10-K Filing

BITMINE IMMERSION TECHNOLOGIES, INC. CIK: 1829311 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001683168-23-008832`
Period End Date	20230831
Filing Date	20231214
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	bitmine_i10k-083123_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 52 Cash Flow Statement 44 Stockholders Equity 17

Balance Sheet 59 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$270.55K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$392.55K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$105.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$5.00K	USD	Point-in-time
Notes receivable - short term	`AccountsNotesAndLoansReceivableNetCurrent`	$491.39K	USD	Point-in-time
Notes receivable - short term	`AccountsNotesAndLoansReceivableNetCurrent`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Notes receivable related party - short term	`NotesReceivableRelatedPartyshortTerm`	$374.44K	USD	Point-in-time
Notes receivable related party - short term	`NotesReceivableRelatedPartyshortTerm`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$749.99K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$888.95K	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	49.67M	shares	Point-in-time
Cryptocurrency	`Cryptocurrency`	$129.47K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	48.61M	shares	Point-in-time
Cryptocurrency	`Cryptocurrency`	$21.43K	USD	Point-in-time
Notes receivable - long term	`NotesReceivableLongTerm`	$532.35K	USD	Point-in-time
Notes receivable - long term	`NotesReceivableLongTerm`	$731.47K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	48.61M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	49.67M	shares	Point-in-time
Notes receivable - related party long term	`NotesReceivableRelatedPartyLongTerm`	-	USD	Point-in-time
Notes receivable - related party long term	`NotesReceivableRelatedPartyLongTerm`	$655.28K	USD	Point-in-time
Investment in joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	-	USD	Point-in-time
Investment in joint venture	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$987.43K	USD	Point-in-time
Fixed assets, net	`FixedAssetsNet`	$21.88K	USD	Point-in-time
Fixed assets, net	`FixedAssetsNet`	$495.70K	USD	Point-in-time
Fixed assets - not in service	`FixedAssetsNotInService`	$4.45M	USD	Point-in-time
Fixed assets - not in service	`FixedAssetsNotInService`	$6.51M	USD	Point-in-time
Total assets	`Assets`	$7.97M	USD	Point-in-time
Total assets	`Assets`	$8.20M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$74.90K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableCurrent`	$84.76K	USD	Point-in-time
Accrued interest - related party	`InterestPayableCurrent`	-	USD	Point-in-time
Accrued interest - related party	`InterestPayableCurrent`	$97.46K	USD	Point-in-time
Loans payable - related party	`LoansPayableRelatedParty`	-	USD	Point-in-time
Loans payable - related party	`LoansPayableRelatedParty`	$1.30M	USD	Point-in-time
Deferred revenue - short term	`DeferredRevenueCurrent`	$232.91K	USD	Point-in-time
Deferred revenue - short term	`DeferredRevenueCurrent`	$86.19K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$317.67K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.56M	USD	Point-in-time
Deferred revenue long term	`DeferredRevenueNoncurrent`	$252.32K	USD	Point-in-time
Deferred revenue long term	`DeferredRevenueNoncurrent`	$386.88K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$570.00K	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; 49,665,649 and 48,606,915 shares issued and outstanding as of August 31, 2023 and August 31, 2022 respectively	`CommonStockValue`	$4.97K	USD	Point-in-time
Common stock, $0.0001 par value, 500,000,000 shares authorized; 49,665,649 and 48,606,915 shares issued and outstanding as of August 31, 2023 and August 31, 2022 respectively	`CommonStockValue`	$4.86K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$9.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.40M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$360.55K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.26M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$7.97M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$8.20M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Revenue from the sale of mining equipment	`RevenueFromSaleOfMiningEquipment`	$244.04K	USD	Annual
Revenue from the sale of mining equipment	`RevenueFromSaleOfMiningEquipment`	$394.70K	USD	Annual
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.05	USD	Annual
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.05	USD	Annual
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.05	USD	Annual
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.05	USD	Annual
Revenue from hosting, net	`RevenueFromHostingNet`	$12.02K	USD	Annual
Revenue from hosting, net	`RevenueFromHostingNet`	$23.64K	USD	Annual
Weighted-average number of common shares outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	49.06M	shares	Annual
Revenue from self- mining	`RevenueFromSelfMining`	$9.32K	USD	Annual
Revenue from self- mining	`RevenueFromSelfMining`	$389.22K	USD	Annual
Weighted-average number of common shares outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	43.11M	shares	Annual
Weighted-average number of common shares outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	43.11M	shares	Annual
Weighted-average number of common shares outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.06M	shares	Annual
Total revenue	`Revenues`	$645.28K	USD	Annual
Total revenue	`Revenues`	$427.67K	USD	Annual
Cost of sales mining equipment	`CostOfSalesMiningEquipment`	$355.41K	USD	Annual
Cost of sales mining equipment	`CostOfSalesMiningEquipment`	$87.08K	USD	Annual
Cost of sales self-mining	`CostOfSalesMining`	$194.76K	USD	Annual
Cost of sales self-mining	`CostOfSalesMining`	$326.63K	USD	Annual
Cost of sales hosting	`CostOfSalesHosting`	$6.53K	USD	Annual
Cost of sales hosting	`CostOfSalesHosting`	$9.10K	USD	Annual
Gross profit (loss)	`GrossProfit`	$222.47K	USD	Annual
Gross profit (loss)	`GrossProfit`	$-129.03K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$227.60K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$293.99K	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	-	USD	Annual
Depreciation	`DepreciationDepletionAndAmortization`	$470.70K	USD	Annual
Professional fees	`ProfessionalFees`	$456.32K	USD	Annual
Professional fees	`ProfessionalFees`	$856.92K	USD	Annual
Related party compensation	`CostsAndExpensesRelatedParty`	$489.10K	USD	Annual
Related party compensation	`CostsAndExpensesRelatedParty`	$1.31M	USD	Annual
Impairment of fixed assets	`AssetImpairmentCharges`	-	USD	Annual
Impairment of fixed assets	`AssetImpairmentCharges`	$122.95K	USD	Annual
Gain from sale of digital currencies	`GainFromSaleOfCryptocurrency`	$21.68K	USD	Annual
Gain from sale of digital currencies	`GainFromSaleOfCryptocurrency`	-	USD	Annual
Impairment of cryptocurrency	`ImpairmentOfCryptocurrency`	$11.54K	USD	Annual
Impairment of cryptocurrency	`ImpairmentOfCryptocurrency`	$3.52K	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.59M	USD	Annual
Income(loss) from operations	`OperatingIncomeLoss`	$-1.71M	USD	Annual
Income(loss) from operations	`OperatingIncomeLoss`	$-2.41M	USD	Annual
Interest expense	`InterestExpenseOther`	$291.05K	USD	Annual
Interest expense	`InterestExpenseOther`	$97.46K	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Other income	`OtherNonoperatingIncome`	$16.94K	USD	Annual
Interest income	`InterestAndOtherIncome`	-	USD	Annual
Interest income	`InterestAndOtherIncome`	$28.72K	USD	Annual
Other income (expense), net	`NonoperatingIncomeExpense`	$-51.80K	USD	Annual
Other income (expense), net	`NonoperatingIncomeExpense`	$-291.05K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.01M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.46M	USD	Annual

