Genifi Announces Full Year and Q4 2023 Results

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Genifi Announces Full Year and Q4 2023 Results

Canada NewsWire

TORONTO, April 19, 2024 /CNW/ - Genifi Inc. (formerly Prodigy Ventures Inc.) (TSXV: GNFI) ("genifi" or the "Company") today announced its financial results for the three months and year ended December 31, 2023. As previously reported, the Company sold TCB Corporation ("Prodigy Labs") on January 18, 2023. As a result, its financial results are treated as discontinued operations for the reporting periods noted below.

Full Year 2023 Financial Results

  • Revenue for the year ended December 31, 2023 totalled $2,009,770 as compared to $1,773,296 for the year ended December 31, 2022, an increase of 16%.
  • Gross profit for the year ended December 31, 2023 of $1,405,730 as compared to $1,150,910 for the year ended December 31, 2022, an increase of 22%.
  • Expenses for the year ended December, 2023 of $3,559,718 as compared to $8,591,595 for the year ended December 31, 2022, a decrease of 59%.
  • Net loss from continuing operations before tax for the year ended December 31, 2023 of $2,153,988 as compared to $7,440,685 for the year ended December 31, 2022.
  • Net loss from continuing operations for the year ended December 31, 2023 of $1,380,637 as compared to $6,903,096 for the year ended December 31, 2022.
  • Income from discontinued operations net of tax for the year ended December 31, 2023 of $7,585,823 as compared to $1,468,465 for the year ended December 31, 2022. The increase relates primarily to the gain on disposition in January, 2023.
  • Net and comprehensive income for the year ended December 31, 2023 totalled $6,205,186 as compared to a net and comprehensive loss of $5,434,631 for the year ended December 31, 2022.
  • The Company had working capital of $2,901,095 as of December 31, 2023 compared to $2,733,691 as of December 31, 2022.

Fourth Quarter 2023 Financial Results

  • Revenue for the three months ended December 31, 2023 totalled $497,512 as compared to $431,227 for the three months ended December 31, 2022, an increase of 15%.
  • Gross profit for the three months ended December 31, 2023 of $357,209 as compared to $273,874 for the three months ended December 31, 2022, an increase of 30%.
  • Expenses for the three months ended December 31, 2023 of $593,378 as compared to $2,593,555 for the three months ended December 31, 2022, a decrease of 77%. The decrease is primarily due to a non-cash impairment loss recognized in the fourth quarter of 2022.
  • Net loss from continuing operations before tax for the three months ended December 31, 2023 of $236,170 as compared to $2,319,681 for the three months ended December 31, 2022.
  • Net income from continuing operations for the three months ended December 31, 2023 of $271,972 as compared to a loss of $2,222,982 for the three months ended December 31, 2022. The Company reported an income tax recovery of $508,142 in the three months ended December 31, 2023 as compared to $96,698 in the three months ended December 31, 2022.
  • Income from discontinued operations net of tax for the three months ended December 31, 2023 of $853,326 as compared to $306,627 for the three months ended December 31, 2022. The income in the fourth quarter of 2023 relates to $853,326 in variable consideration on the disposition of TCB Corporation, the final amount to be determined subsequent to June 30, 2024. There is no certainty that the final amount owing will be recovered, in whole or in part.
  • Net and comprehensive income for the three months ended December 31, 2023 totalled $1,125,298 as compared to a net and comprehensive loss of $1,916,358 for the three months ended December 31, 2022.

Three months ended 
December 31

 Year ended
 December 31


2023

$

2022

$

2023

$

2022

$






Revenue

497,512

431,227

2,009,770

1,733,296

Gross Profit

357,209

273,874

1,405,730

1,150,910

Expenses

593,378

2,593,555

3,559,718

8,591,595

Loss from continuing operations before tax

(236,170)

(2,319,681)

(2,153,988)

(7,440,685)

Net income (loss) from continuing operations

271,972

(2,222,982)

(1,380,637)

(6,903,096)

Income from discontinued operations net of tax

853,326

306,627

7,585,823

1,468,465

Net and comprehensive income (loss) for the period          

1,125,298

(1,916,358)

6,205,186

(5,434,631)

Net income (loss) per share – basic and diluted :










   Continuing operations

0.00

(0.02)

(0.01)

(0.05)

   Discontinued operations

0.01

0.00

0.05

0.01

The complete audited 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. Forward looking information includes without limitation, statements regarding the completion of the going private transaction. 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, including the assumption that the Company is able to effect the privatization using the proposed method, the Company is able to obtain the necessary regulatory and shareholder approvals, the parties are able to satisfy or waive, if waiver is possible, the conditions to completing the transaction. 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 year ended December 31, 2023, 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.

Cision View original content: http://www.newswire.ca/en/releases/archive/April2024/19/c5071.html

Copyright CNW Group 2024

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