Mijem Newcomm Tech : MD&A

MIJEM NEWCOMM TECH INC. 2023 MD&A

Management's Discussion and Analysis

The following Management's Discussion and Analysis ("MD&A") for Mijem Newcomm Tech Inc. ("MNTI" or the "Company") should be read in conjunction with the Company's interim condensed consolidated financial statements, and the accompanying notes, as at and for the period ended April 30, 2023, which have been filed with certain securities regulatory authorities in Canada and may be accessed through the SEDAR website at www.sedar.com(under Mijem's profile). References in this MD&A to the Company's financial position and results of operations are presented on a consolidated basis and include the accounts of the Company and its wholly owned subsidiary, Mijem Inc. The Company's consolidated financial statements, including the notes thereto, and the financial information presented in this MD&A have been prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts are stated in Canadian currency unless otherwise indicated. This MD&A is dated as of June 20, 2023. Whenever used in this MD&A, the term "Common Shares" means common shares in the capital of the Company.

The content of this MD&A has been approved by the board of directors of the Company (the "Board" or "Board of Directors"), on the recommendation of its Audit Committee.

Further information concerning the Company and its business and operations may be obtained from continuous disclosure materials filed by the Company from time-to-time with certain securities regulatory authorities in Canada. These continuous disclosure materials are available through the Company's website at investor.mijem.comor through the SEDAR website at www.sedar.com(under Mijem's profile).

Forward Looking Statements And Disclaimer

Certain information set out in this MD&A constitutes forward-looking information. Forward- looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "hope", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "scheduled", "believe" and similar expressions.

Forward-looking statements are based upon the opinions, expectations and estimates of management and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include such things as the Company's current stage of development, the lack of a track record with respect to the generation of revenues from performance-based arrangements with customers, its reliance on third parties and third party technology, the existence of competition, the availability of external financing, the inherent risks associated with research and development activities and commercialization of emerging technologies (such as lack of market acceptance), timing of execution of various elements of the Company's business plan, the availability of human resources, the emergence of competing business models, new laws (domestic or foreign), lack of acceptance by customers, management's estimates of project requirements being incorrect, information received from third parties with respect to anticipated transaction volumes being incorrect, a lack of advertising sources for integration into the Company's platform, management's understanding of the competitive and regulatory environment being incorrect and the other risk factors noted below under the heading "Business Risks and Uncertainties". Accordingly, readers should not place undue reliance upon theforward-lookinginformation contained herein and theforward-lookingstatements contained in this MD&A should not be considered or interpreted as guarantees of future outcomes or results.

The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements set out in this MD&A and, subject to applicable securities laws, does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Mijem's forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statement.

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MIJEM NEWCOMM TECH INC. 2023 MD&A

Overview

Mijem is a social network and technology company that provides innovative solutions to create a vibrant social marketplace platform for Generation Z communities such as students to connect with their peers, and to efficiently buy, sell and trade goods and services on and off campus. Mijem's flagship technology helps thousands of university and college students across the United States and Canada to connect online and to engage in campus centric commerce. Accordingly, the current addressable market for Mijem is the North American post-secondary education student population and their Generation Z peers.

Users of Mijem can use Mijem's buy-sell marketplace to browse articles for sale posted by other Mijem members or post their own items for sale. These articles, called "gems", span textbooks, jewellery, sporting goods, clothing, electronics, furniture, concert tickets and more. Through Mijem's social networking tools, users may also post upcoming events, look for a roommate, a rideshare, or offer services such as tutoring to other students.

Mijem's technology is intended to make it easy for students and their Generation Z peers to find items for sale and save money. To make the buying and selling experience more efficient and customized, Mijem provides its users the ability to join one or more relevant local communities, which typically includes their own college or university campus. To list an item for sale, sellers simply snap a photo, add a description and proposed price and then upload it to their chosen communities. With a few clicks, prospective buyers can easily browse "local" and wishlist their favourites from thousands of gems posted by fellow community members for future reference.

The social technology of Mijem is built to promote trust and safety. Users of Mijem may follow their friends and peek at a member's profile, peer reviews, and posted gems. Other features include the ability to message Mijem members, ask questions, and make counter offers on items listed for sale. Ultimately, users may build communities with like-minded peers in their class, university, college, or city.

An important feature of Mijem's marketplace platform is that it provides users the ability to have a seamless in-app payment experience to process transactions and an optional shipping service, paid for by the buyer, for those who prefer a contactless approach. When the transaction is successfully made using the in-app payment system, Mijem charges a service fee to the seller.

