Integrated Ventures, Inc Provides Corporate Update And Preliminary FY 2021 Results With Unaudited Revenues Of $1,868,487 Million
August 23 2021 - 09:00AM
InvestorsHub NewsWire
Integrated Ventures, Inc Provides Corporate Update
And Preliminary FY 2021 Results With Unaudited Revenues Of
$1,868,487 Million
Philadelphia, PA -- August 23,
2021 -- InvestorsHub NewsWire -- Integrated Ventures,
Inc. (OTCQB:
INTV), is
pleased to provide this corporate update
with preliminary
unaudited financial results, for the year ended June 31,
2021.
-
Preliminary total
unaudited revenues for the year ended June 31, 2021, have increased
to approximately $1,868,487, as compared to the revenues of
$454,170 for the year 2020 and $279,143 for the year 2019. Over
75%of revenues generated were booked in Q3 and
Q4.
-
For the full year 2021,
preliminary results for total unaudited revenues, less unaudited
general mining expenses, excluding an equity based employment
compensation, for period 2019 thru 2021) via conversion of
preferred shares to common shares of $16,537,500 (previously
reported in Q3) are expected to show unaudited gross mining profits
of $948,111.
The increase in mining revenues
and gross profits was primarily due to deployment of high
performing mining equipment and low cost of
power.
Additional Balance Sheet
highlights, for FY2021 are as follow:
-
Available Cash:
$2,097,537
-
Mining Equipment Deposits:
$7,480,775
-
Digital Currencies:
$245,320
-
Total Mining Assets:
$13,363,965
-
Total Stockholder's Equity:
$8,950,868
The company is pleased to provide
this operational update that covers all major developments occurred
during Q4.
-
Digital Shovel's manufacturing
contract for 7 minipods has been terminated and INTV have received
a full refund.
-
Deployment of the container
scheduled for Massena, NY has been delayed due to the local
regulatory issues.
-
INTV had executed LOI to form JV
with private company to acquire 120,000 sq ft facility, located in
PA, with power capacity of 30 mw+. Additional details to follow at
later date.
-
INTV plans to ship all miners that
were previously scheduled to be connected in NY, to a new PA
facility.
-
Bitmain is expected to ship first
200 units to Compute North's facility by the end of
August.
-
Canaan is expected to ship 250
units to Compute North's facility by the end of
August.
“2021 was turn around year for
cryptocurrency markets and delivered a great progress for INTV, in
terms of raising capital and expansion of our mining operations,
which resulted in outstanding revenue growth,” said Steve Rubakh,
CEO of Integrated Ventures, Inc.
“Looking ahead, INTV is diligently
working to timely file its annual report and continues to seek
acquisition targets that fit company's requirements that are
accretive, reasonably valued and complementary to INTV's business.
With a robust revenue pipeline and strategic initiatives in place,
the Company is very well positioned to overperform in 2022 and
beyond.”
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