Integrated Ventures Reports Record Q3/2021 Revenues Of $696,805 With Balance Sheet Containing $3,522,563 In Mining Equipment...
14 Maio 2021 - 9:55AM
InvestorsHub NewsWire
Integrated Ventures Reports Record
Q3/2021 Revenues Of $696,805 With Balance Sheet Containing
$3,522,563 In Mining Equipment Assets And $1,515.201 In Digital
Currencies
Philadelphia, PA -- May 14, 2021 -- InvestorsHub NewsWire
-- Integrated Ventures Inc. (OTCQB: INTV),
(“Company”) is pleased to confirm the filing, after today's market
close, of its quarterly report on Form 10Q, for the Q3, ended March
31, 2021.
The key financial highlights are as follow:
- Reported Record Total Revenues: For the Q3/2021, the Company
generated its highest ever revenues of $696,805 vs $130,910 for
Q3/2020, an increase of over 432%, while cost of revenues was
almost unchanged at $266,897 vs $261,484 for Q3/2020.
- Reported Record Gross Profit: The Company reported, for the
first time, a gross profit from mining operations and sales of
mining equipment, in the amount of $429,908 vs a gross loss of
($87,710) for Q2/2021, an increase of over 590%.
- Reported Record Total Assets: As of March 31, 2021, the Company
reported the total assets on balance sheet were $5,145,938 vs
$546,822 as of June 30, 2020. The ending cash balance was
$99,974.
- Reported Record Mining Equipment Purchases And Commitments:
during Q3/2021, the Company executed purchase orders for 452
miners, with total cost of $2,970,723. In addition, INTV had signed
a 12 month supply agreement with Bitmain for 4,800 units, for a
total price of $34,047,600. Thus, the total for all mining
equipment purchases and future commitments consists of 5,252 units
for total purchase price of $37,018,323.
- Reported Record Total Digital Currencies Holdings: As of March
31, 2021, the Company's had $1,515,201 of digital currencies on its
balance sheet, consisting primarily of Bitcoin (BTC), Etherium
(ETH) and Chainlink (LINK).
- Reported Positive Shareholders’ Equity: As of March 31, 2021,
the Company reported total shareholder equity of $709,964 vs
($109,603) as of June 30, 2020.
- Reported Reduction of Liabilities: As of March 31, 2021, the
Company reported total liabilities of $310,974 vs $656,425 for as
of June 30, 2020, with a balance of $0.00 in convertible debt and
derivative liabilities.
Steve Rubakh, CEO of Integrated Ventures, adds the following
commentary:
“INTV had delivered a record breaking Q3, in terms of (1) total
mining revenues, (2) mining equipment purchases (3) total asset
growth and (4) equity-based capital raised. Mining revenues
increased by 432% in the quarter, while cost of sales and other
operating costs (excluding non-cash, related party, 2 year old,
stock-based accrued compensation (*)) remained fairly constant.
Based on current cryptocurrency market pricing, INTV projects that
mining revenues for Q4/2021 to be above $995,000, which is a 30%
increase vs Q3/2021.
The total total revenues for 2021 are projected to be in $2.3-$2.4
million range with a 60%+ gross margin. With zero convertible debt,
$14+ million raised and newly secured power capacity, INTV is set
to move forward with aggressive expansion plans with a goal to
reach, at minimum, $32 million, in annual mining revenues by June
30, 2022.”
(*) Please see page 16 and paragraph 5 (Related Party Transactions)
for additional details.
About: Integrated Ventures,Inc.is a Technology Portfolio Holdings
Company with focus on Blockchain Technology and Cryptocurrency
Mining.
For more details, please visit the Company's website: www.integratedventuresinc.com.
Safe Harbor Statement:
The information posted in this release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of1995. You can identify these statements by use of the
words "may," "will," "should," "plans," "explores," "expects,"
"anticipates," "continue," "estimate," "project," "intend," and
similar expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, general economic and business
conditions, effects of continued geopolitical unrest and regional
conflicts, competition, changes in technology and methods of
marketing, and various other factors beyond the company's
control.
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