Integrated Ventures, Inc, (OTCQB: INTV) is pleased to announce the financial results for the fiscal year 2018's first quarter and to provide the following Financial Highlights:
- Integrated Ventures had strengthened its cash position as of September 30, 2017 with $90,193cash compared to cash of $15,691 at June 30, 2017. The increase in cash resulted primarily from the successful conversion of Promissory Notes Receivable into common shares of Viva Entertainment Group, Inc., ("OTTV") which were sold into the market for total net proceeds of approximately $605,000 through September 30, 2017. In addition, the Company's cash position was further enhanced with $160,000 proceeds from a private placement of the Company's Preferred B Class shares in November, 2017.
- As of September 30, 2017, the Company is holding a total of 55,555,555 common shares of OTTV, recorded at market value of $112,901. These shares will be eligible for sale in early January, 2018, and the Company believes that the successful liquidation of these shares will provide an additional working capital to fund an expansion of our digital asset mining operations.
- During the quarter ended September 30, 2017, Integrated Ventures has improved liquidity through continued reduction in our Convertible Debt. As of September 30, 2017, the Company's Convertible Notes Payable Balance, before any debt discount, was at $47,617 compared to $88,776 as of June 30, 2017. Through two conversions, subsequent to September 30, 2017, an additional $10,209 of the Convertible Notes payable was extinguished. In addition, both note holders had executed a 60 day lock-up period agreements with option to extend.
- Primarily as a result of our increased cash position, the Company's investment in OTTV shares combined with investment in digital asset mining equipment, the Company's total assets had reached $490,551 as of September 30, 2017. All assets have acquired without incurring any debt. During the last quarter, the Company had purchased and fully paid, approximately $281,000 of digital asset mining and related equipment - an initial and most important phase in the Integrated Ventures' execution of the business plan to launch the digital assets mining operations through the deployment of ASIC and GPU based processors in two facilities located in the State of Pennsylvania.
Steve Rubakh, CEO of Integrated Ventures, Inc adds: "This timely filed financial report validates our financial turnaround and confirms that the Company is in solid financial position to enter the phase of an exponential growth during the balance of 2017 and beyond. Between launching of digital asset mining operations, equipment manufacturing along with blockchain applications development and commercial sales of our own brand of the mining equipment, investors and shareholders shall expect a predictable revenue growth in the very near future."
About Integrated Ventures, Inc: The Company is focused on acquiring, launching and operating companies, primarily in the mobile technologies, ride share transportation and crypto currency sector consisting of digital asset mining, hosting, pooling, mining equipment manufacturing and the development of blockchain based applications for financial markets.