Reported Earnings • May 07
Full year 2024 earnings released: CA$0.035 loss per share (vs CA$0.044 loss in FY 2023) Full year 2024 results: CA$0.035 loss per share (improved from CA$0.044 loss in FY 2023). Revenue: CA$80.7k (up 51% from FY 2023). Net loss: CA$4.75m (loss narrowed 1.0% from FY 2023). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Legible Inc. announced that it expects to receive CAD 4 million in funding Legible Inc. announced a non-brokered private placement of 133,333,333 units at a price of CAD 0.03 per unit for the gross proceeds of CAD 3,999,999.99 on March 27, 2025. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional Common Share at an exercise price of CAD 0.05. The offering is expected to have a first close on or about April 3, 2025, subject to customary closing conditions, and may be completed in tranches. A finder’s fee of up to 8% in cash may be paid on all or a portion of the Offering. In addition, the Company may issue finders’ warrants equal to up to 8% of the number of units sold, with each finder’s warrant exercisable at $0.05 for two years, subject to the same acceleration terms noted above. Reported Earnings • Dec 01
Third quarter 2024 earnings released: CA$0.009 loss per share (vs CA$0.013 loss in 3Q 2023) Third quarter 2024 results: CA$0.009 loss per share (improved from CA$0.013 loss in 3Q 2023). Revenue: CA$23.1k (up 123% from 3Q 2023). Net loss: CA$1.18m (loss narrowed 26% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Announcement • Oct 28
Legible Releases FrankensteinAI with Spellbinding AI Chat Feature Legible announced the release of FrankensteinAI, the third in its groundbreaking AI Classics series. This innovative "Living Book" seamlessly blends Mary Shelley’s iconic novel with state-of-the-art technology, offering readers an unparalleled interactive experience. The classic horror tale releases in three volumes beginning October 28th. FrankensteinAI breathes new life into Shelley's masterpiece through stunning interactive artwork by renowned
digital artist Mr. Remo Camerota. Each animated illustration is a dynamic fusion of Camerota’s vivid imagination and advanced AI technology, capturing the eerie atmosphere of Victor Frankenstein's creation and enhancing the storytelling in a visually captivating manner. Mr. Camerota’s collaboration with AI technology results in visuals that not only complement but also elevate the storytelling, making every image an integral part of the narrative journey. FrankensteinAI also introduces a revolutionary AI chat feature that allows readers to engage in real-time conversations with the novel’s characters. Victor Frankenstein and his Creature serve as AI-driven guides, enabling readers to delve deeper into their fears, desires, and motivations as they explore the narrative. This unique interactive feature allows readers to ask questions, unravel plot intricacies, and explore themes in a way that traditional reading cannot, blending classic literature with modern technology for a uniquely immersive experience. In addition to FrankensteinAI, Legible’s other AI Classics and groundbreaking original publications, such as the My Model Kitchen Living Cookbooks by former supermodel and NYT-bestselling author Ms. Cristina Ferrare, with their embedded Sous Chef AI, are exclusively available to Legible Unbound members. Join now and gain access to these innovations plus millions of eBooks and audiobooks for only US$9.99 per month, unlocking a new world of enriched reading experiences. Reported Earnings • Sep 01
Second quarter 2024 earnings released: CA$0.007 loss per share (vs CA$0.007 loss in 2Q 2023) Second quarter 2024 results: CA$0.007 loss per share (in line with 2Q 2023). Revenue: CA$9.2k (down 50% from 2Q 2023). Net loss: CA$952.7k (loss widened 42% from 2Q 2023). Announcement • Jul 17
Legible Inc. announced that it has received CAD 1.05 million in funding On July, 16, 2024, Legible Inc. closed the transaction. Jaret Wilson subscribed for 90 convertible debentures of a principal amount of CAD 630,000 convertible into 9,000,000 common shares of the company at a deemed price of CAD 0.07 per Common Share and 9,000,000 Common Share purchase warrants entitling the investor to acquire 9,000,00 Common Shares at CAD 0.08 per Common Share for a period of 2 years. Immediately prior to July 16, 2024, the investor held 2,083,333 Common Shares, 8,083,333 whole Common Share purchase warrants and debentures convertible into 6,000,000 Common Shares equal to 1.56% of the issued and outstanding Common Shares on an un-diluted basis and 10.96% of the outstanding Common Shares on a partially diluted basis. After July 16, 2024, the investor has 2,083,333 Common Shares, 17,083,333 whole Common Share purchase warrants and debentures convertible into 15,000,000 Common Shares equal to 1.56% of the issued and outstanding Common Shares on an un-diluted basis and 20.65% of the outstanding Common Shares on a partially diluted basis. All securities issued in connection with the Offering are subject to a hold period that expires on November 17, 2024. There were no finders fees paid with respect to the closing of the Private Placement. Reported Earnings • Jun 04
