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GoldSpot Reports Year Ended December 31, 2019 Financial Results
[DATLINE] GoldSpot Discoveries Corp. (TSXV: SPOT) (the " Company " or " GoldSpot ") is pleas...
About this update from Earthlabs Inc
[{"type":"text","content":"GoldSpot Reports Year Ended December 31, 2019 Financial Results[DATLINE] GoldSpot Discoveries Corp. (TSXV: SPOT) (the \"Company\" or \"GoldSpot\") is pleased to announce the audited financial results of the Company, as at and for the year ended December 31, 2019 (the \"Financial Results\").Highlights for the three-month period ended December 31, 2019:Increased consulting revenue by 20% to $646,594 from $538,800 for the three months ended December 31, 2018; Net loss increased by 3% to $543,370 as compared to $530,199 for the three months ended December 31, 2018;GoldSpot signed a services agreement with Vale Canada Limited to use machine learning to identify new drilling targets at Coleman Mine, part of its flagship base metals operations located in Sudbury, Ontario;GoldSpot signed a four-year deal with Mineral Exploration Research Centre (\"MERC\") at Laurentian University, collaboration on a $104 million MERC-lead research and development program.Highlights for the year ended December 31, 2019:Increased consulting revenue by 86% to $2,311,978 from $1,242,544 for the year ended December 31, 2018;Completed the year with total cash and cash equivalents of $4.8 million and investments of $4.9 million;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\".The following are selected unaudited financial results as at and for the three and twelve months-ended December 31, 2019 with comparatives:Three months ended December 31,Year ended December 31,2019201820192018Consulting income$646,594$538,800$2,311,978$1,242,544Net investments gains158,52478,400491,14978,400Operating, general and administrative1(1,341,207)(1,147,399)(6,684,885)(2,611,749)Impairment of intangible assets--(927,378)-Net loss and comprehensive loss for the period(543,370)(530,199)(4,689,081)(1,290,805)Loss per common share based on net loss for the period      - basic and diluted(0.01)(0.63)(0.06)(1.57) 1The year ended December 31, 2019 includes $1,931,983 in non-recurring listing fees.Statement of financial position highlights December 31, 2019December 31, 2018Cash and cash equivalents$4,762,213$1,367,966Accounts receivable128,350497,600Investments, at fair value4,87...