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Integrated Ventures, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in revenue from digital asset mining to $0 from $1,059,064 in the same quarter the previous year. The decrease is due to the disconnection of miners from their power source in June 2024.
Online sales revenue increased to $1,148 from $0, attributed to the acquisition of 51% of Healthy Lifestyle USA LLC in August 2024.
Cost of revenues for energy, hosting, and other was $0, compared to $839,811 in the previous year, reflecting the cessation of mining operations.
General and administrative expenses decreased to $335,214 from $8,489,017, primarily due to a reduction in non-cash stock-based compensation.
Depreciation and amortization expenses were $483,700, down from $733,564, resulting from a decrease in the cost basis of digital asset miners.
The company reported a net loss attributable to shareholders of $1,216,047, compared to a loss of $9,287,674 in the previous year.
Cash used in operating activities was $244,885, while cash provided by investing activities was $936,815, primarily from the sale of digital assets.
The company has a working capital deficit of $1,975,683 and an accumulated deficit of $86,282,782 as of September 30, 2024, raising substantial doubt about its ability to continue as a going concern.
The filing details the acquisition of a 51% interest in Healthy Lifestyle USA LLC for $350,000, including cash and common stock, with potential earn-out payments based on financial performance.
Integrated Ventures plans to address its Board of Directors' structure and consider adding an audit committee during the fiscal year ending June 30, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Integrated Ventures Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.