Sara McKinley Prairie Real Estate - Impact of curb appeal on selling
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Globe and Mail
22 minutes ago
- Globe and Mail
Inverite Announces Audited Consolidated Financial Results for Twelve Months Ending March 31, 2025, as Compared to the 15 Months Ending March 31, 2024
Verification Fee Revenue increased by 23% for the 12-month period ending March 31, 2025. Operating Expenses decreased by 25% over the same period. Settlement of $1.35M in debt for Shares. Vancouver, British Columbia--(Newsfile Corp. - July 30, 2025) - Inverite Insights Inc. (CSE: INVR) (OTC Pink: INVRD) (FSE: 2V0) ("Inverite"), a leading AI-driven software provider utilizing real-time financial data to empower businesses to transact more effectively with consumers, announces its comparative 12-month audited financial results for the year ended March 31, 2025 and 15 months ending March 31, 2024. Key financial highlights for the comparative 12-month period ended March 31, 2025 (15-month - March 31, 2024) include: During the 12-month year-end, ending March 31, 2025, Inverite saw continued revenue growth with its opening banking platform, along with cost efficiencies in both operating expenses and financing costs. Revenue The Company generated total revenues of $1,242,529 (March 31, 2024 - $1,554,062), representing a decrease of 20%. The decrease in revenue was primarily due to 2024 being a 15-month period, compared to the standard 12-month period in 2025. The Company generated verification fee revenue of $1,198,377 (March 31, 2024 - $1,204,267), a decrease of $5,890 or 0.49%. This slight decline is attributed to the fact that the 2024 fiscal year covered a 15-month period, whereas the 2025 fiscal year covered the standard 12 months. On a comparable basis, the 12-month period ending March 31, 2024, generated $975,235 of verification revenue, representing an increase of $223,142 or 23%. Operating Expenses For the year ended March 31, 2025, operating expenses were $3,830,740, representing a decrease of $1,289,753 or 25% compared to $5,120,493 in 15 months period ended March 31, 2024. The Company provides the following detailed information on variances and components of operating expenses: Cost of processing and services of $331,797 (March 31, 2024 - $318,904) increased by $12,893 or 4% driven by a higher volume of transactions and an increase in cloud platform fees. On a comparable basis, the 12-month period ending March 31, 2024, cost was $241,348, representing an increase of $90,449 primarily due to the increase in cloud server fees. Bad debts expense and allowance for loan impairment of $1,622 (March 31, 2024 - $69,895) decreased by $68,273, or 98%, due to lower loan loss provisions associated with a lower loan portfolio value for its inactive Fast-Track loan program. On a comparable basis, the 12-month period ending March 31, 2024, cost was $43,408 representing a decrease of $41,786. Consulting fees of $563,297 (March 31, 2024 - $798,510) decreased by $235,213, or 29%, related to external consultants that the Company engaged with. On a comparable basis, the 12-month period ending March 31, 2024 cost was $643,327, representing a decrease of $80,030. Investor relations expense of $97,542 (March 31, 2024 - $154,049) decreased by $56,507, or 37%, related to investor relations activities. On a comparable basis, the 12-month period ending March 31, 2024, cost was $127,573 representing a decrease of $30,031. Marketing expenses of $108,554 (March 31, 2024 - $259,062) decreased by $150,508, or 58%, related to discontinuing operations which incurred additional marketing services expenses to support its operations. On a comparable basis, the 12-month period ending March 31, 2024, cost was $243,573, representing a decrease of $135,019. Professional fees of $154,433 (March 31, 2024 - $318,228) decreased by $163,795, or 51%, related to legal and audit fees. On a comparable basis, the 12-month period ending March 31, 2024, cost was $220,735, representing a decrease of $66,302. Salaries and benefits of $1,266,735 (March 31, 2024 - $1,789,232) decreased by $522,497, or 29%, due to the reduction of employees. On a comparable basis, the 12-month period ending March 31, 2024, expense was $1,358,554, representing a decrease of $91,819. Software and platform technology services of $291,902 (March 31, 2024 - $454,501) decreased by $162,599, or 36%, related to technology and software costs associated with providing the Company's products and