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GoldSpot Reports Three Months Ended March 31, 2020 Financial Results
Toronto, Ontario--(Newsfile Corp. - May 22, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT...
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[{"type":"text","content":"GoldSpot Reports Three Months Ended March 31, 2020 Financial ResultsToronto, Ontario--(Newsfile Corp. - May 22, 2020) - 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 months ended March 31, 2020 (the \"Financial Results\").Highlights for the three-month period ended March 31, 2020:Increased consulting revenue by 82% to $938,620 from $514,800 for the three months ended March 31, 2019; Net income of $59,437 as compared to a net loss of $2,709,445 for the three months ended March 31, 2019;GoldSpot's client, New Found Gold Corp (a private gold exploration company), benefiting from GoldSpot's AI technology and exploration expertise, had reported a significant new high-grade gold discovery at its Linear (renamed \"Queensway\") project located in Central Newfoundland, west of the Town of Gander;GoldSpot extended it services agreement with Pacton Gold Inc. to help Pacton target drilling and refine advanced exploration efforts on Pacton's Red Lake properties, located in Ontario;GoldSpot's collaboration with Australia-based RSC Mining and Mineral Exploration to bring Goldspot's technologies to the Australian mining and resource exploration sector. Under this arrangement, RSC will make Goldspot's machine-learning products accessible across the Australian mining value chain from regional greenfield exploration, through resource and reserve estimation, and into active mining. The following are selected unaudited financial results as at and for the three months-ended March 31, 2020 with comparatives:Three months ended March 31,20202019Consulting income$938,620$514,800Net investments gains (losses)368,763(311,750)Operating, general and administrative1(1,250,799)(3,011,766)Net income (loss) and comprehensive income (loss) for the period59,437(2,709,445)Earnings (loss) per common share based on net loss for the period - basic and diluted0.00(0.05) 1The three months ended March 31, 2019 includes $1,931,983 in non-recurring listing fees.Statement of financial position highlights March 31, 2020December 31, 2019Cash and cash equivalents$4,246,644$4,762,213Accounts receivable185,345128,350Investments, at fair value5,752,6594,872,104Total assets10,546,19610,262,392Deferred revenue2,347,3432,229,903Total liabilities2,879,6062,7...