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Genifi Announces Q1 2024 Results

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 March 31