Riot Platforms, Inc. (RIOT): auditor change — Riot Platforms restates financials due to Bitcoin impairment calculation error

Riot Platforms, Inc.

Audit committee concluded 2021 annual and 2022/2021 quarterly financials should no longer be relied upon.
Error: used daily spot price at cutoff time instead of intraday low for Bitcoin impairment testing under ASC 350.
Company will amend Impacted Financials in its 2022 Form 10-K.
Previously issued press releases and investor communications also should not be relied upon.

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

Riot Platforms, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 27, 2023 the Audit Committee (the “Audit Committee”) of the Board of Directors of Riot Platforms, Inc. (the “Company”), after consulting with management and the Company’s independent registered accounting firm, Marcum LLP (the “Auditors”), concluded that the Company’s consolidated financial statements as of December 31, 2021 and for the years ended December 31, 2021 and 2020, as amended, included in its 2021 Annual Report on Form 10-K (the “2021 Annual Report”) as well as the Company’s previously issued condensed interim consolidated financial statements as of and for the interim periods in 2022 and 2021 as filed in the Company’s Quarterly Reports on Form 10-Q for the periods ended March 31, 2022 and 2021, June 30, 2022 and 2021, and September 30, 2022 and 2021 (together with the financial statements contained in the 2021 Annual Report, the “Impacted Financials”) should no longer be relied upon.

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Riot Platforms, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-002678

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