Integrated Ventures, Inc Reports Total 2024 Revenues Of $5,863,935 vs $3,862,849 for 2023

Rhea-AI Summary

Integrated Ventures Inc (OTCQB: INTV) has filed its Form 10K/Annual Report for the financial period ending July 30, 2024. The company reported total annual revenues of $5,863,935 for 2024, compared to $3,862,849 in 2023. Total liquid capital increased to $1,771,891 in 2024 from $705,423 in 2023. However, total assets decreased to $3,942,691 in 2024 from $6,590,569 in 2023, mainly due to impairment of property and mining equipment.

The company reported a net loss of $11,524,357 in 2024, an improvement from the $25,459,967 loss in 2023. Integrated Ventures has expanded its operations into the health and wellness sector, focusing on weight loss management solutions. The company has launched four wholly owned subsidiaries: digital currency mining and hosting, MedWell USA, MedWell Direct, and MedWell Facilities.

Positive

• Total annual revenues increased by 51.8% from $3,862,849 in 2023 to $5,863,935 in 2024
• Total liquid capital (cash + digital assets) grew by 151.2% from $705,423 in 2023 to $1,771,891 in 2024
• Net loss decreased by 54.7% from $25,459,967 in 2023 to $11,524,357 in 2024
• Expansion into the health and wellness sector with four new wholly owned subsidiaries

Negative

• Total assets decreased by 40.2% from $6,590,569 in 2023 to $3,942,691 in 2024
• Total current liabilities increased by 23.8% from $2,975,451 in 2023 to $3,683,142 in 2024
• Net loss of $11,524,357 reported for 2024, despite revenue growth

TAMPA, Fla., Oct. 1, 2024 /PRNewswire/ -- Integrated Ventures Inc. (OTCQB: INTV), ("Company") is pleased to confirm the filing of Form 10K/Annual Report, for financial period, ending on July 30, 2024.

Financial Highlights + Management Comments:

1. Total Annual Revenues: $5,863,935.00 (2024) vs $3,862,849.00 (2023). 
2. Total Liquid Capital (Cash+ Digital Assets) Available : $1,771,891.00 (2024) vs $705,423.00 (2023).
3. Total Assets: $3,942,691.00 (2024) vs $6,590,569.00 (2023) - mainly due to accounting entries for impairment of property and mining equipment.
4. Total Current Liabilities: $3,683,142.00 (2024) vs $2,975,451.00 (2023) – mainly due to accounting entries for accrued stock dividends, due to shareholders with preferred shares.
5. Net Income (Loss): ($11,524,357.00) (2024) vs ($25,459,967.00) (2023) – mainly due to the stock compensation issuances for management and consultants and losses on disposition of the property and mining equipment.

Steve Rubakh, CEO of Integrated Ventures, adds the following commentary:

"The management has made a strategis decision to expand business operations by entering lucrative and rapidly growing health and wellness sector, with focus on weight losss management solutions.

As of 09/30/2024, the Company have launched and fully funded internally, the following  wholly owned subsidiaries: (1) Digital currency mining and hosting, (2) MedWell USA, LLC - B2B procurement agency with focus on the health and wellness category. This subsidiary markets medical weight loss and GLP-1 products by targeting medical offices, wellness clinics, gyms, and online telemedicine companies, (3) MedWell Direct, LLC – Operator of D2B/B2C telemedicine platforms that connect consumers with licensed healthcare providers and provides weight loss management services, driven by GLP-1 products and (4) MedWell Facilities, LLC - Facilities management company is dedicated to the health and wellness industry. This subsidiary is focused on developing real estate opportunities, designed to attract health and wellness tenants.

The Company is planning to launch 3 new websites to support newly launched subsidiaries and finalizing details on multiple B2B joint venture opportunities, related to health and wellness sector, with goal to increasing shareholder's value and revenue growth."

About: Integrated Ventures, Inc is Technology Holdings Company with focus on developing, acquiring, operating and investing in businesses, such as e-commerce, health and wellness solutions and cryptocurrency mining.  

For more details, please visit the Company's website: www.integratedventuresinc.com.

Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.

Contact Details: (215) 613-9898; sr@integratedventures.io 

View original content:https://www.prnewswire.com/news-releases/integrated-ventures-inc-reports-total-2024-revenues-of-5-863-935-vs-3-862-849-for-2023--302263904.html

SOURCE Integrated Ventures Inc.

FAQ

What were Integrated Ventures' (INTV) total revenues for 2024?

Integrated Ventures (INTV) reported total revenues of $5,863,935 for the fiscal year 2024.

How much did Integrated Ventures' (INTV) revenues increase from 2023 to 2024?

Integrated Ventures' (INTV) revenues increased by $2,001,086, from $3,862,849 in 2023 to $5,863,935 in 2024, representing a 51.8% growth.

What was Integrated Ventures' (INTV) net loss for the fiscal year 2024?

Integrated Ventures (INTV) reported a net loss of $11,524,357 for the fiscal year 2024.

What new business sectors has Integrated Ventures (INTV) expanded into as of 2024?

As of 2024, Integrated Ventures (INTV) has expanded into the health and wellness sector, focusing on weight loss management solutions.