Integrated Ventures Reports Significant Financial Changes, Net Loss Decrease, and Improved Cash Position

Integrated Ventures, Inc. reported significant financial changes for the three months ended September 30, 2024, compared to the same period in 2023. The company generated revenue of $1,148, a drastic decline from $1,059,064 in the prior year, primarily due to the cessation of digital asset mining operations. Digital asset mining revenue fell to $0, down from $1,059,064, as all mining activities were halted on June 6, 2024. In contrast, online sales revenue increased to $1,148, attributed to the acquisition of 51% of Healthy Lifestyle USA LLC in August 2024.

Total operating expenses decreased significantly to $1,174,450 from $10,115,911 in the previous year, largely due to a reduction in general and administrative expenses, which fell from $8,489,017 to $335,214. This reduction was primarily driven by a decrease in non-cash stock-based compensation. The company reported a loss from operations of $(1,173,302), an improvement from the $(9,056,847) loss in the same quarter of 2023. The net loss attributable to shareholders was $(1,216,047), a notable decrease from $(9,287,674) in the prior year.

As of September 30, 2024, Integrated Ventures had total assets of $3,437,477, down from $3,942,691 at the end of June 2024. Current liabilities exceeded current assets by $1,975,683, contributing to a total stockholders' deficit of $(4,523,969), compared to $(3,865,451) in the previous quarter. The accumulated deficit increased to $(86,282,782) from $(85,066,735).

The company’s cash position improved significantly, with cash on hand rising to $749,745 from $57,815 at the end of June 2024. This increase was supported by net cash provided from investing activities of $936,815, which included proceeds from the sale of digital assets totaling $2,449,448.

Strategically, Integrated Ventures formed three wholly-owned subsidiaries in July 2024 and completed the acquisition of Healthy Lifestyle USA LLC, which is expected to enhance its presence in the health and wellness sector. The acquisition included a potential earn-out based on financial performance, indicating a focus on growth and diversification.

The company also recognized an impairment expense of $103,410 for mining equipment during the quarter, reflecting ongoing challenges in the digital asset sector. Management's ability to continue as a going concern remains uncertain, with plans to raise capital through debt or equity markets to support operations.