Bitmine Immersion Technologies, Inc. Files 10-Q for Period Ending Feb 29, 2024

TL;DR

<b>Bitmine Immersion Technologies, Inc. has filed its quarterly report (10-Q) for the period ending February 29, 2024.</b>

AI Summary

BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) filed a Quarterly Report (10-Q) with the SEC on April 15, 2024. Bitmine Immersion Technologies, Inc. filed a 10-Q for the period ending February 29, 2024. The company was formerly known as Sandy Springs Holdings, Inc., with a name change on October 21, 2020. The company's fiscal year ends on August 31. The filing covers the second quarter of the fiscal year 2024. The company is incorporated in Delaware and its business address is in Atlanta, GA.

Why It Matters

For investors and stakeholders tracking BITMINE IMMERSION TECHNOLOGIES, INC., this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the second quarter of fiscal year 2024. Understanding the details within this 10-Q is crucial for investors to assess the company's current financial health and future prospects in the cryptocurrency and technology sectors.

Risk Assessment

Risk Level: — BITMINE IMMERSION TECHNOLOGIES, INC. shows moderate risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new information that would drastically alter the risk profile.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and cost structures.

Key Numbers

• 2024-02-29 — Period End Date (10-Q filing)
• 2024-04-15 — Filing Date (10-Q filing)
• 0831 — Fiscal Year End (Company fiscal year)

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
• 2024-02-29 (date) — Period of report
• 2024-04-15 (date) — Filing date
• Atlanta, GA (location) — Business address

FAQ

Industry Context

Bitmine Immersion Technologies operates within the finance services sector, with a focus on cryptocurrency assets.

Regulatory Implications

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

What Investors Should Do

1. Analyze the revenue streams from 'Sale of Mining Equipment', 'Self-Mining Cryptocurrency', and 'Hosting Services' for the reported periods.
2. Examine any changes in 'Series A Preferred Stock' or common stock equity from prior periods.
3. Review the company's operational address and contact information for any updates.

Key Dates

• 2024-02-29: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing available in the provided data for Bitmine Immersion Technologies, Inc. for the period ending February 29, 2024. Previous filings or comparative data are not present.

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-022924.htm (10-Q) — 752KB
• bitmine_ex3101.htm (EX-31.1) — 10KB
• bitmine_ex3102.htm (EX-31.2) — 10KB
• bitmine_ex3201.htm (EX-32.1) — 4KB
• bitmine_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-002367.txt (&nbsp;) — 3796KB
• bmnr-20240229.xsd (EX-101.SCH) — 38KB
• bmnr-20240229_cal.xml (EX-101.CAL) — 44KB
• bmnr-20240229_def.xml (EX-101.DEF) — 138KB
• bmnr-20240229_lab.xml (EX-101.LAB) — 267KB
• bmnr-20240229_pre.xml (EX-101.PRE) — 234KB
• bitmine_i10q-022924_htm.xml (XML) — 421KB

– 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 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

– OTHER INFORMATION

Part II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

– 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, February 29, 2024 (unaudited), and August 31, 2023 5 Unaudited Condensed Statements of Operations, for the Three and Six Months Ended February 29, 2024, and February 28, 2023 6 Unaudited Condensed Statements of Changes in Stockholders' Equity, for the Six Months Ended February 29, 2024, and February 28, 2023 7 Unaudited Condensed Statements of Cash Flows, for the Six Months, Ended February 29, 2024 and February 28, 2023 8 Notes to the Unaudited Condensed Interim Financial Statements 9 4 Bitmine Immersion Technologies, Inc. Condensed Balance Sheets February 29, August 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 342,296 $ 270,547 Prepaid expenses 198,084 105,000 Cryptocurrency 11,733 129,469 Notes receivable - short term 731,472 – Notes receivable related party-short term 374,444 374,444 Total current assets 1,658,028 879,460 Notes receivable - long term – 731,472 Notes receivable - related party long term 468,056 655,277 Investment in joint venture 867,247 987,429 Fixed assets, net 2,145,364 495,702 Fixed assets - not in service 2,711,142 4,453,466 Total assets $ 7,849,837 $ 8,202,805 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 403,739 $ 74,904 Accrued interest - related party 200,730 97,460 Loans payable - related party 1,625,000 1,300,000 Bitcoin loan 93,779 – Derivative liability 114,835 – Deferred revenue - short-term 86,193 86,193 Total current liabilities 2,524,276 1,558,558 Deferred revenue long-term 343,787 386,884 Total liabilities 2,868,063 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 o

View Full Filing

View this 10-Q filing on SEC EDGAR