TORONTO, May 28, 2024 /CNW/ - Genifi Inc. (formerly Prodigy Ventures Inc.) (TSXV: GNFI) ("genifi" or the "Company") today announced its financial results for the three months ended March 31, 2024.
First Quarter 2024 Financial Results
- Revenue for the three months ended March 31, 2024 totalled $259,542 as compared to $497,043 for the three months ended March 31, 2023, a decrease of 48%.
- Gross profit for the three months ended March 31, 2024 of $124,337 as compared to $348,074 for the three months ended March 31, 2023, a decrease of 64%.
- Expenses for the three months ended March 31, 2024 of $336,228 as compared to $1,329,601 for the three months ended March 31, 2023, a decrease of 75%.
- Net loss from continuing operations for the three months ended March 31, 2024 of $161,638 as compared to a loss of $780,453 for the three months ended March 31, 2023.
- Income from discontinued operations net of tax for the three months ended March 31, 2024 of $nil as compared to $6,732,497 for the three months ended March 31, 2023, relating to the disposition of TCB Corporation in 2023.
- Net and comprehensive loss for the three months ended March 31, 2024 totalled $161,638 as compared to a net and comprehensive income of $5,952,044 for the three months ended March 31, 2023.
- The Company had working capital of $2,739,916 as of March 31, 2024 compared to $2,901,095 as of December 31, 2023.
Three months ended |
||||
2024 $ |
2023 $ |
|||
Revenue |
259,542 |
497,043 |
||
Gross Profit |
124,337 |
348,074 |
||
Expenses |
336,228 |
1,329,601 |
||
Net (loss) from continuing operations |
(161,638) |
(780,453) |
||
Income from discontinued operations net of tax |
- |
6,732,497 |
||
Net and comprehensive income (loss) for the period |
(161,638) |
5,952,044 |
||
Net income (loss) per share – basic and diluted : |
||||
Continuing operations |
(0.00) |
(0.01) |
||
Discontinued operations |
0.00 |
0.05 |
||
The complete unaudited financial statements and associated Management's Discussion and Analysis are available under the Company's profile at www.sedarplus.ca and the Company's website at www.genifi.com.
About genifi inc.:
Genifi (formerly Prodigy Ventures) delivers Fintech innovation, with its cutting-edge platforms: IDVerifact for digital identity verification, and tunl.chat for generative AI chat.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. The forward-looking information is based on certain assumptions, which could change materially in the future. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in genifi's Management's Discussion and Analysis for the three months ended March 31, 2024, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE genifi inc.
GENIFI INC., Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833
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