Bitfarms Announces Restatement of Financial Statements
Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin data center company, recently announced a restatement of its financial statements. This decision comes in light of the Securities and Exchange Commission’s review of Bitfarms’ annual report for the fiscal year ended December 31, 2023.
After consulting with its Audit Committee and management team, Bitfarms determined that its previously issued financial statements for the years ended December 31, 2023, and 2022 needed correction. The restatement is focused on the classification of proceeds from the sale of digital assets in the company’s financial statements.
It was discovered that proceeds from the sale of digital assets should have been classified as cash flow from investing activities, rather than operating activities as previously reported. This error led to a reevaluation of the financial statements for the specified periods. The restatement does not reflect any changes in Bitfarms’ business operations, performance, or overall financial health.
Additionally, the company is also adjusting its financials to correct an error related to the accounting for the redemption of warrants in 2023. Shareholders and users of Bitfarms’ financial statements can access the revised financial statements and related revised management’s discussion and analyses on the Company’s profile on SEDAR and EDGAR.
The adjustments to the consolidated statements of cash flows for the years ended December 31, 2022, and 2023 are outlined in detail in the tables provided by Bitfarms. The restatement aims to ensure the accuracy and transparency of the company’s financial reporting moving forward.
