Bluesky loses $191,476 in Q2 2020
2020-09-01 09:58 ET - News Release
Mr. Ben Gelfand reports
BLUESKY DIGITAL ASSETS CORP., RELEASES Q2, 2020 FINANCIAL RESULTS
Bluesky Digital Assets Corp. has released today a summary of its unaudited Q2 2020 interim financial statements for the three and six months ended June 30, 2020.
Key highlights
- Total gross revenues from the corporation's digital assets mining operations increased to $182,500 in Q2 2020 from $14,464 in Q2 2019 representing an increase of 1,161 per cent.
- Total gross revenue from the corporation's digital assets mining operations increased to $182,500 in Q2 2020 from $101,611 in Q1 2020 representing a quarter over quarter increase of 80 per cent.
- Total gross revenue from the corporation's digital assets mining operations was $94,450 for all of fiscal 2019 representing a monthly average of $7,870 per month in gross revenue being generated from the corporation's digital assets mining operations. The corporation's monthly gross revenue generated from the corporation's digital assets mining operations average was $47,351 per month for the first six months of 2020, representing a monthly average increase of 501 per cent versus fiscal 2019's monthly average of $7,870 per month.
- Digital asset mining operating costs amounted to $176,740 in Q2.
- Total losses decreased to ($191,476) in Q2 2020, from ($371,735) in Q1 2020 representing a decrease of 48 per cent.
- Fully diluted EPS remained as ($0.01) for Q2 2020 versus ($0.01) in Q2 2019.
Mr. Ben Gelfand, chief executive officer and director, stated: "The management of the corporation is once again very pleased with the progress that has been made in Q2 of 2020 and what has been accomplished thus far in all of 2020. The hard work that we commenced in Q3 of 2019 to reposition, restructure and refocus the Corporation's primary emphasis on technology is quickly bearing fruit. Furthermore, despite the halving of Bitcoin which occurred on May 11 of this year and despite the unprecedented downturn in the global economy due to COVID-19, we continue to witness a rapid increase in our monthly gross revenues and our expenditures continue to decline. Officially in this quarter we exceeded the gross revenue totals of Q2, 2019 with our digital assets mining division, further justifying our exit from our old business model and the aggressive expansion an restructuring we undertook to enter into this business segment. We continue to push forward on rapidly expanding and improving the Corporation's Digital Assets Mining operations. We recently announced our Stablecoin Research and Development Initiative and the launch of our 'DeFi' Subsidiary. The Corporation is also forming a partnership with Brane Inc. a leading digital asset custodian based in Ottawa. Brane will provide end-to-end custody service for the Corporation and the two companies will endeavor to find synergies between their shared offerings, and future opportunities."