2023 |
Short-term Investment [Line Items] |
|
|
|
|
|
|
|
Number of shares issued (in Shares) |
|
|
9,000
|
45
|
400
|
44
|
161
|
Total proceeds |
|
$ 78,500
|
|
|
|
|
|
Net realized loss |
|
$ (7,612)
|
|
|
|
|
|
Medigus Ltd [Member] |
|
|
|
|
|
|
|
Short-term Investment [Line Items] |
|
|
|
|
|
|
|
Investment cost |
$ 501,938
|
|
|
|
|
|
|
Ordinary shares [member] | Medigus Ltd [Member] |
|
|
|
|
|
|
|
Short-term Investment [Line Items] |
|
|
|
|
|
|
|
Number of shares issued (in Shares) |
27,778
|
|
|
|
|
|
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v3.24.1.1.u2
Related Party Transactions (Details)
|
|
3 Months Ended |
6 Months Ended |
|
Dec. 25, 2023
USD ($)
|
Dec. 25, 2023
ILS (₪)
|
Apr. 30, 2024
USD ($)
|
Apr. 30, 2023
USD ($)
|
Apr. 30, 2024
USD ($)
|
Apr. 30, 2023
USD ($)
|
Oct. 31, 2023
USD ($)
|
Related Party Transactions [Line Items] |
|
|
|
|
|
|
|
Research and development expenses |
|
|
$ 322,956
|
$ 317,572
|
$ 550,434
|
$ 905,202
|
|
Owed to the company |
|
|
105,022
|
|
105,022
|
|
$ 136,002
|
Rent expense |
$ 6,500
|
₪ 23,300
|
|
|
|
|
|
Borrowing rate |
10.00%
|
10.00%
|
|
|
|
|
|
Termination fees |
|
|
|
|
15,000
|
|
|
Fees to broker |
|
|
|
|
3,600
|
|
|
SciSparc Ltd [Member] |
|
|
|
|
|
|
|
Related Party Transactions [Line Items] |
|
|
|
|
|
|
|
Research and development expenses |
|
|
22,306
|
$ 30,863
|
22,808
|
$ 88,493
|
|
Owed to the company |
|
|
$ 105,022
|
|
$ 105,022
|
|
$ 136,002
|
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- DefinitionPayments for fine, amount.
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v3.24.1.1.u2
Related Party Transactions (Details) - Schedule of Key Management Personnel for Employment Services - USD ($)
|
3 Months Ended |
6 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Officers [Member] |
|
|
|
|
Schedule of Key Management Personnel for Employment Services [Line Items] |
|
|
|
|
Consulting and Directors’ fees |
$ 78,586
|
$ 87,471
|
$ 248,274
|
$ 220,501
|
Share based compensation |
25,854
|
30,188
|
41,555
|
75,380
|
key management personnel compensation |
113,440
|
117,659
|
289,829
|
295,881
|
Directors [Member] |
|
|
|
|
Schedule of Key Management Personnel for Employment Services [Line Items] |
|
|
|
|
Consulting and Directors’ fees |
50,902
|
41,834
|
125,525
|
80,976
|
Share based compensation |
68,669
|
34,029
|
85,890
|
78,124
|
key management personnel compensation |
$ 119,571
|
$ 75,863
|
$ 211,415
|
$ 159,100
|
X |
- DefinitionThe amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]
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v3.24.1.1.u2
v3.24.1.1.u2
Derivative Warrant Liabilities (Details) - USD ($)
|
|
|
|
|
|
|
|
1 Months Ended |
2 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
15 Months Ended |
|
|
|
|
|
|
|
Mar. 22, 2024 |
Feb. 23, 2024 |
Jan. 21, 2024 |
Jan. 16, 2024 |
Dec. 05, 2023 |
Nov. 29, 2023 |
Sep. 24, 2023 |
Mar. 22, 2024 |
Dec. 05, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Oct. 31, 2023 |
Apr. 30, 2024 |
Apr. 03, 2024 |
Nov. 06, 2023 |
Sep. 18, 2023 |
Apr. 06, 2023 |
Feb. 22, 2023 |
Feb. 19, 2023 |
Jan. 16, 2023 |
Derivative Warrant Liabilities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,000
|
45
|
|
|
400
|
44
|
161
|
Convertible common shares |
|
|
|
|
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on revaluation total derivative warrants liabilities (in Dollars) |
|
|
|
|
|
|
|
|
|
$ 405,002
|
$ (360,557)
|
$ 560,145
|
$ (360,557)
|
$ 2,189,986
|
$ 405,002
|
|
|
|
|
|
|
|
April 2023 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Warrant Liabilities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150,191
|
|
|
|
