Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the pending SEC Review; the potential that additional restatements of the Company’s financial statements will be required; the potential that the Company identifies additional material weaknesses in its control over financial reporting; the ability of the Company to remediate known material weaknesses; future capital needs and uncertainty of additional financing; share dilution resulting from equity issuances; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; effects on Bitcoin prices as a result of the most recent Bitcoin halving; development of additional facilities and installation of infrastructure to expand operations may not be completed on the timelines anticipated by the Company, or at all; ability to access additional power from the local power grid and realize the potential of the clean energy strategy on terms which are economic or at all; a decrease in cryptocurrency pricing, volume of transaction activity or generally, the profitability of cryptocurrency mining; further improvements to profitability and efficiency may not be realized; development of additional facilities to expand operations may not be completed on the timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively affect the profitability of the Company’s power plant; the digital currency market; the Company’s ability to successfully mine digital currency on the cloud; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company’s filings at and The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
More details may be found in the revised financial statements and related revised management’s discussion and analysis included in the Amended 2023 Annual Report, which are available on the Company’s profile on SEDAR+ at on EDGAR at Adjustments to consolidated statements of cash flows for the year ended December 31, 2022 – Restatement Year ended December 31 2022 (as reported)Cash flow reclassification2022 (as restated)Cash flows provided by (used in) in operating activities Net loss4,329,342–4,329,342Adjustments for: Proceeds from sale of digital assets15,528,972(12,084,280)3,444,692Net change in cash related to operating activities(3,410,899)(12,084,280)(15,495,179) Cash flows provided by (used in) in investing activities Acquisition of digital currencies–(3,932,000)(3,932,000)Proceeds form sale of digital assets–16,016,28016,016,280Net change in cash related to investing activities(14,513,038)12,084,280(2,428,758) Adjustments to consolidated statements of cash flows for the year ended December 31, 2023 – Restatement Year ended December 31 2023 (as reported)Cash flow reclassification2023 (as restated)Cash flows provided by (used in) in operating activities Net loss(21,885,410)–(21,885,410)Adjustments for: Proceeds from sale of digital assets1,388,123(19,264,980)(17,876,857)Net change in cash related to operating activities5,692,022(19,264,980)(13,572,958) Cash flows provided by (used in) in investing activities Proceeds from sale of digital assets–19,264,98019,264,980Net change in cash related to investing activities(7,257,482)19,264,98012,007,498 The Company’s management has previously concluded that the Company had a material weakness in its internal control over financial reporting during the Restatement Periods.
In connection with the forward-looking information contained in this news release, the Company has made assumptions about: the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies on the cloud will be consistent with historical prices; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the negative impact of regulatory changes in the energy regimes in the jurisdictions in which the Company operates; and there will be no regulation or law that will prevent the Company from operating its business.
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