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4. Contact Investor Relations

This is a long shot, but:

You can email IQ-AI Ltd’s investor relations team to ask if they provide more insight into Imaging Biometrics’ performance or contributions.

They may not disclose anything new, but you might get context or clarification.

🧩 In Summary:

Private company accounts are not publicly available.

You’re limited to parent company disclosures, public grants, and estimated data from research platforms.

If you're a retail investor in IQ-AI Ltd, you're essentially relying on their filings for insight into the subsidiary's performance.

Imaging Biometrics, LLC is a Wisconsin-based medical imaging software company specializing in advanced image processing solutions for neuro-oncology applications. In March 2018, it was acquired by IQ-AI Ltd, a company listed on the London Stock Exchange. FDA Access Data+5iqai.ltd+5imagingbiometrics.com+5

As a private subsidiary, Imaging Biometrics does not publicly disclose detailed financial statements. However, available information provides some insights into its financial standing:

Funding and Grants: The company has secured multiple grants, including $2.57 million from the National Institutes of Health (NIH) in June 2020, $3 million from the National Cancer Institute in April 2021, and $100,000 in February 2024. Tech & Data for VC, Corp Dev, IBs

Acquisition Details: Imaging Biometrics was acquired by Flying Brands (now IQ-AI Ltd) on March 13, 2018, for approximately $754,000. imagingbiometrics.com+2Tech & Data for VC, Corp Dev, IBs+2iqai.ltd+2

Employee Count: As of December 31, 2023, the company employed three individuals. Tech & Data for VC, Corp Dev, IBs

While these figures offer a glimpse into the company's financial activities, comprehensive financial details would typically be included in the consolidated financial statements of its parent company, IQ-AI Ltd. For more detailed financial information, reviewing IQ-AI Ltd's public filings or contacting their investor relations department may provide additional insights.

🔒 Why Private Accounts Aren’t Public

Unlike public companies, private companies are not legally required to publish detailed financial statements (like income statements, balance sheets, or cash flow statements).

When a company is a subsidiary (like Imaging Biometrics is to IQ-AI Ltd), its numbers are usually rolled up into the parent company’s consolidated financials—if at all.

👇 What a Retail Investor Can Do:

1. Check the Parent Company’s Reports (if applicable)

Since Imaging Biometrics is 100% owned by IQ-AI Ltd, you can:

Read IQAI’s annual reports or regulatory filings via the London Stock Exchange (LSE) or IQAI’s own investor page.

Look for any segment reporting or notes to the accounts that might mention Imaging Biometrics.

⚠️ Often, the subsidiary’s performance will be mentioned briefly, without detailed numbers.

2. Check for Grant Disclosures or Press Releases

Private companies that receive grants (e.g., from NIH or NCI) sometimes have:

Public announcements

Funding totals and project outlines

Reporting requirements (if government funded)

These don’t give you full financials but can hint at revenue sources or operational scale.

3. Use Business Intelligence Databases (Paid)

Some services offer estimated data or snapshots:

PitchBook

PrivCo

Crunchbase Pro

Tracxn (some free access, often limited)

These often require subscriptions and are more accessible to institutional investors, analysts, or financial professionals.

Cont

Hi Laura2022,

Just in case Max isn't around at present, here is the trial info as per our website https://www.iqai.ltd/clinical-trials/

Phil

BB

BRH and TB are a concert party in relation to their combined IQAI holding, so they cannot go over 30% unless they want to make an offer for all the shares. So TB will not be buying up cheap shares.

However, the question raised by Cautious still remains. Why is it beneficial for him to swap a 29% holding in IQAI for a similar one in BRH?

Also, with BRH having bought the FAB and TB shares at 1.1p and a further £70k in the recent placing at 1p, they are maintaining a near 30% holding. So they see value.

It should also be noted that the actions of TB have diluted the shareholding of KS, not just small shareholders. That said, TB ensured MS's options were cancelled and repriced cheaply. To be fair, he doesn't deserve to be a victim of the actions of TB. But do we? Well that's the stockmarket for you.

TB needs to resign as Chairman of IQAI, if indeed he was ever appointed. We need a Board member who has the interests of shareholders at heart. For me, that means AM or MS.

I also want to see AM and MS buying on the open market, as action is needed to halt the confidence issue.

Finally, as TB no longer holds shares directly in IQAI, should he not step down as CEO?

Is there not a clear conflict of interests with him being CEO of BRH and BRH holding near 30% of IQAI?

Lets see what the Finals unfold shortly and of course what the AGM resolutions are.