Warrant price per share (in Dollars per share) |
|
|
$ 1.077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible common shares |
20,245
|
|
9.124
|
|
652,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants shares |
2,219
|
|
|
|
71,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 2023 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Warrant Liabilities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
|
Warrant price per share (in Dollars per share) |
|
|
$ 1.077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible common shares |
|
|
4.988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants shares |
|
|
|
|
|
82,138
|
|
16,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised common share |
|
|
|
|
|
|
|
81,469
|
409,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 2024 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Warrant Liabilities [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants issued |
|
|
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant price per share (in Dollars per share) |
|
|
|
$ 1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants shares |
|
30,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercised common share |
|
30,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on revaluation total derivative warrants liabilities (in Dollars) |
|
|
|
|
|
|
|
|
|
|
|
$ (560,145)
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
Derivative Warrant Liabilities (Details) - Schedule of Changes in the Warrants Liability - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
15 Months Ended |
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 30, 2024 |
Apr. 30, 2023 |
Oct. 31, 2023 |
Apr. 30, 2024 |
Schedule of Changes in the Warrants Liability [Line Items] |
|
|
|
|
|
|
Balance at beginning |
|
|
$ 4,310,379
|
|
|
|
Exercise of warrants |
|
|
|
|
(574,040)
|
|
Changes in fair value of warrants |
$ 405,002
|
$ (360,557)
|
560,145
|
$ (360,557)
|
2,189,986
|
$ 405,002
|
Balance at ending |
3,731,799
|
|
3,731,799
|
|
4,310,379
|
3,731,799
|
April 2023 Warrants [Member] |
|
|
|
|
|
|
Schedule of Changes in the Warrants Liability [Line Items] |
|
|
|
|
|
|
Issuance of Warrants |
|
|
|
|
1,771,208
|
|
September 2023 Warrants [Member] |
|
|
|
|
|
|
Schedule of Changes in the Warrants Liability [Line Items] |
|
|
|
|
|
|
Issuance of Warrants |
|
|
|
|
$ 923,225
|
|
January 2024 Warrants [Member] |
|
|
|
|
|
|
Schedule of Changes in the Warrants Liability [Line Items] |
|
|
|
|
|
|
Issuance of Warrants |
|
|
480,004
|
|
|
|
Exercise of warrants |
|
|
(498,439)
|
|
|
|
Changes in fair value of warrants |
|
|
(560,145)
|
|
|
|
Balance at ending |
$ 3,731,799
|
|
$ 3,731,799
|
|
|
$ 3,731,799
|
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v3.24.1.1.u2
Share Capital (Details)
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
|
|
Apr. 03, 2024
USD ($)
shares
|
Jan. 16, 2024
USD ($)
$ / shares
shares
|
Dec. 05, 2023
USD ($)
|
Nov. 06, 2023
USD ($)
shares
|
Sep. 24, 2023
$ / shares
shares
|
Apr. 06, 2023
USD ($)
$ / shares
shares
|
Feb. 22, 2023
USD ($)
shares
|
Feb. 19, 2023
USD ($)
shares
|
Jan. 16, 2023
USD ($)
shares
|
Nov. 14, 2022
USD ($)
$ / shares
shares
|
Apr. 30, 2024
USD ($)
$ / shares
shares
|
Jun. 29, 2024
shares
|
Oct. 31, 2023
shares
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
9,000
|
|
|
45
|
|
|
400
|
44
|
161
|
|
|
|
|
Description of reverse share split |
|
|
|
|
|
|
|
|
|
|
On November 28, 2023, the Company effected a 1-for-30 share consolidation. All share amounts and instruments convertible into common shares prior to the date of the reverse share split have been retroactively restated for all periods presented.
