Business
GoldSpot Discoveries Corp. Reports Annual 2018 Financial Results and Increase in Revenue by 175%
Toronto, Ontario--(Newsfile Corp. - April 29, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT...
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[{"type":"text","content":"GoldSpot Discoveries Corp. Reports Annual 2018 Financial Results and Increase in Revenue by 175%Toronto, Ontario--(Newsfile Corp. - April 29, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the \"Company\" or \"GoldSpot\") is pleased to announce the financial results of GoldSpot Holdings Inc., the wholly-owned subsidiary of the Company, as at and for the year ended December 31, 2018 (the \"Financial Results\").Highlights for the year ended December 31, 2018:Increased revenue by 175% to $1.2 million from $452,508;Entered into three additional Service Contracts with mining and exploration companies in 2018, for a total of six Service Contracts;Completed a non-brokered private placement financing for aggregate gross proceeds of $1.56 million; and Completed the financial year with $1.7 million in working capital.The following are selected Financial Results:    20182017Consulting income$ 1,242,544$ 452,508Operating, general and administrative(2,611,749)(946,237)Net loss and comprehensive loss for the year(1,290,805)(493,729)Loss per common share based on net loss for the year - basic and diluted(0.79)(0.43)   As at December 3120182017 Cash and cash equivalents$ 1,367,966$ 1,428,323Intangible assets334,015-Total assets2,754,9671,626,906Total liabilities672,91857,830Equity 2,082,0491,569,076 Denis Laviolette, President and Chief Executive Officer, commented: \"2018 was a pivotal year for GoldSpot. We significantly increased our staff from 10 to 23 persons, allowing us to provide our services to more clients and to expand upon the research and development of our Resource Quantamental platform. Despite the increase in operational costs, 2018 was a record year for us in terms of revenue and innovation.\"In February 2019, GoldSpot Holdings Inc., completed a brokered private placement financing, raising gross proceeds of $7.56 million and subsequently completed an RTO and commenced trading on the TSX Venture Exchange. As a result of the completion of these transactions, the share capital of the Company increased significantly, which will be reflected in the Company's interim financial statements for the first quarter of 2019, however, GoldSpot now has the bandwidth to further increase consulting revenue, and more importantly, provide our services to the exploration companies in which the Company has a ves...