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GoldSpot Reports Three and Nine Months Ended September 30, 2019 Unaudited Financial Results
Toronto, Ontario--(Newsfile Corp. - November 28, 2019) - GoldSpot Discoveries Corp. (TSXV: S...
About this update from Earthlabs Inc
[{"type":"text","content":"GoldSpot Reports Three and Nine Months Ended September 30, 2019 Unaudited Financial ResultsToronto, Ontario--(Newsfile Corp. - November 28, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the \"Company\" or \"GoldSpot\") is pleased to announce the unaudited financial results of the Company, as at and for the three and nine months ended September 30, 2019 (the \"Financial Results\").Highlights for the three-month period ended September 30, 2019:Increased consulting revenue by 615% to $750,911 from $104,944 for the three months ended September 30, 2018; Non-recurring impairment of intangible assets of $927,378 due to the Company's decision to defer further development of Resource Quantamental; andGoldSpot client Gran Colombia announced final assay results at its Segovia operations, acknowledging the role of the Company's technology in the exploration program.Highlights for the nine-month period ended September 30, 2019:Increased consulting revenue by 137% to $1,665,384 from $703,744 for the nine months ended September 30, 2019;Completed a brokered private placement financing for aggregate gross proceeds of $7.6 million; Completed a reverse takeover transaction with Duckworth Capital Corp. and commenced trading on the TSX Venture Exchange under the symbol \"SPOT\"; and Completed the quarter with total cash and cash equivalents and investments of $8.3 million.The following are selected unaudited financial results as at and for the three and nine months-ended September 30, 2019 with comparatives: Three months ended September 30,Nine months ended September 30,2019201820192018Consulting income$750,911$104,944$1,665,384$703,744Net change in unrealized gains (losses) on investments(13,625)-332,625-Operating, general and administrative1(1,186,885)(389,231)(5,343,678)(1,464,350)Impairment of intangible assets(927,378)-(927,378)-Net loss and comprehensive loss for the period(1,362,253)(284,287)(4,145,711)(760,606)Loss per common share based on net loss for the period - basic and diluted(0.01)(0.00)(0.05)(0.01) 1The nine months ended September 30, 2019 includes $1,931,983 in non-recurring listing fees. Statement of financial position highlights September 30, 2019December 31, 2018Cash and cash equivalents$5,552,382$1,367,966Accounts receivable219,681497,600Investments, at fair value2,817,625155,000Intangible assets-334,015Total assets9,...