c.
Share transactions during
the six months ended April 30, 2024:
(i)On
November 6, 2023, 45 common shares with a fair value of $117 were issued to providers of investor services in payment of services.
(ii) Between November 29, 2023 and December 5, 2023, April 2023 Warrants and September 2023 Warrants were exercised into 1,062,188 shares, resulting in gross proceeds of $3,498,032. (iii) On January 16, 2024,
the Company completed a registered direct offering and concurrent private placement of (i) 1,468,000 Common Shares, (ii) 32,000 pre-funded
warrants to purchase 32,000 Common Shares and (iii) 1,500,000 unregistered common warrants to purchase 1,500,000 Common Shares. The pre-funded
warrants are immediately exercisable at an exercise price of $0.0001 per Common Share and will not expire until exercised in full. The
unregistered common warrants have an exercise price of $1.60 per Common Share (after giving effect to adjustments and subject to further
adjustments as set forth therein), are immediately exercisable, and expire five years from the date of issuance. These warrants include
a cashless exercise provision and repricing provisions, under certain circumstances (“the January 2024 Offering”). The gross
proceeds from the January 2024 Offering were approximately $2.4 million before deducting estimated offering expenses. Net proceeds from
the offering were $1,824,773. On January 17, 2024, the pre-funded warrants were exercised.
(iv)On February 19, 2024, 44 common shares with a fair value of
$68 were issued to providers of investor services in payment of services.
(v)During the period between February 23, 2024 and March 2, 2024,
April 2023 Warrants, September 2023 Warrants and January 2024 Warrants were exercised into 131,914 shares, for gross proceeds of $157,918.
(vi)On April 3, 2024, 9,000 common shares were issued in respect
of RSU’s that had been fully vested. The RSU’s had a fair value of $11,935 at the time of issuance.
d.
Share transactions during
the six months ended April 30, 2023:
(i) On November 14, 2022, the Company completed an underwritten public offering of
38,462 common shares at a price to the public of $195.00 per share, for aggregate gross proceeds of $7.5 million, prior to deducting underwriting
discounts and offering expenses. The offering closed on November 17, 2022. Net proceeds from the offering were $6,363,906. In addition, the Company granted Aegis
Capital Corp. (“Aegis”), who acted as the underwriters for the deal, a 45-day option to purchase up to 5,769 additional common
shares, equal to 15% of the number of common shares sold in the offering solely to cover over-allotments, if any (“Over-Allotment”).
The public purchase price per additional common share would have been $195.00 per share. The Over-Allotment was not exercised. Aegis received 1,923 underwriter warrants,
(the “Underwriter Warrants”) each such Underwriter Warrant entitling the agents to receive one common share upon payment of
$243.75 per share, exercisable six months after the commencement of sales of this offering and expiring on a date which is no more than
five years after the commencement of sales of the offering. The fair value of the Underwriter Warrants of $337,579 were accounted for
as an issuance cost within the share-based payment reserve. The fair value of the Underwriter Warrants was estimated using the Black-Scholes
option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions: Risk-free interest rate 1.43% Expected life (in years) 5 Expected volatility 150% In connection with the offering, the
Company’s common shares were approved for listing on the Nasdaq and began trading on the Nasdaq (in addition to the CSE) under
the symbol “CMND” on November 15, 2022.
