Philadelphia, PA, August 23, 2021 (PR Newswire) – Integrated Ventures, Inc. (OTCQB: INTV), is pleased to provide this corporate update with preliminary unaudited financial results, for the year ended June 31, 2021.
Preliminary total unaudited revenues for the year ended June 31, 2021, have increased to approximately $1,868,487, as compared to the revenues of $454,170 for the year 2020 and $279,143 for the year 2019. Over 75% of revenues generated were booked in Q3 and Q4.
For the full year 2021, preliminary results for total unaudited revenues, less unaudited general mining expenses, excluding an equity based employment compensation, for period 2019 thru 2021) via conversion of preferred shares to common shares of $16,537,500 (previously reported in Q3) are expected to show unaudited gross mining profits of $948,111 with gross margin close to 50%.
The increase in mining revenues and gross profits was primarily due to deployment of high performing mining equipment and low cost of power.
Additional Balance Sheet highlights, for FY2021 are as follow:
Available Cash: $2,097,537
Mining Equipment Deposits: $7,480,775
Digital Currencies: $245,320
Total Mining Assets: $13,363,965
Total Stockholder's Equity: $8,950,868
The company is pleased to provide this operational update that covers all major developments occurred during Q4.
Digital Shovel's manufacturing contract for 7 minipods has been terminated and INTV have received a full refund.
Deployment of the container scheduled for Massena, NY has been delayed due to the regulatory city related issues.
INTV had executed LOI to form JV with private company to acquire 120,000 sq ft facility, located in PA, with power capacity of 30 mw+. Additional details to follow at later date.
INTV plans to ship all miners that were previously scheduled to be connected in NY, to a new PA facility.
Bitmain is expected to ship first 200 units to Compute North's facility, by the end of August.
Canaan is expected to ship 250 units to Compute North's facility, by the end of August.
“2021 was turn around year for cryptocurrency markets and delivered a great progress for INTV, in terms of raising capital and expansion of our mining operations, which resulted in outstanding revenue growth,” said Steve Rubakh, CEO of Integrated Ventures, Inc.
“Looking ahead, INTV is diligently working to timely file its annual report and continues to seek acquisition targets that fit company's requirements that are accretive, reasonably valued and complementary to INTV's business. With a robust revenue pipeline and strategic initiatives in place, the Company is very well positioned to overperform in 2022 and beyond.”