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Integrated Ventures Inc. (INTV+28.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a shift in focus from digital asset mining to health and wellness operations. The company reported no revenue from digital asset mining during the quarter, compared to $1,728,108 in the same quarter the previous year.
Revenues from online sales were $9,589, and revenues from commissions were $133,272 for the quarter. These figures reflect the company's strategic entry into the health and wellness sector following the acquisition of a 51% interest in Healthy Lifestyle USA LLC.
Cost of revenues for online products was reported at $3,415. General and administrative expenses increased to $625,199 from $190,932 in the previous year, primarily due to increased operational costs.
The company reported a net loss attributable to shareholders of $673,911 for the quarter, compared to a net loss of $1,889,958 in the previous year. This decrease is attributed to the absence of non-cash, related party stock-based compensation expenses.
Cash provided by investing activities was $638,280, primarily from the sale of digital assets, while cash used in operating activities was $461,576.
The company has a working capital deficit of $2,289,041 and an accumulated deficit of $86,956,693 as of December 31, 2024. These conditions raise substantial doubt about the company's ability to continue as a going concern.
Integrated Ventures continues to explore options for its digital asset mining equipment, including selling or redeploying them to support its health and wellness operations.
The filing also details the company's acquisition of Healthy Lifestyle USA LLC and the associated financial impact, including the creation of goodwill valued at $670,329.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of independent board members and a written policy for related party transactions.
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 February 14, 2025. To report an error, please email earnings@qz.com.