|
|
|
Common shares fair value (in Dollars) | $ |
|
|
|
$ 117
|
|
|
|
$ 68
|
|
|
|
|
|
Exercised shares |
|
|
1,062,188
|
|
|
|
|
|
|
|
131,914
|
|
|
Gross proceeds (in Dollars) | $ |
|
$ 2,400,000
|
$ 3,498,032
|
|
|
|
|
|
|
|
$ 157,918
|
|
|
Underwritten public offering |
|
1,468,000
|
|
|
|
103,249
|
|
|
|
|
|
|
|
Warrants purchase |
|
|
|
|
|
46,942
|
|
|
|
|
|
|
|
Purchase common shares |
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Unregistered common warrants |
|
1,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Expire term |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from the offering (in Dollars) | $ |
|
$ 1,824,773
|
|
|
|
|
|
|
|
|
$ 2,936,079
|
|
|
Fair value of RSU (in Dollars) | $ |
$ 11,935
|
|
|
|
|
|
$ 110,096
|
|
$ 39,975
|
|
|
|
|
Issuance of common share |
|
|
|
|
|
|
|
|
|
38,462
|
|
|
|
Purchase price per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
$ 195
|
|
|
Aggregate gross proceeds (in Dollars) | $ |
|
$ 2,400,000
|
|
|
|
$ 3,500,000
|
|
|
|
$ 7,500,000
|
|
|
|
Additional common shares |
|
|
|
|
|
|
|
|
|
|
5,769
|
|
|
Common shares percentage |
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
|
Received underwriter warrants |
|
|
|
|
|
|
|
|
|
|
1,923
|
|
|
Fair value of underwriter warrants (in Dollars) | $ |
|
|
|
|
|
|
|
|
|
|
$ 337,579
|
|
|
Public per share (in Dollars per share) | $ / shares |
|
|
|
|
|
$ 23.4
|
|
|
|
|
|
|
|
Pre-funded warrants purchased (in Dollars per share) | $ / shares |
|
|
|
|
|
23.37
|
|
|
|
|
|
|
|
Pre-funded warrants were exercisable (in Dollars per share) | $ / shares |
|
|
|
|
|
0.03
|
|
|
|
|
|
|
|
Exercise price per common share (in Dollars per share) | $ / shares |
|
|
|
|
|
$ 23.4
|
|
|
|
|
|
|
|
Exercise price of these warrants was reduced (in Dollars per share) | $ / shares |
|
|
|
|
$ 5.124
|
|
|
|
|
|
|
|
|
Convertible warrant into common shares |
|
|
|
|
4.6
|
|
|
|
|
|
|
|
|
Common Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
3,310,528
|
|
607,337
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
3,310,528
|
|
607,337
|
Purchase common shares |
|
32,000
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
$ 195
|
|
|
|
Net proceeds from offering post (in Dollars) | $ |
|
|
|
|
|
|
|
|
|
$ 6,363,906
|
|
|
|
Payment per share (in Dollars per share) | $ / shares |
|
|
|
|
|
|
|
|
|
|
$ 243.75
|
|
|
Medigus SPA [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
1,494
|
|
Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price (in Dollars per share) | $ / shares |
|
$ 1.6
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Funded Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants purchase |
|
32,000
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price (in Dollars per share) | $ / shares |
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
April 2023 Public Offering Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expire term |
|
|
|
|
|
5 years
|
|
|
|
|
|
|
|
Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
75
|
|
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6 Months Ended |
12 Months Ended |
Apr. 30, 2024
$ / shares
shares
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Oct. 31, 2023
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Schedule of Warrants [Line Items] |
|
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384,369
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19,763
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$ 7.9
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$ 576.66
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1,923
|
|
Weighted average exercise price, Issuance of underwriter warrants |
|
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243.75
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150,191
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[1] |
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|
$ 1.6
|
$ 5.124
|
[1] |
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[2] |
|
250,000
|
|
Weighted average exercise price, Issuance of warrants (in Dollars per share) | $ / shares |
[2] |
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$ 9
