Prodigy Ventures Inc. Reports Full Year and Q4 2022 Results

(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.

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