JIVA Technologies Announces Filing of Interim Financial Statements for Six Months Ended September 30, 2024

Rhea-AI Summary

JIVA Technologies (CSE: JIVA) has filed its Q2 2024 financial statements for the period ended September 30, 2024. The company reported gross revenue of $2.77 million, down from $5.95 million in September 2023. Cost of goods sold decreased to $982,209 from $3.37 million year-over-year. The company's net loss improved to $1.33 million compared to $3.97 million in the same period last year. CEO Lorne Rapkin emphasized the company's focus on strengthening business foundations and adapting to the wellness market.

Positive

• Reduced net loss by 66.5% year-over-year to $1.33 million
• Improved operational efficiency with lower cost of goods sold ($982,209 vs $3.37 million)

Negative

• 53.5% decline in gross revenue year-over-year ($2.77M vs $5.95M)
• Continued operating at a loss ($1.33M net loss)

VANCOUVER, BC, Dec. 2, 2024 /PRNewswire/ -- JIVA Technologies Inc . (CSE: JIVA) (Frankfurt: WNT1) (OTCQB: PLTXF) ("JIVA" or the "Company"),  a leader in building niche online wellness communities and creating immersive physical environments,  has announced the filing of its unaudited condensed interim consolidated financial statements, management's discussion and analysis (MD&A), and related officer certifications for the six months ended September 30, 2024 (the "Q2 Filing"). The Q2 Filing is available on the Company's profile at www.sedar.com.

Financial Highlights for the Six Months Ended September 30, 2024:

• Gross Revenue: $2,771,984, reflecting the Company's commitment to creating innovative wellness solutions (September 2023: $5,954,948).
• Cost of Goods Sold: $982,209, demonstrating improved operational efficiencies (September 2023: $3,376,407).
• Net Loss: $1,333,895, a significant reduction compared to the same period last year (September 2023: $3,978,410).

These results showcase JIVA's progress in optimizing its operations and aligning its business strategies with long-term growth in the wellness industry.

"Our second-quarter results underscore the strides JIVA is making in strengthening its business foundations and adapting to the evolving wellness market," said Lorne Rapkin CEO of JIVA Technologies. "We remain focused on scaling our innovative platforms and creating transformative experiences, both online and in-person, while delivering sustainable value for our stakeholders.

Additional Information

The Company's complete financial statements and management's discussion & analysis ("MD&A") for 2024 are available on JIVA's website (www.plantx.com) and SEDAR (www.sedar.com).

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.

About JIVA Technologies

JIVA Technologies is dedicated to building niche online wellness communities and creating immersive physical environments. With a proven track record in e-commerce marketplaces, bolstered by expert UI/UX design and SEO, JIVA now focuses on joint ventures to support wellness brands in developing their online presence. The company owns and operates Bloombox Club, an online plant delivery marketplace serving the United States, Germany, the United Kingdom, Austria, the Republic of Ireland, France, Spain, and Italy, as well as The Locavore Bar and Grill, a vibrant dining and gathering destination in Squamish, BC. Recently, JIVA became a shareholder in VEG House, a leader in the plant-based space, through a share exchange agreement. Committed to e-commerce, marketing, and wellness, JIVA's mission is to cultivate online communities of like-minded consumers through education and collaboration. The company is actively pursuing joint ventures, such as the recently announced partnership with LIV3 for SugarShield, to empower wellness brands online by building their websites and managing all digital marketing.

Contact:

Lorne Rapkin
Chief Executive Officer
(416) 419-1415

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may," "will," "expect," "likely," "should," "would," "plan," "anticipate," "intend," "potential," "proposed," "estimate," "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the revocation of the CTO by the BCSC and the resumption of trading of the common shares on the Canadian Securities Exchange.

By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct; and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. For a detailed description of applicable risks, please see risk factors described more fully in the Company's filings which have been filed on SEDAR.

Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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SOURCE JIVA Technologies Inc.

FAQ

What was JIVA Technologies' (PLTXF) revenue for Q2 2024?

JIVA Technologies reported gross revenue of $2,771,984 for the six months ended September 30, 2024.

How much did JIVA Technologies (PLTXF) reduce its net loss in Q2 2024?

JIVA Technologies reduced its net loss to $1,333,895, down from $3,978,410 in the same period last year, representing a significant improvement.

What was JIVA Technologies' (PLTXF) cost of goods sold in Q2 2024?

JIVA Technologies' cost of goods sold was $982,209 for the six months ended September 30, 2024, down from $3,376,407 in the previous year.