|
|
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|
|
75
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|
Weighted average exercise price, Issuance of XYLO warrants |
|
|
1,297.67
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(8,333)
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(11,430)
|
|
Weighted average exercise price, Expiration of warrants |
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98.43
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922.98
|
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(26,153)
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|
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$ 3.04
|
$ 5.124
|
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1,673,625
|
384,369
|
|
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$ 1.53
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$ 7.9
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2,925,075
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|
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Warrants (Details) - Schedule of Warrants Outstanding
|
Apr. 30, 2024
$ / shares
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|
Apr. 30, 2024
$ / shares
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|
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|
|
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1,673,625
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1,673,625
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2,925,075
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1,923
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1,923
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1,923
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1,923
|
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$ 243.75
|
|
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Nov. 17, 2027
|
|
Expiry date November 17, 2027 [Member] | Canada, Dollars |
|
|
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|
|
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|
$ 335.06
|
Expiry date April 5, 2028 [Member] |
|
|
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|
|
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50,299
|
50,299
|
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697,520
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697,520
|
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$ 1.077
|
|
Expiry date |
Apr. 05, 2028
|
|
Expiry date April 5, 2028 [Member] | Canada, Dollars |
|
|
Schedule of Warrants Were Outstanding [Line Items] |
|
|
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|
$ 1.077
|
Expiry date November 23, 2024 [Member] |
|
|
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|
|
Number of warrants outstanding |
75
|
75
|
Number of shares to be issued from the exercise of warrants |
75
|
75
|
Exercise price (in Dollars per share and Dollars per share) | $ / shares |
$ 1,309.47
|
|
Expiry date |
Nov. 23, 2024
|
|
Expiry date November 23, 2024 [Member] | Canada, Dollars |
|
|
Schedule of Warrants Were Outstanding [Line Items] |
|
|
Exercise price (in Dollars per share and Dollars per share) | $ / shares |
|
$ 1,800
|
Expiry date September 17, 2028 [Member] |
|
|
Schedule of Warrants Were Outstanding [Line Items] |
|
|
Number of warrants outstanding |
151,528
|
151,528
|
Number of shares to be issued from the exercise of warrants |
755,757
|
755,757
|
Exercise price (in Dollars per share and Dollars per share) | $ / shares |
$ 1.077
|
|
Expiry date |
Sep. 17, 2028
|
|
Expiry date September 17, 2028 [Member] | Canada, Dollars |
|
|
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|
|
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|
$ 1.077
|
Expiry date January 15, 2025 [Member] |
|
|
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|
|
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1,469,800
|
1,469,800
|
Number of shares to be issued from the exercise of warrants |
1,469,800
|
1,469,800
|
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$ 1.6
|
|
Expiry date |
Jan. 15, 2025
|
|
Expiry date January 15, 2025 [Member] | Canada, Dollars |
