Insig AI
plc / EPIC: INSG / Market: AIM
19 December 2024
INSIG AI
PLC
("INSG" or the
"Company")
Unaudited Interim Results for
the Six Months ended 30 September 2024
Insig AI plc (AIM:INSG), the data
science and machine learning solutions company serving the asset
management industry, is pleased to announce its unaudited interim
results for the six months ended 30 September 2024 ("H1-24") and to
provide an update on the Company's progress post the half year
end.
Highlights
· Adjusted EBITDA loss of £0.4 million in H1-24 (H1-23: £0.4
million, which benefitted from the contribution of the now disposed
Sport in Schools business)
· Quadrupling of pipeline of new sales prospects in the last six
weeks, to in excess of £2.5 million
· Progressing discussions with potential strategic
partners
· Increasing visibility of regulatory tailwinds: Corporate
Sustainability Reporting Directive effective from January
2025
· Cash
of £0.2 million (30 September 2023: £0.7 million) but £0.3 million
R&D tax refund received post period end (whilst £0.5 million
refund received pre-period end in H1-23)
Richard Bernstein, CEO commented: "I am pleased to report that since the period end, we
have seen year on year revenue growth, a dramatic increase in our
sales pipeline, broadening engagement with regulators and incoming
requests for proposals to meet business needs as a result of a strategic business development shift.
Alongside structural tailwinds within the markets we address, we
can look forward to 2025 with confidence."
For further information, please
visit www.insig.ai or contact:
Insig AI plc
|
richard.bernstein@insig.ai
|
Richard Bernstein
|
|
|
|
Zeus (Nominated Adviser &
Broker)
|
+44 (0)20 3829 5000
|
David Foreman / James
Hornigold
|
|
Chief Executive's Report
Dear Shareholders, it is now a
little over six months since I became Chief Executive. In
September, I set out the corrective actions that I had started to
put in place. I am pleased to report on early indicators of
meaningful progress. Whist I have previously referred to sales
cycles in emerging technologies taking up to 18 months, over the
last six weeks, our pipeline of new sales prospects has quadrupled
to in excess of £2.5 million, due to a newly implemented business
development strategy and a clearly defined value proposition. This
is not only a function of providing focussed offerings where there
are clear business requirements but a transformation in how we are
accessing and engaging with these potential customers. This augurs
well for 2025.
Financial headlines
In summary, the operating loss we
are reporting of £1.4 million is before adjusting for depreciation
and amortisation of £1 million. This compares with an operating
loss of £1.8 million for the corresponding period to September
2023, when depreciation and amortisation comprised £1.4 million.
Whilst the consolidated income statement shows a decline in
revenue, this is entirely due to the corresponding period including
sales from Sport in Schools, a business which was sold in November
2023. Revenues from the machine learning and data science business
were unchanged at £0.2 million. Cash and cash equivalents at the
period end were £0.2 million, as against cash and cash equivalents
for the corresponding period of £0.7 million, which included the
receipt of an R&D tax refund of £0.5 million. Last month, post
period end, the Company received an R&D tax refund of £0.3
million.
Equity funding
In April and May 2024, I subscribed
to the Company for 1,250,000 shares at 20p. In June 2024, the
Company successfully raised £0.8 million at 12.5p per
share.
The
markets we serve
As I set out in September, there are
two clearly defined parts of the business.
AI
Ready ESG Data
First, a vast repository of
corporate reports that enables regulators, corporates, asset
managers and all market participants to access, interrogate and
compare disclosures within and between companies. We believe that
our database uses the best of machine learning and AI tools in this
area. It is our automated traceability back to source corporate
disclosures that separates us from our competition. Recently, we
have significantly increased our engagement with regulators, as
well as with corporates and substantial consulting
practices.
Data Engineering for Asset Managers
Second, our ability to provide
accessible AI-ready data engineering solutions to asset managers.
This enables them to gain insights into their holdings, manage risk
and increase alpha. We are able to structure and centralise data,
making it secure, whilst increasing the efficiency and
productivity. A recent survey from PwC's Asset & Wealth
Management Report, which surveyed 264 asset managers and 257
institutional investors, found that 80% of those who took part
believed that AI and other new technologies will improve revenues
going forward. The report highlighted a skills and investment
gap when it comes to AI, with revenue growth expected from internal
changes rather than direct services to clients, with 84% of
respondents arguing it would improve operational
efficiency.
