PHILADELPHIA, May 15, 2019 /PRNewswire/ -- Integrated Ventures Inc., (OTCQB: INTV) ("Company") is pleased to report the filing with the SEC, its Quarterly Report (Form 10-Q), for the financial period, ended March 31, 2019.
- For the nine months, ended March 31, 2019, the Company had total revenues of $249,319, consisting of revenues from mining operations of $223,874 and equipment and parts retail sales of $25,445. For the twelve months, ended December 31, 2018, the Company had total revenues of $404,034, consisting of revenues from mining operations of $317,127 and from sales of mining equipment of $86,907.
- Company's total assets increased from $829,522, as of June 30, 2018 to $1,420,080, as of March 31, 2019.
- Company's total liabilities were $1,314,38, as of March 31, 2019, a decrease from total liabilities of $2,964,340, as of June 30, 2018.
- Due to the favorable change in our derivative liabilities, as of March 31, 2019, the Company reported total stockholders' equity of $105,742, compared to a total stockholders' deficit of $2,134,818, as of June 30, 2018.
Q2 And Future Business Initiatives:
- After performing a standard Due Diligence, the Company had decided to terminate Letter Of Intent To Purchase All Assets Of Erie Power, LLC
- The Company had switched from warehouse mining to the third party hosting model and relocated all mining equipment from NC, PA and NJ to NY which resulted in elimination of all operational expenses designed to improve profitability
- The Company had executed Agreement with PetaWatt, LLC to secure and market the competitive electricity rates and other mining related services
- The Company will develop and deploy All-In-One "Plug-and-Mine" Mining Solution, targeting miners seeking a turn-key market entry and featuring an access to the best hosting and pool rates for ASIC and GPU based mining rigs
- The Company will focus on sourcing and purchasing deeply discounted mining rigs from secondary markets to lower an initial investment and to deliver a profitable ROI.
Steve Rubakh, CEO of Integrated Ventures, adds the following: "Deal with PetaWatt secures the key component for profitable mining operations – an access to the reliable and inexpensive electricity. This agreement will allow Integrated Ventures to mine far more profitably than North American competitors and provide hosting services at the market's most competitive price point. Cost certainty, created by uninterrupted access to affordable power, will allow the Company to successfully execute all of the above strategies. This plan will allow Integrated Ventures to weather market downturns better than its competitors, while also positioning the company to earn significantly higher returns than its competitors during this newly forming bull cycle."
About Integrated Ventures Inc.: The Company operates as Technology Holdings Company with focus on cryptocurrency sector. For more information, please visit company's website at 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 of 1995. 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.
SOURCE Integrated Ventures Inc.