EarthLabs Reports Results for the Second Quarter of 2023
- 50.1% increase in advertising revenue
- Total signed advertising contracts YTD represent $1,754,000
- None.
50.1% increase in advertising revenue as compared to Q2 2022 with advertising revenue of$1,088,814 for the six-months period ended June 30, 2023 (79.8% increase).- Total signed advertising contracts YTD as of July 31, 2023 represent
$1,754,000. - CEO.CA Technologies and DigiGeoData continue to develop new tools and services, enhancing value to subscribers.
- Ended the quarter with total cash, cash equivalents, and investments of
$51,875,403.
Toronto, Ontario--(Newsfile Corp. - August 24, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) ("EarthLabs" or the "Company"), a leading mineral exploration technology and investment company, is pleased to announce the unaudited consolidated financial results for three and six months ended June 30, 2023 of the Company (the "Financial Results").
"Despite significant junior resource market challenges, this quarter showcases the resilience and adaptability of EarthLabs. Our significant growth in advertising revenue and continued investment in innovative technologies underscore our commitment to pushing the boundaries and creating lasting value for our stakeholders. We remain steadfast in our vision, and with our strong financial position, we're well-poised to capitalize on new opportunities and drive further growth," said Denis Laviolette, Executive Chairman and CEO of EarthLabs.
Highlights for the three-months period ended June 30, 2023:
- Advertising revenue of
$298,320 as compared to$198,691 for the three months ended June 30, 2022; - Net investment losses of
$693,821 from our investment portfolio as compared to net investment losses of$8,083,620 for the three months ended June 30, 2022; - Net loss from operations of
$1,801,140 (basic loss per share of$0.01) as compared to net loss from operations of$8,973,182 (basic loss per share of$0.07) for the three months ended June 30, 2022. - Net loss and comprehensive loss of
$1,801,140 (basic loss per share of$0.01) as compared to net loss and comprehensive loss of$8,902,184 (basic loss per share of$0.07) for the three months ended June 30, 2022.
Highlights for the six-months period ended June 30, 2023:
- Completed the six-month period with total cash and cash equivalents, due from brokers, investments and equity investments of
$51,875,403 as compared to$52,546,191 as of December 31, 2022; - Advertising revenue of
$1,088,814 as compared to$605,672 for the six months ended June 30, 2022, an increase of79.8% ; - Net investment gains of
$2,734,954 from our investment portfolio as compared to net investment losses of$8,342,094 for the six months ended June 30, 2022; - Net income from operations of
$464,791 (basic earnings per share of$0.00) as compared to net loss from operations of$9,845,931 (basic loss per share of$0.07) for the six months ended June 30, 2022; - Net income and comprehensive income of
$464,791 (basic earnings per share of$0.00) as compared to net loss and comprehensive loss of$9,521,242 (basic loss per share of$0.07) for the six months ended June 30, 2022.
Total signed advertising contracts year to date as of July 31, 2023 represent
Summary of financial results
The following are selected unaudited consolidated financial results as at and for the three and six months ended June 30, 2023, with comparatives:
| Interim condensed consolidated statements of income (loss) and comprehensive income (loss) highlights | Three months ended June 30, | Six months ended June 30, | ||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Advertising revenue | $ | 298,320 | $ | 198,691 | $ | 1,088,814 | $ | 605,672 | ||||
| Subscriptions revenue | 212,772 | 251,328 | 433,023 | 534,051 | ||||||||
| Sales of exploration maps | 51,189 | 53,000 | 139,499 | 133,450 | ||||||||
| Net investment gains (losses) | (693,821 | ) | (8,083,620 | ) | 2,734,954 | (8,342,094 | ) | |||||
| Other income | 259,237 | 55,578 | 500,751 | 119,251 | ||||||||
| Total expenses | (2,429,228 | ) | (2,723,384 | ) | (4,583,464 | ) | (4,533,429 | ) | ||||
| Loss from equity investment | (29,731 | ) | (73,398 | ) | (76,033 | ) | (152,302 | ) | ||||
| Deemed gain on disposition of equity investment | - | - | - | 407,790 | ||||||||
| Income tax recovery | 530,122 | 1,348,623 | 227,247 | 1,381,680 | ||||||||
| Net income (loss) from operations for the period | (1,801,140 | ) | (8,973,182 | ) | 464,791 | (9,845,931 | ) | |||||
| Net income from discontinued operations for the period | - | 70,998 | - | 324,689 | ||||||||
| Net income (loss) and comprehensive income (loss) for the period | (1,801,140 | ) | (8,902,184 | ) | 464,791 | (9,521,242 | ) | |||||
| Earnings (loss) per common share for the period – basic | (0.01 | ) | (0.07 | ) | (0.00 | ) | (0.07 | ) | ||||
| Earnings (loss) per common share for the period – diluted | (0.01 | ) | (0.07 | ) | (0.00 | ) | (0.07 | ) | ||||
| Interim condensed consolidated statements of financial position highlights | June 30, 2023 | December 31, 2022 | ||||
| Cash and cash equivalents | $ | 14,653,254 | $ | 25,346,049 | ||
| Due from brokers | 877,431 | 3,180,098 | ||||
| Accounts receivable, net of expected credit losses | 47,680 | 116,214 | ||||
| Investments, at fair value | 34,174,875 | 21,774,168 | ||||
| Equity investment | 2,169,843 | 2,245,876 | ||||
| Income tax receivable | 506,010 | - | ||||
| Intangible Assets | 7,709,690 | 8,105,504 | ||||
| Goodwill | 2,210,980 | 2,210,980 | ||||
| Total assets | 62,721,276 | 63,271,860 | ||||
| Accounts payable and accrued liabilities | 724,831 | 1,002,120 | ||||
| Deferred revenue | 1,072,218 | 1,004,440 | ||||
| Income tax payable | - | 1,017,408 | ||||
| Deferred tax liabilities | 1,802,421 | 1,572,001 | ||||
| Total liabilities | 3,792,155 | 5,176,033 | ||||
| Share capital, contributed surplus, and warrants | 50,405,098 | 50,034,868 | ||||
| Retained earnings | 8,525,750 | 8,060,959 |
About EarthLabs Inc.
EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) is a mining investment and technology company that aims to maximize torque to the junior resource sector with
For further information please contact:
Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7768
Email: investors@earthlabs.com
Neither the TSX Venture Exchange ("TSXV"), OTC Best Market ("OTCQX") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, factors effecting the Company's investees such as the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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