Business
UnitedCorp Releases Q3 2019 Financial Results
UnitedCorp Releases Q3 2019 Financial Results.
About this update from United American Corp
[{"type":"text","content":"\n MIAMI, Nov. 21, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – On November 15, 2019, Miami-based United American Corp. (“UnitedCorp” or the “Company”) (OTC: UAMA) released the financial results of its third quarter ended September 30, 2019. It also provided corporate updates regarding regulatory, legal and operational matters. UnitedCorp reported positive results for the third quarter of 2019 including revenues of US $1.2 million, consolidated net earnings of $223,715 and consolidated EBITDA of $358,723. 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. 2019 Q3 Highlights(all figures in US dollars) Revenue in the quarter of $1,230,910 was primarily generated through the Data Center Dome Heat Stations for hosting, management and power and includes $20,033 of consulting revenue with an operating profit of $509,076 (1), with heat station operations contributing $489,043 to the operating profit  Consolidated net earnings for the quarter were $223,715Consolidated EBITDA for the period of $358,723(2)Consolidated EBITDA for the 9-month period of $1,289,705Increase in tangible assets to $4,860,4295,650 servers in service at (8.5 megawatts) with 24.5M BTU of heat generated per hour(1) Operating profit is a non-IFRS measure. Since the Company bills in advance for services and pays its main direct costs in arrears, gross profit as a percentage of revenue may be higher during the growth cycles.(2) EBITDA is a non-IFRS measure Financial Review  3 months ended Annualyear end(US$) September 30, 2019 June 30, 2019 March 31, 2019Dec  31, 2018     Total Revenue$  1,230,910$  1,425,382 $  1,423,485$  1,703,259Cost of Revenue 721,833 473,900  568,802 911,574Gross Profit 509,076 951,482  854,684 791,685General Expenses 150,353 394,059  215,559 451,843Financial Expenses 44,597 33,693  42,130 37,363Depreciation 71,326 71,697  58,963 52,786Foreign Exchange 19,085 (18,796) 149,618 -     Net Income 223,715 470,653  38...