Mijem is committed to building loyal Mijem community members. Through its loyalty program, buyers and sellers earn 1 point for every US dollar transacted on the Mijem platform, which can be redeemed for Bitcoin SV cryptocurrency via an integrated digital wallet. Mijem purchases Bitcoin SV from third party markets such as HandCash.io and allows users to exchange their earned Mijem loyalty rewards points into Bitcoin SV and transfer them to defined wallet addresses owned by Mijem users. For further clarity, Mijem is not a cryptocurrency service provider, Mijem does not trade cryptocurrency as part of its core profit- seeking commercial operations, and Mijem does not operate cryptocurrency wallets. Mijem is merely offering Bitcoin SV as a loyalty reward offering through third party wallet providers such as HandCash.io.

During this period, Mijem launched two new monetization features: in-app paid advertising and sponsorships, that enable brands and other advertisers who are interested in reaching the Generation Z and college/university demographic to promote their goods or services on the Mijem platform, and live event promotions which allows Mijem users to browse and purchase tickets to local events through a new affiliate marketing partnership with Ticketmaster. Since the initial launch, the Company was subsequently awarded a patent for its collections methods of online data - which will add efficiencies for engaging and advertising to consumers.

Overall Performance

In March 2020, the World Health Organization declared COVID-19 a global pandemic. To date, the Canadian and US governments as well as businesses have mandated various public health measures to combat COVID-19. This contagious disease outbreak, which has continued to spread and has resulted in various variants emerging, and many related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn.

As vibrant campus life is conducive to the Company's marketing and brand development efforts, the Company was impacted negatively by the COVID-19 pandemic through the shutdown of college and university campuses. As campus life has now

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MIJEM NEWCOMM TECH INC. 2023 MD&A

returned to normal, the most significant impacts of the COVID-19 pandemic are considered to have passed but it is not possible to predict the timing, duration, or magnitude of further outbreaks of the pandemic or lockdowns of campus life. The Company's operations and business will be impacted should new or further public health restrictions be imposed on university and college campuses.

In the Nine-month period ended April 30, 2023, Mijem had a net loss of $726,759 when compared to the same period in the 2022 fiscal year, where the Company had a net loss of $2,209,637. Corporate management fees, salaries, and Professional fees accounted for $309,237 of those losses, and Share based compensation accounted for $53,441. During this period Mijem continued its Advertising and promotion campaign which accounted for $94,314 and continued its focus on expanding and enhancing application functionality and features, accounting for $102,210 in Research & development costs, which included a recovery of $22,037 from Scientific Research and Experimental Development (SR&ED) credits.

During this period, the Company received final confirmation from the United States Patent and Trademark Office of the granting of the Company's application to patent its proprietary method for the collection and processing of online data (U.S application number 15/509,979). As a result of this patent being granted, the Company has decided to focus on a more fulsome implementation of this patented technology; with efficient and new ways to engage and advertise to Generation Z consumers.

As part of this strategic re-focus, the Company's CEO, Laurie Freudenberg, and CFO, Gord Tomkin, resigned effective March 17, 2023. Ms. Freudenberg continues to serve as a Director of Mijem and Stephen Coates, a current Director, assumed the role of CEO on an interim basis. Grove Corporate Services Ltd. ("Grove"), a company controlled by Mr. Coates, has been retained to provide corporate administrative and management services through this transition period, including the appointment of Jordan Domey CPA-CA, as interim CFO.

Selected Information

The following table sets out selected financial and share information of the Company as at April 30, 2023, and April 30, 2022 and April 30, 2021. Weighted average shares outstanding and Loss per share have been adjusted to reflect all amalgamations, splits, consolidations, and reallocations to April 30, 2023.

	Nine Months (Unaudited)
Nine months Ended April 30,	2023	2022	2021
	$	$	$
REVENUE	0	5,623	6,423
EXPENSES
Listing Expense	-	783,042	-
Advertising and promotion	94,314	314,286	19,729
Share based compensation	53,441	267,771	74,395
Corporate management	133,473	260,884	88,353
Research and development expense (recovery)	102,210	217,937	(61,729)
Salaries	126,532	198,522	108,084
Professional fees	49,232	96,702	15,404
Other Operating Costs	168,675	91,437	41,972
TOTAL EXPENSES	727,877	2,230,581	286,208
LOSS BEFORE THE FOLLOWING ITEMS	(727,877)	(2,224,958)	(279,785)
Interest income	2,046	1,412	14
Gain on sales of fixed assets	106	-	-
Revaluation of cryptocurrency	(412)	(2,779)	(227)
Government assistance	-	(2,038)	5,473
Foreign currency translation loss	(622)	(4,870)	-
Change in fair value of derivative liability	-	59,041	15,671
Accretion expense	-	(35,445)	(8,189)
NET LOSS AND COMPREHENSIVE LOSS	(726,759)	(2,209,637)	(267,043)
Basic and diluted loss per share	(0.0262)	(0.1162)	(0.0256)
Weighted average number of basic common shares
outstanding	27,787,636	19,023,658	10,439,746

