Toronto, Ontario--(Newsfile Corp. - August 26, 2022) - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company"), a leading technology company leveraging artificial intelligence and data science to transform the mineral discovery process, is pleased to announce its unaudited consolidated financial results for the three and six months ended June 30, 2022 (the "Financial Results").
"Our results for the quarter reflect our ability to generate record revenue and growth in a tough market environment," said Denis Laviolette, Executive Chairman and President of GoldSpot. "These results showcase the strength of our consulting practice fueled by innovations from our R&D group. Our product portfolio continues to take advantage of market volatility with a heightened customer focus on cost-effective tools and resources. We are confident in our growth trajectory and the ongoing demand for geo data modelling/management and specialized financial products that empower mining companies and investors to make better decisions."
Highlights for the three-month period ended June 30, 2022:
Highlights for the six-month period ended June 30, 2022:
Highlights of R&D for the three-month period ended June 30, 2022
To communicate the state of our product advancement within GoldSpot, the Company is now highlighting its R&D expenditures and the development highlights from the quarter.
Corporate Name Change to EarthLabs, Inc.
On July 20, 2022, the Company announced its plans for a corporate name change to "EarthLabs Inc." ("EarthLabs"). The name change reflects the evolution of the Company's asset portfolio and corporate mission to create, acquire, and manage market-leading technology businesses in the resource exploration and development sector. EarthLabs will represent a collection of industry-leading earth modelling, geology data management and specialized financial products that help both mining companies and mining investors make better decisions.
On August 16, 2022, GoldSpot shareholders approved the name change at its Annual and Special Meeting. The name change and rebrand remain subject to regulatory exchange approval which the Company expects to receive in the coming weeks. The Company will update shareholders upon receipt and in advance of trading.
Summary of financial results.
The following are selected consolidated financial results as at and for the three and six months ended June 30, 2022, with comparatives:
Interim Condensed Consolidated statements of income (loss) and comprehensive income (loss) highlights | Three months ended June 30, | Six months ended June 30, | ||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
Consulting income | $ | 3,376,124 | $ | 2,490,739 | $ | 6,155,073 | $ | 4,290,542 | ||||||
Net investment gains (losses) | (8,083,620) | 16,003,092 | (8,342,094) | 13,920,637 | ||||||||||
Advertising and subscriptions revenue | 450,019 | - | 1,139,723 | - | ||||||||||
Sales of software licensing revenue | 129,489 | - | 322,561 | - | ||||||||||
Sales of digital maps revenue | 53,000 | - | 133,450 | - | ||||||||||
Operating, general and administrative | (5,315,187) | (3,135,454) | (9,170,623) | (4,468,191) | ||||||||||
Research and development expenses | (837,335) | (305,033) | (1,559,293) | (540,388) | ||||||||||
Loss from equity investment | (73,398) | (660,880) | (152,302) | (952,125) | ||||||||||
Deemed gain on disposition of equity investment | - | - | 407,790 | - | ||||||||||
Deferred tax recovery (expense) | 1,330,261 | (1,672,081) | 1,359,413 | (1,477,958) | ||||||||||
Net income (loss) from operations | (8,902,184) | 12,713,894 | (9,521,242) | 10,757,283 | ||||||||||
Realized gains from disposition of subsidiary | - | - | - | 7,659,798 | ||||||||||
Net income (loss) and comprehensive income (loss) for the period | (8,902,184) | 12,713,894 | (9,521,242) | 18,417,081 | ||||||||||
Earnings (loss) per common share for the period - basic | (0.07) | 0.13 | (0.07) | 0.19 | ||||||||||
Earnings (loss) per common share for the period - diluted | (0.07) | 0.12 | (0.07) | 0.18 |
Interim Condensed Consolidated statements of financial position highlights | June 30, 2022 | December 31, 2021 | ||||||
Cash and cash equivalents | $ | 4,150,213 | $ | 6,558,818 | ||||
Accounts receivable, net of expected credit losses | 1,641,450 | 1,288,398 | ||||||
Investments, at fair value | 25,756,016 | 34,674,867 | ||||||
Equity investment | 9,456,828 | 8,492,872 | ||||||
Property and equipment | 1,911,926 | 1,641,549 | ||||||
Intangible Assets | 11,031,605 | 9,977,352 | ||||||
Goodwill | 10,604,781 | 9,038,472 | ||||||
Total assets | 66,266,962 | 73,125,047 | ||||||
Accounts payable and accrued liabilities | 1,655,770 | 2,477,421 | ||||||
Deferred revenue | 6,998,405 | 6,073,101 | ||||||
Deferred tax liabilities | 2,206,655 | 3,291,684 | ||||||
Total liabilities | 11,478,142 | 12,105,478 | ||||||
Share capital, contributed surplus, and warrants | 49,404,094 | 46,113,601 | ||||||
Retained earnings | 5,384,726 | 14,905,968 |
About GoldSpot Discoveries Corp.
GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a full suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies, and strategically invest in mineral exploration companies. Our leading team of expert scientists merge geoscience and data science to deliver bespoke solutions that save time, reduce costs, and produce far more accurate results than ever before possible.
For further information please contact:
Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: [email protected]
Neither the TSX Venture Exchange ("TSXV"), OTC Best Market "(OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward -Looking Information
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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