Board changes
In May 2024, the Company announced
that I was appointed Chief Executive and John Wilson was appointed
as Independent Non-Executive Chairman. John is a globally
experienced Chairman and Chief Executive, with a strong background
in the technology sector. The Company also announced that
Warren Pearson, Chief Technical Officer was stepping down from the
Board and staying within the business as a full-time employee,
allowing Warren to focus time on product development and deployment
of Insig's machine learning solutions.
Prospects
I am pleased to report that since
the period end, and as a result of our revised strategy, revenue is
now ahead of the corresponding period last year. Importantly, in
recent weeks, engagement with potential new customers has increased
significantly. Next month, the Corporate Sustainability Reporting
Directive will come into effect. Our curated repository of
corporate reports provides the ideal foundation for automating the
myriad of over 1,000 new data points that will require reporting
on. We believe that as these new reporting requirements come into
force, corporates will need to collate data in a way that is well
suited to our solutions. This nascent market looks set to spring
into life, as manual data collection and analysis will become
relatively costly, cumbersome and ultimately obsolete. On the data
engineering side, asset managers now require automated, accurate
and accessible data. We continue to progress discussions both with
regulators and with potential large scale strategic
partners.
As Insig AI's largest shareholder
and someone who has invested several million pounds on the same
terms as and alongside institutional and retail investors, I am as
keen as any for the business to convert its potential into
long-term sustainable and substantial revenues.
Of late, we have broadened
engagement with international regulators and have recently been
invited to be fast tracked onto the preferred vendor list of an
overseas regulator. Discussions with accounting practices and
management consultancy firms are ongoing. Last month, we announced
a new business win from an asset manager with assets under
management of more than £100 billion. We now expect additional work
from this client in the coming months.
It is encouraging that the team has
responded very well to my initial actions of refocusing the
business. This has already resulted in incoming requests for
proposals, as well as a quadrupling in the quantum of new business
engagements. Initially this was concentrated within the data
engineering side of the business but in the last fortnight, a
number of new prospects for the ESG data division have emerged.
In the coming months, our sales pipeline is expected to
continue to build. As 2025 progresses, we plan to convert this into
consistent new business wins, as our investments in new technology,
sales and marketing deliver substantial payback. I am excited about
prospects for 2025 and beyond.
Richard Bernstein
Chief Executive Officer
18
December 2024
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
|
Notes
|
6 months to 30 September 2024
Unaudited
£
|
6 months to 30 September 2023
Unaudited
£
|
Continuing operations
|
|
|
|
Revenue
|
|
165,780
|
882,478
|
Cost of sales
|
|
-
|
(384,916)
|
Gross profit
|
|
165,780
|
497,562
|
Administration expenses
|
|
(1,525,803)
|
(2,175,056)
|
Other gains/(losses)
|
|
(299)
|
59,470
|
Other income
|
|
-
|
877
|
Operating loss
|
|
(1,360,322)
|
(1,617,147)
|
Finance income
|
|
299
|
147
|
Finance costs
|
|
(73,250)
|
(64,841)
|
Loss before income tax
|
|
(1,433,273)
|
(1,681,841)
|
Deferred tax
|
|
(253,805)
|
(129,255)
|
Loss for the period after income tax from continued
operations
|
|
(1,687,078)
|
(1,811,096)
|
Discontinued operations
|
|
|
|
Profit/(loss) for the period from
discontinued operations
|
8
|
-
|
-
|
Group loss for the period
|
|
(1,687,078)
|
(1,811,096)
|
Total comprehensive loss attributable to owners of the
Parent
|
|
(1,687,078)
|
(1,810,660)
|
