Wed, May 15, 9:23 PM (232 days ago)
Integrated Ventures, Inc. reported significant financial changes for the quarter ended March 31, 2024. The company’s total assets decreased to $5,947,859 from $6,590,569 as of June 30, 2023, primarily due to depreciation and amortization. Current assets increased to $2,015,696, driven by a rise in digital assets to $1,625,424. However, liabilities also increased, with current liabilities rising to $3,306,111, mainly due to higher accounts payable and accrued preferred stock dividends. Revenue from Bitcoin mining improved significantly, reaching $1,983,250 for the quarter and $4,770,422 for the nine months ended March 31, 2024, compared to $1,472,813 and $2,398,470, respectively, for the same periods in 2023. Despite this, the company reported a net loss of $9,142,158 for the nine months, largely due to high general and administrative expenses, including non-cash, stock-based compensation. The company’s cash flow from operations was negative at $3,199,249, though it generated positive cash flow from investing activities, primarily through the sale of digital assets. The adoption of ASU 2023-08, which requires digital assets to be measured at fair value, resulted in a cumulative effect adjustment of $47,360. Overall, Integrated Ventures faces substantial uncertainty regarding its ability to continue as a going concern due to recurring net losses and a significant stockholders’ deficit. The company plans to raise additional capital to fund operations and expand its digital asset mining activities.