Integrated Ventures Reports
$3,862,849 In Yearly Mining Revenues With 162 Bitcoins
Produced
Philadelphia,
PA --
September 29, 2023 -- InvestorsHub NewsWire
-- 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.
Management
Comments And Financial Highlights:
-
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, and (2) Average
dollar
value of
BTC mined in 2023 was $23,740.44 vs $44,986.17 in
2022.
-
Total Cash:
the
Company reported the Total Cash on Balance Sheet was
$257,998.00.
-
Total Digital
Currency: on 06/30/2023, the
Company's BTC Holdings were valued at $447,424.00.
-
Total Assets:
the
Company reported Total Assets of $6,590,569.00.
-
Total Liabilities:
the
Company reported Total Liabilities of $2,975,451.00.
-
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.
-
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/aquisition, 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.
