PHILADELPHIA, May 15, 2018 /PRNewswire/ -- Integrated Ventures, Inc. (INTV), ("Company"), the technology holdings company with focus on cryptocurrency mining, equipment manufacturing and blockchain development is pleased to report Q3 financial results for the period, ended March 31, 2018.
The Company's financial highlights of the fiscal quarter and three quarters:
- On a fiscal year-to-date basis, for the nine months ended March 31, 2018 total revenues were $242,634, comprised of $136,998 in crypto-currency mining revenues and $105,636 in revenues from sales of crypto-currency mining equipment.
- We have substantially improved our financial condition as of March 31, 2018 as a result of the conversion of all convertible debt into shares of our common stock, the associated elimination of all derivative liabilities and the equity financing completed in January 2018 when we netted proceeds of $720,000.
- As of March 31, 2018, the Company had $151,951 in cash and positive working capital and stockholders' equity.
- Total liabilities decreased from $504,120 at June 30, 2017, the end of our prior fiscal year, to $178,957 at March 31, 2018.
- Total stockholders' equity was $960,181 at March 31, 2018, compared to total stockholders' deficit of $207,930 at June 30, 2017.
The Company's corporate and operational milestones are highlighted below:
- On 01/23/2018, INTV has closed an equity based $750,000 funding round, by issuing Restricted Preferred Stock.
- On 04/18/2018, INTV has executed Asset Purchase Agreement, consisting of 150 assorted Bitmain mining rigs (valued at $225,000) and $175,000 in cash, in equity based transaction
- On 05/03/2018, INTV has executed another Asset Purchase Agreement, consisting of 97 assorted Bitmain mining rigs (valued at $125,000) and $200,000 in cash, in equity based transaction.
- On 05/04/2018, INTV settled with LG Capital and retired $125,000 Note Payable.
- INTV has finished Q3 with 8,858,733 million shares issued and 7,396,251 million shares in trading float.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments: "We are very pleased with financial progress made for past 6 months. The results for Q3/2018, feature a debt free Balance Sheet, anchored by $1,139,138 (up from $296,280) in mining equipment assets and cash position of $151,951 (up from $31,082). Revenues for Q3, came in the lower range, due to the weakness in digital currency markets, however the Company took advantage of market conditions and acquired additional mining equipment at discounted pricing. We expect cryptocurrency markets to recover in next 45 days, just in time as our PA and NJ locations will become fully operational. Our goal is to have over 820 assorted rigs connected and generating revenues by June 15, 2018."
About Integrated Ventures Inc: technology holdings company with focus on acquiring, launching and operating companies in the cryptocurrency sector ("BitcoLab"), mainly in digital currency mining, equipment manufacturing, sales of branded mining rigs ("Nemesis") and blockchain software development ("LoanFunder").
For more details, please visit 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-scamsto 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.