TORONTO,
Nov. 20,
2024 /CNW/ - Genifi Inc. (formerly Prodigy Ventures
Inc.) (TSXV: GNFI) ("genifi" or the "Company") today announced its
financial results for the three and nine months ended September 30, 2024.
Third Quarter 2024 Financial Results
- Revenue for the three months ended September 30, 2024 totalled $200,178 as compared to $521,679 for the three months ended September 30, 2023, a decrease of 62%.
- Gross profit for the three months ended September 30, 2024 of $57,882 as compared to $361,285 for the three months ended September 30, 2023, a decrease of 84%.
- Expenses for the three months ended September 30, 2024 of $467,889 as compared to $748,416 for the three months ended September 30, 2023, a decrease of 37%.
- Net loss from continuing operations for the three months ended
September 30, 2024 of $310,360 as compared to a loss of $385,206 for the three months ended September 30, 2023.
- Income from discontinued operations net of tax for the three
months ended September 30, 2024 of
$76,584 as compared to $nil for the
three months ended September 30,
2023.
- Net and comprehensive loss for the three months ended
September 30, 2024 totalled
$233,776 as compared to $385,206 for the three months ended September 30, 2023.
- The Company had working capital of $2,482,965 as of September
30, 2024 compared to $2,901,095 as of December
31, 2023.
Year-to-Date 2024 Financial Results
- Revenue for the nine months ended September 30, 2024 totalled $715,750 as compared to $1,512,257 for the nine months ended September 30, 2023, a decrease of 53%.
- Gross profit for the nine months ended September 30, 2024 of $310,032 as compared to $1,048,521 for the nine months ended September 30, 2023, a decrease of 70%.
- Expenses for the nine months ended September 30, 2024 of $1,074,278 as compared to $2,966,340 for the nine months ended September 30, 2023, a decrease of 64%.
- Net loss from continuing operations for the nine months ended
September 30, 2024 of $576,030 as compared to $1,652,609 for the nine months ended September 30, 2023.
- Income from discontinued operations net of tax for the nine
months ended September 30, 2024
of $159,482 as compared to
$6,732,497 for the nine months
ended September 30, 2023.
- Net and comprehensive loss for the nine months ended
September 30, 2024 totalled
$416,548 as compared to a net and
comprehensive income of $5,079,888
for the nine months ended September 30,
2023.
|
Three months ended
September 30
|
Nine months ended
September 30
|
|
2024
$
|
2023
$
|
2024
$
|
2023
$
|
|
|
|
|
|
|
Revenue
|
200,178
|
521,679
|
715,750
|
1,512,257
|
|
Gross Profit
|
57,882
|
361,285
|
310,032
|
1,048,521
|
|
Expenses
|
467,889
|
748,416
|
1,074,278
|
2,966,340
|
|
Net (loss) from
continuing operations
|
(310,360)
|
(385,206)
|
(576,030)
|
(1,652,609)
|
|
Income from
discontinued operations net of tax
|
76,584
|
-
|
159,482
|
6,732,497
|
|
Net and comprehensive income (loss) for the
period
|
(233,776)
|
(385,206)
|
(416,548)
|
5,079,888
|
|
Net income (loss) per share – basic and diluted
:
|
|
|
|
|
|
Continuing
operations
|
(0.00)
|
(0.00)
|
(0.00)
|
(0.01)
|
|
Discontinued
operations
|
0.00
|
0.00
|
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 and nine months ended
September 30, 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.