Mijem Newcomm Tech : Interim financial statements/report

Mijem Newcomm Tech Inc.

Interim Condensed Consolidated Financial Statements For the nine months ended April 30, 2023 and 2022 (unaudited)

To our Shareholders

The accompanying unaudited interim condensed consolidated financial statements of Mijem Newcomm Tech Inc. ("MNTI") have been prepared by and are the responsibility of MNTI management in accordance with International Accounting Standards ("IAS") 34, Interim Financing Reporting as issued by the International Accounting Standards Board. These unaudited interim condensed consolidated financial statements do not include all the information and notes required by International Financial Reporting Standards ("IFRS") for annual financial statements and should be read in conjunction with Mijem Newcomm Tech Inc.'s annual financial statements and notes for July 31, 2022.

Mijem Newcomm Tech Inc.

Interim Condensed Consolidated Statements of Financial Position

As at April 30, 2023 and July 31, 2022

Expressed in Canadian Dollars (Unaudited)

As at	Note	Apr 30, 2023	Jul 31, 2022
		$	$
ASSETS
Current:
Cash		46,314	429,883
Short-term investment		5,000	33,000
Government remittances recoverable		15,554	96,482
Prepaid expenses		244	77,332
		67,112	636,697
Non-Current
Equipment	7	-	998
Intangible assets	8	37,551	43,936
		37,551	44,934
TOTAL ASSETS		104,663	681,631
LIABILITIES
Current:
Accounts payable and accrued liabilities	9	259,357	163,007
		259,357	163,007
TOTAL LIABILITES		259,357	163,007
SHAREHOLDERS' DEFICIENCY
Share capital	10	6,271,777	6,271,777
Warrants reserve	10	117,874	117,874
Options reserve	10	393,806	377,746
Contributed surplus	10	538,714	501,333
Deficit		(7,476,865)	(6,750,106)
TOTAL SHAREHOLDERS' DEFICIENCY		(154,694)	518,624
		104,663	681,631

These interim condensed consolidated financial statements were approved for issue on June 20th, 2023 by the board of directors and signed on its behalf by:

"Phuong Dinh"	"Alex Pekurar"
Director	Director

- 3 -

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Mijem Newcomm Tech Inc.

Interim Condensed Consolidated Statements of Loss and Comprehensive Loss

For the Nine Months Ended April 30, 2023 and 2022

Expressed in Canadian Dollars (Unaudited)

			Three Months		Nine Months
	Note		2023	2022		2023	2022
REVENUE			-	5,623		-	5,623
EXPENSES		596		94,314
Advertising and promotion		161,436	314,286
Corporate management		12,355	105,508	133,473	260,884
Salaries		11,837	101,452	126,532	198,522
Research and development expense (recovery)		10,488	73,348	102,210	217,937
Share based compensation	10	8,598	26,584	53,441	267,771
Interest		814	-	1,763	24,148
Professional fees		12,729	18,811	49,232	96,702
Regulatory fees		4,279	(941)	25,645	13,204
Communication		2,817	4,629	23,288	10,790
Amortization of intangible assets	8	1,990	1,990	5,972	5,972
Office and sundry expense		2,130	3,613	13,972	6,220
Bank charges		718	1,347	2,237	1,902
Insurance		29,887	20,625	95,216	24,705
Rent		150	750	450	3,524
Depreciation of Equipment	7	-	324	132	972
Listing expense	4	-	-	-	783,042
TOTAL EXPENSES		99,388	519,476	727,877	2,230,581
LOSS BEFORE THE FOLLOWING ITEMS		(99,388)	(513,853)	(727,877)	(2,224,958)
Interest income		146	747	2,046	1,412
Gain on sales of fixed assets		-	-	106	-
Revaluation of cryptocurrency		-	(713)	(412)	(2,779)
Government assistance		-	-	-	(2,038)
Foreign currency translation loss		11	(425)	(622)	(4,870)
Change in fair value of derivative liability		-	-	-	59,041
Accretion expense			-	-		-	(35,445)
NET LOSS AND COMPREHENSIVE LOSS		(99,231)	(514,244)	(726,759)	(2,209,637)
Basic and diluted loss per share		(0.0036)	(0.0189)	(0.0262)	(0.1162)
Weighted average number of basic common
shares outstanding			27,787,636	27,183,557		27,787,636	19,023,658

- 4 -

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Mijem Newcomm Tech Inc.

Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficiency)

For the Nine Months Ended April 30, 2023 and 2022

Expressed in Canadian Dollars (Unaudited)

	Number of	Share capital	Warrant	Option	Contributed surplus	Deficit	Total
Note	shares	capital	reserve	reserve	surplus
		$	$	$	$	$	$
As at July 31,2021	11,333,989	2,769,487	416,314	76,828	29,615	(3,973,951)	(681,707)
Shares issued on conversion of promisory notes	4,124,428	667,278					667,278
Shares issued for cash	9,946,630	2,344,849					2,344,849
Equity issued for amalgamation	2,441,624	610,406	86,286	27,065			723,757
Broker warrants issued		(65,282)	65,282				-
Exercise of warrants	295,168	25,067	(24,984)				83
Redemption of shares	(354,203)	(80,028)			15,028		(65,000)
Share based compensation				267,771			267,771
Expiry of warrants			(425,024)		425,024		-
Expiry of options				(31,666)	31,666		-
Net loss and comprehensive loss for the period						(2,209,637)	(2,209,637)
As at April 30, 2022	27,787,636	6,271,777	117,874	339,998	501,333	(6,183,588)	1,047,394
As at July 31, 2022	27,787,636	6,271,777	117,874	377,746	501,333	(6,750,106)	518,624
Share based compensation				53,441			53,441
Expiry of options				(37,381)	37,381		-
Net loss and comprehensive loss for the period						(726,759)	(726,759)
As at April 30, 2023	27,787,636	6,271,777	117,874	393,806	538,714	(7,476,865)	(154,694)

- 5 -

The accompanying notes are an integral part of these interim condensed consolidated financial statements.