Integrated Ventures Generates Mining Revenues And Reports Year End 2018 Financial Results
PHILADELPHIA, December 28, 2018 /PRNewswire/ -- Integrated Ventures Inc. (OTC: INTV) (“Company”) reported the filing with the SEC, of its Annual Year Report (Form 10-K), for the financial period, ended June 30, 2018.
Financial Highlights are listed below:
Thru June 30, 2018, the Company generated and reported revenues totaling $306,407, consisting of $198,247 in mining fees and $108,160 in mining equipment sales vs zero sales for year ended June 30, 2017.
The Company's total assets increased from $296,280 at June 30, 2017 to $829,522.
The Company reported a non-cash net loss of $5,577,450 for the year ended June 30, 2018, which included non-cash impairment of assets of $4,907,884. The impairment of assets resulted from recording and impairing goodwill from the digiMine acquisition and write down of equipment to estimated net realizable value.
The Company's total liabilities of $2,964,340 as of June 30, 2018, included derivative liabilities of $2,964,340, which will not require any cash payments, thus will not affect current business operations.
Exclusive of the derivative liabilities at June 30, 2018, the Company's total liabilities were $77,375 compared to total liabilities of $346,296 as of June 30, 2017.
Steve Rubakh, CEO, adds the following commentary -“2018 has been a very volatile year in cryptocurremcy sector. The Company had successfully launched mining operations and generated revenues from mining and sales of mining equipment. The revenue growth was greatly affected by decline of the cryptocurrency market. The Company took a number significant cost reducing steps, designed to stabilize and maintain operations: (1) consolidation of existing mining operations, (2) renegotiating lease obligations, (3) powering down non-profitable mining equipment with (4) focusing on ETH mining”.
About Integrated Ventures Inc: The Company is technology portfolio holdings company with focus on cryptocurrency sector. 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.