First quarter 2024 earnings released: CA$0.008 loss per share (vs CA$0.014 loss in 1Q 2023) First quarter 2024 results: CA$0.008 loss per share (improved from CA$0.014 loss in 1Q 2023). Revenue: CA$19.9k (up 89% from 1Q 2023). Net loss: CA$1.10m (loss narrowed 9.5% from 1Q 2023). Reported Earnings • Apr 30
Full year 2023 earnings released: CA$0.044 loss per share (vs CA$0.13 loss in FY 2022) Full year 2023 results: CA$0.044 loss per share (improved from CA$0.13 loss in FY 2022). Revenue: CA$53.4k (up 159% from FY 2022). Net loss: CA$4.80m (loss narrowed 45% from FY 2022). New Risk • Apr 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$2.4m). Revenue is less than US$1m (CA$46k revenue, or US$34k). Market cap is less than US$10m (CA$11.3m market cap, or US$8.21m). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (48% increase in shares outstanding). Announcement • Apr 07
Legible Inc. announced that it expects to receive CAD 1.17 million in funding Legible Inc. announced a private placement of convertible debenture units at a price of CAD 0.09 per unit for the gross proceeds of CAD 1,170,000 on April 6, 2024. Each debenture unit consists of a 14% unsecured convertible debenture of the company in the principal amount of CAD 9,000; and 100,000 common share purchase warrants. The debentures mature on the date that is two years following the closing and are convertible at the holder's option into common shares of the company at a conversion price of CAD 0.09 per common share. The debentures bear simple interest at a rate of fourteen percent (14%) per annum, payable quarterly in arrears. The holders of debentures shall be entitled to convert the principal amount, in whole or in part, at any time after the date that is four months and one day following the closing date, into common shares at a conversion price of CAD 0.09 per common share. Each warrant entitles the holder to purchase one common share at a price of CAD 0.10 for a period of two years from closing, provided that if, at any time, after the date that is four months and one day following the closing, New Risk • Mar 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.0m (US$8.85m) 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 Negative equity (-CA$2.4m). Revenue is less than US$1m (CA$46k revenue, or US$34k). Market cap is less than US$10m (CA$12.0m market cap, or US$8.85m). Minor Risk Shareholders have been diluted in the past year (48% increase in shares outstanding). Announcement • Jan 27
Legible Launches AI-Powered Version of Animal Farm by George Orwell Legible Inc. announced the launch of Animal Farm AI, the latest in its series of interactive classic novels. This innovative release marks a new era in reading, offering Legible readers the extraordinary opportunity to engage in dialogue with the book, elevating both educational and entertainment values. As readers traverse the narrative of Animal Farm AI, they encounter strategically placed interactive AI elements, prompting in-depth discussions about the story's pivotal events and underlying themes. This feature connects Orwell's renowned dystopian novel with both its historical context and enduring relevance. Legible's AI-powered Classics series is available on iOS and Android and is currently offered exclusively to members of Legible "Unbound", Legible's monthly membership service. Legible Unbound delivers a vast selection of eBooks and audiobooks as a bundled service, with a growing catalog comprised of millions of titles. The "AI Classics" series debuted in December 2023 with A Christmas Carol AI, to glowing reviews. Legible is scheduling monthly releases of "AI Classics" eBooks to Unbound members. Highlights of the Animal Farm AI experience include: Conversational Characters: Real-time dialogues with characters within the eBook, offering fresh perspectives on the narrative and multifaceted character development. Plot Discussions: Delve deeper into the plot by discussing pivotal events, character motivations, and thematic elements, enriching understanding and appreciation. Interactive Learning: Ideal for education, the interactive AI-powered eBooks allow questions about literary themes, historical context, and symbolism, catering to students, multilingual audiences, and lifelong learners. Exclusive Access: Exclusively available to Legible customers, the AI-powered book series is part of the Legible Unbound membership, providing unlimited access to a diverse library of eBooks and audiobooks for a low monthly fee. Original Artwork: Each book in the series features original artwork produced by a professional artist in collaboration with AI, reflecting the style and colors of its period, and accompanied by a creative statement from the artist. Experience the future of reading by subscribing to Legible Unbound at legible.com. Download the Legible app to access this original content and extensive collection of eBooks and audiobooks from any smart device worldwide. Reported Earnings • Nov 28
Third quarter 2023 earnings released: CA$0.013 loss per share (vs CA$0.035 loss in 3Q 2022) Third quarter 2023 results: CA$0.013 loss per share (improved from CA$0.035 loss in 3Q 2022). Revenue: CA$10.4k (down 11% from 3Q 2022). Net loss: CA$1.59m (loss narrowed 33% from 3Q 2022). Announcement • Oct 07
