Integrated Ventures Reports 63% Increase In Year To Year Revenues

Rhea-AI Summary

Integrated Ventures Inc. (OTCQB: INTV) reported its financial results for the fiscal year ending June 30, 2020. Revenues surged by 63% to $454,170, driven by mining operations. The net loss improved significantly to $1,081,775 from $9,513,271 in FY 2019. Total liabilities decreased to $656,425, and general administrative expenses fell to $472,399. Key activities included relocating mining operations to Carthage, NY, and investing in new mining equipment. The Company also has a LOI to acquire assets with potential revenues of $1.75 million.

Positive

• Revenues increased by 63% to $454,170, compared to $279,143 in FY 2019.
• Net loss decreased significantly to $1,081,775 from $9,513,271 in the previous year.
• Total liabilities reduced to $656,425 from $2,208,259.
• General and administrative expenses decreased from $1,823,523 to $472,399.
• Investment in new mining equipment totaled $123,349.

Negative

• Gross loss attributed to cryptocurrency market decline and one-time consolidation expenses.
• Potential delays in acquisition due to COVID-19 travel restrictions.

PHILADELPHIA, Sept. 24, 2020 /PRNewswire/ -- Integrated Ventures Inc, (OTCQB: INTV) ("Company") is pleased to announce financial results for the year, ended June 30, 2020, by filing Annual Report (Form 10K) with the SEC.

Financial Highlights for FY 2020 vs FY 2019 are as follow:

• For the year ended June 30, 2020, the Company generated total revenues of $454,170, mainly during Q2 thru Q4, consisting of proceeds from mining operations of $435,740 and equipment of $18,430. Year to year revenues had increased by $175,027 or 63%, from $279,143, for the year ended June 30, 2019.
• The net loss decreased from $9,513,271 (net loss per common share was $0.70 cents), for the year ended June 30, 2019 to $1,081,775 (net loss per common share was $0.02), for the year ended June 30, 2020. The gross loss occurred mainly due to (1) the cryptocurrency market decline for 3 plus quarters, (2) 4th Q event of halving event, (3) one-time expenses of consolidating and relocating operations and (4) short useful life accounting used to depreciate mining equipment assets.
• The total liabilities of $656,425, at June 30, 2020, decreased from $2,208,259, at June 30, 2019, primarily due to the decrease in derivative liabilities and convertible notes.
• The total convertible notes payable (net of discounts) of $251,384, at June 30, 2020, decreased from $457,147, at June 30, 2019. The total derivative liabilities of $164,834, at June 30, 2020, decreased from $1,617,774, at June 30, 2019.
• The general and administrative expenses of $472,399, for the year ended June 30, 2020, decreased from $1,823,523, for the year ended June 30, 2019.
• The total stockholders' deficit, decreased to $109,603, at June 30, 2019, from $1,088,343, at June 30, 2019.
• Company's investment, in mining equipment, during fiscal year, totaled $123,349.

Corporate Summary And Key Developments:

• During Year 2019, the Company (1) has terminated all operations and leasing agreements in PA and NJ, (2) signed a power purchase agreement with PetaWatt Properties, LLC and (3) relocated mining operations to Carthage, NY.
• Executed agreement with Eagle Equities, LLC for 1 mil capital raise and received a first tranche, in amount of $244,000.
• Starting on 07/15/2002, the Company has started the process of retiring all Antminer L3 and Antminer S9 miners and initiated purchases of new mining equipment.: during months of August and September, the Company had purchased: (1) 100 Antminer S17Pro – 56TH units and (2) 77 Antminer S17 76TH/Antminer Z11 units. All units are powered by revenue increasing firmware, developed by Wattum Management.
• After performing standard due diligence, Integrated Ventures has decided against pursuing M&A transaction with Petawatt Properties.
• The Company is still engaged with AltVentures, in regards to the purchase of their 2.5MW mining facility, located in Winnipeg, Canada. Completion of this transaction has been delayed, due to the inspection related issues, caused by Covid-19 travel restrictions, from USA to Canada.
• In September, Integrated Ventures had executed Letter of Intent ("LOI") to acquire assets of private company with unaudited 2019 revenues of $1.75 million. LOI was scheduled to expire on 09/15/2020, however both parties had agreed to extend due diligence period, until 10/30/2020.
• As of 06/31/2020, the Company's Balance Sheet contained investment in Chainlink (symbol: LINK), valued at $82,855, which was acquired in July, between $3.75 and $4.50 per coin. This cryptocurrency investment was sold in the open market, during months of August and September, at prices, ranging between $13.00 and $18.00 per coin.

About Integrated Ventures, Inc: The Company operates as Technology Holdings Company with focus on operating assets in technology and cryptocurrency sectors. For additional 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.

Contact:
Steve Rubakh
+1 (215) 613-1111
sr@emsfindapp.com

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SOURCE Integrated Ventures Inc.

FAQ

What were Integrated Ventures' revenues for the fiscal year ending June 30, 2020?

Integrated Ventures reported revenues of $454,170 for the fiscal year ending June 30, 2020.

How much did the net loss decrease for Integrated Ventures in FY 2020?

The net loss for Integrated Ventures decreased from $9,513,271 in FY 2019 to $1,081,775 in FY 2020.

What is the total liabilities amount reported by Integrated Ventures as of June 30, 2020?

Total liabilities for Integrated Ventures were reported at $656,425 as of June 30, 2020.

How much did Integrated Ventures spend on new mining equipment?

The Company invested $123,349 in new mining equipment during the fiscal year.

What acquisition activity is Integrated Ventures currently engaged in?

Integrated Ventures has executed a Letter of Intent to acquire assets of a private company with unaudited 2019 revenues of $1.75 million.