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Tenet Reports First Quarter 2023 Financial Results



Toronto, Ontario–(Newsfile Corp. – May 26, 2023) – Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) (“Tenet” or the “Company”), an innovative fintech technology services provider and operator of the Cubeler™ Business Hub, today announced its financial results and operating highlights for the three-month period ended March 31, 2023. Similar to the fourth quarter of 2022, the first quarter of 2023 was a difficult one in China from an economic standpoint. Tenet generated $9.49 million in revenue in Q1 and had a net loss of $8.7 million as SMEs in China were still struggling to recover following the sporadic government imposed COVID-19 lockdowns as was stated by the Company’s Chinese Operations’ CEO and Director of Finance. All amounts expressed are in Canadian dollars.

The Company continues to streamline operations in line with its previous press releases in May 2023.

Q1 Financial Highlights:

  • Total Revenue of $9.49M
  • Adjusted EBITDA of ($5.87M)
  • Net Loss of ($8.7M)

Summary of Quarterly Evolution of Revenue, Adjusted EBITDA and Net Income (Loss)

Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
Revenue $9,493,804 $21,119,569 $21,585,258 $32,432,228 $34,741,460
Expenses1 $15,368,498 $20,655,347 $25,369,965 $35,428,207 $35,309,665
Adjusted EBITDA2 ($5,874,694) $464,222 ($3,784,707) ($2,995,979) ($568,205)
Net Income (Loss) 3 ($8,704,685) (35,605,703) ($7,715,209) ($6,332,672) ($3,359,601)


  1. Expenses, for the calculation of Adjusted EBITDA, do not include finance costs, interest, taxes, depreciation and amortization (including impairment of goodwill and intangible assets), change in fair value of contingent consideration payable, loss on investment in associate company and gain on bargain purchase.
  2. Adjusted EBITDA equals net income (loss) before finance costs, taxes, depreciation and amortization (including impairment of goodwill and intangible assets), change in fair value of contingent consideration payable, loss on investment in associate company and gain on bargain purchase. Adjusted EBITDA is provided as a non-IFRS financial measure provided to assist readers in determining the Company’s ability to generate cash flows from operations and to cover finance charges. Adjusted EBITDA and EBITDA are also widely used for business valuation purposes. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies.
  3. The net loss for Q4 2022 includes a combined impairment of $38,433,119 related to the Company’s acquisition of Cubeler Inc. for which forecasted revenues shifted by almost another year due to the delayed launched of the Company’s Canadian Business Hub. The portion of the above-mentioned impairment related to the intangible assets totaling $2,735,229 may be reversed in the future following the launch of the Company’s Canadian operations.

Adjusted EBITDA Reconciliation

Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
Net Income (loss) (8,704,685) (35,605,703) (7,715,209) (6,332,672) (3,359,601)
Income taxes (recovery) 29,216 (4,642,550) (864,154) 1,253,276 704,182
Finance costs 335,235 75,297 23,656 46,128 48,952
Depreciation of property and equipment 26,718 24,279 22,397 21,437 21,551
Depreciation of right-of-use assets 198,748 179,958 182,687 142,752 109,782
Amortization of intangible assets 2,094,690 1,944,355 1,754,964 1,562,827 1,502,347
Amortization of financing issuance costs 51,535 8,845 6,799 6,825 6,551
Impairment of goodwill 35,697,890
Impairment of intangible assets 2,735,229 4,218,826
Change in fair value of contingent consideration payable 75,820 12,369 (1,305,068) 303,448 398,031
Loss on investment in associate company 18,029 34,253
Gain on bargain purchase (109,605)
Adjusted EBITDA (5,874,694) 464,222 (3,784,707) (2,995,979) (568,205)




Although the Company has struggled to regain the momentum in revenue growth it had seen in prior quarters, there remains a continued commitment to geographic and industrial vertical expansion of its Chinese operations. The Company has also taken the opportunity to work on customer retention and synergy.

