$ISWH ISW Holdings Reports Financial and Operation

$ISWH ISW Holdings Reports Financial and Operational Highlights for Three and Nine Months Ended Sept. 30, 2021

https://www.globenewswire.com/news-release/20...-2021.html

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.”