B.C. bookkeeper gets conditional sentence, probation for helping hotels evade nearly $1M in GST
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
5 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.
National Post
5 minutes ago
- National Post
Mogo Initiates Process to Obtain Full Crypto Regulatory Approval in Canada
Article content VANCOUVER, British Columbia — Mogo Inc. ('Mogo' or the 'Company') (NASDAQ: MOGO; TSX: MOGO), a digital wealth and payments company on a mission to build the future of intelligent finance, today announced that it is moving forward with plans to seek regulatory approval to offer crypto trading on its platform. If approved, Mogo would join an elite category, becoming one of only two companies in the country authorized to offer both equity and crypto trading under a single, regulated platform. Article content This step forward marks a structural expansion of Mogo's evolution into an integrated, multi-asset investing platform. It follows the introduction of a next-generation wealth experience built for disciplined investors seeking to build long-term capital across both traditional and digital assets. Article content This milestone also reflects Mogo's long-standing commitment to crypto innovation in Canada. In 2018, it launched Canada's first Bitcoin account, and in 2020, it became the third US-listed company to allocate Bitcoin to its balance sheet, following MicroStrategy and Block. Today's announcement builds on that legacy, reinforcing Mogo's leadership at the intersection of fintech and hard asset capital allocation. Article content 'The question is no longer whether crypto belongs in a portfolio, it's how to hold it intelligently,' said David Feller, Founder & CEO of Mogo. 'Our approach isn't built on hype, but on structure, security, and long-term alignment. We're not building a trading tool, we're building a regulated, behaviorally sound platform where crypto plays a deliberate role in wealth creation. That's the difference. And it's one a disciplined investor would respect.' Article content Mogo currently offers equity investing via MogoTrade Inc. and adding crypto trading to the Company's roadmap is tightly integrated with Mogo's capital allocation strategy, which includes a board-approved $50 million Bitcoin treasury authorization. Article content 'This is not a marketing play. It's a structural shift,' said Greg Feller, Co-Founder & President of Mogo. 'The convergence of equities and crypto is not theoretical, it's inevitable. Regulatory approval isn't just a milestone, it's a moat. With we're building a unified wealth experience designed for those who think in decades, not days.' Article content With this move, Mogo is not simply adding crypto, it is architecting the future of disciplined, multi-asset investing in Canada. Mogo aims to build the only platform where long-term investors can manage both equities and crypto within a unified system grounded in behavioral discipline. Article content Mogo Inc. Article content (NASDAQ:MOGO; TSX:MOGO) is on a mission to build the future of intelligent finance, empowering consumers to grow wealth through a suite of innovative financial products and a capital strategy anchored by Bitcoin. The company's platform combines digital wealth management and lending with a growing commitment to hard asset capital allocation. Mogo is publicly listed on the NASDAQ and TSX. Article content Forward-Looking Statements Article content This news release may contain 'forward-looking statements' within the meaning of applicable securities legislation, including statements regarding the plans to launch crypto trading, the plans to apply for regulatory approval in respect of crypto trading and any receipt of such approval, Mogo's capital allocation strategy, Mogo's strategic initiatives in respect of its wealth management and the integration of cryptocurrency in respect thereof. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements are typically identified by words such as 'may', 'will', 'could', 'would', 'anticipate', 'believe', 'expect', 'intend', 'potential', 'estimate', 'budget', 'scheduled', 'plans', 'planned', 'forecasts', 'goals' and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, including receipt of applicable regulatory approvals in respect of its products, many of which are outside of Mogo's control. For a description of the risks associated with Mogo's business please refer to the 'Risk Factors' section of Mogo's current annual information form, which is available at and Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Article content Article content Article content Article content Investor Relations investors@ Article content Article content Article content
CTV News
5 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