Total comprehensive profit/(loss) attributable to
non-controlling interests
|
|
-
|
(436)
|
Basic and diluted earnings per
share
|
5
|
(1.56)p
|
(1.74)p
|
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
|
Notes
|
As at
30 September 2024
Unaudited
£
|
As at
31 March 2024
Audited
£
|
As at
30 September 2023
Unaudited
£
|
Non-Current Assets
|
|
|
|
|
Property, plant and
equipment
|
|
3,640
|
5,652
|
14,759
|
Right of Use Assets
|
|
-
|
-
|
23,127
|
Available for sale
investments
|
|
123,750
|
-
|
-
|
Intangible assets
|
7
|
3,796,971
|
4,404,000
|
19,464,501
|
|
|
3,924,361
|
4,409,652
|
19,502,387
|
Current Assets
|
|
|
|
|
Trade and other
receivables
|
|
67,654
|
104,740
|
161,812
|
Cash and cash equivalents
|
|
226,376
|
37,847
|
659,670
|
|
|
294,030
|
142,587
|
821,482
|
Total Assets
|
|
4,218,391
|
4,552,239
|
20,323,869
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
|
|
Lease liabilities
|
|
-
|
-
|
11,971
|
Deferred tax liabilities
|
|
1,354,805
|
1,101,000
|
2,715,350
|
|
|
1,354,805
|
1,101,000
|
2,727,321
|
Current Liabilities
|
|
|
|
|
Trade and other payables
|
|
173,526
|
338,238
|
611,515
|
Lease liabilities
|
|
-
|
-
|
10,386
|
Convertible loans
|
9
|
1,609,324
|
1,544,324
|
2,318,173
|
|
|
1,782,850
|
1,882,562
|
2,940,074
|
Total Liabilities
|
|
3,137,655
|
2,983,562
|
5,667,395
|
Net
Assets
|
|
1,080,736
|
1,568,677
|
14,656,474
|
Capital and Reserves Attributable to
Equity Holders of the Company
|
|
|
|
|
Share capital
|
|
3,230,499
|
3,149,058
|
3,109,804
|
Share premium
|
|
41,915,534
|
40,810,725
|
39,977,403
|
Other reserves
|
|
516,015
|
516,015
|
377,381
|
Share based payments
reserve
|
|
15,372
|
2,485
|
18,845
|
Retained losses
|
|
(44,567,944)
|
(42,880,866)
|
(28,775,506)
|
Equity attributable to shareholders of the
parent
|
|
1,109,476
|
1,597,417
|
14,707,927
|
Non-controlling interests
|
|
(28,740)
|
(28,740)
|
(51,453)
|
Total Equity
|
|
1,080,736
|
1,568,677
|
14,656,474
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Note
|
Share
capital
£
|
Share
premium
£
|
Share based payment
reserve
£
|
Other
reserves
£
|
Retained
losses
£
|
Total
equity
£
|
Non-Controlling
Interest
£
|
Total
equity
£
|
Balance as at 1 April 2023
|
|
3,109,804
|
39,077,403
|
18,845
|
377,381
|
(26,964,846)
|
15,618,587
|
(51,017)
|
15,567,570
|
Loss for the period
|
|
-
|
-
|
-
|
-
|
(1,810,660)
|
(1,810,660)
|
(436)
|
(1,811,096)
|
Total comprehensive loss for the period
|
|
-
|
-
|
-
|
-
|
(1,810,660)
|
(1,810,660)
|
(436)
|
(1,811,096)
|
Sale of treasury shares
|
|
-
|
900,000
|
-
|
-
|
-
|
900,000
|
-
|
900,000
|
Total transactions with owners, recognised in
equity
|
|
-
|
900,000
|
-
|
-
|
-
|
900,000
|
-
|
900,000
|
Balance as at 30 September 2023
|
|
3,109,804
|
39,977,403
|
18,845
|
377,381
|
(28,775,506)
|
14,707,927
|
(51,453)
|
14,656,474
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 April 2024
|
|
3,149,058
|
40,810,725
|
2,485
|
516,015
|
(42,880,866)
|
1,597,417
|
(28,740)
|
1,568,677
|
Loss for the period
|
|
-
|
-
|
-
|
-
|
(1,687,078)
|
(1,687,078)
|
-
|
(1,687,078)
|
Total comprehensive loss for the period
|
|
-
|
-
|
-
|
-
|
(1,687,078)
|
(1,687,078)
|
-
|
(1,687,078)
|
Issue of shares
|
|
81,441
|
1,104,809
|
-
|
-
|
-
|
1,186,250
|
-
|
1,186,250
|
Share based payment
|
|
-
|
-
|
12,887
|
-
|
-
|
12,887
|
-
|
12,887
|
Total transactions with owners, recognised in
equity
|
|
81,441
|
1,104,809
|
12,887
|
-
|
-
|
1,199,137
|
-
|
1,199,137
|
Balance as at 30 September 2024
|
|
3,230,499
|
41,915,534
|
15,372
|
516,015
|
(44,567,944)
|
1,109,476
|
(28,740)
|
1,080,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS
|
|
Notes
|
6 months to 30 September
2024
Unaudited
£
|
6 months to 30 September 2023
Unaudited
£
|
Cash flows from operating activities
|
|
|
|
|
Loss before taxation
|
|
|
(1,687,078)
|
(1,810,660)
|
Adjustments for:
|
|
|
|
|
Depreciation and
amortisation
|
|
|
1,025,865
|
1,382,456
|
Increase in deferred tax
provision
|
|
|
253,805
|
129,255
|
Minority interest
|
|
|
-
|
(436)
|