Matters are coming to a head very quickly indeed.

Ix) So why didn't we register the domain IQAI.com ourselves and simply redirect the website to iqai.ltd or imagingbiometrics.com?

Does iqai.com not conflict with any of our trademarks?

The iqai trademark application is live but is still pending. Go to https://tmsearch.uspto.gov/search/search-information and search with IQAI.

Domain iqai.com was registered back in 2002.

Domain iq-ai.com was registered back in 2017.

We have iqai.ltd, iq-ai.ltd, iqai.cloud and iqai.co.uk all of which redirect to https://www.iqai.ltd/

We did not purchase either of the dot com domains, presumably because of cost. Was that the right decision given what has happened now?

Clearly, the pending website development is going to provide (hopefully) both clarity and a way forward for the business.

What we need now is marketing support and a Board of directors who see value in the current ridiculous share price.

Otherwise, change is needed at the top level, We desperately need to be aligned with the outstanding work Imaging are doing. Not the other way round.

The opportunity here is massive, it has to be seized for the benefit of all those in need. Should that happen, then shareholders will also benefit.

Enough of my ramblings. Thoughts and corrections appreciated.

Phil

On 25 February IQAI posted the following message on X:-

"Launching soon: a new and improved website experience!

We’re redesigning our site to bring you easier access to our cutting-edge imaging solutions. Stay tuned for the big reveal!"

Before we look at what this may imply, we need to ask whether:-

i) all shareholders realise IQAI 100% own Imaging Biometrics?

i) all shareholders realise IQAI acquired Stone Checker Software Ltd in 2017?

iii) all shareholders realise that IQAI's website is https://www.iqai.ltd/

iv) all shareholders realise the Imaging Biometrics website is https://www.imagingbiometrics.com/

v) all shareholders realise that the Stone Checker website www.stonechecker.com redirects to https://www.imagingbiometrics.com/what-we-offer/product-services/ib-stonechecker/

With that understood, will the new and improved website experience relate to the development of the IQAI website and/ or the Imaging Biometrics website?

The answer to that question will depend on the significance of a phase 2 partner. Obviously, there can be no point in combining the IQAI, Imaging and Stonechecker websites into one new website, as that would immediately imply that IQAI or Imaging would not be sold off. Whilst there have been no confirmatory indication that talks relating to a sale of one or the other have/are taking place, clearly it could happen in the future.

So this would seem to imply that the development will relate to the Imaging website. That being the case, what do shareholders think of the IQAI website, as I would suggest it is very poor for a FTSE company. This is of course, raises the question as to whether:-

vi) shareholders realise IQAI is a FTSE main listing company, given its tiny market capitalisation, shareholder base and level of marketing. I have lost count of the number of times investors refer to IQAI as being on AIM. This is a misconception that could and should be put right immediately. But this begs the question as to why:-

vii) IQAI do not post on X. All posts originate from Imaging Biometrics via @IQAI_IB. Neither Imaging or Trevor Brown post on X with #IQAI included. This on the face of it, is senseless, as investors looking to educate themselves with the benefits of either Imaging or IQAI, will not see their posts. This is a marketing opportunity wasted.

This opens up another area of discussion as to why:-

viii) IQAI have allowed the website https://iqai.com/ to be registered by an Agent Tokenisation Platform This of course has now resulted in their investors using #IQAI to promote their business on X. Is that a problem when our business is introduced to their investors as a result of the joint use of #IQAI?

This is why Imagining, Trevor Brown and Al Musella should always post on X with #IQAI included. It is free promotion to a new audience.

Continued on next post

Paladin,

The £250k is obviously a minor amount and is not being used for phase 2, as partner talks are still ongoing. A far bigger amount is needed for that.

With the Finals being released next month, the £250k can be included as a post period event when determining the current cash balance, rather than cash at 31/12.

As for Tyke's reference to revenue, we have had a trading update which highlighted the higher revenue for the year. The only thing we are never told, is the split between partners/software sales.

Phil

Max,

TB cannot have taken part in the placing as he is a concert party with BRH re their 29.35% IQAI holding.

Phil

Jackdaw2607,

Peterhouse will not be shorting (f at all) below 1p as there can be no lower placing without a GM and capital reorganisation. That is because the nominal value of shares is 1p.

More likely they are buyers below 1p, as they could then bank shares received for their services.

Phil

Paladin,

BRH took 28% of the placing ((7m/25m)x100) so their holding in IQAI dropped from 29.51% to 29.35% of the enlarged share capital.

I guess it was easier to use a round number.

