Integrated Ventures Reports Combined Q1 And Q2 Revenues Of $389,872 For Financial Period Ending December 31, 2020
Integrated Ventures Inc. (OTCQB: INTV) reported financial results for Q2/2020, highlighting combined revenues of $389,872, compared to $243,142 for Q1-Q2/2019. The company generated $19,074 in gross profit from mining and equipment sales. Current liabilities stand at $558,292, with $77,081 payable in cash. Loss from operations decreased to $72,954 versus $216,599 in Q2/2019. Future projections estimate Q3/2020 mining revenues between $400,000 and $500,000 with profit margins above 65%.
- Total revenues increased to $389,872 for Q1-Q2/2020 from $243,142 in Q1-Q2/2019.
- Gross profit from mining operations reported at $19,074 for Q2/2020.
- Loss from operations improved to $72,954 in Q2/2020 compared to $216,599 in Q2/2019.
- Projected Q3/2020 mining revenues estimated between $400,000 to $500,000 with profit margins above 65%.
- Total current liabilities reported at $558,292, which may pose financial strain.
PHILADELPHIA, Feb. 12, 2021 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV), ("Company") is pleased to confirm the filing of Q2/2020, after the today's market close, for financial period, ending on December 31, 2020.
Key Q1 Financial Highlights:
- Total Revenues: For the Q1/-Q2/2020, the Company had generated total revenues of
$389,872.00 vs$243,142.00 for Q1-Q2/2019. The revenues for 2020 consist of mining revenues, sales of mining equipment and gains on sales of digital currencies. - Gross Profit: For Q2/2020, the Company reported gross profit from mining operations and sales of mining equipment in the amount of
$19,074.00 . - Current Liabilities: As of December 31, 2020, the Company reported total current liabilities of
$558,292.00 , with only$77,081 that require cash payment. - Loss From Operations: For Q2/2020, the Company reported loss from operations of
$72,954.00 vs loss of$216,599.00 for Q2/2019. - Loss Per Share: The Company reported
$0.00 net loss per common share. - Operating Expenses: For Q2/2020, the Company reported that its total operating and administrative expenses were
$92,028.00 . - Total Cash: As of December 31, 2020, the Company reported that the ending cash balance was
$53,052.00 . - Total Digital Currencies: As of December 31, 2020, the Company had a balance of
$123,980.00 . - Total Assets: As of December 31, 2020, the Company reported that the total assets reported on balance sheet were
$692,494.00 and had purchased$381,343.00 worth of mining equipment.
Steve Rubakh, CEO of Integrated Ventures, adds the following commentary:
- "The Company estimates, based on daily results and current market prices of major cryptocurrencies, that Q3/2020 mining revenues will be in the range of
$400,000.00 to$500,000.00 , with profit margins above65% ." - "During Q1/2020, the convertible debt obligations were greatly reduced. The Company projects the balance sheet to be
100% convertible debt free, by 03/15/2021."
About: Integrated Ventures, Inc. is a technology portfolio holdings company with a 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
sr@emsfindapp.com
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SOURCE Integrated Ventures Inc.
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