Integrated Ventures Reports 63% Increase In Year To Year Revenues
PHILADELPHIA, September 24, 2020 / PRNewswire/ - Integrated Ventures Inc, (OTCQB: INTV) (“Company”) is pleased to announce financial results for the year, ended June 30, 2020, by filing Annual Report (Form 10K) with the SEC.
Financial Highlights for FY 2020 vs FY 2019:
For the year ended June 30, 2020, the Company generated total revenues of $454,170, mainly during Q2 thru Q4, consisting of proceeds from mining operations of $435,740 and equipment of $18,430. Year to year revenues had increased by $175,027 or 63%, from $279,143, for the year ended June 30, 2019.
The net loss decreased from $9,513,271 (net loss per common share was $0.70 cents), for the year ended June 30, 2019 to $1,081,775 (net loss per common share was $0.02), for the year ended June 30, 2020. The gross loss occurred mainly due to (1) the cryptocurrency market decline for 3 plus quarters, (2) BTC halving event, (3) one-time expenses of consolidating and relocating operations and (4) short useful life accounting used to depreciate mining equipment assets.
The total liabilities of $656,425, at June 30, 2020, decreased from $2,208,259, at June 30, 2019, mainly due to the decrease in derivative liabilities and convertible notes.
The total convertible notes payable (net of discounts) of $251,384, at June 30, 2020, decreased from $457,147, at June 30, 2019. The total derivative liabilities of $164,834, at June 30, 2020, decreased from $1,617,774, at June 30, 2019.
The general and administrative expenses of $472,399, for the year ended June 30, 2020, decreased from $1,823,523, for the year ended June 30, 2019.
The total stockholders’ deficit, decreased to $109,603, at June 30, 2019, from $1,088,343, at June 30, 2019.Company's investment, in mining equipment, during fiscal year, totaled $123,349.
Corporate Summary And Key Developments:
During Year 2019, the Company (1) has terminated all operations and leasing agreements in PA and NJ, (2) signed a power purchase agreement with PetaWatt Properties, LLC and (3) relocated mining operations to Carthage, NY.
Executed agreement with Eagle Equities, LLC for 1 mil capital raise and received a first tranche, in amount of $244,000.
Starting on 07/15/2002, the Company has started the process of retiring all Antminer L3 and Antminer S9 miners and initiated purchases of new mining equipment: during months of August and September, the Company had purchased: (1) 100 Antminer S17+/56TH units and (2) 77 Antminer S17+/76TH and Antminer Z11 units. All units are powered by revenue increasing firmware, developed by Wattum Management.
After performing standard due diligence, Integrated Ventures has decided against pursuing M&A transaction with Petawatt Properties.
The Company is still engaged with AltVentures, in regards to the purchase of their 2.5 MW mining facility, located in Winnipeg, Canada. The completion of this transaction has been delayed, due to the inspection related issues, caused by Covid-19 travel restrictions, from USA to Canada.
In September, Integrated Ventures had executed Letter of Intent ('LOI”) to acquire assets of private company with unaudited 2019 revenues of $1.75 million. LOI was scheduled to expire on 09/15/2020, however both parties had agreed to extend due diligence period, until 10/30/2020.
As of 06/31/2020, the Company's Balance Sheet contained investment in Chainlink (symbol: LINK), valued at $82,855, which was acquired in July, between $3.75 and $4.50 per coin. This cryptocurrency investment was sold in the open market, during months of August and September, at prices, ranging between $13.50 and $18.00 per coin.
About Integrated Ventures, Inc: The Companyoperates as Technology Holdings Company with focus on operating assets in technology and cryptocurrency sectors. For additional 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.