Mr. Tom Marreel reports
CERTIVE ANNOUNCES TIMELY COMPLETION OF FISCAL YEAR AUDIT
The audit of Certive Solutions Inc.'s consolidated financial
statements for the year ended May 31, 2023, has been completed, and the statements, along
with the accompanying management's discussion and analysis and officer certifications,
have been timely filed with its regulators. Readers are encouraged to view these materials under
the profile for the company on the SEDAR+ website.
Tim Hyland, chief financial officer of Certive, stated: "I am pleased to report the company's consolidated net loss
improved approximately $950,000 over the prior year due primarily to cost-saving initiatives of the company. I want to acknowledge the fine work of Davidson & Company LLP, which resulted in
a restatement of the prior-year consolidated financial statements due to the incorrect financial
accounting previously used for certain restricted assets. We look forward to extending our
relationship for additional years subject to shareholder approval. In addition, the bookkeeping
and other accounting services provided by CPAForHire have been extremely professional and
much appreciated."
Company's fiscal year ended May 31, 2023:
- The company reported revenue of approximately $1,270,374 for the year ended May 31,
2023, which was approximately 6 per cent higher than the prior fiscal year.
- The company continued to make progress reducing the cost of revenue and operating
expenses during the fiscal year by $823,427 or approximately 20 per cent.
- The combined effect of increasing revenues and decreasing costs and expenses, along
with improving other income, resulted in a net loss for the fiscal year of $1,670,131
compared with $2,626,271, an improvement in the net loss of approximately $956,140 over
the prior fiscal year.
- In May, 2023, the company offered corporate executives and certain consultants the ability
to settle the amount owed them with common stock of the company at eight cents per share. The company issued 7.46 million to settle $596,800 of debt. In addition, a convertible debtholder converted $90,665 of debt into 1,511,102 common shares of the company at
six cents per share.
- Subsequent to May 31, 2023, the company has received funds toward its current private
placement offering of $50,000 and advances from the chief executive officer and chief financial officer totalling $101,345 to
help finance the company's working capital needs.
Tom Marreel, chief executive officer and chairman of Certive, also commented: "I wanted to acknowledge and
personally thank my executive leadership team and Certive's management consultants for their
continued support and commitment to Certive while receiving no financial compensation and only
accruing very small monthly salaries. It clearly illustrates their level of belief and dedication to
achieving Certive's goals while realizing our shared objectives of improving health care and driving
shareholder value."
About Certive Solutions Inc.
Certive (Scottsdale, Ariz.) is currently 100 per cent focused on the operations and value
proposition of its wholly owned subsidiary, Certive Health Inc., and its subsidiaries, Certive Health
Revenue Solutions and Certive Health Compliance Solutions. With identical board of directors,
management, advisory council, mission and vision, Certive Solutions is strategically positioned
as a public company. All advisers and board members are investors in the company, and all have
significant networks. Their collective experience, expertise and relationships are the people equity,
upon which the company was founded. Certive Health's vision is making the $3.7-trillion
health care market better by applying its people equity and capital to create new technologies
and solutions for the health care communities Certive Health serves. Certive Health's revenue cycle services
assist hospitals with the complexity of the reimbursement process and improve their financial and
quality performance. Certive Health's cybersecurity solutions allow health care providers to
protect their networks, their data and their patients from malicious agents and aggressors.
We seek Safe Harbor.
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