Mijem Newcomm Tech Inc.

Interim Condensed Consolidated Financial Statements For the six months ended January 31, 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 January 31, 2023 and July 31, 2022

Expressed in Canadian Dollars (Unaudited)

As at

Note

January 31, 2023

July 31, 2022

ASSETS

$

Current:

52,839

Cash

429,883

Short-term investment

33,000

33,000

Government remittances recoverable

28,989

96,482

Prepaid expenses

13,522

77,332

150,526

636,697

Non-Current

-

Equipment

7

998

Intangible assets

8

39,542

43,936

39,542

44,934

TOTAL ASSETS

190,068

681,631

LIABILITIES

Current:

254,129

Accounts payable and accrued liabilities

9

163,007

254,129

163,007

TOTAL LIABILITES

254,129

163,007

SHAREHOLDERS' DEFICIENCY

6,271,777

Share capital

6,271,777

Warrants reserve

117,874

117,874

Options reserve

385,208

377,746

Contributed surplus

538,714

501,333

Deficit

(7,377,634)

(6,750,106)

TOTAL SHAREHOLDERS' DEFICIENCY

(64,061)

518,624

190,068

681,631

These interim condensed consolidated financial statements were approved for issue on March 7, 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 Six Months Ended January 31, 2023 and 2022

Expressed in Canadian Dollars (Unaudited)

Three Months

Six Months

Note

2023

2022

2023

2022

REVENUE

-

-

-

-

EXPENSES

7,898

93,718

Advertising and promotion

69,862

152,850

Corporate management

40,464

97,901

121,118

155,376

Salaries

37,427

43,859

114,695

97,070

Research and development expense (recovery)

(3,565)

56,360

91,722

144,589

Share based compensation

10

19,477

232,908

44,843

241,187

Interest

949

11,139

949

24,148

Professional fees

13,623

47,275

36,503

77,891

Regulatory fees

12,992

4,630

21,366

14,145

Communication

13,296

4,328

20,471

6,161

Amortization of intangible assets

8

1,991

1,991

3,982

3,982

Office and sundry expense

10,267

666

11,842

2,607

Bank charges

662

298

1,519

555

Insurance

32,684

2,037

65,329

4,080

Rent

150

1,260

300

2,774

Depreciation of Equipment

7

-

324

132

648

Listing expense

4

-

783,042

-

783,042

TOTAL EXPENSES

188,315

1,357,880

628,489

1,711,105

LOSS BEFORE THE FOLLOWING ITEMS

(188,315)

(1,357,880)

(628,489)

(1,711,105)

Interest income

490

555

1,900

665

Gain on sales of fixed assets

77

-

106

-

Revaluation of cryptocurrency

-

(3,145)

(412)

(2,066)

Government assistance

-

(2,038)

-

(2,038)

Foreign currency translation loss

(64)

(4,445)

(633)

(4,445)

Change in fair value of derivative liability

-

(32,592)

-

59,041

Accretion expense

-

(12,746)

-

(35,445)

NET LOSS AND COMPREHENSIVE LOSS

(187,812)

(1,412,291)

(627,528)

(1,695,393)

Basic and diluted loss per share

(0.0068)

(0.1246)

(0.0226)

(0.1152)

Weighted average number of basic common shares

outstanding

27,787,636

11,333,989

27,787,636

14,713,507

- 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 Six Months Ended January 31, 2023 and 2022

Expressed in Canadian Dollars (Unaudited)

Number of

Share

Warrant

Option

Contributed

Note

shares

capital

reserve

reserve

surplus

Deficit

Total

$

$

$

$

$

$

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

241,187

241,187

Expiry of warrants

(338,738)

338,738

-

Net loss and comprehensive loss for the period

(1,695,394)

(1,695,394)

As at January 31, 2022

27,787,636

6,271,777

204,160

345,080

383,381

(5,669,345)

1,535,053

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

44,843

44,843

Expiry of options

(37,381)

37,381

-

Net loss and comprehensive loss for the period

(627,528)

(627,528)

As at January 31, 2023

27,787,636

6,271,777

117,874

385,208

538,714

(7,377,634)

(64,061)

- 5 -

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

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Mijem Newcomm Tech Inc. published this content on 07 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 16:30:05 UTC.