Monarch Mining Corporation reported its financial results for the fourth quarter and year ended June 30, 2023, on Thursday, revealing significant losses. The company's financial results indicated a net loss of $22,651,720 for the three months ended June 30, 2023, and a comprehensive loss of $49,070,694 for the year ended June 30, 2023. The operating loss for the same periods stood at $709,563 and $21,232,416 respectively.
The Montreal-based gold mining company also reported impairment of property, plant and equipment amounting to $15 million for the three months ended June 30, 2023 and $22 million for the year ended June 30, 2023. There was also an impairment of mining property and exploration and evaluation assets of $8,958,087 during both periods.
Despite these losses, Monarch Mining holds a total of CAD 45,679,352 in assets as of June 30, 2023. This figure represents a significant decrease from the CAD 93,895,219 total assets held by the company as of June 30, 2022. The company's cash and cash equivalents also decreased to CAD 231,892 from CAD 9,339,558 over the same period.
On the brighter side of business news on Friday was Truecaller AB, which announced an increase in its number of shares through the exercise of employee stock options. The increase amounted to an additional 1,627,794 shares and an increase in share capital by SEK 3,255.588. As of September 29, 2023, Truecaller's total number of shares amounts to 381,187,504, and the total share capital amounts to 762,375.008 SEK. The total number of votes in Truecaller is 802,241,704, excluding 19,391,533 ordinary series B shares and 5,600,000 C-shares held in treasury.
Truecaller is a global platform for verifying contacts and blocking unwanted communication. The Stockholm-based company is an essential part of everyday communication for more than 356 million active users and has had more than a billion downloads since its launch.
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