Business
EarthLabs Reports Results for the Second Quarter of 2023
50.1% increase in advertising revenue as compared to Q2 2022 with advertising revenue of $1,088,8...
About this update from Earthlabs Inc
[{"type":"text","content":"EarthLabs Reports Results for the Second Quarter of 202350.1% increase in advertising revenue as compared to Q2 2022 with advertising revenue of $1,088,814 for the six-months period ended June 30, 2023 (79.8% increase).Total signed advertising contracts YTD as of July 31, 2023 represent $1,754,000. CEO.CA Technologies and DigiGeoData continue to develop new tools and services, enhancing value to subscribers. Ended the quarter with total cash, cash equivalents, and investments of $51,875,403.Toronto, Ontario--(Newsfile Corp. - August 24, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (\"EarthLabs\" or the \"Company\"), a leading mineral exploration technology and investment company, is pleased to announce the unaudited consolidated financial results for three and six months ended June 30, 2023 of the Company (the \"Financial Results\").\"Despite significant junior resource market challenges, this quarter showcases the resilience and adaptability of EarthLabs. Our significant growth in advertising revenue and continued investment in innovative technologies underscore our commitment to pushing the boundaries and creating lasting value for our stakeholders. We remain steadfast in our vision, and with our strong financial position, we're well-poised to capitalize on new opportunities and drive further growth,\" said Denis Laviolette, Executive Chairman and CEO of EarthLabs. Highlights for the three-months period ended June 30, 2023:Advertising revenue of $298,320 as compared to $198,691 for the three months ended June 30, 2022;Net investment losses of $693,821 from our investment portfolio as compared to net investment losses of $8,083,620 for the three months ended June 30, 2022; Net loss from operations of $1,801,140 (basic loss per share of $0.01) as compared to net loss from operations of $8,973,182 (basic loss per share of $0.07) for the three months ended June 30, 2022.Net loss and comprehensive loss of $1,801,140 (basic loss per share of $0.01) as compared to net loss and comprehensive loss of $8,902,184 (basic loss per share of $0.07) for the three months ended June 30, 2022. Highlights for the six-months period ended June 30, 2023:Completed the six-month period with total cash and cash equivalents, due from brokers, investments and equity investments of $51,875,403 as compared to $52,546,191 as of December 31, 2022;Adver...