|
|
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|
|
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|
$ 1.6
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v3.24.1.1.u2
Stock Options (Details) - Schedule of Changes in Stock Options
|
6 Months Ended |
12 Months Ended |
|
Apr. 30, 2024
$ / shares
shares
|
Apr. 30, 2024
$ / shares
$ / shares
shares
|
Oct. 31, 2023
$ / shares
shares
|
Oct. 31, 2023
$ / shares
shares
|
Apr. 30, 2024
$ / shares
|
Schedule of Changes in Stock Options [Abstract] |
|
|
|
|
|
Number of options Outstanding, Beginning balance (in Shares) |
5,588
|
5,588
|
5,254
|
5,254
|
|
Weighted average exercise price Outstanding, Beginning balance | (per share) |
$ 434.81
|
$ 603.12
|
$ 450.64
|
$ 613.5
|
|
Number of options, Granted (in Shares) |
|
|
334
|
334
|
|
Weighted average exercise price, Granted | (per share) |
|
|
$ 318.81
|
$ 442.22
|
|
Number of options Outstanding, Ending balance (in Shares) |
5,521
|
5,521
|
5,588
|
5,588
|
|
Weighted average exercise price Outstanding, Ending balance | (per share) |
$ 437.73
|
$ 601.7
|
$ 434.81
|
$ 603.12
|
|
Number of options Outstanding, Exercisable (in Shares) |
4,803
|
4,803
|
|
|
|
Weighted average exercise price Outstanding, Exercisable | (per share) |
$ 439.41
|
$ 439.41
|
|
|
$ 604.01
|
Number of options, Expired (in Shares) |
(67)
|
(67)
|
|
|
|
Weighted average exercise price, Expired | (per share) |
$ 533.14
|
$ 720
|
|
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v3.24.1.1.u2
Stock Options (Details) - Schedule of Additional Information Regarding Stock Options Outstanding
|
6 Months Ended |
|
Apr. 30, 2024
$ / shares
|
Apr. 30, 2024
$ / shares
|
Stock Outstanding [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
5,521
|
5,521
|
Weighted average remaining contractual life (years) Outstanding |
5 years 1 month 28 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 437.73
|
$ 601.7
|
Stock Outstanding [Member] | 533 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
533
|
533
|
Weighted average remaining contractual life (years) Outstanding |
2 years 25 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 121.13
|
$ 166.5
|
Stock Outstanding [Member] | 978 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
978
|
978
|
Weighted average remaining contractual life (years) Outstanding |
7 years 9 months 3 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 366.65
|
$ 504
|
Stock Outstanding [Member] | 1,166 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
1,166
|
1,166
|
Weighted average remaining contractual life (years) Outstanding |
2 years 25 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 491.05
|
$ 675
|
Stock Outstanding [Member] | 200 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
200
|
200
|
Weighted average remaining contractual life (years) Outstanding |
5 years
|
|
Weighted average exercise price Outstanding | (per share) |
$ 510.69
|
$ 702
|
Stock Outstanding [Member] | 133 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
133
|
133
|
Weighted average remaining contractual life (years) Outstanding |
2 years 4 months 20 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 543.43
|
$ 747
|
Stock Outstanding [Member] | 422 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
422
|
422
|
Weighted average remaining contractual life (years) Outstanding |
7 years 7 months 9 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 445.22
|
$ 612
|
Stock Outstanding [Member] | 1,044 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
1,044
|
1,044
|
Weighted average remaining contractual life (years) Outstanding |
7 years 9 months 3 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 523.79
|
$ 720
|
Stock Outstanding [Member] | 667 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
667
|
667
|
Weighted average remaining contractual life (years) Outstanding |
2 years 2 months 1 day
|
|
Weighted average exercise price Outstanding | (per share) |
$ 549.98
|
$ 756
|
Stock Outstanding [Member] | 111 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
111
|
111
|
Weighted average remaining contractual life (years) Outstanding |