Legible Inc. announced that it expects to receive CAD 1 million in funding Legible Inc. announced a non-brokered private placement of units at a price of CAD 0.12 per unit for the gross proceeds of CAD 1 million on October 6, 2023. Each unit will consist of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of CAD 0.15 on the date that is one year from the closing date. The transaction is expected to on or about October 16, 2023, subject to customary closing conditions and may be closed in tranches. As a part of the transaction the company will pay a finder’s fee of up to 8% of the gross proceeds of the offering and finder’s warrants may be issued in an amount up to 8% of the number of common shares sold under the offering. Announcement • Sep 15
Legible Inc. to Launch 'Unbound' Membership Service Legible Inc. announced a series of transformative product launches set for September 29th. The launch will consolidate the Company's position as a leader in digital reading and publishing as Legible executes on its strategic plan to generate and scale monthly recurring revenue along with a-la-carte sales of eBooks and audiobooks. Legible Unbound Membership Plan: At a competitive monthly fee of $12.99, Legible Unbound represents a strategic entry into the subscription-based digital content market. Unlimited Access: Members will have unlimited access to the latest and best in published and recorded content via an extensive curated catalogue of audiobooks and eBooks. AI & Multimedia Content: Legible's Unbound membership service will include access to brand-new digital reading entertainment products featuring enriched multimedia content and interactive AI within new eBooks published exclusively by Legible. Stan Lee Comics: Unbound members will also be offered preferred access to upcoming enriched multimedia comics, based on never-before-seen Stan Lee characters, to which Legible has world-wide exclusive print and digital publishing and distribution rights. Personalized Experience: Legible Unbound offers attractive perks for the modern reader, including offline reading, the ability to create bookshelves of favourite books, post reviews, and receive monthly tokens for premium content access. The Legible Mobile App: Legible will also be launching the Company's Mobile App designed to cater to reader needs and preferences and complement its new Unbound membership service. Always Connected: The Legible App will ensure that users always have access to great reading entertainment, whether online browsing the catalogue, or offline revisiting a favorite book. A Library in Your Pocket: The power of the Legible platform is condensed into the App, giving users consistent mobile access to everything from age-old classics that have shaped literary history to the latest bestsellers and exclusive content. L library in Your Pocket: The App features Legible's proprietary AI-powered book recommendation engine, the L libraryAI, which offers personalized suggestions based on user reading habits, preferences, and provides links to eBooks and audiobooks for instant access on Legible. User-centric Design and Features: The App's design prioritizes user experience, with fun features such as easy-to-make personalized bookshelves and the ability to categorize, rate, and review books. Enhanced Accessibility: Recognizing the diverse needs of readers, the App is equipped with an array of accessibility features. Its additional car mode ensures that audiobook enthusiasts can safely enjoy listening on the move. Frictionless Access and Purchasing: Whether users want to buy a new release or use their monthly membership tokens for premium catalog access, the process is straightforward, accessible, and user-friendly. Reported Earnings • Aug 30
Second quarter 2023 earnings released: CA$0.007 loss per share (vs CA$0.039 loss in 2Q 2022) Second quarter 2023 results: CA$0.007 loss per share (improved from CA$0.039 loss in 2Q 2022). Revenue: CA$18.4k (up CA$17.7k from 2Q 2022). Net loss: CA$670.3k (loss narrowed 73% from 2Q 2022). Announcement • Jul 21
Legible Inc. Announces Executive Appointments Legible Inc. announced the appointment of Messrs. Michael and David Uslan as Strategic Advisors. Renowned for their contributions to the entertainment and publishing industries, the Uslans bring invaluable expertise that will significantly advance Legible's strategic direction as a world-first, browser-based e-reading platform offering cutting-edge multimedia reading experiences driven by enhanced content, strategic partnerships, and brand expansion. Their input and creative insights will be instrumental as Legible develops never-before-seen Stan Lee properties under its recently announced partnership with Kartoon Studios. The Uslans are deeply connected to the legacy of Stan Lee, iconic creator of Spiderman and other Marvel superheroes, serving as advisors to Kartoon Studios' (NYSE American: TOON) "Stan Lee Universe" and the Comic-Con Museum. Having enjoyed a close friendship andbusiness association with the legendary Stan Lee for 50 years, Michael and David Uslan credit him as their mentor and inspiration. They recently curated "Excelsior! The