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.01M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.46M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$1.32M	USD	Annual
Stock based compensation	`ShareBasedCompensation`	$856.72K	USD	Annual
Depreciation	`Depreciation`	$3.12K	USD	Annual
Depreciation	`Depreciation`	$470.70K	USD	Annual
Impairment of fixed assets	`AssetImpairmentCharges`	-	USD	Annual
Impairment of fixed assets	`AssetImpairmentCharges`	$122.95K	USD	Annual
Cryptocurrencies	`IncreaseDecreaseInCryptocurrencies`	$21.43K	USD	Annual
Cryptocurrencies	`IncreaseDecreaseInCryptocurrencies`	$108.03K	USD	Annual
Notes receivable	`IncreaseDecreaseInNotesReceivables`	$123.94K	USD	Annual
Notes receivable	`IncreaseDecreaseInNotesReceivables`	$1.02M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$100.00K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$5.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayable`	$-9.86K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInOtherAccountsPayable`	$81.08K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-12.16K	USD	Annual
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$485.23K	USD	Annual
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	-	USD	Annual
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	$97.46K	USD	Annual
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.63M	USD	Annual
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-809.72K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$612.29K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.77M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.77M	USD	Annual
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-612.29K	USD	Annual
Common shares sold in a private placement	`CommonSharesSoldInPrivatePlacement`	-	USD	Annual
Common shares sold in a private placement	`CommonSharesSoldInPrivatePlacement`	$1.81M	USD	Annual
Related party loans -net	`ProceedsFromRelatedPartyDebt`	$1.30M	USD	Annual
Related party loans -net	`ProceedsFromRelatedPartyDebt`	$2.76M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.30M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.57M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-122.00K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$173.81K	USD	Annual
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$218.74K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$392.55K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$270.55K	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`	$392.55K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$270.55K	USD	Point-in-time
Common stock issued to purchase property	`CommonStockIssuedToPurchaseProperty`	-	USD	Annual
Common stock issued to purchase property	`CommonStockIssuedToPurchaseProperty`	$3.34M	USD	Annual
Sale of fixed assets for note receivable	`SaleOfFixedAssetsForNoteReceivable`	$613.51K	USD	Annual
Sale of fixed assets for note receivable	`SaleOfFixedAssetsForNoteReceivable`	-	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$7.40M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$360.55K	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$6.26M	USD	Point-in-time
Stock based compensation -related party	`StockBasedCompensationRelatedPartyValue`	$658.74K	USD	Annual
Conversion of debt to Series A Preferred -related party	`StockIssuedDuringPeriodConversionOfDebtToSeriesPreferredRelatedParty`	$3.04M	USD	Annual
Series A Preferred for services - related party	`StockIssuedDuringPeriodValueIssuedSeriesPreferredForServicesRelatedParty`	-	USD	Annual
Common stock issued for services -related party	`StockIssuedDuringPeriodValueIssuedForServicesRelatedParty`	$110.00K	USD	Annual
Common stock issued for services -related party	`StockIssuedDuringPeriodValueIssuedForServicesRelatedParty`	$190.85K	USD	Annual
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$286.00K	USD	Annual
Common shares issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$87.98K	USD	Annual
Stock based compensation -related parties	`StockBasedCompensationRelatedPartiesValue`	$841.11K	USD	Annual
Common shares sold in a private placement	`StockIssuedDuringPeriodValueNewIssues`	$5.15M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.01M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.46M	USD	Annual
Ending balance, value	`StockholdersEquity`	$7.40M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$360.55K	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$6.26M	USD	Point-in-time

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