7 years 7 months 9 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 654.74
|
$ 900
|
Stock Outstanding [Member] | 61 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
61
|
61
|
Weighted average remaining contractual life (years) Outstanding |
9 years 25 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 229.16
|
$ 315
|
Stock Outstanding [Member] | 156 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
156
|
156
|
Weighted average remaining contractual life (years) Outstanding |
9 years 1 month 28 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 366.65
|
$ 504
|
Stock Outstanding [Member] | 50 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Outstanding |
50
|
50
|
Weighted average remaining contractual life (years) Outstanding |
9 years 2 months 8 days
|
|
Weighted average exercise price Outstanding | (per share) |
$ 23.4
|
$ 32.17
|
Stock Exercisable [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
4,803
|
4,803
|
Weighted average exercise price, Exercisable | (per share) |
$ 439.41
|
$ 604.01
|
Stock Exercisable [Member] | 533 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
489
|
489
|
Weighted average exercise price, Exercisable | (per share) |
$ 121.13
|
$ 166.5
|
Stock Exercisable [Member] | 978 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
795
|
795
|
Weighted average exercise price, Exercisable | (per share) |
$ 366.65
|
$ 504
|
Stock Exercisable [Member] | 1,166 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
1,110
|
1,110
|
Weighted average exercise price, Exercisable | (per share) |
$ 491.05
|
$ 675
|
Stock Exercisable [Member] | 200 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
174
|
174
|
Weighted average exercise price, Exercisable | (per share) |
$ 510.69
|
$ 702
|
Stock Exercisable [Member] | 133 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
133
|
133
|
Weighted average exercise price, Exercisable | (per share) |
$ 543.43
|
$ 747
|
Stock Exercisable [Member] | 422 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
422
|
422
|
Weighted average exercise price, Exercisable | (per share) |
$ 445.22
|
$ 612
|
Stock Exercisable [Member] | 1,044 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
783
|
783
|
Weighted average exercise price, Exercisable | (per share) |
$ 523.79
|
$ 720
|
Stock Exercisable [Member] | 667 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
611
|
611
|
Weighted average exercise price, Exercisable | (per share) |
$ 549.98
|
$ 756
|
Stock Exercisable [Member] | 111 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
93
|
93
|
Weighted average exercise price, Exercisable | (per share) |
$ 654.74
|
$ 900
|
Stock Exercisable [Member] | 61 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
46
|
46
|
Weighted average exercise price, Exercisable | (per share) |
$ 229.16
|
$ 315
|
Stock Exercisable [Member] | 156 [Member] |
|
|
Schedule of Additional Information Regarding Stock Options Outstanding [Line Items] |
|
|
Number of stock options, Exercisable |
130
|
130
|
Weighted average exercise price, Exercisable | (per share) |
$ 366.65
|
$ 504
|
Stock Exercisable [Member] | 50 [Member] |
|
|
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|
|
Number of stock options, Exercisable |
17
|
17
|
Weighted average exercise price, Exercisable | (per share) |
$ 23.4
|
$ 32.17
|
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v3.24.1.1.u2
Restricted Share Units (Details) - USD ($)
|
6 Months Ended |
|
|
|
|
|
Apr. 30, 2024 |
Apr. 30, 2023 |
Apr. 03, 2024 |
Nov. 06, 2023 |
Feb. 22, 2023 |
Feb. 19, 2023 |
Jan. 16, 2023 |
Restricted Share Units [Line Items] |
|
|
|
|
|
|
|
Restricted shares units, issued |
|
|
9,000
|
45
|
400
|
44
|
161
|
Fair value consultants |
$ 267,346
|
$ 77,632
|
|
|
|
|
|
RSU's [Member] |
|
|
|
|
|
|
|
Restricted Share Units [Line Items] |
|
|
|
|
|
|
|
Restricted shares units, issued |
200,784
|
|
|
|
|
|
|
Consultants, Directors and Officers [Member] | RSU's [Member] |
|
|
|
|
|
|
|
Restricted Share Units [Line Items] |
|
|
|
|
|
|
|
Restricted shares units, issued |
437,765
|
|
|
|
|
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v3.24.1.1.u2
