Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. 1 independent director (2 non-independent directors). Independent Director Jim Westlake was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. お知らせ • Jul 07
Personas Social Incorporated, Annual General Meeting, Aug 26, 2025 Personas Social Incorporated, Annual General Meeting, Aug 26, 2025. お知らせ • Dec 05
MiiTv Inc. completed the acquisition of Substantially all of the assets of Personas Social Incorporated from Personas Social Incorporated (TSXV:PRSN). MiiTv Inc. signed a letter of intent to acquire Substantially all of the assets of Personas Social Incorporated from Personas Social Incorporated (TSXV:PRSN) for CAD 4.5 million on July 29, 2024. MiiTv Inc. entered into a definitive agreement to acquire Substantially all of the assets of Personas Social Incorporated from Personas Social Incorporated (TSXV:PRSN) for CAD 4.5 million on August 19, 2024. A cash consideration of CAD 1.21 million will be paid by MiiTv Inc. CAD 1.05 million is considered as accounts payable of the peeks assets representing debt deposits owed to customer of peeks assets. MiiTv Inc. will pay a deferred payment of CAD 2.27 million cash. As part of consideration, CAD 4.54 million is paid towards assets of Substantially all of the assets of Personas Social Incorporated.
The transaction is subject to approval by regulatory board and TSX Venture Exchange. Approval of merger agreement by target board, approval of offer by acquirer board, consummation of due diligence investigation and definitive agreement. The board of directors of the Company established an independent special committee of directors to explore and negotiate the Transaction. The Committee is comprised of Messrs. William Lavin and James Westlake, each of whom were independent directors of the Company. On October 1, 2024 the Company held its annual general and special meetings, shareholder approvals were received for all matters tabled including receiving approvals from disinterested shareholders on all matters that required it. The expected completion of the transaction is August 20, 2024 to October 31, 2024. Lynch & Associates Inc. acted as a financial advisor and fairness opinion provider to the Special Committee of the Board of Directors of Personas Social Incorporated.
MiiTv Inc. completed the acquisition of Substantially all of the assets of Personas Social Incorporated from Personas Social Incorporated (TSXV:PRSN) on December 3, 2024. On closing of the Transaction, an adjustment was required to be made to the purchase price for the Peeks Asset to account for the current accounts payable amount, and thus the closing purchase price was revised to provide CAD264,874 in cash to the Company on closing instead of the previously disclosed and anticipated closing cash amount of $53,000. The Transaction has received all requisite approvals including approval from the TSX Venture Exchange. New Risk • Nov 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.40m (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$438k free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Negative equity (-CA$3.1m). Market cap is less than US$10m (€9.40m market cap, or US$9.88m). Minor Risk Revenue is less than US$5m (CA$4.6m revenue, or US$3.3m). Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: CA$0 (vs CA$0 in 2Q 2023) Second quarter 2024 results: EPS: CA$0 (in line with 2Q 2023). Revenue: CA$1.03m (down 13% from 2Q 2023). Net loss: CA$68.4k (loss widened 91% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: CA$0 (vs CA$0 in 1Q 2023) First quarter 2024 results: EPS: CA$0 (in line with 1Q 2023). Revenue: CA$1.11m (down 4.4% from 1Q 2023). Net loss: CA$2.4k (down 102% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. 