Integrated Ventures Reports Q2/2020 Featuring 54% Revenue Growth And A Significant Reduction Of Operational Expenses
February 11 2020 - 9:45AM
InvestorsHub NewsWire
Integrated Ventures Reports Q2/2020
Featuring 54% Revenue Growth And A Significant Reduction Of
Operational Expenses
PHILADELPHIA, PA -- February 11, 2020 --
InvestorsHub NewsWire
-- Integrated Ventures Inc. (OTCQB: INTV)
(“Company”) is pleased to confirm the filing with SEC
of its
Q2 (“Form 10Q”), for financial period, ending December 31,
2019.
Financial analysis and key highlights are listed
below:
-
For the 3 months, ended December 31,
2019, the Company had generated total revenues of $134,301 vs
$87,470, for period ended December 31, 2018, which equates to 54%
growth rate. Company reported a
significant reduction in total general and administrative expenses
from $173,512, for the 3 months, as of December 31, 2018, to
$87,140, as of December 31, 2019.
-
For the 6 months, ended December 31,
2019, the Company had generated total revenues of $243,142 vs
$202,715, for period ended December 31, 2018, which equates to 20%
growth rate. Company reported a
significant reduction in total general and administrative expenses
from $730,434 (excluding one time impairment of assets charge), for
the 6 months, as of December 31, 2018, to $194,525, as of December
31, 2019.
-
As of December 31, 2019, the Company's
total assets were valued at $978,911.
-
For the same financial period, the
Company had reported a positive total stockholders’ equity of
$987,911.
-
The Company had invested $117,954 into
purchases of Antminer T17 and Antminer S17, during last 3
months.
-
Company's reported total liabilities of
$944,459 (non-cash) or the 6 months, ended December 31, 2019, vs
total liabilities of $2,208,259, as of December 31, 2018 and only
$34,722 (accounts payable) will require a cash
payment.
-
The Company's net income loss from
operations for the 6 months, ended December 31, 2019, has been
reduced to $128,909, from $1,171,446, as of December 31,
2018.
Steve Rubakh, CEO, adds the following commentary:
“For the 3 months, ended December 31, 2019 vs December 2018, the
Company's total revenues grew at 54%. Total outstanding amount owed
to StGeorge Investments has been reduced from $500,000 to $161,044.
The Company safely navigated the crypto market downturn and is
confident in its ability to maintain its revenue growth by
deploying profitable mining equipment and aggressively pursuing
strategic M&A transactions with goal of rapidly increasing
shareholder's value. In next few weeks, the Company plans to update
shareholders and investors with detailed updates and relevant
disclosures.”
Integrated Ventures Inc is Technology
Portfolio Holdings Company with main focus onBlockchain Technology
and Cryptocurrency Mining. For more details, please visit company's
web: 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 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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