Disposal of Property Pant and
Equipment
|
|
|
-
|
4,803
|
Finance expense
|
|
|
73,250
|
(4,898)
|
Share options expense
|
|
|
12,887
|
-
|
Cash received for R&D
refund
|
|
|
-
|
542,000
|
Increase/(decrease) in trade and
other receivables
|
|
|
37,086
|
19,146
|
Increase/(decrease) in trade and
other payables
|
|
|
(172,962)
|
(265,008)
|
Net
cash used in operations
|
|
|
(457,147)
|
(3,342)
|
Cash flows from investing activities
|
|
|
|
|
Purchase of property, plant and
equipment
|
|
|
-
|
(595)
|
Disposal of Property Pant and Equipment
|
|
|
-
|
3,160
|
Development expenditure
|
|
7
|
(416,824)
|
(517,018)
|
Net
cash used in investing activities
|
|
|
(416,824)
|
(514,453)
|
Cash flows from financing activities
|
|
|
|
|
Proceeds from share
allotments
|
|
|
1,062,500
|
-
|
Funds from sale of treasury
shares
|
|
|
-
|
900,000
|
Repayment of leasing liabilities and
bank borrowings
|
|
|
-
|
(3,119)
|
Net
cash generated from financing activities
|
|
|
1,062,500
|
896,881
|
Net
decrease in cash and cash equivalents
|
|
|
188,529
|
379,086
|
Cash and cash equivalents at beginning of
period
|
|
|
37,847
|
280,584
|
Cash and cash equivalents at end of period
|
|
|
226,376
|
659,670
|
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1.
General Information
Insig AI plc is a data science and
machine learning company listed on the AIM Market of the London
Stock Exchange.
The Company is domiciled in the
United Kingdom and incorporated and registered in England and
Wales, with registration number 03882621. The Company's registered
office is 6 Heddon Street, London, W1B 4BT.
2.
Basis of Preparation
The condensed consolidated interim
financial statements have been prepared in accordance with the
requirements of the AIM Rules for Companies. As permitted, the
Company has chosen not to adopt IAS 34 "Interim Financial
Statements" in preparing this interim financial information. The
condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended
31 March 2024, which have been prepared in accordance with UK
adopted international accounting standards.
The interim financial information
set out above does not constitute statutory accounts within the
meaning of the Companies Act 2006. It has been prepared on a going
concern basis in accordance with the recognition and measurement
criteria of UK adopted international accounting
standards.
Statutory financial statements for
the year ended 31 March 2024 were approved by the Board of
Directors on 5 September 2024 and delivered to the Registrar of
Companies. The report of the auditors on those financial statements
was unqualified with a material uncertainty in relation to the
Company's ability to continue as a going concern. The condensed
interim financial statements are unaudited and have not been
reviewed by the Company's auditor.
Going concern
These financial statements have been
prepared on the going concern basis. Given the Group's current cash
position and its demonstrated ability to raise capital, the
Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of
accounting preparing the condensed interim financial statements for
the period ended 30 September 2024.
Notwithstanding the above, a
material uncertainty exists that may cast significant doubt on the
Group's ability to continue as a going concern and, therefore, that
the Group may be unable to realise their assets or settle their
liabilities in the ordinary course of business. As a result of
their review, and despite the aforementioned material uncertainty,
the Directors have confidence in the Groups forecasts and have a
reasonable expectation that the Group will continue in operational
existence for the going concern assessment period and have
therefore used the going concern basis in preparing these
consolidated financial statements.
The factors that were extant at 31
March 2024 are still relevant to this report and as such reference
should be made to the going concern note and disclosures in the
2024 Annual Report and Financial Statements ("2024 Annual
Report").
