TERAWULF INC. (WULF): auditor change — TeraWulf restates Q1–Q3 2023 cash flows; cites material weakness in internal controls

TERAWULF INC.

Error: payments of contingent value rights liability misclassified as investing instead of financing activity.
Restatement limited to unaudited interim consolidated statements of cash flows; no impact on balance sheet, income, or equity.
Material weakness identified: inadequate review controls over cash flow classification for business combination payments.
Management implementing remediation including additional review procedures; details to be provided in Form 10-Q/A.

item 4.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

TERAWULF INC. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: RSM US LLP

Exact text from the filing

concluded that the Company’s previously issued unaudited interim financial statements in the quarterly reports for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 (the “ Relevant Periods ”) should no longer be relied upon

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Source: SEC EDGAR

accession 0001083301-23-000059

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