Riot Blockchain announced what it called 'material weaknesses' in internal control over financial reporting and an adverse auditor report in its latest annual report.
Riot Blockchain, the cryptocurrency company whose stock skyrocketed after changing its name from Bioptix, announced what it called"material weaknesses" in internal control over financial reporting and an adverse auditor report in its latest annual report, filed Tuesday.
The auditor report, contained in the 10K filing, said Riot"has not maintained effective internal control over financial reporting as of December 31, 2018." Jake Zamansky, of the securities law firm Zamansky LLC, called the issue very significant."The internal control problems they cite go to the heart of the business," he said in a phone interview.
"[T]he Company has a significant working capital deficiency, has incurred significant losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern," Marcum said in an auditor's report included in the 10k.
"Without additional capital, the Company's ability to continue to operate will be limited," Riot said in its filing."Our chief executive officer is new; loss of key members of management, or our inability to attract and retain qualified personnel could adversely affect our business," the report said."Our chief executive officer and our management team has limited experience.
A CNBC investigation in February 2018 found a number of red flags at Riot Blockchain, including annual meetings that were postponed at the last minute, sales of stock by company insiders soon after the company's name change, dilutive share issuances on favorable terms to large investors, confusing SEC filings and evidence that a major shareholder was selling shares while everyone else was buying.
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