Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 17

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 17
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 mining equipment prepayment. Financing Activities Net cash used in financing activities in the year ended December 31, 2023 was $15,778, which was comprised principally of $14,064 of loan repayments and $10,661 of interest payments, partially offset by $7,518 of proceeds from shares issued. Net cash generated from financing activities in the year ended December 31, 2022 was $84,177 which was comprised principally of $106,931 in loan proceeds partially offset by $22,661 in interest costs. Net cash generated from financing activities in the year ended December 31, 2021 was $233,062 and was comprised principally of $179.2 million of proceeds from shares issued and $35.8 million in loan proceeds. Capital Expenditures Historically, our capital expenditures have consisted primarily of purchasing mining machines and computer equipment and improvements to the mining facilities in which we operate. Our capital expenditures during the year ended December 31, 2020 were principally for purchasing mining machines. Beginning in 2021 and continuing into 2022, in addition to the acquisition of mining machines, our capital expenditures expanded to include acquiring and building mining facilities that we planned to own and operate. Our capital expenditures including mining machine prepayments, net of disposals, were $168.2 million, $95.6 million, and $1.1 million in 2021, 2022 and 2023, respectively.

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C.Research and development, patents and licenses, etc.

We have developed and may continue to research and develop certain proprietary technologies for purposes of optimizing and enhancing our cryptocurrency mining operations. Research and development have not been significant components of our business and have been immaterial to our financial condition and results of operations, however such activities may become more significant in the future.

D.Trend Information

Please refer to our disclosures set forth under Item 3.D “Risk Factors,” Item 4 “Information on the Company,” and elsewhere in this Item 5 “Operating and Financial Review and Prospects” for information regarding the material risks, business developments and strategies, factors, and trends that are most likely to affect our business and results of operations through 2024.

E.Critical Accounting Estimates

Not applicable.

Item 15. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15 or 15d-15 under the Exchange Act, we have carried out an evaluation of the effectiveness of our disclosure controls and procedures as of the end of