ISW Holdings Releases Financial and Operational Highlights for the Three and Nine Months Ended September 30, 2021
Total revenues up over 2,400%, assets up over 5,000%, liabilities down over 70%
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LAS VEGAS, November 03, 2021 (GLOBE NEWSWIRE) – via InvestorWire – ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”, in transition to “BlockQuarry” pending name change), a Nevada – a holding company based with primary business operations in cryptocurrency mining, is pleased to announce the filing of the Company’s financial performance data for the three and nine months ended September 30, 2021.
Financial Highlights for the Three and Nine Months Ended September 30, 2021
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- Operating revenue for the quarter ended September 30 was $ 1.075 million (including deferred revenue), up 2,435% year over year.
- Net revenue (excluding deferred revenue) for the quarter ended September 30 increased 579% year-over-year.
- Net revenue (excluding deferred revenue) for the nine-month period ended September 30 increased 185% year-over-year.
- Net cash has increased 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 less than $ 340,000.
Operational highlights for the three-month period ended September 30, 2021
- Exceeded internal expectations for cryptocurrency performance in the first quarter of major mining operations.
- Performance bonus clause triggered for an additional $ 1.7 million in Minerset’s Bitmain Miners.
- Further elimination of the risk of dilution through an aggressive reduction of convertible notes in circulation.
- Reached nearly $ 10 million in total assets.
- Phase 1 (construction and deployment of the first 20 MW) of the Southeastern United States project is nearing completion to pair 56,000 mining platforms with 200 MW of power.
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The quarter ended September 30 exceeded management’s expectations for the growth of the Company’s assets due to positive gains in mining operations as well as larger than expected equipment expansion.
This was primarily due to the triggering of a performance incentive clause in the Company’s agreement with Minerset, LLC which granted the Company 150 additional state-of-the-art Bitmain S19 95TH / s miners, from a market value of approximately $ 1.7 million.
“The third quarter was a landmark quarter in the history of the company,†said Alonzo Pierce, president and chairman of ISW Holdings. “We fired up our mining fleet and saw our first substantial revenue from mining and hosting hit the books. We also broke new ground on our massive cryptocurrency hosting infrastructure and almost completed construction on Phase 1 to deploy the first 20MW to on-premise pods. During this process, we have seen tremendous growth in the tangible value of the Company as assets have grown significantly as we continued our campaign to eliminate dilution risk through elimination of toxic ratings and strict adherence financing through a combination of operating cash and non-toxic funding sources. As a result, we were in the best overall shape of our history heading into the fourth quarter, which is expected to deliver on a much larger scale through the end of the year. “
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About ISW / BlockQuarry
ISW / BlockQuarry Corp. is fast becoming an emerging disruptor in the crypto asset, hosting, mining and IP blockchain markets. The Company is focused on hosting and operating Bitcoin for new intellectual property in crypto and blockchain and currently leases and operates renewable 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 memoranda, the Company anticipates future operations that will operate up to 56,840 crypto asset mining computers (miners). The Company’s hosting and mining fleet includes 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 S19 J Pro series (100 -110T) miners by 20 MW of power implemented up to 56,000 S19 J Pro miners for our 200 MW project in partnership with BITMAIN Technologies.
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Currently, we also maintain operations in a segment that predates our strategic pivot in crypto assets due to the continued success of this line of business: telecare. Telecare is a growing, licensed provider of home health care services and innovations to communities in the Texas Gulf Coast region, delivering quality, value-based health care to patients in the comfort and privacy of their home or place 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 words such as “could”, “could”, “will”, “should”, “expect”, “expect”, “anticipate”, “believe”, “estimate”, “predict”, “potential” and the negative of these terms or other comparable terminology. While these forward-looking statements, and all the assumptions on 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 significantly, from any estimate, prediction, projection, assumptions or other future performance suggested in this report. Except as required by applicable law, we do not intend to update forward-looking statements to conform them 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 ).
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