Life and Legacy of Stan Lee," the new world-first showcase of Lee and his co-creators' extraordinary work. Seasoned industry veterans, the father-son producing duo have a remarkable knack for turning creative visions into globally celebrated franchises. Emmy-winner Michael Uslan's pioneeringwork as the originator and executive producer of the decade-spanning Batman franchise, as well as involvement in films including "Constantine" and "National Treasure", have left an indelible mark on the industry. David Uslan has an impressive background in producing, publishing, and gaming, and is involved in prestigious projects such as the Emmy-nominated "Sabrina: Secrets of A Teenage Witch" and the upcoming scripted series based on the lives of New York Yankees' legends Lou Gehrig and Babe Ruth with Universal Television and Apple Plus. The Uslans' addition to the Legible team will create new insights and value built on their decades of navigating the intersection between storytelling and commercial success. Their expertise, coupled with their vast network of industry connections, will accelerate and fortify Legible's growth trajectory. In an industry ripe for innovation, their counsel will be invaluable asthe Company evolves from a promising platform to an influential global player in the digital publishing and reading space. Announcement • Jul 15
Legible Inc. Announces Major Update to its Proprietary AI-Based Curation Tool, LibrarianAI Legible Inc. announced a major update to the company’s proprietary AI-based curation tool, LibrarianAI, which offers conversational book discovery, enabling readers to find and buy eBooks directly on Legible’s browser-based eBookstore streaming over 2 million titles. Major enhancements to the LibrarianAI include seamless discovery, reading, and interaction via precise, personalized recommendations. The LibrarianAI now has improved ability to comprehend complex literary queries, increasing proficiency in providing suggestions based on research topics. Readers can also now save and share LibrarianAI conversation threads via links, and create shareable literary journals, sets of book recommendations, and curriculum reading lists with links to books. LibrarianAi is being installed throughout the Company’s products and operations, including the forthcoming Legible Unbound membership, Wander app for offline reading, audiobook catalogues, and more. Legible is championing ethical AI use that honours the rights of publishers and authors on its platform. Announcement • May 25
Legible Inc. to Develop Multimedia Enriched Ebooks Based on Original Intellectual Properties for Distribution Across Its Platform Legible Inc. announced the development of a slate of new intellectual properties for its platform, including a global publishing partnership with Genius Brands International Inc. for select IP, as well as a new AI-Integrated Living Book based on George Orwells renowned novel Animal Farm. Legible has secured digital print rights to bring a selection of Genius Brands original properties to life through multimedia-enriched eBooks, featuring audio, video, animations and AI, including Rainbow Rangers, from the popular Netflix and Kartoon Channel! preschool series now in its third season. The company will also create a Game Book based on Kartoon Channel!s gameshow for tweens, KC! Pop Quiz, hosted by influencer Casey Simpson. Additionally, Legible will publish an AI-enriched Living Book version of Animal Farm that will enable readers to interact with and discuss the unfolding of events on Manor Farm with characters from within the book and will be exclusively available to readers on Legibles browser-based e reading platform and eBookstore at Legible.com. Announcement • Feb 14
Legible Inc. Launches LibrarianAI Beta with Integrated ChatGPT Legible Inc. announced the integration of Open AI’s ChatGPT (Chat Generative Pre-Trained Transformer) into its proprietary eBookstore search engine, LibrarianAI™. Embedding this innovative AI tool into Legible’s browser-based eReading system transforms book discovery, integrating ChatGPT’s legacy knowledge and capabilities and providing a whole new way to access the two million eBooks in Legible’s catalogue. Legible’s LibrarianAI can converse fluently in any language and is being fine-tuned to provide swift, friendly, comprehensive responses and recommendations as well as information on any aspect of book content. Customers can ask questions about books, authors, and other topics related to literature, and receive personalized results based on cumulative learning about their interests and choices as well as links to Legible’s eBooks. The Open Beta of Legible’s LibrarianAI launches in the first quarter and Legible invites the public to sign up now at www.legible.ai. The LibrarianAI will be released in early second quarter as a membership service called Legible Unbound with several tiers and a free version with ads. Legible’s LibrarianAI has the potential to turbocharge conversion rates, driving sales and engagement by helping customers find the perfect book to read and much more. Announcement • Jan 17
