10-Q Filing

BITMINE IMMERSION TECHNOLOGIES, INC. CIK: 1829311 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001683168-22-002773`
Period End Date	20220228
Filing Date	20220418
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	bitmine_i10q-022822_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 50 Cash Flow Statement 48 Stockholders Equity 20

Balance Sheet 50 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$218.74K	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$901.22K	USD	Point-in-time
Cryptocurrencies	`Cryptocurrencies`	$4.57K	USD	Point-in-time
Cryptocurrencies	`Cryptocurrencies`	-	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	43.31M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	40.43M	shares	Point-in-time
Notes receivable	`ReceivablesNetCurrent`	-	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	43.31M	shares	Point-in-time
Notes receivable	`ReceivablesNetCurrent`	$168.75K	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	40.43M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$218.74K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.08M	USD	Point-in-time
Fixed assets -not in service	`PropertyPlantAndEquipmentNet`	$427.30K	USD	Point-in-time
Fixed assets -not in service	`PropertyPlantAndEquipmentNet`	$1.86M	USD	Point-in-time
Total assets	`Assets`	$646.03K	USD	Point-in-time
Total assets	`Assets`	$2.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.68K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.42K	USD	Point-in-time
Accrued liabilities - related party	`AccountsPayableRelatedPartiesCurrent`	$71.50K	USD	Point-in-time
Accrued liabilities - related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Accrued interest - related party	`InterestPayableCurrent`	$122.38K	USD	Point-in-time
Accrued interest - related party	`InterestPayableCurrent`	$4.50K	USD	Point-in-time
Loans payable-related party	`LoansPayableRelatedParty`	$1.89M	USD	Point-in-time
Loans payable-related party	`LoansPayableRelatedParty`	$277.30K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$285.48K	USD	Point-in-time
Total liabilities	`Liabilities`	$285.48K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.11M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value, 500,000,000 shares authorized; 43,313,399 and 40,433,399 issued and outstanding as of February 28, 2022 and November 10, 2021, respectively	`CommonStockValue`	$4.04K	USD	Point-in-time
Common stock, $0.0001 par value, 500,000,000 shares authorized; 43,313,399 and 40,433,399 issued and outstanding as of February 28, 2022 and November 10, 2021, respectively	`CommonStockValue`	$4.33K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$817.84K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-461.33K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-81.42K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$830.13K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-50.08K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$201.80K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$360.55K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$-71.05K	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.94M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$646.03K	USD	Point-in-time

