Integrated Ventures Reports Q2/2020 54% Revenue Growth And A Significant Reduction Of Operational E
PHILADELPHIA, February 11, 2020 /PRNewswire/ -- 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 on Blockchain 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.