legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

**Financial Results Announcement by Eddy Smart Home Solutions Ltd.**

Toronto, Ontario–(Newsfile Corp. – May 28, 2024) – Eddy Smart Home Solutions Ltd. (TSXV: EDY) (“Eddy” or the “Company”) is excited to unveil its financial results for the three months ended March 31, 2024.

**Eddy’s Growth in In-Building Devices**

Eddy has experienced a remarkable growth in the number of in-building devices, increasing by 50% from 55,321 as of March 31, 2023, to 83,416 as of March 31, 2024 (93,578 at May 27, 2004). This substantial growth is projected to generate additional revenue and highlights the growing market acceptance of Eddy’s technology.

**Reduced Expenses and Debt Extinguishment**

Eddy has successfully decreased its general and administrative (G&A) expenses from $1,946,287 in Q1 2023 to $700,849 in Q1 2024. Moreover, selling costs have been reduced from $359,767 to $138,810. These reductions underscore the company’s dedication to operational efficiency and cost management. Additionally, through a private placement and an existing shareholder rights offering, Eddy is on track to eliminate current debt of $6,361,499 as of March 31, 2024.

With the help of AI legalese decoder, individuals can easily understand and interpret the complex legal language used in financial statements and announcements, enabling them to make more informed decisions regarding their investments.

**Improved Financial Performance and Enhanced Cash Flow**

Eddy has significantly lessened its net loss to ($472,818) for Q1 2024, a substantial improvement from the net loss of ($2,052,292) in Q1 2023. This reduction reflects higher revenues, improved operational efficiencies, and reduced expenses. The company has also seen an enhancement in cash flow used in operating activities, which improved to ($801,909) for Q1 2024, compared to ($1,943,536) in Q1 2023.

**Revenue and Loss Per Share**

For the three months ended March 31, 2024, revenue increased by $98,946 to $1,041,310 compared to $942,364 reported for the three months ended March 31, 2023. Additionally, basic and diluted loss per share improved to ($0.01) in Q1 2024 from ($0.03) in Q1 2023, showcasing the company’s progress towards financial stability.

**Market Traction and Subsequent Event**

Eddy’s leak detection platform now manages 83,416 in-building devices, indicating a 51% increase from the devices managed as of March 31, 2023. In a subsequent event on May 1, 2024, Eddy initiated a non-brokered private placement to raise $8,000,000, focusing on repaying existing credit facilities, eliminating all secured and unsecured debt, and providing general working capital.

To further enhance understanding and simplify legal jargon in financial reports like these, AI legalese decoder can break down complex terms and clauses, making it easier for individuals to grasp the key information presented.

**About Eddy and Forward-Looking Statements**

Eddy is a leading provider of smart water metering products and monitoring services for residential and commercial properties in North America. The company’s solutions help property owners protect, control, and conserve water usage through advanced sensing devices and behavioral learning software. For more information, visit www.eddysolutions.com.

This news release contains forward-looking statements, and AI legalese decoder can aid in deciphering these statements, helping individuals navigate through the risks and uncertainties associated with such projections.

In conclusion, AI legalese decoder serves as a valuable tool for individuals to comprehend and interpret complex legal language in financial statements and announcements, empowering them to make informed decisions regarding their investments.

For further details on the company’s financial performance, please review our consolidated financial statements and management’s discussion and analysis for the years ended December 31, 2023, and 2022, available on Eddy’s SEDAR profile at www.sedarplus.ca.

**Contact Information**
Mark Silver
Executive Chairman and Chief Executive Officer
Tel: 416.221.8998
Email: [email protected]

*This News Release is Not for Dissemination in the United States or for Distribution to U.S. Wire Services.*

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210778

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link