services. On a comparable basis, the 12-month period ending March 31, 2024, expense was $325,155, representing a decrease of $33,253. Key financial highlights for the 3-month period ended March 31, 2025, include: Revenue The Company generated total revenues of $285,273 (March 31, 2024 - $293,663), representing a decrease of 3% over the comparable year and was due to the lower revenue generated from the Company's other revenue generating products that have been discontinued. The Company generated verification fee revenue of $278,998 (March 31, 2024 - $267,931) representing an increase of 4% and mainly due to increased transaction volumes on the Inverite Verification platform. Operating Expenses Operating expenses decreased by $51,052, or 5%, to $1,050,896 (March 31, 2024 - $1,101,948), as the Company continued to focus on efficiency and cost reduction. The Company provides the following detailed information on variances and components of operating expenses: Cost of processing and services of $79,261 (March 31, 2024 - $59,023) increased by $20,238, or 34%, driven by a higher volume of transactions and an increase in cloud server fees. Administration costs of $50,153 (March 31, 2024 - $53,227) decreased by $3,074, or 6%, due to streamlining costs and improved efficiencies implemented by management. Administration costs are mostly comprised of office expenses, rent, telephone and utilities. Bad debts and allowance for loan impairment of reversal of $29,509 (March 31, 2024 - loss of $11,434) due to lower loan loss provisions associated with a lower loan portfolio value for its inactive Fast-Track loan program and the recovery of previously written off loans. Consulting fees of $145,584 (March 31, 2024 - $142,091) which is comparable to prior period. Investor relations fee s of $820 (March 31, 2024 - $51,018) decreased by $50,198, or 98%, as the Company decreased its investor activities. Marketing fees of $22,476 (March 31, 2024 - $46,906) decreased by $24,430, or 52%, as the Company discontinued business. Professional fees of $34,500 (March 31, 2024 - $47,644) decreased by $13,144, or 28%, related to legal and audit fees. Salaries and benefits of $328,811 (March 31, 2024 - $327,650) which is comparable to prior period. Software and platform technology services of $136,943 (March 31, 2024 - $67,534) an increase of $69,409, or 103%, primarily due to higher expenditures related to data science initiatives. "This past year demonstrated the power of staying focused on what we do best. We achieved 23% growth in verification fee revenue and reduced operating expenses by 25%-clear proof that our AI-driven platform is both gaining market traction and scaling efficiently. By streamlining our business, exiting non-core initiatives, and doubling down on data enrichment, we've set the stage for sustainable, high-margin growth. These results reaffirm our belief that financial discipline and product excellence are the cornerstones of long-term value creation." Karim Nanji, CEO, Inverite Insights. A comprehensive discussion of Inverite's financial position and results of operations is provided in the condensed consolidated interim financial statements and management's discussion and analysis for the fifteen-month period ended March 31, 2025, are filed on SEDAR+ at About Inverite Insights Inc. Inverite Insights Inc. ("Inverite") (CSE: INVR) (OTC Pink: INVRD) (FSE: 2V0) is a Vancouver-based, AI-driven software provider specializing in real-time financial data. With a vast database of over 27.5 billion financial data points from more than seven million unique Canadian consumers requests, Inverite empowers businesses to transact more effectively with consumers through innovative solutions for data enrichment, identity, risk management and compliance. Neither the Canadian Securities Exchange nor its Regulation Services Provider/Market Maker (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release, nor has in any way passed upon the merits of the proposed transaction nor approved or disapproved the contents of this press release. Forward-Looking Statements This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes that any forward-looking statements in this news release are reasonable, there can be no assurance that any such forward-looking statements will prove to be accurate. The Company cautions readers that all forward-looking statements, are based on assumptions none of which can be assured and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.