Legible Inc. announced that it expects to receive CAD 0.55 million in funding Legible Inc. announced a non-brokered private placement of up to 5,000,000 units at a price of CAD 0.11 per unit for gross proceeds of up to CAD 550,000 on January 16, 2023. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of CAD 0.15 at any time prior to 5:00 p.m. on the date that is one year from the closing date. The company reserves the right to increase the maximum aggregate gross proceeds under the offering to an amount greater than CAD 550,000. The offering is expected to close on or about January 20, 2023, subject to customary closing conditions and may be closed in tranches. A finder’s fee of up to 8% of the gross proceeds of the Private Placement may be paid in cash on all or any portion of the Private Placement. Additionally, finder’s warrants may be issued in an amount up to 8% of the number of Debenture Units sold under the Private Placement. Each finder’s warrant may be exercised to acquire one common share at a price of CAD 0.11 per share for a period of one year from the closing; provided that if, at any time, after the date that is four months and one day following the closing, the volume weighted average trading price of the common shares on the CSE is at least CAD 0.45 per share for a period of 5 consecutive trading days, the expiry date of the finder’s warrants may be accelerated by the Company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the finder’s warrant holders. Announcement • Jan 11
Legible Appoints Peter Diemer as Strategic Advisor Legible Inc. announced the appointment of Mr. Peter Diemer as a Strategic Advisor.Mr. Diemer is an entertainment, media, & technology executive with global experience and an outstanding track record in promoting, developing and growing world-class brands. He is a dynamic entrepreneur and the co-founder of Majik Bus Entertainment, a partnership with CBC to develop music-related content from one of the world’s largest untapped television and radio archives. Majik Bus Entertainment was an early adopter and developer of blockchain registration and verification for both digital and physical items. Diemer is former VP, Strategic Development of Live Nation Entertainment, the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Sponsorship. He has held senior executive positions for Capitol-EMI and MCA/Universal Records, where he managed artist and media relations, radio and television promotion, and governmental affairs, and Hip Digital Media, a pioneer in online media distribution. Mr. Diemer was an Advisor for LoungeBuddy, the award-winning Global Travel App for airport lounge access, (acquired by American Express) and was VP of Marketing and Sales for Yangaroo. Mr. Diemer brings years of experience and a large premier client network, as well as key celebrity contacts from the entertainment industry, to help Legible build the world's first collection of rich media Living Books and digital collectibles. These offerings will feature exclusive content from globally renowned performers and artists, providing a truly unique and immersive experience for our readers. Mr. Diemer joins a Legible team that is dedicated to bringing the best in book entertainment to the forefront and creating a platform for these talented individuals to showcase their work. Announcement • Nov 23
Legible Inc. announced that it has received CAD 0.694566 million in funding On November 22, 2022, Legible Inc. closed the transaction. The company amended the terms of the transaction. The company issued 6,945,656 units at a price of CAD 0.10 per unit for gross proceeds of CAD 694,566 in the transaction. The round is oversubscribed. The finder's in the transaction received fees in the aggregate amount of CAD 3,447 and 34,472 finder’s warrants. Each finder’s warrant may be exercised to acquire one common share at a price of CAD 0.10 per share for a period of one year from the closing. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of Advisory Board Robyn Marshall was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 21
Legible Inc. announced that it expects to receive CAD 0.5 million in funding Legible Inc. announced a private placement of up to 5,000,000 units at a price of CAD 0.10 per unit for gross proceeds of up to CAD 500,000 on October 20, 2022. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of CAD 0.15 at any time prior to 5:00 p.m. on the date that is one year from the closing date. The company reserves the right to increase the maximum aggregate gross proceeds under the offering to an amount greater than CAD 500,000. The offering is expected to close on or about October 31, 2022, subject to customary closing conditions and may be closed in tranches. Announcement • Sep 22
Legible Inc. announced that it has received CAD 2.225565 million in funding On September 21, 2022, Legible Inc. closed the transaction. The company issued 121.9265 debenture units at a price of CAD 10,000 per debenture unit for gross proceeds of CAD 1,219,265 in its second and final tranche. The securities issued pursuant to the first tranche are subject to a hold period expiring on January 21, 2023. The transaction included participation from David Van Seters, a director of the company for 2 debenture units for gross proceeds of CAD 20,000.
