ISW Holdings Reports Financial Data on 3 Months Ended June 30, Provides Corporate Update
ISW Holdings, Inc. (OTC: ISWH) reported significant financial and operational growth for the three months ending June 30, 2021. The company’s net cash skyrocketed by over 2,600% to more than $2.3 million, while total assets soared 2,657% to over $4.9 million. Total liabilities decreased by 58%, with derivative liabilities down 96% to under $750,000. Active cryptocurrency mining operations began in Pennsylvania, with a potential for revenue growth exceeding $10 million monthly once fully operational. Key partnerships with Bitmain and Minerset were also established.
- Net cash increased by over 2,600% to over $2.3 million.
- Total assets grew 2,657% to over $4.9 million.
- Total liabilities decreased by 58%, with derivative liabilities down 96% to under $750,000.
- Initiated active cryptocurrency mining operations, with significant revenue potential.
- Established partnerships with Bitmain Technologies and Minerset.
- Only $19,000 in revenue was generated with minimal mining capacity operational by the end of Q2.
Assets up over 2,
LAS VEGAS, Aug. 23, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry,” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to announce the filing of the Company’s financial performance data for the three months ended June 30, 2021.
“Our primary mining equipment was not installed and switched on until about two weeks before the end of Q2, so the bulk of the impact will show up in Q3 data in terms of topline numbers,” commented Alonzo Pierce, president and chairman of ISW Holdings. “That said, we have significant equipment now running and just received another large delivery of miners, so we are now cooking at a pace of well over
Financial Highlights for Three Months Ended June 30, 2021
- Net Cash increased by over 2,
600% on a 6-month basis to over$2.3 million - Total Assets increased 2,
657% on a 6-month basis to over$4.9 million - Total liabilities decreased
58% , and total derivative liabilities decreased96% to under$750 k - Booked initial cryptocurrency mining revenues beginning during final weeks of quarter
Operational Highlights for Three Months Ended June 30, 2021
- Received, installed and switched on initial equipment to begin active cryptocurrency mining operations
- Entering Q3 with new partnerships, including partnership with Bitmain Technologies
- Minerset now confirmed as new shareholder, with incentives built in for more mining equipment as shares gain value
- Reached nearly
$5 million in total assets - Reduced liabilities from derivatives by over
96% and implemented new initiatives to prevent future dilution
The three months ended June 30 represent a period of powerful growth in underlying value for the Company, driven by a large increase in assets paired with a large decrease in liabilities. The period is also meaningful because it represents the launch of active operations in cryptocurrency mining with the installation and switch-on in Pennsylvania.
However, management believes that the progress the Company has made in Q3 has been substantially more important to demonstrating tangible financial gains and the Company's capacity to drive top and bottom-line growth. This progress has been highlighted by the Company’s recent partnerships with Bitmain Technologies and Minerset, which will provide for significant material gains in both mining and hosting activities.
The Company looks forward to further discussing its growing operations in its Southeastern U.S. hosting sites, including total mining capacity that could reach 5.32 EH/s once all 200+ MW are active across all pod units.
Pierce added, “We received our initial primary tranche of miners by mid-June. By June 30, we had mined only
About ISW/BlockQuarry
ISW/BlockQuarry Corp is quickly becoming one of the largest Mining and Hosting providers in the digital currency space in North America, as we seek to transform the financial markets of the future. Our complement of cutting-edge technologies has enhanced the Bitcoin/Cryptocurrency ecosystem, enabling our customers to take advantage of real-time cost savings. At the same time, our customers can feel confident that their digital transactions and assets are entirely secure. Our company utilizes a scalable blockchain infrastructure to convert unique identifiable assets (UIAs) into interchangeable digital assets such as Bitcoin and other fungible digital assets. We offer immediate liquidity in the form of fast, confidential transactions, as well as the issuance of assets in the traditional capital markets.
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company's reports filed from time to time with OTC Markets (www.otcmarkets.com).
Company Contact:
info@ISWHoldings.com
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FAQ
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