Business
UnitedCorp Releases Fiscal Year 2018 Financial Results and Operational Highlights
UnitedCorp Releases Fiscal Year 2018 Financial Results and Operational Highlights.
About this update from United American Corp
[{"type":"text","content":"\nMIAMI, April 03, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- On March 31, 2019 Miami-based United American Corp (\"UnitedCorp\" or the \"Company\") (OTC: UAMA) released its financial results for year-end December 31, 2018 and provided a corporate update from management related to its three strategic areas; data centers/ BlockchainDome Heat Stations, fixed and wireless telecommunications, and intellectual property applications and technology related to social media, telecommunications and blockchain technology.\n\n \n \n \n \n \n \n \n \n \n \n \n UAMA PR April 3\n \n \n \n \n \n \n \n \n\n UnitedCorp reported positive results for 2018 including revenues of US $1.7 million, consolidated net earnings of $249,693 and consolidated EBITDA of $339,842. Revenues accrued exclusively from its Canadian subsidy, which owns and operates its BlockchainDome Heat Stations and which yielded $446,506 in net profit. BlockchainDome operations began in May 2018 with 1,000 servers going online. The number was increased to 5,000 in 4 BlockchainDome Heat Stations progressively up to November 15th for a total of 8.5 megawatts. Revenues therefore represent a ramp up of operations during that period, with December being the first full month of operations with 5,000 servers online. In February 2019 the Company purchased the property where the 4 BlockchainDomes are located, which is not yet reflected as an asset in the current financial statements. 2018 Annual Highlights (all figures in US dollars)  Generated annual revenue of $1,703,259(1) primarily through BlockchainDome Heat Station for hosting, management and power over an 8 month period of operation with a gross profit of $791,685(2)Annual net earnings of $446,506 primarily on segregated BlockchainDome operations and $249,693 for UnitedCorp on a consolidated basisEBITDA for the period was $339,842(3)Increase in tangible assets to $3,036,4305,000 miners in service at year end (8.5 megawatts) (1) Revenue is based on approximately 8 months of progressive deployment of 5,000 miners as of December 31st (2) Gross profit consists 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 as a percentage of revenue may be higher during the current gro...