Philadelphia, PA – September 28, 2023 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV), (“Company”) is pleased to confirm the filing of Form 10K/Report, after the today's market close, for Financial Period, ending on July 30, 2023.
On April 17, 2023, the Board of Directors of the Company approved a 1-for-125 reverse split of the Company’s common shares. Thus, the reverse split has been given retroactive effect, in the financial statements for all periods presented.
Management Comments And Financial Highlights:
1. BTC Production/Mining Revenues: the Company generated the Total Revenues of $3,862,849.00 (2023) vs $4,871,473.00 (2022). The Company generated 162.71 BTCs, in 2023, vs 108.29 BTCs in 2022. Please note the following details: (1) INTV reported lower revenues, on higher quantity of BTC mined, primarely due to the weakness in cryptocurency markets (2) Average dollar value of BTC mined in 2023 was $23,740.44 vs $44,986.17 in 2022.
2. Total Cash: the Company reported the Total Cash on Balance Sheet was $257,998.00.
3. Total Digital Currency: on 06/30/2023, the Company's BTC Holdings were valued at $447,424.00.
4. Total Assets: the Company reported Total Assets of $6,590,569.00.
5. Total Liabilities: the Company reported Total Liabilities of $2,975,451.00.
6. Net Income (Loss): The Company reported Net Income Loss of $25,459,967.00 for 2023 vs Net Income Loss of $688,003.00, for 2022. Net Income Loss (2023) is mainly due to the following recorded expenses: (1) Depreciation Expense, in amount of $3,597,346.00, (2) Loss On Disposition Of Mining Equipment, in the amount of $1,197,522.00, (3) Impairment Of Mining Equipment, in the amount of $5,574,363.00 and (4) issuance of annual stock compensation to Management, in the form of Preferred B shares, convertible to restricted common shares, with 12 months holding period, valued, based on 1 x 125 reverse split and booked at market value (dated 06/30/2023) of $15,247,500.00.
*Excluding these expenses, Annual Income Loss, would have been $458,736.00.
7. Gross Profit (Loss): The Company reported Gross Loss of $6,297,476.00 for 2023. Increase in cost of revenues is due primarely to an increase in Depreciation Expense, in amount of $3,597,346.00.
*Excluding this expense, Annual Gross Profit, would have been $1,162,733.00.
Steve Rubakh, CEO of Integrated Ventures, adds the following commentary:
“INTV has successfully navigated a very complicated and unstable crypto currency environment, filled with unpredictable events, such as FTX debacle. Lower cryptocurrency mining revenues, in the current year, directly resulting from the weakening of cryptocurrency markets and aggressive depreciation expense, contributed to the gross loss on revenues (see items #2 and #3) vs gross profit in the prior year. In spite of prolonged and on-going weakness of crypto markets, the Company was able to generate 162.71 bitcoins - without raising any additional capital.
In addition, the management has identified the following sectors of interest: fintech with focus on liquidity and AI/VR smart glasses/headsets. Currently, we are conducting a standard due diligence on two solid projects, to see if there is a fit for strategic merger or potential asset purchase transaction, with goal to increase shareholder's value and company's revenue growth.”
About: Integrated Ventures, Inc is Technology Holdings Company with focus on developing, acquiring, operating and investing in businesses, primarily in the technology sector, such as e-commerce, information technology, data center design and cryptocurrency mining. Company's current, revenue generating operations consist of digital currency mining and hosting. INTV is committed to implementing profitable strategies, creating liquidity, improving operations, securing growth capital and expanding market presence.
For more details, please visit the Company's website: 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 of1995. 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.