Integrated Ventures Expects To Release Positive Earnings Of 0.01 Cent Vs Loss of (0.18) Cents For Q1
PHILADELPHIA, November 13, 2019 / PRNewswire/ - Integrated Ventures Inc, (OTCQB: INTV) (“Company”) is pleased to announce that financial results for period ending 09/30/2019 (Q1/2020), will be released after the market close, on 11/14/2019, by filing Form 10Q with SEC.
Steve Rubakh, CEO of Integrated Ventures, Inc, adds the following commentary:
”The company had safely navigated thru turbulent times by securing competitive power pricing and cutting out most of traditional operational expenses. The business relocation, from Marlboro, NJ to Carthage, NY, was completed by July 15, 2019. INTV's mining revenues came in at $107,385 (*) and only reflect 45 days of newly launched mining operations. A slight increase in gross loss from operations, from 86,015 to 119,618 (*) was due to one-time relocation, equipment shipping and set-up expenses, of about $35,000. The company strategically deployed raised capital by focusing on upgrading and replacing of unprofitable and outdated miners and just today, we had placed a purchase order for additional 15 Antminer T17 units, valued $14,924.00”.
Below are Company's Q1 financial highlights:
Increase In Earnings: from (0.18 cents) to 0.01 cents *
Increase In Net Income: from ($1,700,222) to $269,503 *
Increase In Mining Revenues: from $100,465 to $107,465 *
Increase In Mining Equipment Purchases: from $37,146 to 110,281 *
Reduction Of Total Current Liabilities: from $2,208,259 to $1,142,577 *
Reduction Of Operating Expenses: from $2,654,852 to $107,385 *
Reduction Of Loss From Operations: from $2,740,867 to $227,003 *
Reduction Of Stockholder's Deficit: from 1,088,343 to 30,970 *
* Data is based on financial results for 3 months ended 09/30/2019 vs 3 months ended 09/30/2018.
As of 11/13/2019, the total outstanding and issued shares count was at 51,840,649 vs 35,499,687, as of 09/30/2019. The increase is due to sales of common shares by shareholders of Secure Hosting, LLC, conversions by St. George Investments, LLC, Digimine, LLC and Geneva Roth Remark Holdings, LLC.
As of 11/13/2019, the Company has no future obligations to issue common shares to Digimine, LLC.
As of 11/13/2019, the Company has no financial obligations to Geneva Roth Remark Holdings, LLC.
As of 11/13/2019, an estimated outstanding principal balance owed to St. George Investments, LLC is $218,358.69.
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.
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.