Company: ARBK
Filing Date: 2025-04-22
Form Type: 20-F/A
Source: 0001104659-25-037403
Chunk: 2

Company: Argo Blockchain Plc
Filing Date: 2025-04-22
Form: 20-F/A
Chunk 2
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 the Company is filing restated audited consolidated financial statements of the Company as of and for the years ended December 31, 2023, 2022 and 2021 (the “ Restated Financial Statements”), including the Report of Independent Registered Public Accounting Firm with respect thereto. In addition, the Company is including in this Amendment No. 1 its restated Operating and Financial Review and Prospects for the year ended December 31, 2023 (the “ Restated OFRP”). The Restated Financial Statements and Restated OFRP have been restated to correct a material error in the Company’s accounting for its mined cryptocurrencies. The Company accounted for these assets as current digital assets at fair value through profit or loss, when they should have been accounted for as intangible assets at fair value through other comprehensive income. The impact to the balance sheet is a change in the description of the asset from digital assets to intangible assets. The impact to the income statement is twofold:

| 1) | A reclassification of the change in fair value losses of digital assets from “Change in fair value of digital assets” to “Impairment in intangible assets”, and |

| 2) | A reclassification of fair value gains of digital assets from “Change in fair value of digital assets” to “Fair value reserve” in “Other comprehensive income”. |

While net income (loss) is improved in each year presented, there is no change to total comprehensive income (loss). The impact to the cash flow statement is a reclassification between operating cash flow and investing cash flow. Specifically, proceeds from the sales of digital assets have been reclassified from cash flows from operations to cash flows from investing activities. There is no change to total comprehensive loss or cash. In connection with the Restated Financial Statements and Restated OFRP, management has reassessed its evaluation of the effectiveness of its internal control over financial reporting and disclosure controls and procedures as of December 31, 2023 as further described in this Amendment No. 1. Based on such reassessment, the Company identified a material weakness in its internal control over financial reporting. Therefore, management concluded that internal control over financial reporting and disclosure controls and procedures were not effective as of December 31, 2023. Pursuant to Rule 12b-15, new certifications by our chief executive officer (“CEO”) and chief financial officer (“CFO”) are being filed as exhibits to this Amendment No. 1. The amended “Item 19. Exhibits