Toronto, Ontario--(Newsfile Corp. - November 28, 2023) - EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) ("EarthLabs" or the "Company"), a leading mining investment and technology company, is pleased to announce the unaudited consolidated financial results for three and nine months ended September 30, 2023 of the Company (the "Financial Results").
"Amidst a challenging junior resource market, EarthLabs stands resilient, focusing on long-term strategic positioning," said Denis Laviolette, Executive Chairman and CEO of EarthLabs. "With the acquisition of key media assets and a robust investment and cash reserve, we're not just enduring the storm but redefining the landscape. Our portfolio, now enhanced with the Northern Miner, Canadian Mining Journal, and MINING.COM, empowers us to innovate and enhance the way information is shared in the mining sector. Our vision remains steadfast-EarthLabs is building a legacy in the mining investment and technology sphere."
Highlights for the three-months period ended September 30, 2023:
Highlights for the nine-months period ended September 30, 2023:
Summary of financial results
The following are selected unaudited consolidated financial results as at and for the three and nine months ended September 30, 2023, with comparatives:
Interim condensed consolidated statements of loss and comprehensive loss highlights | Three months ended September 30, | Nine months ended September 30, | ||||||
2023 | 2022 | 2023 | 2022 | |||||
Advertising revenue | $ | 440,430 | $ | 1,040,933 | $ | 1,529,244 | $ | 1,646,605 |
Subscriptions revenue | 212,268 | 237,175 | 645,291 | 771,226 | ||||
Sales of exploration maps | 49,929 | 52,600 | 189,428 | 186,050 | ||||
Net investment losses | (3,749,013) | (3,747,401) | (1,014,059) | (12,089,495) | ||||
Other income | 234,629 | 32,118 | 735,380 | 151,369 | ||||
Total expenses | (3,778,379) | (2,259,735) | (8,361,843) | (6,793,164) | ||||
Loss from equity investment | (14,821) | (238,053) | (90,854) | (390,355) | ||||
Deemed gain on disposition of equity investment | - | - | - | 407,790 | ||||
Income tax recovery | 737,110 | 1,064,187 | 964,357 | 2,445,867 | ||||
Net loss from operations for the period | (5,867,847) | (3,818,176) | (5,403,056) | (13,664,107) | ||||
Net loss from discontinued operations for the period | - | (855,268) | - | (530,579) | ||||
Net loss and comprehensive loss for the period | (5,867,847) | (4,673,444) | (5,403,056) | (14,194,686) | ||||
Loss per common share for the period - basic and diluted | (0.04) | (0.04) | (0.04) | (0.10) |
Interim condensed consolidated statements of financial position highlights | September 30, 2023 | December 31, 2022 | ||
Cash and cash equivalents | $ | 14,376,041 | $ | 25,346,049 |
Due from brokers | 398,682 | 3,180,098 | ||
Accounts receivable, net of expected credit losses | 59,840 | 116,214 | ||
Investments, at fair value | 31,019,579 | 21,774,168 | ||
Equity investment | 2,155,022 | 2,245,876 | ||
Income tax receivable | 684,585 | - | ||
Intangible Assets | 7,511,360 | 8,105,504 | ||
Goodwill | 2,210,980 | 2,210,980 | ||
Total assets | 58,717,763 | 63,271,860 | ||
Accounts payable and accrued liabilities | 794,478 | 1,002,120 | ||
Deferred revenue | 1,705,081 | 1,004,440 | ||
Income tax payable | 8,188 | 1,017,408 | ||
Deferred tax liabilities | 1,247,768 | 1,572,001 | ||
Total liabilities | 3,926,477 | 5,176,033 | ||
Share capital, contributed surplus, and warrants | 52,133,383 | 50,034,868 | ||
Retained earnings | 2,657,903 | 8,060,959 |
About EarthLabs Inc.
EarthLabs Inc. (TSXV: SPOT) (OTCQX: SPOFF) is a mining investment and technology company that aims to provide strategic leverage to the metals and mining sector through investments, royalties and a full suite of data-driven media SaaS tools and services.
For further information please contact:
Denis Laviolette
Executive Chairman and CEO
EarthLabs Inc.
Tel: 647-345-7768
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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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Market Cap: | US$21.980M |
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