GoldSpot Discoveries Corp (OTCMKTS:SPOFF) Stock Falls After Releasing Q4 Earnings

Leading technology company leveraging artificial intelligence and data science for transforming the mineral discovery process, GoldSpot Discoveries Corp (OTCMKTS:SPOFF), on April 29, 2022, announced the three months and year ending December 2021 consolidated financial results of the firm.

Market Reaction

On Friday, SPOFF stock moved down 4.10% to $0.47 with more than 123K shares, compared to its average volume of 87K shares. The stock moved within a range of $0.4700 – 0.5031 after opening trade at $0.50.

GoldSpot Discoveries Reports Results for the Fourth Quarter and Fiscal Year 2021

Denis Laviolette, Executive Chairman and President of GoldSpot Discoveries said that 2021 was a significant year for the company. Laviolette added that the acquisitions strengthened the firm’s commitment to introducing licensable software products with recurring revenue streams using Geoscience and AI. Furthermore, the President added there had been an expansion of GoldSpot’s platform with fresh resources and tools for the exploration and mining sector.

He also said that the firm’s progress to date is proof of the strength of the entire team of GoldSpot. 2022 will bring forth bigger evolution to the technology portfolio as well as extra recruitment to strengthen the subsidiaries and support the growing client base.

The firm finished the quarter with total cash and cash equivalents of $50,337,817 as compared to $22,288,150 as of December 31, 2020. During the quarter, the firm had advertising and subscriptions revenue of $438,773 and sales of software licensing of $223,578, resulting in annualized revenue of $1,755,092 and $894,312, respectively.

During the last 12 months, the firm launched MinusOne, a software solution for creating 3-D models from geophysical data. Furthermore, it closed the acquisition of Ridgeline Exploration Services Inc, a geological and logistical field services firm, solving common inconsistent and piecemeal data collection practices.

Key Quote

“2021 was a transformational year for GoldSpot,” said Denis Laviolette, Executive Chairman and President of GoldSpot Discoveries. “Our acquisitions solidified our commitment to introduce licensable software products with recurring revenue streams using AI and Geoscience. Moreover, it facilitated GoldSpot’s platform expansion strategy with new tools and resources for the mining and exploration sector. The Company’s progress to date is a testament to the strength of the entire GoldSpot team. 2022 will bring further evolution to the technology portfolio and additional recruitment to strengthen our subsidiaries and support our growing client base as we work to define the next generation of mineral explorers.”


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