Integrated Ventures Reports Total Revenues Of $220,752 for Q1/2021 Vs $107,564 for Q1/2020
November 13 2020 - 9:00AM
InvestorsHub NewsWire
PHILADELPHIA, PA -- November 13, 2020 --
InvestorsHub NewsWire -- Integrated Ventures Inc. (OTCQB: INTV),
(“Company”) is pleased to confirm the filing
of Q1/2021, after the today's market close, for
financial period, ended September 31,
2020.
Key Q1 Financial
Highlights:
• Total
Revenues ------- The Company generated total revenues of
$220,754.00 (Q12021) vs $107,564.00 (Q1/2020). Revenues consisted
of (1) mining revenues of $67,337.00 (*), (2) sales of mining
equipment of $14,890.00 (**) and gain on sales of digital
currencies of $138,527.00 (***).
• Current
Liabilities --------- The Company reported total current liabilities of
$668,217.00, with only $100,356.00 that will require cash
payment.
• Net Loss
--------- The Company reported net loss of
$387,778.00, mainly due to reporting expenses of (1) $207,282.00,
due to disposition of retired mining equipment and (2) interest
expense, on convertible debt funding, of
$100,872.00.
• Loss Per
Share --------- The Company reported $0.00 net loss per
common share
• Operating
Expenses --------- The Company reported that its total
operating and administrative expenses were
$99,717.00.
• Total Cash
--------- The Company reported that the ending
cash balance was $102,435.00.
• Total
Assets --------- The Company reported that the total
assets were $562,325.00.
(*) (**) See page 5 (noted in Condensed
Statements of Operations Table).
(***) See page 25 (noted in paragraph 2, under
Other Income Table ).
The Company is pleased to provide the
following comments:
-
-
Mining revenues reported were lower due to (1)
BTC halving event, which reduced mining rewards by around 50% and
(2) less mining rigs connected due to the retirement of all
Antminer S9 and Antminer L3 miners.
-
The Company was able to off set lower mining
revenues, with the gain on sales of digital
currencies.
-
Integrated Ventures had executed three (3)
Letters of Intent, during Q4/2020 and Q1/2021. As of 11/15/2020,
the Company does not have any active discussions, in terms of
entering into any definitive agreements.
About:
Integrated Ventures,Inc.is 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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