Goldspot Discoveries Corp. has released the financial results of Goldspot Holdings Inc., the wholly owned subsidiary of the company, as at and for the year ended Dec. 31, 2018.
Highlights for the year ended December 31, 2018:
- Increased revenue by 175% to $1.2 million from $452,508;
- Entered into three additional Service Contracts with mining and exploration companies in 2018, for a total of six Service Contracts;
- Completed a non-brokered private placement financing for aggregate gross proceeds of $1.56 million;
- Completed the financial year with $1.7 million in working capital.
The following are selected Financial Results:
2018 2017
Consulting income $ 1,242,544 $ 452,508
Operating, general and administrative (2,611,749) (946,237)
Net loss and comprehensive loss for the year (1,290,805) (493,729)
Loss per common share based on net loss for the year - basic and diluted (0.79) (0.43)
As at December 31 2018 2017
Cash and cash equivalents $ 1,367,966 $ 1,428,323
Intangible assets 334,015 -
Total assets 2,754,967 1,626,906
Total liabilities 672,918 57,830
Equity 2,082,049 1,569,076
Denis Laviolette, President and Chief Executive Officer, commented: “2018 was a pivotal year for Goldspot. We significantly increased our staff from 10 to 23 persons, allowing us to provide our services to more clients and to expand upon the research and development of our Resource Quantamental platform. Despite the increase in operational costs, 2018 was a record year for us in terms of revenue and innovation.”
In February 2019, Goldspot Holdings Inc., completed a brokered private placement financing, raising gross proceeds of $7.56 million and subsequently completed an RTO and commenced trading on the TSX Venture Exchange. As a result of the completion of these transactions, the share capital of the Company increased significantly, which will be reflected in the Company’s interim financial statements for the first quarter of 2019, however, Goldspot now has the bandwidth to further increase consulting revenue, and more importantly, provide our services to the exploration companies in which the Company has a vested interest.
To date, the Company has invested in two mineral exploration companies and will continue to do so with a view to assemble a sizeable portfolio of equities and royalties. The Company’s junior mining investment strategy has attracted prolific mining and technology investor, Frank Holmes, to join Goldspot as an independent director and Chairman, and Triple Flag Mining Finance which invested $2.9 million in the Company’s most recent private placement financing, representing approximately 8% of the Company’s issued and outstanding share capital.
About Goldspot Discoveries Corp.
Goldspot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. Goldspot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. Goldspot’s solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. Goldspot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.