Business
RIWI Releases 2021 Audited Financials, Issues Update on Business Strategy, and Appoints Natasha Hsi as Vice President of International Development Practice
Toronto, Ontario--(Newsfile Corp. - April 13, 2022) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF...
About this update from Riwi Corp.
[{"type":"text","content":"RIWI Releases 2021 Audited Financials, Issues Update on Business Strategy, and Appoints Natasha Hsi as Vice President of International Development PracticeToronto, Ontario--(Newsfile Corp. - April 13, 2022) - RIWI Corp. (TSXV: RIWI) (OTC Pink: RWCRF) (the \"Company\" or \"RIWI\"), a global trend-tracking and prediction technology firm, reported its financial results for the year ended December 31, 2021. All figures are reported in U.S. dollars unless otherwise indicated. RIWI's financial statements are prepared in accordance with International Financial Reporting Standards (\"IFRS\").RIWI Highlights (in U.S. Dollars):Revenues were $4,135,701 for the year ended December 31, 2021. The decrease in revenues, as compared to the year ended December 31, 2020, was largely due to the company's shift away from project-based revenue and toward a recurring revenue and annual recurring revenue strategy, and due to investments made in the fourth quarter in the creation of the Compass Series of Indexes, a unique, subscription-based product focused on geopolitical risk for the finance and international development sectors. RIWI started to market and sell this new product on a syndicated basis in March, 2022.RIWI's loss before interest and taxes was $622,551 for the year ended December 31, 2021, with this loss resulting from higher costs in technology, products, and general and administrative costs relating to investments made for the purposes of propelling recurring revenue growth. This loss also occurred due to strategic changes in the Company's executive leadership, including the departure of the Company's Chief Revenue Officer, and the departure of salespeople selling fixed price custom projects as opposed to recurring revenue business with new and flexible monetization models. RIWI increased its number of customers by 12.5 percent for the year ended December 31, 2021, helping to reduce revenue reliance on any one customer. A key focus towards the end of 2021 and into 2022 has been to de-risk the Company by focusing on sustainable and repeat customers with long-term data and analytical needs.RIWI had 68 revenue-generating projects for its customers in the year ending December 31, 2021 versus 43 in the same period ending December 31, 2020, representing an increase in the Company's distinct projects of 58 percent. The increase in projects is d...