Business
ELYSEE Announces Results for the Six Months Ended June 30, 2023
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2023) - Elysee Development Corp. (TSXV:...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE Announces Results for the Six Months Ended June 30, 2023Vancouver, British Columbia--(Newsfile Corp. - August 9, 2023) - Elysee Development Corp. (TSXV: ELC) (FSE: QLDN) (\"Elysee\" or the \"Company\") is pleased to announce its unaudited financial results for the three and six months ended June 30, 2023 (\"Q2 2023\"). All dollar amounts are in Canadian funds. During the six months ended June 30, 2023, realized losses of $22,341 and unrealized losses on marketable securities of $558,536 were offset by interest and dividend income of $370,852. After deducting general and administrative expenses of $278,404 and transaction costs of $11,205 the Company incurred a net and comprehensive loss for the six months ended June 30, 2023, of $502,222 ($0.02 per share). This compares to a net loss of $2,695,944 ($0.09 per share) incurred during the same six-month period a year earlier.During the three months ended June 30, 2023, Elysee incurred a loss of $1,076,898 which was primarily the result of unrealized losses on the company's marketable securities of $1,295,213, which was only partially offset by realized gains of $89,118 and interest and dividend income of $274,418. This compares to a net loss of $3,424,423 ($0.12 per share) incurred during the same three-month period a year earlier.During the six months ended June 30, 2023, General and Administrative expenses were reduced to $278,404 from $323,956 during the same period a year prior due to a reduction in management fees.After paying out a one cent per share cash dividend for fiscal 2022 (a total of $284,506) on April 11, 2023, the company's net asset value decreased from $15.4 million on Dec. 31, 2022 (54 cents per share), to $14.7 million (51 cents per share) on June 30, 2023. Cash on hand as of June 30, 2023, was $578,957. Investment HighlightsIn contrast to most general markets and technology stocks in particular, the performance of natural resource-related stocks was poor in Q2. On average, the shares of mining companies, as well as energy-related stocks did not perform well during that period. In June of 2023, as a result of an asset sale and spinout, Spartan Delta Corp. announced that it would pay eligible shareholders a special dividend of $9.50 per share and issue one share and one warrant of the spinout company, Logan Energy Corp., for every share of Spartan Delta hel...