CTV News
22 minutes ago
- CTV News
Algoma Steel reports net loss of $110.6M in Q2 amid tariff pressures
Algoma Steel says it is seeking $500 million in federal support as the company faces continued uncertainty from U.S. tariffs on Canadian steel. A worker is shown at Algoma Steel in Sault Ste. Marie, Ont. THE CANADIAN PRESS/Sean Kilpatrick
National Post
22 minutes ago
- National Post
FICO Survey Finds Canadians Increasingly Justify First-Party Fraud Amid Rising Inflation Rates
Article content TORONTO — FICO (NYSE: FICO) Global analytics software leader, FICO released new findings from the 2025 Consumer Survey: Fraud, Identity and Digital Banking CA highlighting Canadians' experiences with application fraud and their perceptions of how well banks are meeting their needs. The survey found that nearly one-third of respondents view first-party fraud—such as providing false information on financial applications—as acceptable in certain circumstances or even normal behavior. Many respondents cited the ongoing cost-of-living crisis as justification. Article content As inflation continues to stretch household budgets, some consumers may be more likely to falsify application details in pursuit of credit. This poses an ongoing challenge for banks, which must detect fraud without adding unnecessary friction for legitimate applicants. Strengthening fraud prevention strategies while preserving trust and accessibility will be key to meeting evolving customer expectations. Article content Identity verification is a crucial balancing act for banks Article content As more Canadians embrace digital banking, their expectations for more efficient and secure experiences are rising. According to the survey, 31% are now more likely to open a financial account online than they were a year ago. At the same time, many reported noticing an increase in identity verification checks. Nearly half (49%) reported experiencing more frequent checks during online purchases, and the same (49%) while logging into bank accounts. While these measures are important for security, they can also create friction: 15% of consumers have reduced or stopped using their checking accounts, and 17% have done the same with credit cards due to the difficulty of identity checks—slightly higher than in 2023. These trends suggest the importance of striking a balance. While security remains a top priority, banks also need to ensure that digital processes remain user-friendly and accessible to keep customers engaged. Article content 'Canadians are demanding seamless digital banking and verification processes,' said Adam Davies, vice president of product management at FICO. 'Nearly 20% of consumers will abandon a checking account if identity checks are too difficult or time-consuming. Banks must continue to make opening processes convenient and secure to attract new customers and build trust.' Article content Rising demand for banks to offer digital new account openings Article content 32% of Canadians say they are more likely to open a financial account digitally than they were a year ago. Across several product types, expectations for speed are high, over 40% of personal loan, credit card, and card loan applicants expect to spend less than 30 minutes opening a checking account. If the application process is too long and difficult, Canadians will abandon the application. These insights re-emphasize the needs for banks to optimize onboarding journeys to retain applicants and reduce abandonment rates. Article content Consumers are concerned with fraud and identity theft Article content Canadians continue to place high value on security. The survey found that 30% of consumers rank good fraud protection as one of the top three considerations when selecting a new account, while 71% rank it in their top three. Fingerprints and facial recognition were marked as a favorite security choice as 62% of consumers report that they either like or have a strong preference to use fingerprints, with 81% rating their security as good or excellent. Article content At the same time, Canadians are seeing a rise in stolen identities. 6% of Canadians reported their stolen identity was used by a criminal to open a financial account—equating to approximately 1.8 million victims and marking an increase from 5% in 2023 and 5.6% in 2020. Despite the rising risk, many Canadians underestimate their personal exposure. While 71% of consumers rank the use of stolen identity to open an account as a top three fraud concern, 40% believe it's unlikely to have happened to them, and 23% are confident their identity has never been used this way. This disconnect between concern about identity theft and personal risk perception suggests many Canadians may be unaware they've already been affected or that they are currently at risk. Article content For more details and insights regarding the survey results, download the 2025 Consumer Survey: Fraud, Identity and Digital Banking CA eBook. This survey was issued to 1,000 Canadian bank customers across age and income demographics. Article content For more information on how FICO can help financial services organizations exceed customer needs and expectations, visit About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting four billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Article content Article content Article content Article content Article content
