Business
UnitedCorp Releases Q2 2019 Financial Results
UnitedCorp Releases Q2 2019 Financial Results.
About this update from United American Corp
[{"type":"text","content":"\n MIAMI, Aug. 20, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- On August 19, 2019, Miami-based United American Corp (\"UnitedCorp\" or the \"Company\") (OTC: UAMA) released the financial results of its first quarter ended June 30, 2019. It also provided corporate updates regarding regulatory, legal and operational matters.  UnitedCorp reported positive results for the second quarter of 2019 including revenues of US $1.4 million, consolidated net earnings of $470,828 and consolidated EBITDA of $557,247. Revenues accrued are exclusively from its Canadian subsidiary, which owns and operates its Data Center Dome Heat Stations and also provides technical and management consulting services. 2019Q1 Highlights (all figures in US dollars)  Revenue in the quarter of $1,425,382 was primarily generated through the Data Center Dome Heat Stations for hosting, management and power and includes $298,928 of consulting revenue with an operating profit of $951,482 (1), with heat station operations contributing $652,554 to the operating profitConsolidated net earnings for the quarter were $470,828Consolidated EBITDA for the period was $557,423(2)Consolidated EBITDA for the 6-month period of $1,196,548Increase in tangible assets to $4,689,0925,000 servers in service at (8.5 megawatts) with 24.5M BTU of heat generated per hour (1) Gross profit is a non-IFRS measure. Since the Company bills in advance for services and pays its main direct costs in arrears, gross profit as a percentage of revenue may be higher during the growth cycles.  (2) EBITDA is a non-IFRS measure Financial Review  3 months ended  Annual year end(US$) June 30, 2019 March 31, 2019 Dec  31, 2018    Total Revenue$  1,425,382 $  1,423,485$  1,703,259Cost of Revenue 473,900  568,802 911,574Gross Profit 951,482  854,684 791,685General Expenses 394,059  215,559 451,843Financial Expenses 33,693  42,130 37,363Depreciation 71,697  58,963 52,786Foreign Exchange (18,796) 149,618 -        Net Income 470,653  388,414 249,693EBITDA 557,423  639,125 339,842         While the Company...