Mon, Sep 30, 8:08 PM (81 days ago)
Integrated Ventures, Inc. reported significant financial performance for the fiscal year ending June 30, 2024, with revenues rising to $5,863,935, up from $3,862,849 in the previous year, primarily due to improved Bitcoin market conditions. Despite this revenue growth, the company incurred a net loss of $11,524,357, a reduction from a loss of $25,459,967 in 2023. Operating expenses decreased notably, with general and administrative costs dropping from $15,994,944 to $9,279,756, largely due to reduced stock-based compensation. The company’s current assets totaled $2,599,238 against liabilities of $3,683,142, resulting in a stockholders' deficit of $3,865,451. A significant development included the acquisition of a 51% interest in Healthy Lifestyle USA LLC for $350,000, comprising cash and stock. The company also adopted ASU 2023-08, which mandates fair value accounting for crypto assets, impacting its financial statements. Risk factors include reliance on Bitcoin prices, regulatory scrutiny, and operational challenges following the disconnection of mining equipment from power. The company’s ability to continue as a going concern is uncertain, necessitating potential capital raises to fund operations.