Risks and uncertainties
The Board continuously assesses and
monitors the key risks of the business. The key risks that could
affect the Company's medium term performance and the factors that
mitigate those risks have not substantially changed from those set
out in the Company's 2024 Annual Report and Financial Statements, a
copy of which is available on the Company's website:
www.insgai.com.
The key financial risks are liquidity risk, credit risk, interest
rate risk and fair value estimation.
Critical accounting estimates
The preparation of condensed interim
financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities at the end of the reporting period. Significant items
subject to such estimates are set out in Note 2 of the Company's
2024 Annual Report and Financial Statements. The nature and amounts
of such estimates have not changed significantly during the interim
period.
3. Accounting Policies
Except as described below, the same
accounting policies, presentation and methods of computation have
been followed in these condensed interim financial statements as
were applied in the preparation of the Company's annual financial
statements for the period ended 31 March 2024.
3.1 Changes in accounting
policy and disclosures
The following amendments to standards
have become effective for the first time for annual reporting
periods commencing on 1 January 2023 and have been adopted in
preparing these financial statements:
Standard
|
|
Impact on initial application
|
|
Effective date
|
IAS 1 (Amendments) and IFRS Practice
Statement 2
|
|
Disclosure of Accounting
Policies
|
|
1 January 2023
|
IAS 8 (Amendments)
|
|
Definition of Accounting
Estimate
|
|
1 January 2023
|
IAS 12 Income Taxes
(Amendments)
|
|
Deferred Tax Related to Assets and
Liabilities Arising from a Single Transaction
|
|
1 January 2023
|
The adoption of these amendments had
no material impact on the financial statements.
At the date of approval of these
financial statements, the following amendments to IFRS which have
not been applied in these financial statements were in issue, but
not yet effective, until annual periods beginning on 1 January
2024:
Standard
|
|
Impact on initial application
|
|
Effective date
|
IAS 7 (Amendments) and IFRS
7
|
|
Supplier Finance
Arrangements
|
|
1 January 2024
|
IAS 1 (Amendments)
|
|
Classification of Liabilities as
Current or Non-Current
|
|
1 January 2024
|
IFRS 16 (Amendments)
|
|
Lease Liability in a Sale and
Leaseback
|
|
1 January 2024
|
IAS 1 (Amendments)
|
|
Presentation of Financial
Statements
|
|
1 January 2024
|
IAS 1 (Amendments)
|
|
Non-Current Liabilities with
Covenants
|
|
1 January 2024
|
IAS 21 (Amendments)
|
|
Lack of Exchangeability
|
|
1 January 2024
|
None are expected to have a material
effect on the Group or Company Financial Statements.
4. Dividends
No dividend has been declared or
paid by the Company during the six months ended 30 September 2024
(six months ended 30 September 2023: £nil).
5. Loss per Share
The calculation of earnings per
share is based on a retained loss of £1,687,078 for the six months ended 30 September 2024
(six months ended
30 September 2023: £1,810,660) and the weighted average number of
shares in issue in the period ended 30 September 2024 of
108,059,330 (six months
ended 30 September 2023: 103,566,056).
No diluted earnings per share is
presented for the six months ended 30 September 2024 or six months ended 30 September 2023 as
the effect on the exercise of share options would be to decrease
the loss per share.
6.
Business segment analysis
6
months to 30 September 2024 Unaudited
|
Machine learning and Data
services
£
|
Total
£
|
Revenue
|
165,780
|
165,780
|
Costs of sales
|
-
|
-
|
Administrative expenses
|
(1,525,803)
|
(1,525,803)
|
Other gains/(losses)
|
(299)
|
(299)
|
Other income
|
-
|
-
|
Finance Income
|
299
|
299
|
Finance costs
|
(73,250)
|
(73,250)
|
Profit/(Loss) before tax per reportable
segment
|
(1,433,273)
|
(1,433,273)
|
*After the disposal of Sport in
Schools Ltd and The Elms Group in November 2023, all the ongoing
activity in the Group is related to machine learning and Data
services.
