PHILADELPHIA, Feb. 14, 2019 /PRNewswire/ -- Integrated Ventures, Inc (OTCQB: INTV) ("Company") is pleased to confirm, filing with SEC (scheduled for after the market close) of its Quarterly Report ("Form 10Q"), ended December 31, 2018.
Financial Highlights are listed below:
- The Company reported net income for the 3 months, ended December 31, 2018 of $528,776 vs loss of $982,993, for period ended December 31, 2017 or 0.05 cents per share.
- For the 6 months ended December 31, 2018, the Company had generated total revenues of $202,715, consisting of revenues from mining operations of $178,378 and equipment sales of $24,337.
- The Company reported a net loss of $1,171,446 for the 6 months, ended December 31, 2018, which included non-cash impairment of assets of $2,097,930 and non-cash stock-based compensation totaling $497,159, partially offset by a favorable change in derivative liabilities of $1,965,515. The impairment of assets resulted from the write down of mining equipment to estimated net realizable value.
- Company's total assets increased from $829,522 at June 30, 2018 to $1,522,095, at December 31, 2018.
- Company's total liabilities of $1,249,528, at December 31, 2018 decreased from total liabilities of $2,964,340, at June 30, 2018.
- Due to the favorable change in derivative liabilities, at December 31, 2018, the Company had reported a positive total stockholders' equity of $272,567, compared to a total stockholders' deficit of $2,134,818, at June 30, 2018.
- Company's investment in property and equipment, net of accumulated depreciation, had increased from $633,105, at June 30, 2018 to $1,337,944, at December 31, 2018.
Steve Rubakh, CEO, adds the following commentary: "For the 12 months ended December 31, 2018, the Company reported total revenues of $404,034, consisting of revenues from mining operations of $317,127 and equipment sales of $86,907. We believe that the present levels represent a minimal risk and above average upside for cryptocurrency sector. The Company is confident in its ability to improve the revenue growth, to safely navigate market decline and plans to aggressively pursue M&A strategy with focus of increasing shareholder's value."
About Integrated Ventures, Inc: The Company is a Technology Portfolio Holdings Company with focus on cryptocurrency sector. For more details, please visit company's website: www.integratedventuresinc.com.
***About Cryptocurrency Investments & Risks***
Integrated Ventures urges all current and potential investors to visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11, (2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/ and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scams to understand the risks involved in cryptocurrency investing.
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.