Bitcoin Miner Riot Delays 10-K Filing Due to Impairment Calculation Issues
Bitcoin miner Riot Platforms (RIOT) is delaying the submitting of its annual 10-Ok report with the Securities and Trade Fee attributable to points raised by its accounting agency concerning the firm’s impairment calculations associated to its bitcoin property.
“After assessing the impression of this revised impairment evaluation methodology, the Registrant decided that materials errors in sure of its monetary statements and experiences resulted,” Riot wrote in its SEC submitting on Thursday.
Particularly, Riot mentioned its beforehand issued monetary statements for 2022, 2021 and 2020 “contained materials errors and shouldn’t be relied upon.”
Riot mentioned it’s working exhausting to revise its outcomes and expects to file its annual report throughout the 15-day submitting extension window.
Shares of Riot had been down 2.4% in after-hours buying and selling on Thursday.
Earlier this week, fellow miner Marathon Digital (MARA) mentioned it could have to restate parts of its audited 2021 outcomes and unaudited quarter experiences from 2022 following an inquiry from the SEC that questioned its methodology of calculating impairment on digital property.
Marathon had beforehand been scheduled to launch its 2022 This autumn outcomes after the shut of buying and selling on Tuesday, however now has postponed that.