Business
GoldSpot Reports Record Earnings and Provides Corporate Update
Toronto, Ontario--(Newsfile Corp. - April 8, 2021) - GoldSpot Discoveries Corp. (TSXV: SPO...
About this update from Earthlabs Inc
[{"type":"text","content":"GoldSpot Reports Record Earnings and Provides Corporate UpdateToronto, Ontario--(Newsfile Corp. - April 8, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the \"Company\" or \"GoldSpot\") is pleased to announce the three and twelve months ended December 31, 2020 consolidated financial results of the Company (the \"Financial Results\").\"Financially, GoldSpot ended 2020 with record revenue, net income, cash and investment balances to date,\" stated Denis Laviolette, Executive Chairman and President of GoldSpot. \"Our team rose to the challenge and worked together to deliver our strongest performance to date as well as capitalize on many new growth opportunities driven by our technological achievements and in-house innovation. GoldSpot is a technology company and has committed significant financial and human capital to develop and acquire licensable products in order to build robust, reoccurring revenue streams. Looking forward, we will continue to expand our SaaS revenue model while growing our in-house offering with complimentary services that drive efficiency, collaboration and continuous improvement across our Company and our client services.\"Highlights for the twelve-month period ended December 31, 2020:Increased consulting revenue to $5,170,044 as compared to $2,311,978 for year ended December 31, 2019, an increase of 123%, while total expenses decreased by 26% to $5,620,670 as compared to $7,648,669 for the year ended December 31, 2019;Net income and comprehensive income of $10,363,379 (basic earnings per share of $0.11) as compared to a net loss and comprehensive loss of $4,689,081 for the year ended December 31, 2019;Formally launched the LithoLens platform, a modular SaaS solution that uses AI for processing, optimizing, and extracting data from rock imagery. Imagery can range from historic drill core photographs to downhole optical and acoustic televiewer files, to videos of seafloor nodule deposits;Formally launched MinusOne, a software solution for creating 3-D models from geophysical data processed using deterministic and stochastic inversion methods. With this technology, GoldSpot's team also applies a Machine Learning method to provide probabilistic framework that helps to analyze uncertainty. The processed results guide exploration drilling locations and geology interpretation.Highlights for the three-month peri...