Business
Third Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp
Third Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp.
About this update from United American Corp
[{"type":"text","content":"\nMIAMI, Nov. 21, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Miami-based United American Corp (\"UnitedCorp\") (OTC: UAMA) released yesterday, its third quarter financial results and provided a corporate update from management related to its three strategic areas; data centers/BlockchainDomes, fixed and wireless telecommunications, and intellectual property related to social media and blockchain technology.\n\n \n \n \n \n \n \n \n \n \n \n \n UAMA PR Nov. 21\n \n \n \n \n \n \n \n \n\n While the Company actively continues to develop its business plan in all three areas, operations for the third quarter continue to focus primarily on the implementation of BlockchainDomes. Current reported revenues reflect operations from UnitedCorp's first BlockchainDome, which was operational for the entire quarter as well as 2 weeks of a second BlockchainDome, which was completed in mid-September. Since the end of the September 30th quarter, two more BlockchainDomes have been completed and are operational for a total of four, collectively hosting 5,000 mining servers. \"We are steadily increasing our revenue and continue to show increases in positive net income and EBITDA while at the same time building on our tangible asset base,\" stated UnitedCorp CEO Benoit Laliberte. \"In a short period of time we have proven that our unique BlockchainDome technology works as anticipated. The first site with four BlockchainDomes was built on time and we are now planning for the next site development while maintaining all our strategic telecom and intellectual property rights assets.\" Quarterly Highlights (all figures in US dollars)  Generated quarterly revenue of $362,8851 for BlockchainDome for hosting, management and power over a 5 month period of operation with a gross profit of $278,4482Quarterly net earnings of $52,293EBITDA for the period was $73,5603Increase in tangible assets to $2,439,475Cash at the end of the period was $132,3432,500 miners in service as of September 30, 2018 and 5,000 as of November 13, 2018 1 Revenue is based on approximately 5 months of progressive deployment of 2,500 miners as of September 30th 2 Gross profit consist of total BlockchainDome billings less direct costs (mainly electricity) and is a non-IFRS measure. Since the Company bills in advance for services and pays its main direct costs in arrears, gross profit a...