Bluesky Digital Assets Corp., Releases its Q1, 2021 Financial Results
Toronto, Ontario--(Newsfile Corp. - June 11, 2021) - Bluesky Digital Assets Corp., (CSE: BTC) (CSE: BTC.PR.A) (OTCQB: BTCWF) ("Bluesky" or the "Corporation") released today a summary of its Unaudited Q1, 2021 Interim Financial Statements for the three months ended March 31, 2021. Key highlights include:
- Total Gross Revenues from the Corporation's Digital Assets Mining operations increased to $743,267 CDN in Q1, 2021 from $101,611 CDN in Q1, 2020 representing a significant increase of 631%.
- Total Gross Revenue from the Corporation's Digital Assets Mining operations increased to $743,267 CDN in Q1, 2021 from $182,054 CDN in Q4, 2020, representing a quarter over quarter significant increase of 308%.
- Total Gross Revenue from the Corporation's Digital Assets Mining operations amounted to $665,533 CDN for all of fiscal 2020 representing a monthly average of $55,369 CDN per month in Gross Revenue being generated from the Corporation's Digital Assets Mining operations. The monthly Gross Revenue generated from the Corporation's Digital Assets Mining operations average was $247,755 CDN per month for the first three months of 2021, representing a significant monthly average increase of 347% vs. fiscal 2020's monthly average of $55,369 CDN per month.
- Total available cash increased to $1,785,077 CDN in Q1, 2021 from $636,127 CDN in Q1, 2020 representing an increase of 181%.
- Digital Asset Mining operating costs amounted to $173,903 CDN in Q1, 2021.
- Total losses increased to -$1,263,233 in Q1, 2021, from -$371,735 in Q1, 2020 representing an increase of 240%. It should be noted that regarding the Q1, 2021 quarterly loss, the majority of the total operating expenses for Q1 of 2021 were due to a one-time issuance of Stock Options that were issued to consultants in connection to the completion of the Corporation's Q4, 2020 and Q1, 2021 equity financings. The valuation of the Stock Options was recorded as $1,709,000 CDN. The Corporation expects that these Stock Options will be exercised resulting in cash proceeds coming into the treasury. Furthermore, Depreciation on equipment amounted to $118,770 CDN for the quarter. It is important to note that with the removal of the Stock Options and the equipment Depreciation the Corporation would have actually realized a profit of $564,537 CDN for the quarter.
- Fully Diluted EPS remained as -$0.04 for Q1, 2021 vs. -$0.02 in Q1, 2020.
- The Corporation exited a legacy business segment in Q1, 2021. The initial investment in this legacy business segment amounted to $50,000 CDN and therefore the Corporation realized a significant gain of $269,149 CDN from the exit. With the proceeds from the legacy business exit and combined with the revenue from the Corporation's active digital crypto mining operations, the Corporation brought in a combined $1,012,416 CDN in gross proceeds from its business operations for the quarter which represents an all-time high and a corporate record for a quarterly result.
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 proprietary technology solutions. 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 Blockchain industry. The Corporation is poised to capture value in successive phases as this industry continues to scale.
For more information please visit Bluesky at: https://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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