Bitmine Immersion Technologies, Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Bitmine Immersion Technologies, Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023, detailing financial data and asset information.</b>

AI Summary

BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) filed a Quarterly Report (10-Q) with the SEC on January 12, 2024. Bitmine Immersion Technologies, Inc. filed a 10-Q report for the period ending November 30, 2023. The company was formerly known as Sandy Springs Holdings, Inc., with a name change on October 21, 2020. The filing includes data related to preferred stock, common stock, and additional paid-in capital for fiscal periods ending August 31 and November 30, 2023 and 2022. Specific asset categories mentioned include miners and mining equipment, machinery and equipment, office and computer equipment, transformers, immersion containers, and Trinidad data center infrastructure. The report also references a joint venture arrangement with ROC Digital Mining LLC and various notes receivable.

Why It Matters

For investors and stakeholders tracking BITMINE IMMERSION TECHNOLOGIES, INC., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Bitmine's financial position and operational assets as of November 30, 2023, crucial for assessing recent performance and future prospects. The inclusion of detailed asset categories and joint venture information offers insight into the company's operational focus and strategic partnerships within the digital mining and immersion technology sectors.

Risk Assessment

Risk Level: low — BITMINE IMMERSION TECHNOLOGIES, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine periodic report and does not inherently indicate significant new risks beyond those typically associated with publicly traded companies in this sector.

Analyst Insight

Review the detailed asset breakdown and joint venture information in the 10-Q to understand the company's operational investments and strategic alliances.

Key Numbers

• 2023-11-30 — Period End Date (Current reporting period)
• 2023-08-31 — Previous Fiscal Year End (Comparison point for financial data)
• 2022-11-30 — Prior Year Period End (Comparison point for financial data)

Key Players & Entities

• BITMINE IMMERSION TECHNOLOGIES, INC. (company) — Filer name
• Sandy Springs Holdings, Inc. (company) — Former company name
• 2020-10-21 (date) — Date of name change
• 2023-11-30 (date) — Period of report
• 2024-01-12 (date) — Filed as of date
• ROC Digital Mining LLC (company) — Joint venture partner

Forward-Looking Statements

• BITMINE IMMERSION TECHNOLOGIES, INC. will continue to operate under its current name for the foreseeable future. (BITMINE IMMERSION TECHNOLOGIES, INC.) — high confidence, target: 2025-11-30

FAQ

Industry Context

Bitmine Immersion Technologies operates within the finance services sector, specifically focusing on digital assets and immersion cooling technologies for mining operations.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed asset disclosures to understand the company's investment in mining equipment and infrastructure.
2. Examine any notes or disclosures related to the ROC Digital Mining LLC joint venture for partnership performance and future outlook.
3. Compare the financial data presented for the current period with the prior year's comparable period to identify trends in equity and asset values.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-12: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing provides updated financial and operational data for the quarter ending November 30, 2023, compared to previous periods ending August 31, 2023, and November 30, 2022.

Key Financial Figures

• $0.015 — e Company's offering of common stock at $0.015 per share, and the grant of 4,750,000 s

Filing Documents

• bitmine_i10q-113023.htm (10-Q) — 554KB
• bitmine_ex3101.htm (EX-31.1) — 11KB
• bitmine_ex3102.htm (EX-31.2) — 11KB
• bitmine_ex3201.htm (EX-32.1) — 4KB
• bitmine_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-000250.txt (&nbsp;) — 3167KB
• bmnr-20231130.xsd (EX-101.SCH) — 40KB
• bmnr-20231130_cal.xml (EX-101.CAL) — 46KB
• bmnr-20231130_def.xml (EX-101.DEF) — 88KB
• bmnr-20231130_lab.xml (EX-101.LAB) — 221KB
• bmnr-20231130_pre.xml (EX-101.PRE) — 183KB
• bitmine_i10q-113023_htm.xml (XML) — 356KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

– OTHER INFORMATION

Part II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Information contained in this quarterly report on Form 10-Q contains "forward-looking statements." All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. These forward-looking statements are contained principally in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations," and are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The forward-looking statements herein represent our expectations, beliefs, plans, intentions, or strategies concerning future events, including, but not limited to: our future financial performance; the continuation of historical trends; the sufficiency of our resources in funding our operations; our intention to engage in mergers and acquisitions; and our liquidity and capital needs. Our forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that any projections or other expectations included in any forward-looking statements will come to pass. Moreover, our forward-looking statements are subject to various known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by any forward-looking statements. These risks, uncertainties, and other factors include but are not limited to: the risks of limited management, labor, and financial resources; our ability to establish and maintain adequate internal controls; our ability to develop and maintain a market in our securities; our ability to obtain financing, if and when needed, on acceptab

Financial Statements

Item 1. Financial Statements. Index to Financial Statements Page CONDENSED FINANCIAL STATEMENTS: Condensed Balance Sheets, November 30, 2023 (unaudited), and August 31, 2023 5 Unaudited Condensed Statements of Operations, for the Three Months Ended November 30, 2023, and November 30, 2022 6 Unaudited Condensed Statements of Changes in Stockholders' Equity, for the Three Months Ended November 30, 2023, and November 30, 2022 7 Unaudited Condensed Statements of Cash Flows, for the Three Months, Ended November 30, 2023, and November 30, 2022 8 Notes to the Unaudited Condensed Interim Financial Statements 9 4 Bitmine Immersion Technologies, Inc. Condensed Balance Sheets November 30, August 31, 2023 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 470,529 $ 270,547 Prepaid expenses 230,452 105,000 Cryptocurrency 152,990 129,469 Notes receivable-short term 731,472 – Notes receivable related party-short term 374,444 374,444 Total current assets 1,959,887 879,460 Notes receivable-long term – 731,472 Notes receivable-related party long term 561,667 655,277 Investment in joint venture 944,215 987,429 Fixed assets, net 2,096,536 495,702 Fixed assets-not in service 3,017,714 4,453,466 Total assets $ 8,580,018 $ 8,202,805 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 202,514 $ 74,904 Accrued interest-related party 146,451 97,460 Loans payable-related party 1,625,000 1,300,000 Bitcoin loan 394,922 – Derivative liability 152,612 – Deferred revenue-short term 86,193 86,193 Total current liabilities 2,607,691 1,558,558 Deferred revenue long term 365,335 386,884 Total liabilities 2,973,027 1,945,441 Commitments and contingencies – – Stockholders' Equity: Series A Preferred Stock, $ 0.0001 par value, 500,000 shares authorized, 453,966 and 453,966 shares issued and outstanding as of N

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View this 10-Q filing on SEC EDGAR