MARA Holdings, Inc. (MARA): auditor change — Marathon Digital restates 2021-2022 financials due to bitcoin impairment and revenue accounting errors

MARA Holdings, Inc.

Audit Committee concludes FY2021 and all quarterly 2021-2022 financials should no longer be relied upon; restatement underway.
Bitcoin impairment test incorrectly used daily cutoff time instead of intraday low price per ASC 350-30-35-19.
Mining pool revenues understated: company recorded as agent (net) instead of principal (gross); no effect on net income.
Company expects to file 2022 10-K by March 16, 2023 via 15-day extension on Form 12b-25.

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

MARA Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Marcum LLP

Exact text from the filing

On February 27, 2023, the Company’s Audit Committee of the Board of Directors , after consultation with Marcum LLP, the Company’s independent auditor, concluded that due to certain accounting errors, as described below, the previously issued audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the previously issued unaudited condensed consolidated financial statements for the interim periods in 2022 and 2021 as contained in the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2021 and 2022, June 30, 2021 and 2022 and September 30, 2021 and 2022 (the “Impacted Financial Statements”) should no longer be relied upon.

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MARA Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-006169

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