Bitmine Immersion Technologies Files 10-Q for May 2024

TL;DR

Bitmine Immersion Technologies filed its Q3 2024 10-Q. Check financials for May 31, 2024.

AI Summary

Bitmine Immersion Technologies, Inc. filed its 10-Q for the period ending May 31, 2024. The company, formerly known as Sandy Springs Holdings, Inc., reported financial results for the third quarter and the first nine months of its fiscal year. Key financial data and operational details for the periods ending May 31, 2024, and May 31, 2023, are included in the filing.

Why It Matters

This filing provides investors with an update on Bitmine Immersion Technologies' financial performance and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in the volatile cryptocurrency and technology sectors, which inherently carry higher risks.

Key Numbers

• 05312024 — Period End Date (Financial reporting period)
• 0831 — Fiscal Year End (Company's fiscal year end)
• 20201021 — Date of Name Change (Indicates a past corporate restructuring)

Key Players & Entities

• BITMINE IMMERSION TECHNOLOGIES, INC. (company) — Filer
• Sandy Springs Holdings, Inc. (company) — Former company name
• 2030 POWERS FERRY ROAD SE (location) — Business and Mail Address
• ATLANTA (location) — City
• GA (location) — State
• 30339 (location) — ZIP Code
• 404-816-8240 (phone_number) — Business Phone

FAQ

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-053124.htm (10-Q) — 727KB
• 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
• 0001683168-24-004815.txt ( ) — 3809KB
• bmnr-20240531.xsd (EX-101.SCH) — 36KB
• bmnr-20240531_cal.xml (EX-101.CAL) — 42KB
• bmnr-20240531_def.xml (EX-101.DEF) — 134KB
• bmnr-20240531_lab.xml (EX-101.LAB) — 264KB
• bmnr-20240531_pre.xml (EX-101.PRE) — 232KB
• bitmine_i10q-053124_htm.xml (XML) — 442KB

– 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, May 31, 2024 (unaudited), and August 31, 2023 5 Unaudited Condensed Statements of Operations, for the Three and Nine Months Ended May 31, 2024, and May 31, 2023 6 Unaudited Condensed Statements of Changes in Stockholders' Equity, for the Nine Months Ended May 31, 2024, and May 31, 2023 7 Unaudited Condensed Statements of Cash Flows, for the Nine Months, Ended May 31, 2024 and May 31, 2023 8 Notes to the Unaudited Condensed Interim Financial Statements 9 4 Bitmine Immersion Technologies, Inc. Condensed Balance Sheets May 31, August 31, 2024 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 281,004 $ 270,547 Prepaid expenses 778,703 105,000 Cryptocurrency 169,632 129,469 Notes receivable - short term 731,472 – Notes receivable related party - short term 374,444 374,444 Total current assets 2,335,255 879,460 Notes receivable - long term – 731,472 Notes receivable - related party long term 374,445 655,277 Investment in joint venture 808,407 987,429 Fixed assets, net 1,938,725 495,702 Fixed assets -not in service 2,709,697 4,453,466 Total assets $ 8,166,529 $ 8,202,806 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 559,145 $ 74,904 Accrued interest - related party 257,293 97,460 Customer advances 703,500 – Loans payable - related party 1,625,000 1,300,000 Deferred revenue - short term 86,193 86,193 Total current liabilities 3,231,131 1,558,557 Deferred revenue long term 322,239 386,884 Total liabilities 3,553,370 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 May 31, 2024 and August 31, 2023, respectively

View Full Filing

View this 10-Q filing on SEC EDGAR