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Bluesky Digital Assets Corp (2)
Symbol BTC
Shares Issued 35,971,292
Close 2021-06-11 C$ 0.52
Recent Sedar Documents

Bluesky Digital loses $1.26-million in Q1 2021

2021-06-11 10:32 ET - News Release

Mr. Ben Gelfand reports

BLUESKY DIGITAL ASSETS CORP., RELEASES ITS Q1, 2021 FINANCIAL RESULTS

Bluesky Digital Assets Corp. has released a summary of its unaudited Q1 2021 interim financial statements for the three months ended March 31, 2021.

Key highlights

  • Total gross revenues from the corporation's digital assets mining operations increased to $743,267 in Q1 2021 from $101,611 in Q1 2020 representing a significant increase of 631 per cent;
  • Total gross revenue from the corporation's digital assets mining operations increased to $743,267 in Q1 2021 from $182,054 in Q4 2020, representing a quarter-over-quarter significant increase of 308 per cent;
  • Total gross revenue from the corporation's digital assets mining operations amounted to $665,533 for all of fiscal 2020 representing a monthly average of $55,369 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 per month for the first three months of 2021, representing a significant monthly average increase of 347 per cent versus fiscal 2020's monthly average of $55,369 per month;
  • Total available cash increased to $1,785,077 in Q1 2021 from $636,127 in Q1 2020 representing an increase of 181 per cent;
  • Digital asset mining operating costs amounted to $173,903 in Q1 2021;
  • Total losses increased to negative $1,263,233 in Q1 2021 from negative $371,735 in Q1 2020 representing an increase of 240 per cent. 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. 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 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 for the quarter;
  • Fully diluted EPS remained as negative four cents for Q1 2021 versus negative two cents in Q1 2021;
  • The corporation exited a legacy business segment in Q1 2021. The initial investment in this legacy business segment amounted to $50,000 and therefore the corporation realized a significant gain of $269,149 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 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 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-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.

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