Restricted Share Units (Details) - Schedule of Changes in RSUs - Restricted Stock Units [Member]
|
6 Months Ended |
12 Months Ended |
Apr. 30, 2024
$ / shares
shares
|
Apr. 30, 2024
$ / shares
shares
|
Oct. 31, 2023
$ / shares
shares
|
Oct. 31, 2023
$ / shares
shares
|
Schedule of Changes in RSUs [Line Items] |
|
|
|
|
|
|
Number of RSUs, Beginning balance |
|
|
|
|
|
|
Weighted average issue price, Beginning balance | (per share) |
|
|
|
|
|
|
Number of RSUs, Granted |
437,765
|
[1] |
437,765
|
[1] |
2,200
|
2,200
|
Granted, Weighted average issue price, Granted | (per share) |
$ 1.29
|
[1] |
$ 1.78
|
[1] |
$ 41.46
|
$ 55.97
|
Number of RSUs, Vested |
(200,784)
|
|
(200,784)
|
|
(2,200)
|
(2,200)
|
Vested, Weighted average issue price, Vested | (per share) |
$ 1.33
|
|
$ 1.8
|
|
$ 41.46
|
$ 55.97
|
Number of RSUs, Ending Balance |
236,981
|
|
236,981
|
|
|
|
Weighted average issue price, Ending Balance | (per share) |
$ 1.28
|
|
$ 1.76
|
|
|
|
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v3.24.1.1.u2
Financial Instruments and Risk Management (Details) - Schedule of Assets and Liabilities Measured at Fair Value - Recurring fair value measurement [member] - USD ($)
|
Apr. 30, 2024 |
Oct. 31, 2023 |
Financial Instruments and Risk Management [Line Items] |
|
|
Derivative warrants liability |
$ 3,731,799
|
$ 4,310,379
|
Short-term investment |
|
86,112
|
Quoted prices in active markets for identical instruments (Level 1) [Member] |
|
|
Financial Instruments and Risk Management [Line Items] |
|
|
Derivative warrants liability |
|
|
Short-term investment |
|
86,112
|
Significant other observable inputs (Level 2) [Member] |
|
|
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|
|
Derivative warrants liability |
|
|
Short-term investment |
|
|
Significant unobservable inputs (Level 3) [Member] |
|
|
Financial Instruments and Risk Management [Line Items] |
|
|
Derivative warrants liability |
$ 3,731,799
|
4,310,379
|
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|
|
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v3.24.1.1.u2
Financial Instruments and Risk Management (Details) - Schedule of Contractual Maturities of Financial Liabilities - USD ($)
|
Apr. 30, 2024 |
Oct. 31, 2023 |
Financial Instruments and Risk Management [Line Items] |
|
|
Accounts payable and accrued liabilities |
$ 421,156
|
$ 617,004
|
Due to related parties |
47,009
|
42,433
|
Total |
468,165
|
659,437
|
Within 1 year [Member] |
|
|
Financial Instruments and Risk Management [Line Items] |
|
|
Accounts payable and accrued liabilities |
421,156
|
617,004
|
Due to related parties |
47,009
|
42,433
|
Total |
468,165
|
659,437
|
Within 2-5 years [Member] |
|
|
Financial Instruments and Risk Management [Line Items] |
|
|
Accounts payable and accrued liabilities |
|
|
Due to related parties |
|
|
Total |
|
|
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- DefinitionThe amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]
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v3.24.1.1.u2
Commitments (Details) - USD ($)
|
Mar. 30, 2024 |
Mar. 19, 2024 |
Jan. 15, 2024 |
Commitments [Line Items] |
|
|
|
Percentage of royalties |
3.00%
|
3.00%
|
2.50%
|
Annual license fee |
$ 25,000
|
$ 25,000
|
|
Payment from company |
600,000
|
600,000
|
|
Bottom of range [member] |
|
|
|
Commitments [Line Items] |
|
|
|
Annual license fee |
35,000
|
35,000
|
|
Top of range [member] |
|
|
|
Commitments [Line Items] |
|
|
|
Annual license fee |
50,000
|
50,000
|
|
Yissum Research Development Company [Member] |
|
|
|
Commitments [Line Items] |
|
|
|
Payment from company |
$ 400,000
|
$ 400,000
|
|
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- DefinitionThe amounts payable to the transferee in respect of transferred financial assets other than the undiscounted cash outflows that would or may be required to repurchase derecognised financial assets (for example, the strike price in an option agreement). [Refer: Financial assets]
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- DefinitionThe amount of fees paid or payable for professional services.
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