GoldSpot Discoveries (SPOT) has reported unaudited results for Q1 2021 including record revenue and significant net income growth.
Highlights
- Total cash and cash equivalents, due from brokers, investments and equity investments stood at C$28,186,598 as compared to $22,288,150 as of December 31, 2020
- Consulting revenue increased to $1,799,803 as compared to $938,620 in Q1 2020, an increase of 92 per cent
- Total expenses increased by 25 per cent to $1,578,333 as compared to $1,259,467 in Q1 2020
- Recorded realized gains on disposition of subsidiary of $7,659,798
- Net income and comprehensive income was $5,703,187 (basic earnings per share of $0.06) compared to $59,437 in Q1 2020
Subsequent to March 31, 2021, GoldSpot announced a bought deal of 12,500,000 common shares at $0.80 per share for aggregate proceeds of $10,000,000. The offering is expected to close during the first week of June 2021.
Denis Laviolette, President and Executive Chairman of GoldSpot, commented,
"GoldSpot's record first quarter results reflect the successful execution of our in-house service offering and highlights the company's growing pipeline of global mineral exploration clients.
Our team works tirelessly to deliver an unmatched line of cutting-edge products that has created incredible momentum and a strong foundation for GoldSpot to build on going forward as we expand our SaaS revenue model."
GoldSpot Discoveries is a technology services company in mineral exploration. The company produces smart targets and advanced geological modelling that saves time, reduces costs and provides accurate results.
GoldSpot Discoveries (SPOT) is up by 1.18 per cent and is currently trading at $0.86 per share as of 1:45 pm ET.