Philadelphia, PA., November 14, 2022 (PR Newswire) – Integrated Ventures, Inc. (“INTV”) (“Company”), is scheduled to report Q1/2023 financial results, on 11/14/2022, for the financial period, ended September 30, 2022.
“INTV's financial results for Q1/2023 were driven by national economic policies, resulting in higher inflation and interest rates, thus creating bear market and on-going weakness in stock and crypto markets. In particular, 50%+ decrease in the market price of Bitcoin, had severly effected our mining revenues. On positive note, once all our miners, located in TX, are energized, we are confident that our daily cash flow will be sufficient, to maintain stable and profitable operations.
In order to increase shareholder's value, the Company is planning to diversify its business strategy, by adapting an aggressive roll-up plan with focus on investing, acquiring and operating cash flow positive businesses, primarely in following sectors: (1) e-commerce, (2) information technology and (3) commercial distressed real estate, suitable for data center operations,” said Steve Rubakh, CEO of Integrated Ventures, Inc.
Q1/2023 vs Q1/2022 - Financial Highlights:
• Total Mining Revenues ------- the Company had generated revenues of $555,365.00 vs $1,040,071.00.
• Gross Profit --------- the Company reported gross loss from mining operations and sales of mining equipment, in the amount of $213,527.00 vs profit of $842,145.00.
• Current Liabilities --------- As of September 30, 2022, the Company reported total current liabilities of $1,964,813.00 vs $1,563,756.00.
• Loss From Operations --------- the Company reported loss from operations of $606,800.00 vs profit of $630,766.00.
Total Operating Expenses --------- the Company reported that its total operating and administrative expenses were $393,273.00 vs $211,379.00.
• Total Cash --------- As of September 30, 2022, the Company's ending cash balance was $141,088.00 vs $490,280.00.
• Total Digital Currencies --------- As of September 30, 2022, the Company had a balance of $29,783.00 vs $72,885.00.
• Total Assets --------- As of September 30, 2022, the Company reported that the total assets reported on balance sheet were $15,949,983.00 vs $16,281,063.00.
Q1/2023 – Operational Update:
As of 09/30/2022, all Bitmain miners have been paid for and were delivered to Wold Hollow, TX for scheduled deployment by Compute North. Unfortunately, due to deteriating financial conditions, Compute North was forced to declare Chapter 11 and stop the energization process.
On 11/04/2022, all infrastructure assets and liabilities, owned by Compute North and located in Kearney, NE and Wolf Hollow, TX have been acquired by Generate Capital – the original lender, who initially financed Compute North's operations.
US Bitcoin has been engaged to provide facility management services and to manage the process of connecting all mining equipment, located at Wolf Hollow, TX, to the Texas grid, managed by ERCOT. Timeline, to get Company's miners energized, will be available, once operational transition from Compute North to US Bitcoin is completed.
About: Integrated Ventures,Inc is a Technology Portfolio Holdings Company that develops, acquires, operates and invests in businesses, primarily in the technology sector with focus on e-commerce, information technology, data center design and cryptocurrency mining. Company's current, revenue generating operations consist of digital currency mining and hosting. The management team is focused on implementing innovative and profitable strategies, creating liquidity through asset based infrastructure, supporting and improving operations, infusing growth capital, maintaining and expanding a market presence in the niche sector initiatives.
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.