6
months to 30 September 2023 Unaudited
|
Machine learning and Data
services
£
|
Sport in
Schools
£
|
Total
£
|
Revenue
|
182,797
|
699,681
|
882,478
|
Costs of sales
|
-
|
(384,916)
|
(384,916)
|
Administrative expenses
|
(1,874,622)
|
(300,434)
|
(2,175,056)
|
Other gains/(losses)
|
59,677
|
(207)
|
59,470
|
Other income
|
490
|
387
|
877
|
Finance Income
|
147
|
-
|
147
|
Finance costs
|
(64,654)
|
(187)
|
(64,841)
|
Profit/(Loss) before tax per reportable
segment
|
(1,696,165)
|
14,324
|
(1,681,841)
|
7. Intangible assets
The movement in capitalised
intangible costs during the period was as follows:
Cost and Net Book Value
|
Goodwill
£
|
Development
Costs
£
|
Technology
assets
£
|
Customer
relationships
£
|
Total
£
|
Balance as at 1 April 2024
|
-
|
988,929
|
3,095,296
|
319,775
|
4,404,000
|
Additions
|
-
|
416,824
|
-
|
-
|
416,824
|
Amortisation
|
-
|
(8,633)
|
(978,143)
|
(37,077)
|
(1,023,853)
|
As
at 30 September 2024
|
-
|
1,397,120
|
2,117,153
|
282,698
|
3,796,971
|
8.
Discontinued Operations
On 16 July 2024, Ultimate Player
Ltd, a subsidiary of Insig AI Plc, was dissolved after discussions
within management.
9.
Convertible loan notes
|
|
|
|
|
|
CLN 1
|
CLN 2
|
CLN 3
|
30 September
2024
|
|
£
|
£
|
£
|
£
|
|
|
|
|
|
Convertible loan note
|
1,000,000
|
500,000
|
750,000
|
2,250,000
|
Interest
|
|
|
|
|
Accrued interest
|
130,057
|
75,643
|
35,076
|
240,776
|
|
|
|
|
|
Conversion
|
-
|
-
|
(785,076)
|
(785,076)
|
|
|
|
|
|
Modification of convertible loan
note
|
(65,021)
|
(31,355)
|
-
|
(96,376)
|
Total
|
1,030,036
|
514,288
|
-
|
1,609,324
|
Equity
|
|
|
|
|
Amount classified as
equity
|
86,025
|
52,618
|
-
|
138,643
|
Total
|
86,025
|
52,618
|
-
|
138,643
|
|
|
|
|
|
|
|
On the 4 May 2022, the Company
entered into a formal agreement for a £1.0m convertible loan note
to be provided by Richard Bernstein, Non-Executive Chairman of the
Company.
On 17 June 2022, the Company entered
into a convertible loan facility agreement with David Kyte, a
long-term shareholder in the Company for £500,000.
On the 12 September 2022, the
Company entered into a formal agreement for a £750,000 convertible
loan note to be provided by Richard Bernstein, Non-Executive
Chairman of the Company.
On 22 December 2022, the Company
agreed revised terms for both the convertible loan note (CLN)
agreements with Richard Bernstein and David Kyte for £1m and £0.5m
respectively.
The revisions for the year ended 31
March 2024 are as follows:
On 20 December 2023, it was agreed
that the terms of the CLN with David Kyte will be extended by six
months to 30 June 2024, and the interest rate was changed from 8%
per annum to 12% per annum.
On 14 December 2023, it was agreed
that the terms of the CLN with Richard Bernstein will be extended
by six months to 30 June 2024. All other terms of the agreement
remained the same.
On 15 November 2023, the Company
received notice from Richard Bernstein to convert the balance of
the agreement entered on 12 September 2022 to 3,925,380 ordinary
shares at a conversion price of 20 pence per share. The total
amount converted, including interest, was £785,076.
The revisions for the period ended 30
September 2024 are as follows:
On 2 July 2024, the Company agreed
revised terms for the convertible loan note agreements with Richard
and David, extending the redemption dates to 30 September 2025 and
adjusting the interest rates to 6% for Richard's CLN, and 12% for
David's.
10.
Events after the balance sheet date
On 18 October 2024, an application
was submitted to Companies House to dissolve Pantheon Leisure Plc,
a subsidiary of Insig AI Plc.
11. Approval of interim financial
statements
The Condensed interim financial
statements were approved by the Board of Directors on 19 December
2024.
12. Availability of this
announcement
Copies of this announcement are
available from Insig AI website at www.insg.ai.
**ENDS**