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Bitcoin Miner Riot Delayed 10-K Filing Due to Impairment Calculation Issues
The delay followed a similar move earlier this week by Marathon Digital.
By Nelson Wang
Updated May 9, 2023, 4:09 a.m. Published Mar 2, 2023, 9:29 p.m.
CORRECTION (March 3, 12:13 UTC): Corrects story to state that Riot has already filed its 10-K report after asking for an extension.
Bitcoin miner Riot Platforms (RIOT) delayed the filing of its annual 10-K report with the Securities and Exchange Commission due to issues raised by its accounting firm about the company's impairment calculations related to its bitcoin assets.
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“After assessing the impact of this revised impairment assessment methodology, the Registrant determined that material errors in certain of its financial statements and reports resulted,” Riot wrote in its SEC filing on Thursday.
Specifically, Riot said its previously issued financial statements for 2022, 2021 and 2020 “contained material errors and should not be relied upon.”
For those reasons, Riot said it needed additional time to complete its 10-K and it has since done so and filed its report for 2022.
Shares of Riot were down 2.4% in after-hours trading on Thursday.
Earlier this week, fellow miner Marathon Digital (MARA) said it would need to restate portions of its audited 2021 results and unaudited quarter reports from 2022 following an inquiry from the SEC that questioned its method of calculating impairment on digital assets.
Marathon had previously been scheduled to release its 2022 Q4 results after the close of trading on Tuesday, but now has postponed that.
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