Business
UnitedCorp Releases Q1 2019 Financial Results as well as Regulatory, Legal and Operational Highlights
UnitedCorp Releases Q1 2019 Financial Results as well as Regulatory, Legal and Operational Highlights.
About this update from United American Corp
[{"type":"text","content":"\nMIAMI, May 17, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- On May 15, 2019, Miami-based United American Corp (\"UnitedCorp\" or the \"Company\") (OTC: UAMA) released the financial results of its first quarter ended March 31, 2019. It also provided corporate updates regarding regulatory, legal and operational matters.\n\n \n \n \n \n \n \n \n \n \n \n \n UAMA PR May 17\n \n \n \n \n \n \n \n \n\n UnitedCorp reported positive results for the first quarter of 2019 including revenues of US $1.4 million, consolidated net earnings of $388,414 and consolidated EBITDA of $639,125. Revenues accrued are exclusively from its Canadian subsidiary, which owns and operates its BlockchainDome Heat Stations and also provides technical and management consulting services. These results represent the first complete quarter of BlockchainDome operations at its current installed capacity of 4 BlockchainDome Heat Stations.  In February 2019, the Company also purchased the property where the 4 BlockchainDomes are located. 2019 Q1 Highlights (all figures in US dollars) Revenue in the quarter of $1,423,485 was primarily generated through the BlockchainDome Heat Station for hosting, management and power and includes $276,628 of consulting revenue with an operating profit of $854,684(1), with dome operations contributing $578,077 to the operating profitConsolidated net earnings for the quarter were $388,414Consolidated EBITDA for the period was $639,125(2)Increase in tangible assets to $3,887,7635,000 miners in service at (8.5 megawatts) (1) Gross profit is a non-IFRS measure. Since the Company bills in advance for services and pays its main direct costs in arrears, gross profit as a percentage of revenue may be higher during the growth cycles.  (2) EBITDA is a non-IFRS measure  Financial Review  3 monthsended Annual yearended (US$) Mar 31, 2019Dec 31, 2018Total Revenue$1,423,485$1,703,259Cost of Revenue 568,802 911,574Gross Profit 854,684 791,685General Expenses 215,559 451,843Financial Expenses 42,130 37,363Depreciation 58,963 52,786Foreign Exchange 149,618 -   Net Income 388,414 249,693EBITDA 639,125 339,842 While the Company will continue to develop its BlockchainDome Heat Station business in 2019 as a primary source o...