COMPLETE HEADLINE: Integrated Ventures Reports Record Q3/2021 Revenues Of $696,805 With Balance Sheet Containing $3,522,563 In Mining Equipment Assets And $1,515.201 In Digital Currencies
Philadelphia, PA - May 14, 2021 /Via PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV), (“Company”) is pleased to confirm the filing, after today's market close, of its quarterly report on Form 10Q, for the Q3, ended March 31, 2021.
The key financial highlights:
Reported Record Total Revenues: For the Q3/2021, the Company generated its highest ever revenues of $696,805 vs $130,910 for Q3/2020, an increase of over 432%, while cost of revenues was almost unchanged at $266,897 vs $261,484 for Q3/2020.
Reported Record Gross Profit: The Company reported, for the first time, a gross profit from mining operations and sales of mining equipment, in the amount of $429,908 vs a gross loss of ($87,710) for Q2/2021, an increase of over 590%.
Reported Record Total Assets: As of March 31, 2021, the Company reported the total assets on balance sheet were $5,145,938 vs $546,822 as of June 30, 2020. The ending cash balance was $99,974.
Reported Record Mining Equipment Purchases And Commitments: during Q3/2021, the Company executed purchase orders for 452 miners, with total cost of $2,970,723. In addition, INTV had signed a 12 month supply agreement with Bitmain for 4,800 units, for a total price of $34,047,600. Thus, the total for all mining equipment purchases and future commitments consists of 5,252 units for total purchase price of $37,018,323.
Reported Record Total Digital Currencies Holdings: As of March 31, 2021, the Company's had $1,515,201 of digital currencies on its balance sheet, consisting primarily of Bitcoin (BTC), Etherium (ETH) and Chainlink (LINK).
Reported Positive Shareholders’ Equity: As of March 31, 2021, the Company reported total shareholder equity of $709,964 vs ($109,603) as of June 30, 2020.
Reported Reduction of Liabilities: As of March 31, 2021, the Company reported total liabilities of $310,974 vs $656,425 for as of June 30, 2020, with a balance of $0.00 in convertible debt and derivative liabilities.
Steve Rubakh, CEO of Integrated Ventures, adds the following commentary:
“INTV had delivered a record breaking Q3, in terms of (1) total mining revenues, (2) mining equipment purchases (3) total asset growth and (4) equity-based capital raised. Mining revenues increased by 432%, while cost of sales and other operating costs (excluding non-cash, related party, 2 year old, stock-based accrued compensation (*)) remained fairly constant.
Based on current cryptocurrency market pricing, INTV projects that mining revenues for Q4/2021 to be above $995,000, which is a 30% increase vs Q3/2021. The total total revenues for 2021 are projected to be in $2.3-$2.4 million range with a 60%+ gross margin. With zero convertible debt, $14+ million raised and newly secured power capacity, INTV is set to move forward with aggressive expansion plans with a goal to reach, at minimum, $32 million, in annual mining revenues by June 30, 2022.”
(*) Please see page 16 and paragraph 5 (Related Party Transactions) for additional details.
About: Integrated Ventures,Inc. is a Technology Portfolio Holdings Company with focus on Blockchain Technology and Cryptocurrency Mining.
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.