From a personal point of view, I do not like the conflict of interest TB enjoys in relation to IQAI and BRH. That said, I hope I am right in assuming that FAB cannot have partaken in the placing, having previously sold 19,654,779 at 1.1p?

Phil

Further to my earlier trademark post, it would appear that:-

1. Trademark: IQAI application is live but still pending

a. https://tmsearch.uspto.gov/search/search-information

b. Search IQAI

2. Domains:

a. iqai.com was registered back in 2002

b. iq-ai.com was registered in 2017

c. We have the following names:

i) iqai.ltd

ii) iq-ai.ltd

iii) iqai.cloud

iv) iqai.co.uk

d. They all direct to iqai.ltd

I presume we did not pursue either of the dot com names because of cost and/or relevance.

Phil

BB/Tyke,

Come on guys. I get your general annoyance with figures. However, on the 5/12 we had a trading update for the year to 31/12/24. This had a revenue estimate of US$900k-US$1m v US$760k for the year to 31/12/23. So we are currently in week 5 of the new financial year.

Personally, I would like to see a revenue split between applications v distributors and direct sales. That would give us a better idea re who is more likely to be acquiring us. That said, we have to take into account how partnerships are enhanced and how clients are now able to buy applications.

Ultimately though, the success of Phase 2 and voucher applications will dictate the take out price imo.

Phil

The_Paladin

I thought the 290k might have been someone moving shares. However, if that 630k delayed buy is you, then well done. That is clearly the reason for the jump on the offer.

Phil

On both the bid and offer?

Interesting that we have allowed the domain https://iqai.com to be registered as we could have simply purchased it and redirected the page to https://imagingbiometrics.com

So this raises the question as to whether iqai.com infringes any of our trademarks?

On the flip side, should any blockchain investor search on X with #IQAI they will now be introduced to our company as well?

Infringement or free publicity?

Meanwhile, I added the 260k today. This mornings RNS is one small step closer to us being acquired, in my opinion.

Max,

I guess it's a complicated one. TB has a personal holding in BRH but not IQAI. However, I presume he has options in both. The crossover is he is CEO of IQAI and BRH. So he couldn't personally buy shares in IQAI before price changing news, nor could BRH add to its IQAI holding.

The grey area would always be when did news become apparent to Trevor personally or either Board of Directors.

I am sure that answer doesn't help!

Phil

Max,

That is a very interesting post with Mayo clinic teaming with Microsoft for AI chest X-ray reporting.

Whilst the market rightly believes that IQAI could be bought by big pharma, I well remember a David Smith (former COO) Proactive interview several years ago, when he mentioned that a big tech, like Microsoft or Google, could well be interested in acquiring IQAI.

Why?

Because they could receive patient images, without personal data, and use our imaging software to analyse and integrate with our workflow procedures, sending back the results to IQAI, converting the assigned unique reference number to the IQAI patient number. That would hasten the time required for assessment and provide big tech with a royalty, if they didn't acquire IQAI.

Of course, IQAI may now decide that IB Nimble could replace or be part of this process?

Thanks

Phil

-----------

Max's post from earlier today:-

Https://www.linkedin.com/posts/ural-ko%C3%A7-2b7530197_radiology-ai-ugcPost-7287380096733114368-WCTw?utm_source=share&utm_medium=member_ios

Mayo clinic teaming with Microsoft for AI chest X-ray reporting

Surely we are on a radar ,

On the 1st November 2018, David Smith was granted options over 6,017,500 shares at 2.6p. 1/3 of those shares vested on 1st November 2019, with the remainder at 1/36 on the last day of each month thereafter.

David exercised 1m shares at 2.6p on 13th January 2020 when the share price was circa 4p. Since then, the share price rose to circa 23p in November 2020. However, David does not seem to have exercised any further options.

So with over 5m shares still to be exercised, David is clearly very confident that the share price is going to rise above 23p in the remaining years, before they lapse on 1st August 2028.

That being the case, how confident should shareholders be now, knowing the share price is currently BELOW the exercise price. Quite simply, you now have a better opportunity than David!

Trevor has bought a further 250,000 Braveheart shares at 5.5p for a value of £13,750.

Clearly, he doesn't believe a BRH placing is coming, so he must think one of their investee companies is due a re rate and capital appreciation.

He now owns 26.04% of BRH

If you have wondered what IQAI do or how they could increasingly benefit patients going forward, then this interview with Michael Schmainda, CEO of 100% owned Imaging Biometrics, and Dr Al Musella (@AlMusella) is the one you should listen to:-

https://www.youtube.com/watch?v=DWXcR1DbLFs