Bluesky Digital Assets Corp., Releases Q2, 2020 Financial Results
Toronto, Ontario--(Newsfile Corp. - September 1, 2020) - Bluesky Digital Assets Corp., (CSE: BTC), (CSE: BTC.PR.A), (OTC Pink: BTCWF), ("Bluesky" or the "Corporation") released today a summary of its Unaudited Q2, 2020 Interim Financial Statements for the three and six months ended June 30th, 2020. Key highlights include:
Total Gross Revenues from the Corporation's Digital Assets Mining operations increased to $182,500 CDN in Q2, 2020 from $14,464 CDN in Q2, 2019 representing an increase of 1161%.
Total Gross Revenue from the Corporation's Digital Assets Mining operations increased to $182,500 CDN in Q2, 2020 from $101,611 CDN in Q1, 2020, representing a quarter over quarter increase of 80%.
Total Gross Revenue from the Corporation's Digital Assets Mining operations was $94,450 CDN for all of fiscal 2019 representing a monthly average of $7,870 CDN per month in Gross Revenue being generated from the Corporation's Digital Assets Mining operations. The Corporation's monthly Gross Revenue generated from the Corporation's Digital Assets Mining operations average was $47,351 CDN per month for the first six months of 2020, representing a monthly average increase of 501% vs. fiscal 2019's monthly average of $7,870 CDN per month.
Digital Asset Mining operating costs amounted to $176,740 CDN in Q2.
Total losses decreased to -$191,476 in Q2, 2020, from -$371,735 in Q1 2020 representing a decrease of 48%.
Fully Diluted EPS remained as -$0.01 for Q2, 2020 vs. -$0.01 in Q2, 2019.
Mr. Ben Gelfand CEO & Director stated: "The Management of the Corporation is once again very pleased with the progress that has been made in Q2 of 2020 and what has been accomplished thus far in all of 2020. The hard work that we commenced in Q3 of 2019 to reposition, restructure and refocus the Corporation's primary emphasis on technology is quickly bearing fruit. Furthermore, despite the halving of Bitcoin which occurred on May 11 of this year and despite the unprecedented downturn in the global economy due to COVID-19, we continue to witness a rapid increase in our monthly gross revenues and our expenditures continue to decline. Officially in this quarter we exceeded the gross revenue totals of Q2, 2019 with our digital assets mining division, further justifying our exit from our old business model and the aggressive expansion an restructuring we undertook to enter into this business segment. We continue to push forward on rapidly expanding and improving the Corporation's Digital Assets Mining operations. We recently announced our Stablecoin Research and Development Initiative and the launch of our 'DeFi' Subsidiary. The Corporation is also forming a partnership with Brane Inc. a leading digital asset custodian based in Ottawa. Brane will provide end-to-end custody service for the Corporation and the two companies will endeavor to find synergies between their shared offerings, and future opportunities."
About Bluesky Digital Assets Corp.
Bluesky Digital Assets Corp, is building a high value digital currency enterprise. Bluesky mines digital currencies, such as Bitcoin and Ether, and is developing value-added technology services for the digital currency market, such as digital mining proprietary software. Offering a complete ecosystem of value-creation, Bluesky is targeting reinvesting appropriate portions of its digital currency mining profits back into its operations. A percentage of the profit will be invested in the development of a proprietary Artificial Intelligence ("AI") based technology. Overall, Bluesky takes an approach that enables the Corporation to scale, and respond to changing conditions, within the still-emerging digital currency industry. The Corporation is poised to capture value in successive phases as this industry continues to scale. For more information please visit www.blueskydigitalassets.com
For further information please contact:
Mr. Ben Gelfand
CEO & Director
Bluesky Digital Assets Corp.
T: (416) 363-3833
Mr. Frank Kordy
Secretary & Director
Bluesky Digital Assets Corp.
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward- looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62981