Integrated Ventures's Releases Preliminary Results For Q3/2020 Featuring 50% Revenue Growth And 87% Reduction In Operational Exp
PHILADELPHIA, May 8, 2020 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV) ("Company") is pleased to confirm the filing date of 05/11/2020 for Q3 ("Form 10Q") Report, for financial period ,ended March 31, 2020.
Key financial highlights are listed below:
• 50% Revenue Growth ------- For the 9 months, ended March 31, 2020, the Company had generated total revenues of $374,052 vs $249,319, for 9 months, ended March 31, 2019.
• 61% Reduction In Liabilities --------- Company's reported total liabilities of $866,951, as of March 31, 2020 vs total liabilities of $2,208,259, as of June 30, 2019. For the same financial periods, the Company reported reduction in total derivative liabilities from $1,617,774 to $254,528.
• 67% Net Loss Reduction --------- The Company's net loss for the 9 months, ended March 31, 2020 has been reduced to $573,580, from $1,829,154, for the 9 months, ended March 31, 2019.
• 94% Reduction In Fully Diluted Loss Per Share --------- The Company's net loss per common share, for the 9 months, ended March 31, 2020, has been reduced to $0.01, from $0.17, for the 9 months, ended March 31, 2019.
• 87% Reduction In Operating Expenses --------- The Company reduced its total operating expenses, from $3,168,351, for the 9 months, ended March 31, 2019 to $399,990, for the 9 months, ended March 31, 2010.
• 82% Decrease In Compensation -------- For the 9 months, ended March 31, 2020 vs 9 months, ended March 31, 2019, the Company has reduced Management's Stock Based Compensation, from $669,000 to $120,000.
• As of March 31, 2020, the Company had $101,337 in Cash and Total Assets were at $863,735.
• As of March 31, 2020, the Company reported Total Stockholders' Deficit of $3,216 vs Total Stockholders' Deficit of $1,088,343 for the period, ended March 31, 2019.
Steve Rubakh, CEO, adds the following commentary: "For the 9 months, ended March 31, 2020 vs the 9 months, ended March 31, 2019, total revenues grew at 50% rate. The Company had safely navigated the Covid-19 pandemic, while maintaining stable operations and pursuing value priced strategic M&A transactions. Integrated Ventures has executed 2 NDA agreements with revenue companies and in process of performing a standard due diligence. Combined numbers for 2019 for both targets, show over 11 meg of deployed power and 5.5 mil (hosting and mining operations) in trailing revenues. Once operational and financial analysis is completed, the Company plans to update public with final plans going forward."
Integrated Ventures, Inc. is a Technology Portfolio Holdings Company with main 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.
Contact: Steve Rubakh +1 (215) 613-1111 [email protected]
SOURCE Integrated Ventures Inc.
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