Integrated Ventures, Inc Provides Corporate Update and Preliminary FY 2021 Results With Unaudited Revenues of USD $1,868,487

Rhea-AI Summary

Integrated Ventures, Inc. (OTCQB: INTV) reported preliminary unaudited revenues of approximately $1,868,487 for the fiscal year ending June 31, 2021, a significant increase from $454,170 in 2020 and $279,143 in 2019. Over 75% of these revenues were recorded in Q3 and Q4. The company expects unaudited gross mining profits of $948,111. Key financial highlights include available cash of $2,097,537 and total mining assets of $13,363,965. Future plans include seeking acquisition targets and expanding operations despite delays and contract terminations.

Positive

• Total unaudited revenues for FY2021 reached approximately $1,868,487, a significant increase compared to prior years.
• Gross mining profits are expected to be around $948,111 for FY2021.
• The company has available cash of $2,097,537 and total mining assets valued at $13,363,965.
• Plans for future acquisitions and expansion indicate growth potential.

Negative

• The manufacturing contract for 7 minipods was terminated, leading to potential operational setbacks.
• Deployment of mining equipment in Massena, NY has been delayed due to local regulatory issues.

PHILADELPHIA, Aug. 23, 2021 /PRNewswire/ -- 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."

CONTACT:  sr@integratedventures.io, 215-613-1111

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SOURCE Integrated Ventures, Inc.

FAQ

What were Integrated Ventures' revenues for fiscal year 2021?

Integrated Ventures reported preliminary unaudited revenues of approximately $1,868,487 for the fiscal year ending June 31, 2021.

What is the expected gross mining profit for INTV in 2021?

The company expects unaudited gross mining profits of around $948,111 for FY2021.

What are the key financial highlights for Integrated Ventures as of FY2021?

Key financial highlights include available cash of $2,097,537, total mining assets of $13,363,965, and total stockholder's equity of $8,950,868.

What challenges did Integrated Ventures face in Q4 of 2021?

In Q4, Integrated Ventures faced challenges such as the termination of a manufacturing contract and delays in equipment deployment due to regulatory issues.

What are Integrated Ventures' future plans after the 2021 update?

Integrated Ventures plans to seek acquisition targets and expand operations as part of their growth strategy.