03:13 PM EDT, 05/03/2024 (MT Newswires) -- Everyday People Financial Corp. ( EPFCF ) was at last look down 8% after earlier Friday publishing consolidated financial statements that have been prepared assuming the company will continue as a going concern.

In its Management's Discussion and Analysis the company noted it had cash balance of $1.5 million as at December 31, 2023 as compared to $1.2 million as at December 31, 2022. It said: Management and the board closely monitor the company's operations and monthly revenue and expenses of the RCM services, financial services, and EP Homes facilitation services segments to ensure the company has sufficient working capital to execute its strategic business plan. Appropriate adjustments to projections and to the monthly expenses are made when necessary. EP Financial currently has $14.9 million senior secured credit facilities with financial institutions to support existing inventory of EP Homes and is working with the institutions to further increase the existing facilities and/or placing new facilities to support the growth of the EP Homes segment.

And it added: "There are no assurances that increased credit facilities or new credit facilities or working capital loan financing or expected profits will be available to the company on acceptable terms, or at all."

On being a going concern, the company said the consolidated financial statements have been prepared assuming it will continue as a going concern. "The going concern basis of presentation assumes the company will continue in operation for the foreseeable future and can realize its assets and discharge its liabilities and commitments in the normal course of business as they come due". The company added it has recurring net losses and a deficit. The company incurred a net loss of $1,953,128 for the 12 months ended December 31, 2023, including acquisition costs and depreciation and amortization expense, deficit of $60,713,206 as at December 31, 2023 and cash used in operating activities of $5,400,717 for 12 months ended December 31, 2023. "These conditions indicate the existence of material uncertainties that may cast significant doubt regarding the company's ability to continue as a going concern and otherwise execute its business strategies."

All of this even as the company reported fourth-quarter comprehensive income of $486,639, or $0.01 per share, as compared with a loss of $25.9 million, or $0.23 per share, a year earlier.

Among other highlights, revenue for the quarter ended Dec. 31, 2023, was $9.7 million, up more than 100% from $4.8 million a year earlier. The company said it achieved positive Adjusted EBITDA of $3.1 million, compared to an Adjusted EBITDA loss of $1.0 million for the same period in 2022.

"The successful completion of two strategic acquisitions significantly propelled our position as a leader in revenue cycle management. The acquisitions of Groupe Solution Collect Solu Inc. and Arvato Financial Solutions Limited substantially enhanced our revenue and validated our strategic realignment in 2023," said Gordon Reykdal, Executive Chairman of Everyday People in a statement. "With solid fourth quarter results and momentum across our business lines, we anticipate a strong first quarter in 2024."

In more company news, the company announced appointments and promotions, including that of Dil Boparai from vice president of finance to chief financial officer, effective immediately, upon the resignation of Mayank Mahajan.

Price: 0.34, Change: -0.03, Percent Change: -8.11