(TSXV-PGV)
TORONTO, April 14,
2023 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV)
("Prodigy" or the "Company") today announced its financial results
for the three months and year ended December
31, 2022. The Company sold TCB Corporation ("Prodigy Labs")
on January 18, 2023. Its financial
results are treated as discontinued operations for the reporting
periods noted below.
Full Year 2022 Financial Results
- Revenue for the year ended December 31,
2022 totalled $1,733,296 as
compared to $646,962 for the year
ended December 31, 2021, an increase
of 168%.
- Gross profit for the year ended December
31, 2022 of $1,150,910 as
compared to $423,638 for the year
ended December 31, 2021, an increase
of 172%.
- Expenses for the year ended December 31,
2022 of $8,591,595 as compared
to $3,739,598 for the year ended
December 31, 2021, an increase of
130%. This includes non-cash impairment losses of $4,040,441.
- Net and comprehensive loss from continuing operations for the
year ended December 31, 2022 of
$6,903,096 as compared to
$2,675,956 for the year ended
December 31, 2021.
- Income from discontinued operations net of tax for the year
ended December 31, 2022 of
$1,468,465 as compared to
$1,804,288 for the year ended
December 31, 2021.
- Net loss for the year ended December 31,
2022 totalled $5,434,631 as
compared to net loss of $871,668 for
the year ended December 31,
2021.
- The Company had working capital of $2,125,273 as of December
31, 2022 compared to $3,143,145 as of December
31, 2021.
Fourth Quarter 2022 Financial Results
- Revenue for the three months ended December 31, 2022 totalled $431,227 as compared to $396,636 for the three months ended December 31, 2021, an increase of 9%.
- Gross profit for the three months ended December 31, 2022 of $273,873 as compared to $270,519 for the three months ended December 31, 2021, an increase of 1%.
- Expenses for the three months ended December 31, 2022 of $2,593,555 as compared to $1,113,717 for the three months ended
December 31, 2021, an increase of
133%. This includes a non-cash impairment loss of $1,462,440 in the fourth quarter of 2022.
- Net and comprehensive loss from continuing operations for the
three months ended December 31, 2022
of $2,222,984 as compared to
$738,216 for the three months ended
December 31, 2021.
- Income from discontinued operations net of tax for the three
months ended December 31, 2022 of
$306,625 as compared to $321,920 for the three months ended December 31, 2021.
- Net loss for the three months ended December 31, 2022 totalled $1,916,359 as compared to net loss of
$416,296 for the three months ended
December 31, 2021.
|
Three months
ended
December 31
|
Year ended
December 31
|
|
2022
$
|
2021
$
|
2022
$
|
2021
$
|
|
|
|
|
|
|
Revenue
|
431,227
|
396,636
|
1,733,296
|
646,692
|
|
Gross
Profit
|
273,873
|
270,519
|
1,150,910
|
423,638
|
|
Expenses
|
2,593,555
|
1,113,717
|
8,591,595
|
3,739,598
|
|
Net and comprehensive
loss from continuing operations
|
(2,222,984)
|
(738,216)
|
(6,903,096)
|
(2,675,956)
|
|
Income from
discontinued operations net of tax
|
306,625
|
321,920
|
1,468,465
|
1,804,288
|
|
Net and
comprehensive (loss) for the period
|
(1,916,359)
|
(416,296)
|
(5,434,631)
|
(871,668)
|
|
Net income (loss)
per share – basic and diluted :
|
|
|
|
|
|
Continuing operations
|
(0.02)
|
(0.01)
|
(0.05)
|
(0.02)
|
|
Discontinued operations
|
0.00
|
0.00
|
0.01
|
0.01
|
The complete audited financial statements and associated
Management's Discussion and Analysis are available under the
Company's profile at www.sedar.com or the Company's website at
www.prodigy.ventures.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides
leading edge platforms, including IDVerifact™ for digital identity,
and tunl.™ for open banking and customer chat support, coupled with
seamless integration of our partners best-of-breed Fintech
platforms.
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 the Company 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. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, risk factors set forth in the Company's
Management's Discussion and Analysis for the year ended
December 31, 2022, a copy of which is
filed on SEDAR at www.sedar.com. 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, the Company 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 Prodigy Ventures Inc.