Second Quarter 2018 Financial Results and Operational Highlights Released by UnitedCorp
September 17 2018 - 8:30AM
InvestorsHub NewsWire
Second Quarter 2018 Financial Results and
Operational Highlights Released by
UnitedCorp
MIAMI, FL.
-- September
17, 2018
-- InvestorsHub NewsWire -- Miami-based
United American
Corp ("UnitedCorp")
(USOTC:
UAMA) announced today its second quarter financial
results and provided a corporate update from management
related to its
three strategic areas; data centers/BlockchainDomes,
fixed and wireless telecommunications and intellectual property
related to social media and blockchain technology.
While the Company is
actively developing its business plan in all three areas,
operations for the second quarter focused primarily on the
implementation of BlockchainDomes which is reflected in its revenue
stream for the quarter. Revenue for the quarter is
based on 1,000 miners hosted over approximately two months out of a
total of 5,000 miners that are being deployed progressively to
November 2018.
"We are very pleased with the
progress of our operations and the resulting significant
improvement in our financial position as well as our first
profitable quarter since commencing commercial operations in April
this year," stated UnitedCorp
CEO, Benoit Laliberte.
"In just a
few months we have proven that our
BlockchainDome
technology
works, that it can be implemented rapidly
and that
it is
financially feasible. We are also excited about the
next phase of development which in addition to expansion will
provide BlockchainDome heat to greenhouses and some other very
interesting agricultural applications we are working on. We believe
this will be a showpiece for the industry for operations and
sustainability."
Quarterly
Highlights
(all figures in US
dollars)
Generated revenue of $257,6561 for BlockchainDome for
hosting, management and power over a 2 month period of
operation with a gross profit of
$108,8072
- Net earnings
of $29,543
- EBITDA for
the period was 37,171 3
- Increase in
tangible assets from $0 to $683,484
- Secured
interest-free construction financing
- Cash at the
end of the period was $585,582
- 2,000 miners in service
as of September
10, 2018 and executed agreements for
3,000
additional miners to be installed progressively to November
2018 for a
total of 5,000
- Demonstrated
successful proof-of-concept for the BlockchainDome
technology and BlockchainDome Heat
Station with heat transfer to
adjacent greenhouse
- All miners
remained online even through record-breaking regional heat
wave
- New
agricultural uses for BlockchainDome heat currently being
developed
1Revenue is based on approximately 2
months of operation of 1,000 miners of a total of 5,000 to be
deployed
2 Gross profit consists of
total
BlockchainDome billings less direct costs (mainly electricity) and
is a non-IFRS measure. Since the Company bills in advance for
services and pays its main direct
costs in arrears, gross profit as a percentage of revenue is
higher during the current growth cycle.
3 EBITDA is a non-IFRS
measure
Financial
Review
|
Quarter
Ending |
Annual |
(US$) |
(US$) |
|
Jun 30, 2018 |
Mar 31, 2018 |
2017 |
Total Revenue |
$
257,656 |
- |
- |
Cost of
Revenue |
148,850 |
- |
- |
Gross Profit |
108,807 |
- |
- |
General
Expenses |
71,636 |
64,243 |
354,284 |
Financial
Expenses |
3,766 |
1,535 |
|
Depreciation |
3,862 |
381 |
268 |
Net Income |
29,543 |
(66,159) |
(354,552) |
EBITDA |
37,171 |
(64,243) |
(354,284) |
Financial Statements
The Company's financial
statements are available on www.otcmarkets.com under UnitedCorp's
profile.
About United American Corp
Established in 1992, United
American Corp is a Florida-based development and management company
focusing on telecommunications, data centers and social
media. The company also holds the rights to a
portfolio of patents and proprietary technology in
telecommunications, social media
and in
Blockchain PSTN technology.
About the
BlockchainDome
The UnitedCorp BlockchainDome
was designed to provide heat for agricultural operations using ASIC
(application-specific integrated circuit chip) mining operations
where efficiency and low-cost operations are a priority. The
BlockchainDomes, which utilize a proprietary passive cooling
ground-coupled heat-exchanger technology, are
particularly suited for situations where rapid cluster deployment
is required as they can be erected and commissioned in a matter of
weeks rather than up to a year using the traditional "Bricks and
Mortar" approach. BlockchainDomes can be configured in a wide range
of sizes to service any type of greenhouse operation.
How BlockchainDomes
work can be seen at: https://www.youtube.com/watch?v=YDmhhaJKHLg
Aerial
view of Operating
BlockchainDome and rendering of additional
greenhouses
Internal View
of BlockchainDome
This news release contains forward-looking statements that are
subject to various risks and uncertainties. The Company's actual
results could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors that may
be beyond the Company's control. Forward-looking statements are
based on the expectations and opinions of the Company's management
on the date the statements are made, and the Company assumes no
obligation to update forward-looking statements should
circumstances in management's expectations or opinions
change.
Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations
investorrelations@unitedcorp.com
604 398 5000 ext: 109
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