ISW Holdings Reports Financial and Operational Highlights
LAS VEGAS, Nov. 03, 2021 (GLOBE NEWSWIRE) — via InvestorWire — ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company,” transitioning to “BlockQuarry” pending name change), a Nevada-based portfolio company with primary commercial-stage operations in cryptocurrency mining, is pleased to announce the filing of the Company’s financial performance data for the three and nine months ended Sept. 30, 2021.
Financial Highlights for Three and Nine Months Ended Sept. 30, 2021
- Revenues from operations for the three months ended Sept. 30 of $1.075 million (including deferred revenues), up 2,435% on a year-over-year basis.
- Net revenues (excluding deferred revenues) for the three months ended Sept. 30 grew 579% on a year-over-year basis.
- Net revenues (excluding deferred revenues) for the nine months ended Sept. 30 grew 185% on a year-over-year basis.
- Net cash increased by over 3,100% year to date to over $2.8 million.
- Total assets increased 5,263% year to date to $9.56 million.
- Total liabilities decreased 73%, and total derivative liabilities decreased 98% to under $340,000.
Operational Highlights for Three Months Ended Sept. 30, 2021
- Exceeded internal expectations for cryptocurrency performance in the first quarter of significant mining operations.
- Triggered performance bonus clause for additional $1.7 million in Bitmain Miners from Minerset.
- Continued to eliminate dilution risk through an aggressive reduction in convertible notes outstanding.
- Reached nearly $10 million in total assets.
- Neared completion of phase 1 (build-out and deployment of first 20 MW) of Southeastern U.S. project to pair 56,000 mining rigs with 200 MW of power.
The three months ended Sept. 30 exceeded management expectations for growth in the Company’s assets due to positive gains from mining operations as well as greater than anticipated expansion in equipment.
This was primarily due to the triggering of a performance incentive clause in the Company’s agreement with Minerset, LLC that granted the Company an additional 150 Bitmain S19 95TH/s state-of-the-art miners, carrying a market value of approximately $1.7 million.
“Q3 was a landmark quarter in Company history,” remarked Alonzo Pierce, president and chairman of ISW Holdings. “We switched on our mining fleet and saw our first substantial mining and hosting revenues hit the books. We also broke ground on our massive cryptocurrency hosting infrastructure and nearly finished the phase 1 build-out to deploy the first 20 MW to on-site pods. In the process, we have seen a huge growth in the tangible value of the Company, as assets grew considerably while we continued our campaign to stamp out dilution risk through elimination of toxic notes and strict adherence to financing through a combination of cash from operations and nontoxic funding sources. As a result, we were in the best overall shape in our history coming into Q4, which is set to deliver on a much larger scale into year-end.”
ISW/BlockQuarry Corp. is poised as an emerging disruptor in the crypto asset, hosting, mining and blockchain IP markets. The Company focuses on hosting and mining Bitcoin with eyes on new IP in crypto and blockchain and currently leases and operates renewable energy power generation facilities in Scrubgrass Township, Pennsylvania; Gaffney, South Carolina; Rutherford, North Carolina; and Mooreshead, North Carolina.
We are vertically integrated and maintain a fleet of digital/cryptocurrency mining equipment and infrastructure. Based on our current partnerships, agreements and memorandums, the Company anticipates future operations that leverage up to 56,840 crypto asset mining computers (miners). The Company’s hosting and mining operations fleet comprises approximately 300 Bitmain Antminer S17 Pro (S17 Pro) miners, approximately 150 Bitmain Antminer S19 (95T) miners, approximately 250 Canaan AvalonMiner 1296 Pro (90T) miners, and approximately 5,600 series S19 J Pro (100-110T) miners per 20 MW of implemented power up to 56,000 S19 J Pro miners for our 200 MW project in partnership with BITMAIN Technologies.
At present, we also retain operations in one segment that predates our strategic pivot into crypto assets because of the continued success of that line of business: Telecare. Telecare is a growing licensed provider of in-home healthcare services and innovations for communities around the Gulf Coast region of Texas, offering quality, value-based healthcare to patients within the comfort and privacy of their homes or places of residence.
Forward Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including “could,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results. Investors should refer to the risks disclosed in the Company’s reports filed from time to time with OTC Markets (www.otcmarkets.com).
EDM Media, LLC