Integrated Ventures Provides A Corporate Update And Reports Financial Results For Q1 Of 2019
PHILADELPHIA, January 23, 2019 / PRNewswire/ - Integrated Ventures Inc (OTCQB: INTV) (“Company”) is pleased to report the filing with the SEC, its Quarterly Report (Form 10-Q), for the financial period, ended September 30, 2018.
For the first fiscal quarter ended September 30, 2018, the Company had total revenues of $115,245, consisting of revenues from mining operations of $100,465 and equipment retail sales of $14,780. Gross loss on revenues occurred due to sever decline in cryptocurrency market pricing, electricity costs, expenses of consolidating operations and a short useful life of mining equipment used to depreciate these mining assets.
Total assets increased from $829,522 at June 30, 2018 to $$1,808,501 at September 30, 2018. Current assets, which includes cash of $199,096, totaled $319,947 at September 30, 2018, an increase from total current assets of $170,517 at June 30, 2018.
Company's total investment in property and equipment, net of accumulated depreciation, increased from $633,105 at June 30, 2018 to $1,469,421 at September 30, 2018.
During the quarter ended September 30, 2018, INTV had acquired 182 ETH mining machines. 152 rigs were placed into our mining operations, with 30 units, deemed to be under performing, are in the process of being sold as parts.
The Company had reported a non-cash net loss of $1,700,222 for 3 months, ended September 30, 2018, mainly due to crypto industry driven accounting treatment, consisting of non-cash impairment of crypto assets of $2,097,930, which was partially offset by non-cash other income of $1,051,207, resulting from the reduction in our derivative liabilities. The impairment of assets resulted from the write down of mining equipment to estimated net realizable value.
Company's total liabilities of $2,089,869, as of September 30, 2018 and have decreased from total liabilities of $2,964,340, as of June 30, 2018. Total liabilities included derivative liabilities of $1,917,301, which will not require any cash payments.
Corporate Update presented by Steve Rubakh, CEO of Integrated Ventures, Inc:
Our Q1 Financial Results were negatively impacted by the decline in cryptocurrency market. The Company had executed a number of cost cutting measures, designed to stabilize and maintain mining operations, such as : (1) renegotiating (50% reduction) lease terms for our warehouse in NJ, (2) temporarily powering down unprofitable BTC and LTC mining rigs, due to low cryptocurrency market pricing and (3) relocating 152 newly acquired ETH mining rigs from Graham, NC to NJ, to eliminate monthly hosting fees, to gain control over daily rebooting operations, designed to achieve a more consistent revenue flow.
The total number of units connected in PA/NJ is at 200 (including 48 Panda Pro ETH miners).
The Company has formulated a Business Plan, based on INTV's corporate structure as a Holdings Company. The core strategy is to aggressively pursue M&A and Joint Venture type transactions.
The Company is currently engaged with multiple organizations in regards to: (1) a potential M&A transaction with NJ based revenue generating mining farm to purchase all their assets, consisting of 280 ETH, 260 BTC mining rigs and recently constructed 1 meg high-tech mining facility, (2) potential M&A transaction with NY based, revenue generating mining pool, to purchase all related assets, (3) a potential joint venture transaction with Swiss based financial services company with multiple banking and brokerage licenses, focused on developing and launching cryptocurrency projects, including an SEC compliant exchange for Security Tokens.
The Company is performing Due Diligence, in regards to potential launching of STO (Security Token Offering) via filing S1 or or Reg A+, by registering 25,000,000 Security Units and 10,000,000 Security Tokens. Each unit will consist of 1 Security Token and 1 INTV Common Share. The goal is to register, list and trade Security Tokens on tZero Exchange (owned by Overstock), which is launching this week.
The Company intends to dividend 10,000,000 Security Tokens to all INTV shareholders of the record.
Note that the Company anticipates that S1 or Reg A+ filings will require Corporate Action, to increase the number of Authorized Shares. The final number of shares to be authorized will be determined at later date.
As per OTCMarkets request, the Company has posted an updated OTCQB Certification Report and expects to be relisted on OTCQB within 7 days.
About Integrated Ventures Inc: The Company operates as Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit company's website at www.integratedventuresinc.com.