Bitmine Immersion Technologies Q1 2025 Update

TL;DR

BITMINE Q1 2025 10-Q FILED - REVENUE FROM MINING EQUIPMENT SALES & HOSTING SERVICES.

AI Summary

Bitmine Immersion Technologies, Inc. filed its 10-Q for the period ending November 30, 2024. The company reported revenue from the sale of mining equipment and hosting services. Specific financial figures for this quarter and comparative periods are detailed within the filing.

Why It Matters

This filing provides investors with a quarterly update on Bitmine's financial performance and operational activities in the cryptocurrency mining and equipment sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile cryptocurrency sector, which carries inherent risks related to market fluctuations and regulatory changes.

Key Numbers

• 2024-11-30 — Reporting Period End (Current quarter's financial data is presented as of this date.)
• 2024-09-01 — Quarter Start Date (Beginning of the current reporting period.)
• 2023-11-30 — Prior Year Period End (Comparative data from the previous year's same quarter.)

Key Players & Entities

• BITMINE IMMERSION TECHNOLOGIES, INC. (company) — Filer
• 2024-11-30 (date) — Reporting Period End Date
• 2025-01-10 (date) — Filing Date
• Sandy Springs Holdings, Inc. (company) — Former Company Name
• 10845 GRIFFITH PEAK DR. #2, LAS VEGAS, NV 89135 (address) — Business and Mail Address

FAQ

Key Financial Figures

• $0.015 — tock in our offering of common stock at $0.015 per share, and the grant of 4,750,000 s

Filing Documents

• bitmine_i10q-113024.htm (10-Q) — 699KB
• 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
• 0001683168-25-000223.txt ( ) — 4033KB
• bmnr-20241130.xsd (EX-101.SCH) — 38KB
• bmnr-20241130_cal.xml (EX-101.CAL) — 44KB
• bmnr-20241130_def.xml (EX-101.DEF) — 166KB
• bmnr-20241130_lab.xml (EX-101.LAB) — 284KB
• bmnr-20241130_pre.xml (EX-101.PRE) — 252KB
• bitmine_i10q-113024_htm.xml (XML) — 447KB

– 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 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35

– OTHER INFORMATION

Part II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

– 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," "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 acceptable terms

Financial Statements

Item 1. Financial Statements. Index to Financial Statements Page CONDENSED FINANCIAL STATEMENTS: Condensed Balance Sheets, November 30, 2024 (unaudited), and August 31, 2024 5 Unaudited Condensed Statements of Operations, for the Three Months Ended November 30, 2024 and 2023 6 Unaudited Condensed Statements of Changes in Stockholders' Equity, for the Three Months Ended November 30, 2024 and 2023 7 Unaudited Condensed Statements of Cash Flows, for the Three Months Ended November 30, 2024 and 2023 8 Notes to the Unaudited Condensed Interim Financial Statements 9 4 Bitmine Immersion Technologies, Inc. Condensed Balance Sheets (Unaudited) November 30, August 31, 2024 2024 ASSETS Current assets: Cash and cash equivalents $ 797,310 $ 499,270 Prepaid expenses 33,575 675,000 Cryptocurrency 149,779 14,966 Notes receivable related party-short term 374,444 374,444 Total current assets 1,355,107 1,563,679 Notes receivable -related party long term 218,426 280,834 Investment in joint venture 667,707 667,707 Fixed assets, net 1,569,119 1,699,744 Fixed assets -not in service 4,124,565 3,071,565 Total assets $ 7,934,925 $ 7,283,529 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 300,102 $ 400,584 Accrued interest -related party 376,321 315,609 Accrued officer compensation 372,735 – Customer advances – 703,500 Loans payable 1,064,912 – Loans payable-related party 1,875,000 1,625,000 Deferred revenue-short term 86,193 86,193 Total current liabilities 4,075,262 3,130,885 Deferred revenue long term 50,279 64,645 Total liabilities 4,125,541 3,195,530 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 November 30, 2024 and August 31, 2024, respectively 45 45 Series B Preferre

View Full Filing

View this 10-Q filing on SEC EDGAR