Business
GoldSpot Discoveries Reports Record Earnings for the Second Quarter of 2021
Net income and comprehensive income up 348% as compared to the same quarter last year ...
About this update from Earthlabs Inc
[{"type":"text","content":"GoldSpot Discoveries Reports Record Earnings for the Second Quarter of 2021Net income and comprehensive income up 348% as compared to the same quarter last yearConsulting revenue up 166% for Q2 as compared to the same quarter last yearToronto, Ontario--(Newsfile Corp. - August 25, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) (\"GoldSpot\" or the \"Company\"), a leading technology services company leveraging machine learning to transform the mineral discovery process, is pleased to announce the three and six months ended June 30, 2021 unaudited interim consolidated financial results of the Company (the \"Financial Results\").Highlights for the three-months period ended June 30, 2021:Completed a non-brokered private placement financing from a company controlled by Eric Sprott by issuing 9,380,000 common shares at a price of $0.975, raising gross proceeds of $9,145,500;Completed a bought deal public offering by issuing 14,375,000 common shares at a price of $0.80 per share for gross proceeds of $11,500,000 (including the full exercise of an over-allotment option);Completed the quarter with total cash and cash equivalents, investments and equity investments of $62,500,447 as compared to $22,288,150 as at December 31, 2020;Increased consulting revenue to $2,490,739 as compared to $937,202 for three months ended June 30, 2020, an increase of 166%; Net income and comprehensive income of $12,713,894 (basic earnings per share of $0.13) as compared to $2,840,204 for the three months ended June 30, 2020, an increase of 348%.Highlights for the six-months period ended June 30, 2021:Recorded realized gains on disposition of subsidiary of $7,659,798 for the six months ended June 30, 2021;Net income and comprehensive income of $18,417,081 (basic earnings per share of $0.19) as compared to $2,899,641 for the three months ended June 30, 2020.\"GoldSpot continues to gain incredible momentum with our record second quarter results reflecting the hard work and dedication of our 40+ geoscience and data scientists,\" said Denis Laviolette, Executive Chairman and President of GoldSpot. \"We continue to execute our national expansion model through the acquisition of Ridgeline, building our full-service footprint while scaling our R&D products. The success we've seen in the second quarter validates our diversified business strategy a...