The Company continues to build an ecosystem where it is servicing and gathering data on thousands of SMEs in China operating in various industrial sectors, including retail and wholesale trade, manufacturing, energy, construction and distribution. The Company now has the capability to track metrics such as sales and inventory levels in near real time on Business Hub SME members in China and has been able to show variations across time series, positioning the Company to potentially become a reliable reference of economic activity throughout the country. This will be examined as the Company explores data monetization opportunities.

The largest source of revenue in China is still the supply-chain services, which realized revenues of $6.46 million in the quarter.

The Company’s Canadian operations continued to focus on the recently launched Business Hub in Canada and continues to see seek an increase in membership. The Company continues to expect to begin showcasing the value of the data it has been collecting and will collect from SMEs in the future as it continues to explore opportunities for data monetization.


The Company’s business plan and outlook will continue to focus on the growth of its operations in China and Canada, however the Company plans to take a hybrid approach to growth that reflects these two businesses.

Full details of the Company’s first quarter 2023 financial results can be found in the Unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) for the three-month period ended March 31, 2023, which are available at

Forward-looking information

Certain statements included in this presentation constitute “forward-looking statements” under Canadian securities law, including statements based on management’s assessment and assumptions and publicly available information with respect to the Company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets”, or other similar words. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, holding company with significant operations in China; general economic and business conditions, including factors impacting the Company’s business in China such as pandemics (ex.: COVID-19); legislative and/or regulatory developments; Global Financial conditions, repatriation of profits or transfer of funds from China to Canada, operations in foreign jurisdictions and possible exposure to corruption, bribery or civil unrest; actions by regulators; uncertainties of investigations, proceedings or other types of claims and litigation; timing and completion of capital programs; liquidity and capital resources, negative operating cash flow and additional funding, dilution from further financing; financial performance and timing of capital; and other risks detailed from time to time in reports filed by the Company with securities regulators in Canada, the United States or other jurisdictions. We refer potential investors to the “Risks and Uncertainties” section of the Company’s MD&A. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking information.

Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.


All amounts are in Canadian dollars unless otherwise indicated.

About Tenet Fintech Group Inc.:

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet’s subsidiaries provide various analytics services to businesses and financial institutions through the Cubeler™ Business Hub, a global ecosystem where analytics are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at:

For more information, please contact:

Tenet Fintech Group Inc.
Christina Boyd, Director, Investor Relations
[email protected]


Follow Tenet Fintech Group Inc. on social media:
Twitter: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech

To view the source version of this press release, please visit


How to identify authenticity in crypto influencer channels




Modern brands stake on influencer marketing, with 76% of users making a purchase after seeing a product on social media.The cryptocurrency industry is no exception to this trend. However, promoting crypto products through influencer marketing can be particularly challenging. Crypto influencers pose a significant risk to a brand’s reputation and ROI due to rampant scams. Approximately 80% of channels provide fake statistics, including followers counts and engagement metrics. Additionally, this niche is characterized by high CPMs, which can increase the risk of financial loss for brands.

In this article Nadia Bubennnikova, Head of agency Famesters, will explore the most important things to look for in crypto channels to find the perfect match for influencer marketing collaborations.



There are several levels related to this point.




Analyze approximately 10 of the channel’s latest videos, looking through the comments to ensure they are not purchased from dubious sources. For example, such comments as “Yes sir, great video!”; “Thanks!”; “Love you man!”; “Quality content”, and others most certainly are bot-generated and should be avoided.

Just to compare: 


Don’t rush to conclude that you’ve discovered the perfect crypto channel just because you’ve come across some logical comments that align with the video’s topic. This may seem controversial, but it’s important to dive deeper. When you encounter a channel with logical comments, ensure that they are unique and not duplicated under the description box. Some creators are smarter than just buying comments from the first link that Google shows you when you search “buy YouTube comments”. They generate topics, provide multiple examples, or upload lists of examples, all produced by AI. You can either manually review the comments or use a script to parse all the YouTube comments into an Excel file. Then, add a formula to highlight any duplicates.


It is also a must to check the names of the profiles that leave the comments: most of the bot-generated comments are easy to track: they will all have the usernames made of random symbols and numbers, random first and last name combinations, “Habibi”, etc. No profile pictures on all comments is also a red flag.




