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ELYSEE Earns $1,538,116 ($0.05 per Share) During the Fourth Quarter of Fiscal 2022; Declares Dividend of $0.01 per Share for Fiscal 2022
Vancouver, British Columbia--(Newsfile Corp. - March 22, 2023) - Elysee Development Corp. (TSXV:...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE Earns $1,538,116 ($0.05 per Share) During the Fourth Quarter of Fiscal 2022; Declares Dividend of $0.01 per Share for Fiscal 2022Vancouver, British Columbia--(Newsfile Corp. - March 22, 2023) - Elysee Development Corp. (TSXV: ELC) (FSE: QLDN) (the \"Company\") wishes to announce its audited financial results for the three months (\"Q4 2022\") and year ended December 31, 2022 \"FY 2022\"). All dollar amounts are in Canadian funds unless otherwise noted. Highlights of Q4 2022 and Fiscal 2022 results include:Net income of $1,538,116 ($0.05 per share) in Q4 2022 as compared to $48,782 ($0.00) per share) in Q4 2021;Net loss of $2,328,192 in FY 2022 as compared to net earnings of $37,659 in FY 2021; The declaration of a dividend of $0.01 per share to shareholders for Fiscal 2022; andNet Asset Value on December 31, 2022 of $0.54 per share. Fiscal 2022 was a very disappointing year for equity markets in general. Mining issuers had a strong start to the year but experienced a sharp drop in their stock prices in the second and third quarter. In the fourth quarter, shares of copper and gold miners were able to rebound somewhat. Early stage exploration stocks continued to disappoint however, while oil stocks ended the year on a strong note. Elysee's performance in 2022 followed this same pattern as we continued to focus on precious metals miners, base metals and energy stocks. During the three months ended December 31, 2022, Elysee realized net income of $1,538,116 or $0.05 per share. The Company realized net gains on marketable securities of $69,419 along with unrealized gains on the Company's marketable securities of $510,105, an adjustment of the value of our private investments of $1,132,634 and $77,544 of interest and dividend income. General and administrative expenses for the quarter amounted to $254,465, including annual audit fees and bonuses. For the year ended December 31, 2022, Elysee recorded a net loss of $2,328,192 or $0.08 per share. Unrealized losses on marketable securities and other investments of $2,685,965 outweighed realized gains of $782,688 and dividend and interest income of $339,681. After general and administrative expenses of $755,044 and also taking into account transaction costs of $23,405 and an unrealized foreign exchange gain of $13,853, the Company incurred a loss for Fiscal 2022 of $2,328,192 ($0.08...