Business
EarthLabs Reports Results For The Third Quarter of 2023
Announced the acquisition of the Northern Miner, Canadian Mining Journal and MINING.COM; Total s...
About this update from Earthlabs Inc
[{"type":"text","content":"EarthLabs Reports Results For The Third Quarter of 2023Announced the acquisition of the Northern Miner, Canadian Mining Journal and MINING.COM;Total signed advertising contracts YTD as of November 27, 2023 represent $2,764,000;Ended the quarter with total cash, cash equivalents, due from brokers and investments of $47,949,324.Toronto, Ontario--(Newsfile Corp. - November 28, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) (\"EarthLabs\" or the \"Company\"), a leading mining investment and technology company, is pleased to announce the unaudited consolidated financial results for three and nine months ended September 30, 2023 of the Company (the \"Financial Results\").\"Amidst a challenging junior resource market, EarthLabs stands resilient, focusing on long-term strategic positioning,\" said Denis Laviolette, Executive Chairman and CEO of EarthLabs. \"With the acquisition of key media assets and a robust investment and cash reserve, we're not just enduring the storm but redefining the landscape. Our portfolio, now enhanced with the Northern Miner, Canadian Mining Journal, and MINING.COM, empowers us to innovate and enhance the way information is shared in the mining sector. Our vision remains steadfast-EarthLabs is building a legacy in the mining investment and technology sphere.\"Highlights for the three-months period ended September 30, 2023:Advertising revenue of $440,430 as compared to $1,040,933 for the three months ended September 30, 2022;Net investment losses of $3,749,013 from our investment portfolio as compared to net investment losses of $3,747,401 for the three months ended September 30, 2022; Net loss from operations of $5,867,847 (basic loss per share of $0.04) as compared to net loss from operations of $3,818,176 (basic loss per share of $0.03) for the three months ended September 30, 2022;Net loss and comprehensive loss of $5,867,847 (basic loss per share of $0.04) as compared to net loss and comprehensive loss of $4,673,444 (basic loss per share of $0.04) for the three months ended September 30, 2022. Highlights for the nine-months period ended September 30, 2023:Completed the nine-month period with total cash and cash equivalents, due from brokers, investments and equity investments of $47,949,324 as compared to $52,546,191 as of December 31, 2022;Advertising revenue of $1,529,244 as compared to $1,646,605 f...