The company paid a finders' fee of CAD 5,600 and 56,000 finders' warrants pursuant to the second tranche. Announcement • Jul 28
Legible Inc. Announces Appointment of Robyn Marshall to Advisory Board Legible Inc. announced the appointment of Robyn Marshall to Legible’s Advisory Board. Ms. Marshall has over a decade of experience in capital markets and investment banking, with expertise in debt reduction, capital raising, and market acceleration. Having worked in both the U.S. and Canada, Ms. Marshall most recently worked as a Vice President in Equity Capital Markets at J.P. Morgan in New York City. While at J.P. Morgan, Robyn provided strategic advisement and execution on over one hundred public and private equity raises for various issuers raising over USD 100 billion in proceeds. Previously, Robyn worked in the Global Investment Banking division at RBC Capital Markets in Calgary, Alberta. Ms. Marshall holds a BBA in Finance and Marketing from St. Francis Xavier University. Board Change • Jul 05
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Co-Founder & Chairman of Advisory Board Mark Holden was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 08
Legible Inc. announced that it expects to receive CAD 1 million in funding Legible Inc. announced a non-brokered private placement offering of 100 debenture units at a price of CAD 10,000 per debenture unit, for gross proceeds of up to CAD 1,000,000. Each debenture unit will consist of 15% unsecured convertible debenture of the company in the principal amount of CAD 10,000 and 50,000 common share purchase warrants. The Debentures will mature on the date that is three years following the closing and are convertible at the holder’s option, at any time, after the date that is four months and one day from the closing, into common shares of the company at a conversion price of CAD 0.10 per share. The debentures will bear interest at a rate of fifteen percent per annum calculated annually not in advance. Each Warrant will entitle the holder to purchase one common share at a price of CAD 0.15 for a period of two years from closing; provided that if, at any time, after the date that is four months and one day following the closing, the volume weighted average trading price of the common shares on the Canadian Securities Exchange is at least CAD 0.40 per share for a period of 5 consecutive trading days, the expiry date of the warrants may be accelerated by the company to a date that is not less than 21 days after the date that notice of such acceleration is provided to the warrant holders, which notice may be by way of general press release. The closing of the transaction is expected to occur on or about June 8, 2022, and is subject to regulatory approval, including approval of the Canadian Securities Exchange. All securities issued in connection with the private placement will be subject to a hold period of four months from the date of closing. The company may pay finder’s fee of up to 8% of the gross proceeds of the transaction. Additionally, finder’s warrants may be issued in an amount up to 8% of the number of Debenture Units sold under the transaction. Each finder’s warrant may be exercised to acquire one common share at a price of CAD 0.10 per share for a period of two years from the closing. Announcement • May 12
Legible Inc. Appoints Ed Duda to the Position of Chief Financial Officer Legible Inc. announced the appointment of Mr. Ed Duda to the position of Chief Financial Officer. Duda is a Chartered Professional Accountant who brings over 30 years of public and private company experience in a wide range of finance and business functions within various industries, having held a number of senior positions from CFO, Senior VP & CFO, and COO, for both national and international corporations, including multiple Canadian Investment Brokerage firms. Prior to joining Legible, Mr. Duda was Managing Director of Delmac Pacific Management Inc., a private company specializing in public company financial reporting, risk management, regulatory compliance, junior company development, full-service brokerage firm implementation, and corporate governance. He has helped companies maximize profitability, operational efficiencies, and enterprise value. Ed completed a BBA from Simon Fraser University and holds several certifications from the Canadian Securities Institute. Mr. Duda has extensive board and executive committee experience and currently sits on the board of both public and private organizations. Announcement • Apr 15
