Miami, Florida--(Newsfile Corp. - April 5, 2021) - Miami-based United American Corp (OTC PINK: UAMA) ("UnitedCorp") announced today its 2020 year-end financial results and provided some corporate updates for 2021 in its financial report.
"2020 was a difficult year for the industry but UnitedCorp is encouraged by the significant resurgence of Blockchain operations and the increased demand in related applications," stated UAMA Vice President, Lawry Trevor-Deutsch. "Going forward we believe that the focus will remain on 'green' operations and we intend to continue our emphasis on being fully carbon-negative before the end of the year - to the point where we can actually become a source of carbon offsets for other companies."
Operations are currently at approximately 6 megawatts of the site's 8.4-megawatt capacity. The company also intends to complete its 2018 and 2019 financial audits as well as commence the audit for 2020. It will also begin to assess options to upgrade its servers to allow for more efficient mining. First quarter 2021 results will be released on May 14, 2021.
2020 Financial Highlights
(all figures in US dollars)
- Generated revenue of $1.6 million1 for Heat Station Dome operations a gross profit of $529,1022
- A gain from loan forgiveness of $1.4 million
- Consolidated net earnings of $1.2 million
- EBITDA for the year was $1.5 million3
- Increase in net tangible assets in 2020 from $4.9 million to $6.2 million
1Revenue is based on hosting services and mining operations
2 Gross profit consists of billings less direct costs (mainly electricity) and is a non-IFRS measure.
3 EBITDA is a non-IFRS measure
Financial Review
| Year End | ||
| (US$) | ||
| Dec 31, 2020 | Dec 31, 2019 | |
| Total Revenue | 1,600,915 | 5,415,822 |
| Cost of Revenue | 1,071,813 | 2,556,790 |
| Gross Profit | 529,102 | 2,859,032 |
| General Expenses | 442,728 | 1,068,199 |
| Financial Expenses | 63,593 | 158,042 |
| Depreciation | 378,389 | 243,767 |
| Extraordinary Gain | 1,412,165 | - |
| Net Income1 | 1,056,557 | 1,389,024 |
| EBITDA | 1,499,539 | 1,790,833 |
1 Excludes gain/loss on foreign exchange
Financial Statements
The Company's financial statements are available on 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 and information technologies. The company currently holds the rights to manage a portfolio of patents and proprietary technology in telecommunications, social media and Blockchain technology, and owns and operates the Data Center Domes which are amongst the world's most green data centers, and are designed to provide heat for agricultural operations using computer equipment in naturally cooled data centers where efficiency and low-cost operations are a priority.
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:
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Figure 1: Aerial view of an operating BlockchainDome and rendering of additional greenhouses
To view an enhanced version of Figure 1, please visit:
Figure 2: Internal View of BlockchainDome
To view an enhanced version of Figure 2, please visit:
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
604 398 5000 Ext: 109
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