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Integrated Ventures Reports Q2 Financial Results Including $105,088 Of Crypto Mining RevenuesPHILADELPHIA, Feb. 14, 2018 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV)("Company") today reported the filing with the SEC, of its Quarterly Report (Form 10-Q), for its Second Quarter, ended December 31, 2017, with an official release scheduled for 10AM. During the three months ended December 31, 2017, the Company reported revenues totaling $105,088, consisting of $59,498 in mining fees and $45,590 in mining equipment sales. The cost of revenues was $46,818, resulting in a gross profit of $58,270 and profit margins of 55%. "The Company had successfully launched operations and received revenues from sales of mining equipment and from operating two cryptocurrency mining locations in Pennsylvania. As we have entered 2018 with a solid cash position, zero convertible debt, over 500k in mining assets while generating revenues of $105,088, in only 39 days of operations with outstanding margins," commented Steve Rubakh, Chief Executive Officer. He also added: "Note that included in our net non-cash loss for six months ended December 31, 2017, was a non-cash preferred restricted stock-based executive compensation of $409,000, which resulted in large part from valuation of shares issued at increased stock prices. Excluding this non-cash expense, we would have reported a net income of $164,039, for the three months ended December 31, 2017." Second Quarter Financial Highlights:
The previously planned real estate purchase of the third location has been canceled due to the power limitations. The Company is in process of signing a 2 year lease agreement for the facility, equipped with a 4000 amps heavy power service, capable of hosting of up to 1,500+ mining rigs. About Integrated Ventures Inc: The Company is focused on operating subsidiaries in the digital currency sector. The current crypto portfolio includes: (1) BitcoLab – cryptocurrency mining and investing, (2) Nemesis – manufacturing & sales of mining rigs and equipment, (3) LoanFunder – the financial platform, designed to integrate with a decentralized and encrypted lending ledger, offers a secure, efficient, verifiable and permanent way of storing loan related information and (4) MMC – manufacturing, marketing and operating of mobile mining centers. For more details, please visit company's newly launched web: 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.
View original content:http://www.prnewswire.com/news-releases/integrated-ventures-reports-q2-financial-results-including-105088-of-crypto-mining-revenues-300598615.html SOURCE Integrated Ventures, Inc |