Integrated Ventures Discloses Corporate Plan and Q2/2023 Financial Results

Rhea-AI Summary

Integrated Ventures, Inc. (INTV) reported its Q2 2023 financial results on February 14, 2023. The company generated revenues of $370,292 for the quarter, with total mining revenues for the first six months reaching $925,657. Projected monthly revenues for the next quarter are over $475,000, estimating annual revenues exceeding $5.7 million.

However, the company faced a gross loss from mining operations of $308,398 and a total loss from operations of $763,597. Current liabilities stand at $2,855,279, largely due to accumulated dividends. INTV is considering a reverse stock split to facilitate growth and an OTCQX uplist.

Positive

• Generated revenues of $370,292 for Q2 2023.
• Total mining revenues for the first half reached $925,657.
• Projected monthly revenues of over $475,000 for the upcoming quarter.
• Projected annual revenues exceeding $5.7 million.
• Increased number of miners deployed by over 400%.

Negative

• Gross loss from mining operations of $308,398.
• Total loss from operations reached $763,597, equating to $0.01 per share.
• Current liabilities of $2,855,279 primarily due to accumulated dividends.

PHILADELPHIA, Feb. 14, 2023 /PRNewswire/ -- Integrated Ventures, Inc. ("INTV") ("Company") is scheduled to report quarterly financial results, after the market close on 02/14/2023, for the financial period, ended December 31, 2022.

Mining Revenues (Q1-Q2):

• · For reporting (Q2) financial period, the Company had generated revenues of $370,292.00.
• · Total mining revenues for six months (Q1-Q2) period, were $925,657.00.
• · Based on BTC pricing of $22,000, INTV's monthly revenues for next quarter, projected to be over $475,000.00 and annual revenues, projected to be over $5,700,000.00 million.

Key Balance Sheet Results (Q2):

• Gross Loss for mining operations: $308,398.00.
• Total Current Liabilities: $2,855,279.00 (mainly due to BHP Capital, Inc as accumulated dividends, related to Preferred Shares C, issued in 2021).
• Total Loss from Operations: $763,597.00 or 0.01 cents per share.
• Total Operating and Administrative Expenses: $302,251.00.
• Ending Cash Balance: $86,891.00.
• Total Digital Securities: $117,273.00.
• Total Assets: $15,589,565.00.

Corporate Update (Q3-Q4):

• As of 01/03/2023, all Bitmain miners that were delivered to Wold Hollow, TX, have been deployed. Total number of miners, hosted in NE, PA and TX, went up by over 400%, from 625 to 2600.
• The Company is considering to move forward with Reverse Stock Split, to be used to (1) raise growth capital to purchase additional mining equipment and hosting facilities, (2) to facilitate M&A transaction and (3) to complete 2-step uplist process to OTCQX and eventually to Nasdaq.

"INTV's financial results for Q2/2023 were effected by the crypto bear market and on-going weakness in stock markets. On positive note, all of our S19J Pro 104TH miners, hosted at Wolf Hollow, TX, have been energized and generating a significant cash flow. If Management decides to move forward with Reverse Stock Split, INTV intends to (1) re-submit an application with OTCMarkets, for QX uplist and (2) will proceed to procure M&A deal, required to solidify the Nasdaq uplist process," said Steve Rubakh, CEO of Integrated Ventures, Inc.

About:

Integrated Ventures,Inc is a Technology Portfolio Holdings Company that develops, acquires, operates and invests in businesses, primarily in the technology sector with focus on e-commerce, information technology, data center design and cryptocurrency mining.

Company's current, revenue generating operations consist of digital currency mining and hosting. The management team is focused on implementing innovative and profitable strategies, creating liquidity through asset based infrastructure, supporting and improving operations, infusing growth capital, maintaining and expanding a market presence in the niche sector initiatives.

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 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.

Contact: sr@integratedventures.io, (215) 613-9898

View original content:https://www.prnewswire.com/news-releases/integrated-ventures-discloses-corporate-plan-and-q22023-financial-results-301746771.html

SOURCE Integrated Ventures, Inc

FAQ

What were Integrated Ventures' Q2 2023 revenues?

Integrated Ventures generated revenues of $370,292 for Q2 2023.

How much were the total mining revenues for the first half of 2023?

The total mining revenues for the first half of 2023 were $925,657.

What is the projected revenue for Integrated Ventures for the next quarter?

The projected monthly revenues for the next quarter are over $475,000.

What losses did Integrated Ventures report for Q2 2023?

The company reported a gross loss of $308,398 from mining operations and a total loss from operations of $763,597.

What are the current liabilities of Integrated Ventures?

Integrated Ventures has current liabilities of $2,855,279, mainly due to accumulated dividends.