Legible Inc. Releases Bookshelves for User Engagement and Revenue Generation Legible Inc. announced the immediate release of Legible Bookshelves, a brand-new, customizable feature that allows readers to create up to 10 collections of books they can share with family, friends and colleagues. Each Legible bookshelf can hold up to 100 ebooks and readers can personalize the details to feature themes for their collections, which can be shared publicly to anyone using a link. Legible Bookshelves are being developed to be customized by adding banners and logos, along with additional features. This new feature will create an important new revenue stream by allowing corporations and organizations to pay a fee to Legible to curate books for customer-facing brands, pay Legible for corporate reading accounts, to support accessible libraries for international organizations, and for small publishers to easily feature their catalogues in a directly accessible reading platform. Legible Bookshelves enables Legible to unlock key corporate sponsorships, making it possible for partner organizations to promote browser-based, accessible reading to key audiences and customers. The feature will also support Legible’s partnerships dedicated to the Company’s core mission to make literacy resources easily accessible and available around the globe. This innovative, forward-facing technology release is one of the key components of the Legible Unbound subscription service, which will offer a delightful, immersive reading experience. This feature will further differentiate Legible’s book entertainment platform from other firms that render ebooks in the traditional way. Announcement • Apr 14
Legible Inc. Announces Executive Resignations Legible Inc. announced the departure of Mr. Cameron Drew, Chief Publishing Officer and Ms. Wai-Ming Yu, Chief Revenue Officer. Announcement • Mar 23
Legible Launches Unique Publishing Services to Accelerate Customer and Revenue Growth Legible Inc. announced the launch of a world-class eBook digital conversion service, branded as Legible Publishing Services. This service is now creating and producing “born-accessible” as well as leading-edge multimedia and immersive eBooks for the global publishing industry. On a fee for service basis, publishers and publishing organizations are now able to contract with Legible Publishing Services to access the Company’s conversion services for their entire eBook catalogues across multiple languages. The end-product delivered will be beautiful digital book assets which are optimized for accessibility to the billion-strong reading disabilities market. By offering this service, over and above being an eBook Entertainment company, Legible has also become a production house delivering video, animation and augmented reality (AR) for Web 3.0 multi-media integrated and immersive eBooks, which are the future of digital publishing. In publishing, "Born-accessible" refers to building an eBook that is also fully accessible to the reading disabled community which globally represents over a billion people (not including people associated with the community), rather than only remediating and updating eBooks post-production to make them accessible. Born-accessible content is designed to meet the needs of all readers and helps eBook purchasers to procure content that works for them – no matter their ability level. Publishers and authors still face considerable challenges both in converting their backlist of book catalogues to the eBook format in general, and in making them accessible to all people with reading disabilities. Legible is already working with large publishers and high-profile authors who do not yet have their catalogues of book titles prepared for digital distribution, and who do not have the in-house expertise, or production team, to offer their titles as media rich, immersive and fully accessible ebooks. Legible will be releasing these next-generation, mobile-inclusive books by well-known authors, publishers, and global organizations in the coming weeks and months. Announcement • Feb 25
Legible Inc. announced that it expects to receive CAD 3 million in funding Legible Inc. announced a non-brokered private placement of 7,500,000 units at a price of CAD 0.4 per unit for gross proceeds of CAD 3,000,000 on February 24, 2022. Each unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of CAD 0.60 for a period of one year from the date of issuance. The company will pay finder’s fee of up to 7.0% in cash and common share purchase warrants in an amount up to 7.0% of the aggregate number of units in relation to subscribers introduced pursuant to the Financing. Each finder’s warrant may be exercised to acquire one common share at a price of CAD 0.40. All securities issued in the transaction, have a hold period of four months. The closing of the offering is subject to receipt of approval from the CSE. Announcement • Feb 11
Legible Inc. Announces the Appointment of Shannon Kaustinen to Board of Directors Legible Inc. announced the appointment of Shannon Kaustinen to Legible’s Board of Directors. Board Change • Dec 03
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.