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Actual results could differ materially from those projected in our forward-looking statements.
−Removed: For more information regarding the forward-looking statements used in this section and elsewhere in this Quarterly Report on Form 10-Q, see the cautionary note regarding Forward-Looking Statements included elsewhere in this Quarterly Report.
+Added: For more information regarding the forward-looking statements used in this section and elsewhere in this Quarterly Report on Form 10-Q, see the section titled “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report.
Risk Regarding the Price of Bitcoin
−Removed: As of September 30, 2023, we held 21.02 bitcoin with a carrying value of $0.6 million.
−Removed: As of December 31, 2022, we held 43.55 bitcoin, with a carrying value of $0.7 million, all of which were produced from our bitcoin mining operations.
−Removed: Quoted prices, including intraday low prices, are collected and utilized in impairment testing and measurement on a daily basis.
−Removed: To the extent that an impairment loss is recognized, the loss establishes the new cost basis of the digital asset.
−Removed: Subsequent reversal of impairment losses is not permitted.
−Removed: See discussion under the heading “Impairment of digital assets” under Part I - Item 2.
−Removed: -Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report for further information.
−Removed: We cannot accurately predict the future market price of bitcoin and, as such, we cannot accurately predict whether we will record impairment of the book value of our bitcoin assets.
−Removed: The future value of bitcoin will affect revenue from our operations, and any future impairment of the value of the bitcoin we mine and hold for our account would be reported in our financial statements and results of operations as charges against net income, which could have a material adverse effect on the market price for our securities.
+Added: Our business and development strategy is focused on maintaining and expanding our bitcoin Mining operations to maximize the amount of new bitcoin rewards we earn.
+Added: As of March 31, 2024, we did not have any bitcoin holdings.
+Added: We cannot predict the future market price of bitcoin and, as such, we cannot predict future changes in the carrying value of our bitcoin assets based on future market prices.
+Added: The future value of bitcoin will affect the amount of revenue recognized from our operations, and any changes in the future value of bitcoin while we hold it in our account would also be reported in our net income (or loss), either of which could have a material adverse effect on the market price for our securities.
+Added: Bitcoin prices for the three months ended March 31, 2024 ranged from a low of $39,507 to a high of $73,084, with an average price of $53,579.
+Added: A hypothetical 10% increase or decrease in the price of bitcoin produced during the three months ended March 31, 2024, would have increased or decreased net income by approximately $15.0 million.
+Added: Commodity Price Risk
+Added: There have been no material changes to the Company’s commodity price risk as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
+Added: For a discussion of the Company’s exposure to commodity price risk, refer to the Company’s commodity price risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the 2023 Annual Report on Form 10-K.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.