Integrated Ventures
Reports Q2 Financial Results Including $105,088 Of Crypto Mining
Revenues
Philadelphia
-- February 14, 2018 -- InvestorsHub NewsWire --
Integrated Ventures Inc. (OTCQB: INTV)(“Company”)
today reported the filing with the SEC, of its Quarterly Report
(Form 10-Q), for its Second Quarter, ended December 31, 2017, with
an official release scheduled to be released at
10AM.
During the three months
ended December 31, 2017, the Company reported revenues totaling
$105,088, consisting of $59,498 in mining fees and $45,590 in
mining equipment sales. The cost of revenues was $46,818, resulting
in a gross profit of $58,270 and profit margins of
55%.
“The Company had
successfully launched operations and received revenues from sales
of mining equipment and from operating two cryptocurrency mining
locations in Pennsylvania. As We have entered 2018 with a solid
cash position, zero convertible debt, over 500k in mining assets
while generating revenues of $105,088, in only 39 days of
operations with outstanding margins,” commented Steve Rubakh, Chief
Executive Officer.
He also added: “Note
that included in our net non-cash loss for six months ended
December 31,2017, was a non-cash preferred restricted stock-based
executive compensation of $409,000, which resulted in large part
from valuation of shares issued at increased stock prices.
Excluding this non-cash expense, we would have reported a net
income of $164,039, for the three months ended December 31,
2017.”
Second Quarter
Financial Highlights:
Achieved gross margin of
$58,270 on total revenues of $105,088, or approximately
55%
Accumulated cryptocurrency
assets with market value of $43,786 and cash reserves of $17,730
resulting from sales of mining rigs at December 31,
2017
Net cash proceeds from the
sale of investments of $579,460 for the six months ended December
31, 2017
Investment in cryptocurrency
mining equipment and supporting assets in excess of
$310,000
Increase in total assets
from $296,280 at June 30, 2017 to $508,105 at December 31, 2017, or
an increase of approximately 71%
Decrease in total
liabilities from $504,210 at June 30, 2017 to $214,946 at December
31, 2017, or a decrease of approximately 57%
Positive stockholders’
equity of $293,159 at December 31, 2017
Subsequent to December 31,
2017, the Company had retired and highly dilutive warrants,
previously issued to convertible debt holders
Eliminated remainder of the
convertible debt through share exchange, using OTTV shares and
conversion to the common stock
Completed an equity based
capital raise in the amount of $160,000 by selling a preferred
restricted stock
Received $720,000 in net
proceeds from sale of 462,900 restricted common shares of the
Company at $1.62 per share and a three-year warrants for the
purchase of 347,175 shares of the Company’s common stock, at an
exercise price of $2.16 per share.
The Company had purchased or
assembled in excess of $288,000 of mining rigs and the number of
installed miners had reached 125. The total number of connected
units is directly related to the availability of electric power,
which had reached its maximum utilization capacity at our first two
locations. In 2018, the Company had purchased an additional 255
mining rigs and plans to install them in our third mining
location.
The previously planned real
estate purchase of the third location has been canceled due to the
power limitations. The Company is in process of signing a 2 year
lease agreement for the facility, equipped with a 4000 amps heavy
power service, capable of hosting of up to 1,500+ mining
rigs.
About Integrated
Ventures Inc: The Company is focused on operating
subsidiaries in the digital currency sector. The current crypto
portfolio includes: (1) BitcoLab – cryptocurrency mining and
investing, (2) Nemesis – manufacturing & sales of mining rigs
and equipment, (3) LoanFunder – the financial platform, designed to
integrate with a decentralized and encrypted lending ledger, offers
a secure, efficient, verifiable and permanent way of storing loan
related information and (4) MMC – manufacturing, marketing and
operating of mobile mining centers.
For more details, please
visit company's newly launched web: www.integratedventuresinc.com.
***About
Cryptocurrency Investments &
Risks***
Integrated Ventures urges
all current and potential investors to visit: (1) SEC website:
https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11,
(2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/
and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scams
to understand the risks
involved in cryptocurrency investing.
Safe Harbor
Statement:
The information posted in
this release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
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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