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GoldSpot Reports Three and Six Months Ended June 30, 2019 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - GoldSpot Discoveries Corp. (TSXV: SPO...
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[{"type":"text","content":"GoldSpot Reports Three and Six Months Ended June 30, 2019 Financial ResultsToronto, Ontario--(Newsfile Corp. - August 27, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the \"Company\" or \"GoldSpot\") is pleased to announce the financial results of the Company, as at and for the three and six months ended June 30, 2019 (the \"Financial Results\").Highlights for the three-month period ended June 30, 2019:Increased consulting revenue by 82% to $399,673 from $219,600;Committed $2.4 million in investments and the acquisition of royalties on 4 district scale properties (New Found Gold Corp., One Bullion Ltd., Manitou Gold Inc., and Pacton Gold Inc.); andEngaged by Gran Colombia Gold Corp. to use machine learning to identify new drilling targets at its Segovia operations, located in the Segovia-Remedios mining district of Antioquia in Colombia.Highlights for the six-month period ended June 30, 2019:Increased consulting revenue by 53% to $914,473 from $598,800;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 $8.3 million in working capital.The following are selected financial results as at and for the three and six months-ended June 30, 2019 with comparatives: Three months ended June 30,Six months ended June 30, 2019 2018 2019 2018 Consulting income$ 399,673$ 219,600$ 914,473$ 598,800Net change in unrealized gains on investments658,000-346,250-Operating, general and administrative(1,145,027)(563,190)(4,156,793)(1,075,119)Net loss and comprehensive loss for the period(74,013)(343,590)(2,783,458)(476,319)     Loss per common share based on net loss for the period - basic and diluted (0.00) (0.00) (0.03) (0.01)   Statement of financial position highlights June 30, 2019 December 31, 2018 Cash and cash equivalents$ 6,503,849$ 1,367,966Accounts receivable177,803497,600Investments, at fair value2,831,250155,000Intangible assets695,287334,015Total assets10,967,8002,754,967Total liabilities1,829,787672,918Equity 9,138,013 2,754,967  GoldSpot President and Chief Executive Officer Denis Laviolette commented: \"Our consultancy revenue is important as it covers a significant portion of our o...