Another important factor to consider when assessing comment authenticity is the posting date. If all the comments were posted on the same day, it’s likely that the traffic was purchased.


2. Average views number per video

This is indeed one of the key metrics to consider when selecting an influencer for collaboration, regardless of the product type. What specific factors should we focus on?

First & foremost: the views dynamics on the channel. The most desirable type of YouTube channel in terms of views is one that maintains stable viewership across all of its videos. This stability serves as proof of an active and loyal audience genuinely interested in the creator’s content, unlike channels where views vary significantly from one video to another.

Many unauthentic crypto channels not only buy YouTube comments but also invest in increasing video views to create the impression of stability. So, what exactly should we look at in terms of views? Firstly, calculate the average number of views based on the ten latest videos. Then, compare this figure to the views of the most recent videos posted within the past week. If you notice that these new videos have nearly the same number of views as those posted a month or two ago, it’s a clear red flag. Typically, a YouTube channel experiences lower views on new videos, with the number increasing organically each day as the audience engages with the content. If you see a video posted just three days ago already garnering 30k views, matching the total views of older videos, it’s a sign of fraudulent traffic purchased to create the illusion of view stability.



3. Influencer’s channel statistics

The primary statistics of interest are region and demographic split, and sometimes the device types of the viewers.


When reviewing the shared statistics, the first step is to request a video screencast instead of a simple screenshot. This is because it takes more time to organically edit a video than a screenshot, making it harder to manipulate the statistics. If the creator refuses, step two (if only screenshots are provided) is to download them and check the file’s properties on your computer. Look for details such as whether it was created with Adobe Photoshop or the color profile, typically Adobe RGB, to determine if the screenshot has been edited.


After confirming the authenticity of the stats screenshot, it’s crucial to analyze the data. For instance, if you’re examining a channel conducted in Spanish with all videos filmed in the same language, it would raise concerns to find a significant audience from countries like India or Turkey. This discrepancy, where the audience doesn’t align with regions known for speaking the language, is a red flag.

If we’re considering an English-language crypto channel, it typically suggests an international audience, as English’s global use for quality educational content on niche topics like crypto. However, certain considerations apply. For instance, if an English-speaking channel shows a significant percentage of Polish viewers (15% to 30%) without any mention of the Polish language, it could indicate fake followers and views. However, if the channel’s creator is Polish, occasionally posts videos in Polish alongside English, and receives Polish comments, it’s important not to rush to conclusions.


Example of statistics


Wrapping up

These are the main factors to consider when selecting an influencer to promote your crypto product. Once you’ve launched the campaign, there are also some markers to show which creators did bring the authentic traffic and which used some tools to create the illusion of an active and engaged audience. While this may seem obvious, it’s still worth mentioning. After the video is posted, allow 5-7 days for it to accumulate a basic number of views, then check performance metrics such as views, clicks, click-through rate (CTR), signups, and conversion rate (CR) from clicks to signups.

If you overlooked some red flags when selecting crypto channels for your launch, you might find the following outcomes: channels with high views numbers and high CTRs, demonstrating the real interest of the audience, yet with remarkably low conversion rates. In the worst-case scenario, you might witness thousands of clicks resulting in zero to just a few signups. While this might suggest technical issues in other industries, in crypto campaigns it indicates that the creator engaged in the campaign not only bought fake views and comments but also link clicks. And this happens more often than you may realize.

Summing up, choosing the right crypto creator to promote your product is indeed a tricky job that requires a lot of resources to be put into the search process. 

Author Nadia Bubennikova, Head of agency  at Famesters



Nadia Bubennikova, Head of agency at Famesters

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Central banks and the FinTech sector unite to change global payments space





The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.

Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.

Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).


At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.

The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.

As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.

Source: fintech.globa

The post Central banks and the FinTech sector unite to change global payments space appeared first on HIPTHER Alerts.

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TD Bank inks multi-year strategic partnership with Google Cloud





TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.

The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.

This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.


TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.

Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.

TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.


The post TD Bank inks multi-year strategic partnership with Google Cloud appeared first on HIPTHER Alerts.

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