Form 8-K - Current report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

  

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 16, 2024

 

 

BITMINE IMMERSION TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware (State or other jurisdiction of incorporation or organization)

000-56220 (Commission File Number)

84-3986354 (IRS Employer Identification No.)

  

 

2030 Powers Ferry Road SE, Suite 212,

Atlanta, Georgia 30339

(Address of principal executive office) (Zip Code)

 

[phone]

(Registrants’ telephone number, including area code)

  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

 

Emerging Growth Company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On July 16, 2024, we issued a press release regarding our financial results for the fiscal quarter ended May 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

As provided in General Instruction B-2 of SEC Form 8-K, such information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

 

Item 8.01 Other Events.

 

The Company issued a press release on July 16, 2024. A copy of the press release is attached as Exhibit 99.1.

 

The information set forth in this Item 8.01 of Form 8-K is furnished pursuant to Item 8.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)       Exhibits.

 

Item No.				Description
	99.1			Press Release dated July 16, 2024
	104			The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

 

 

 

2

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  

	Bitmine Immersion Technologies, Inc.
Dated: July 18, 2024	By:	/s/ Jonathan Bates
	Name:	Jonathan Bates
	Title:	Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

3

 

Exhibit 99.1

 

July 16, 2024

 

BITMINE IMMERSION TECHNOLOGIES, INC. COMMENTS ON 2024

THIRD QUARTER RESULTS

 

Atlanta, Georgia – July 16, 2024 - BitMine Immersion Technologies, Inc. ("BitMine" or "the Company") (OTCQX: BMNR) is pleased to announce that it reported revenues of $1.225 million and $2,628 million in the three and nine months ended May 31, 2024, respectively, as compared to revenues of $142,126 and $399,932 in the three and nine months ended May 31, 2023, respectively. Revenues in the three months ended May 31, 2024 represented a 37% increase from the previous quarter and an 862% increase from the revenues in the same period of the previous year.

 

At this time, we are running virtually the same number of miners as last quarter. However, during the most recent quarter we leased 777 additional machines for the 6-week period prior to the April 19, 2024 bitcoin halving, which generated an additional $319,000 of revenue. We are working on similar transactions which we hope will have a similar impact on this quarter and quarters to come. Revenues were also positively impacted in the most recent quarter by an increase in the price of bitcoin.

 

The Company generated gross profits of $221,687 and $649,391 in the three and nine months ended May 31, 2024, respectively, which represented substantial increases from gross profits of $69,734 and $113,608 reported in the three and nine months ended May 31, 2023, respectively.

 

The Company generated net losses of ($654,228) and ($2,478,632) in the three and nine months ended May 31, 2024, respectively, as compared to net losses of ($523,704) and ($1,301,775), respectively. Net losses were impacted by increases in non-cash deprecation and compensation expenses, as well as higher general and administrative expenses.

 

During the quarter we also brokered the sale of 20 electrical transformers for which we accepted a deposit of approximately 50% of the transaction price. We expect to record the transaction in revenue in August 2024 upon final delivery of the equipment.

 

We continue to speak with several investment banks regarding an offering that would enable the Company to uplist from the OTCQX to the NASDAQ or the NYSE/AMEX. We are also evaluating several possible shareholder-friendly merger discussions and will make the appropriate announcements as soon as we sign a letter of intent.

 

About BitMine Immersion Technologies, Inc.

 

BitMine is a technology company focused on Bitcoin mining using immersion technology, an advanced cooling technique where computers are submerged in specialized oil circulated to keep units operating at optimal ambient temperature. Immersion technology is more environmentally friendly than conventional mining methodologies, while lowering operating expenses and increasing yield. BitMine's operations are located in low-cost energy regions in Trinidad, Pecos, Texas, and Murray, Kentucky.

 

Forward-Looking Statements:

 

This press release contains statements that constitute "forward-looking statements." The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine's control, including those set forth in the Risk Factors section of BitMine's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on December 14, 2023, and its Quarterly Reports on Form 10-Q filed with the SEC on January 12, 2024 and April 15, 2024, and any other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at www.sec.gov/edgar/searchedgar/companysearch. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

BitMine Immersion Technologies Contact:

 

Jonathan Bates, Chairman and CEO

 

[e-mail]

 

Cover	Jul. 16, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 16, 2024
Entity File Number	000-56220
Entity Registrant Name	BITMINE IMMERSION TECHNOLOGIES, INC.
Entity Central Index Key	0001829311
Entity Tax Identification Number	84-3986354
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2030 Powers Ferry Road SE
Entity Address, Address Line Two	Suite 212
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30339
City Area Code	(404)
Local Phone Number	816-8240
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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