Bitcoin miner Riot Platforms (RIOT) is delaying the submitting of its annual 10-Ok report with the Securities and Trade Fee as a consequence of points raised by its accounting agency in regards to 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 stories resulted,” Riot wrote in its SEC submitting on Thursday.
Particularly, Riot stated its beforehand issued monetary statements for 2022, 2021 and 2020 “contained materials errors and shouldn’t be relied upon.”
Riot stated it’s working onerous to revise its outcomes and expects to file its annual report throughout the 15-day submitting extension window.
Shares of Riot have been down 2.4% in after-hours buying and selling on Thursday.
Earlier this week, fellow miner Marathon Digital (MARA) stated it will have to restate parts of its audited 2021 outcomes and unaudited quarter stories 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 fall outcomes after the shut of buying and selling on Tuesday, however now has postponed that.