Income Statement 50 line items

Line Item	Tag	Value	Unit	Period
Total revenue	`Revenues`	$349.27K	USD	1 Quarter
Total revenue	`Revenues`	-	USD	2 Qtrs
Total revenue	`Revenues`	$349.27K	USD	2 Qtrs
Total revenue	`Revenues`	-	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	$232.12K	USD	2 Qtrs
Total cost of sales	`CostOfRevenue`	$232.12K	USD	1 Quarter
Total cost of sales	`CostOfRevenue`	-	USD	2 Qtrs
Total cost of sales	`CostOfRevenue`	-	USD	1 Quarter
Gross profit	`GrossProfit`	$117.15K	USD	2 Qtrs
Gross profit	`GrossProfit`	$117.15K	USD	1 Quarter
Gross profit	`GrossProfit`	-	USD	2 Qtrs
Gross profit	`GrossProfit`	-	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.35K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$20.13K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$48.67K	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$22.56K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$667.02K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$43.52K	USD	1 Quarter
Related party compensation	`CostsAndExpensesRelatedParty`	$500.00	USD	1 Quarter
Related party compensation	`CostsAndExpensesRelatedParty`	$500.00	USD	2 Qtrs
Related party compensation	`CostsAndExpensesRelatedParty`	$92.46K	USD	1 Quarter
Related party compensation	`CostsAndExpensesRelatedParty`	$104.46K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$820.16K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$156.11K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.85K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$23.06K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-703.01K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-23.06K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-38.97K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.85K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$117.87K	USD	2 Qtrs
Interest expense	`InterestExpenseOther`	$8.29K	USD	2 Qtrs
Interest expense	`InterestExpenseOther`	$4.52K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	$73.16K	USD	1 Quarter
Other (expense)	`NonoperatingIncomeExpense`	$-117.87K	USD	2 Qtrs
Other (expense)	`NonoperatingIncomeExpense`	$-4.52K	USD	1 Quarter
Other (expense)	`NonoperatingIncomeExpense`	$-8.29K	USD	2 Qtrs
Other (expense)	`NonoperatingIncomeExpense`	$-73.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-112.13K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-820.88K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-31.34K	USD	2 Qtrs
Basic and diluted earnings (loss) per common share	`EarningsPerSharesBasicAndDiluted`	$-0.01	USD	2 Qtrs
Basic and diluted earnings (loss) per common share	`EarningsPerSharesBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerSharesBasicAndDiluted`	-	USD	1 Quarter
Basic and diluted earnings (loss) per common share	`EarningsPerSharesBasicAndDiluted`	$-0.02	USD	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	41.01M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	41.42M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	2.69M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasicAndDiluted`	2.69M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-112.13K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.37K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-820.88K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-31.34K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$565.46K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	-	USD	2 Qtrs
Gain on the sale of property	`GainOnSaleOfProperty`	-	USD	2 Qtrs
Gain on the sale of property	`GainOnSaleOfProperty`	$158.04K	USD	2 Qtrs
Depreciation	`Depreciation`	$7.80K	USD	2 Qtrs
Depreciation	`Depreciation`	-	USD	2 Qtrs
Cryptocurrencies	`IncreaseDecreaseInCryptocurrencies`	$4.57K	USD	2 Qtrs
Cryptocurrencies	`IncreaseDecreaseInCryptocurrencies`	-	USD	2 Qtrs
Notes receivable	`IncreaseDecreaseInNotesReceivables`	-	USD	2 Qtrs
Notes receivable	`IncreaseDecreaseInNotesReceivables`	$168.75K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$5.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInOtherAccountsPayable`	$21.74K	USD	2 Qtrs
Accrued liabilities -related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	-	USD	2 Qtrs
Accrued liabilities -related parties	`IncreaseDecreaseInAccountsPayableRelatedParties`	$71.50K	USD	2 Qtrs
Accrued interest -related parties	`IncreaseDecreaseInInterestPayableNet`	$117.87K	USD	2 Qtrs
Accrued interest -related parties	`IncreaseDecreaseInInterestPayableNet`	$8.29K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-56.79K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-23.06K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.60M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.60M	USD	2 Qtrs
Common shares sold in a private placement	`CommonSharesSoldInPrivatePlacement`	-	USD	2 Qtrs
Common shares sold in a private placement	`CommonSharesSoldInPrivatePlacement`	$725.00K	USD	2 Qtrs
Related party loans -net	`ProceedsFromRelatedPartyDebt`	$24.00K	USD	2 Qtrs
Related party loans -net	`ProceedsFromRelatedPartyDebt`	$1.62M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.34M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$24.00K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$941.00	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$682.48K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$901.22K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$218.74K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.93K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.87K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$901.22K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$218.74K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.93K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.87K	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	-	USD	2 Qtrs
Cash paid for interest	`InterestPaidNet`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	2 Qtrs

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$-81.42K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$830.13K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-50.08K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$201.80K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$360.55K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$-71.05K	USD	Point-in-time
Net loss	`ProfitLoss`	$-20.98K	USD	1 Quarter
Net loss	`ProfitLoss`	$-112.13K	USD	1 Quarter
Net loss	`ProfitLoss`	$-708.76K	USD	1 Quarter
Net loss	`ProfitLoss`	$-10.37K	USD	1 Quarter
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	-	USD	1 Quarter
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$550.00K	USD	1 Quarter
Common shares sold in a private placement	`StockIssuedDuringPeriodValueNewIssues`	$725.00K	USD	1 Quarter
Stock-based compensation -related party	`StockIssuedDuringPeriodValueShareBasedCompensation`	$15.46K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$-81.42K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$830.13K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-50.08K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$201.80K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$360.55K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$-71.05K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.