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MIJEM NEWCOMM TECH INC. 2023 MD&A

Results Of Operations

Application Key Metrics

Year	April 2023	April 2022	April 2021
Total cumulative downloads (000's)	167	144	115

For the period ended April 30, 2023, on-campus learning, and activities had resumed at most colleges and universities across Canada and the United States. Mijem continued its user acquisition promotional and marketing initiatives, focusing primarily on public relations, paid media and social media channels, resulting in a 18% increase in year over year download growth.

Mijem normally sees a fluctuation in downloads that follows the school semester cycle, with summer months producing a reduction in download growth rates, followed by increased growth at the beginning of the school year.

Revenues

Mijem has not recognized any revenue for the period ending April 30, 2023. Revenue in the comparative periods for 2022 was $5,623.

Advertising and Promotion

Mijem's Advertising and promotion expenses were $94,314 for the period ended April 30, 2023. For the same period in 2022 the expense was $314,286. Advertising and promotion also includes those costs associated with investor relations and public relations expenses incurred as a result of being a public company.

Share Based Compensation

Share based compensation expense in the first nine months accounted for an additional $53,441 of expense related to options issued in prior periods, but not yet vested. For the same period in the 2022 year the expense was $267,771.

Corporate Management

Corporate management fees for the nine months ended April 30, 2023, were $133,473 (2022 $260,884). These management fees include the full-time and part-time contract of the COO/CFO, and part-time contracts of the VP Capital Strategy and other additional short-term resources, along with any recruitment placement fees.

Research and Development,

Technology development and market research was performed by consultants and contractors. These costs for the nine months ended April 30, 2023, was $102,210 while the same period in 2022 showed an expense of $217,937. Scientific Research and Experimental Development (SR&ED) credits were applied as credits against Research and Development and for the nine months ended April 30, 2023 was $22,037, in the same period in 2022 the were no SR&D credit received however we did receive grants from Northern Ontario Heritage Fund Corporation (NOHFC) grant in the amount of $20,477.

While these grants and credits were available in the 2022 fiscal year, with the majority of our research and development work now outsourced to near shore contractors it is not anticipated that any grants or recoveries will be available for our current fiscal year.

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MIJEM NEWCOMM TECH INC. 2023 MD&A

Salaries

Salary and wage costs consist of employee salaries. For the Nine months ended April 30, 2023, Salaries were $126,532 compared to $198,522 in 2022. The average number of employees for the nine months ended April 30, 2023 and January 2022 was two. Mijem terminated one employee in November and anticipates that Salaries expense will be reduced as we proceed with a lower employee count.

Professional Fees

The Professional fees for the nine months ended April 30, 2023, were $49,232 (2022 - $96,702). Legal fees accounted for $13,592 of this total and Accounting and Audit for $35,640. Accounting and Audit fees include accrued amounts expected to be associated with the 2023 Audit.

Other Operating Costs

Other operating costs consist primarily of Interest expense, Amortization, Rent, Insurance, and Office expense. Other operating costs for the Nine months ended April 30, 2023, totaled $168,675 compared to $91,437 in 2022.

With long term loans paid off in 2022 the interest expense has been significantly reduced, and as we currently expect to continue with a largely virtual operations model, we anticipate only modest rent expenditures related to a mailing address. We are seeing an increase in insurance, which is associated with our status as a new publicly trading company.

The following table provides a breakdown of other operating costs:

Three months Ended April 30,	2023	2022	2021
Insurance	95,216	24,705	6,094
Regulatory Fees	25,645	13,204	-
Communication	23,288	10,790	1805
Amortization of intangible assets	5,972	5,972	2,993
Office and sundry expense	13,972	6,220	870
Bank charges	2,237	1,902	6834
Rent	450	3,524	4,543
Depreciation of Furniture and Equipment	132	972	3,670
Interest	1763	24148	15,163
Total Other operating Costs	168,675	91,437	41,972

Operating Gain Loss

Mijem's operating loss for the nine months ended April 30, 2023, was $727,877 compared to $2,230,581 in 2022. The prior year included a Listing expense of a one-time cost of $783,042.

Net Loss and Comprehensive Loss

Mijem's net loss for the nine months ended April 30, 2023, was $726,759 ($0.0262) per share on 27,787,636 weighted average shares) compared to a loss of $2,209,637 ($0.1162 per share on 19,023,658 weighted average shares) in the same period in 2022.

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