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SVTPerformance's Chain of Restaurants
Road Side Pub
BITCOIN
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<blockquote data-quote="Weather Man" data-source="post: 16747400" data-attributes="member: 137766"><p>Wallstreet has RIOT as a strong buy.</p><p></p><p>Comment in an article about RIOT.</p><p></p><p><img src="https://static1.seekingalpha.com/images/users_profile/022/792/221/small_pic.png?t=eca0007af3" alt="ThreeDayCondor profile picture" class="fr-fic fr-dii fr-draggable " style="" /></p><p><a href="https://seekingalpha.com/user/22792221" target="_blank">ThreeDayCondor</a></p><p><strong>New: </strong>Today, 1:31 PM</p><p><a href="https://seekingalpha.com/user/22792221/comments" target="_blank">Comments (1.6K)</a></p><p>|</p><p>+ Follow</p><p>« Prev | Next »</p><p>Before we discuss the (claimed) weedy details of the 2021 results….</p><p></p><p>I want to highlight just how much we all must trust Riot’s executive officers’ spotless integrity — as to these numbers.</p><p></p><p>Most audit reports describe key pension assumptions, or some obscure non-central, non-cash tax loss carry-forward projections as the “critical” accounting matters which the auditors have only limited (or no) tools to verify.</p><p></p><p>In Riot’s case — essentially the opposite is true — almost no core matter is verifiable, viz.: (i) the way it makes its revenue, (ii) the way it accounts for costs of mined coin (primarily electricity) and (iii) its claims of its existing hashing power… ALL are subject to very limited-to-no ability to verify.</p><p></p><p>To be certain, those are the three key pillars that support its silly $17/share price on the NASDAQ, this morning. It is the core of the operation — not some backwater pension liability / accounting valuation calculation.</p><p></p><p>This company’s results… essentially cannot be verified with any reasonable degree of confidence. [Almost trivially, in view of that, the auditor confirms that Riot’s management ALSO lacks adequate internal controls, over “regular” accounting matters. Sheesh.]</p><p></p><p>See this:</p><p></p><p>“…During the year ended December 31, 2021, the Company recognized net cryptocurrency mining revenue of approximately $184.4 million. The Company’s management has exercised significant judgment in their determination of how existing GAAP should be applied to the accounting for and disclosure of cryptocurrency mining revenue recognized. In addition, a significant portion of the Company’s cryptocurrency mining hardware that provides computing power to the Pool is currently hosted at a third party facility. As such, the overall accounting for and disclosure of cryptocurrency mining revenue recognized involved the IT environment of both the Company and the third party hosting facility.</p><p></p><p>We identified the accounting for and disclosure of cryptocurrency mining revenue recognized as a critical audit matter due to the complexities involved in auditing completeness and occurrence of the revenue recognized by the Company, particularly in light of material weakness identified in the design and effectiveness of certain internal controls over the IT environment for certain financially relevant systems….”</p><p></p><p>That is the audit firm, distancing itself from these results (which, amazingly, show vast GAAP operating losses, even on that supposed $184 million in gross mining revenue in 2021). [Maybe this fight is why the 10-K was 16 days late in arriving!]</p><p></p><p>In any event, I cannot for the life of me understand how a company with a series of “questionable” CEOs, and a supine board of directors… is the sort of public company I want to simply “take on faith” — as to the very core of what it is they make, how they make it and whether they are accurately recording the costs to make it. Recall that the management team is paying itself around $65 million in stock in 2021… to lose around $22 million, on those operations.</p><p></p><p>C R A Z Y.</p><p></p><p>Next post will be on the special incompetence it takes to generate nearly ten times one’s prior year’s revenue… and still manage to lose two thirds as much, on an operating basis, as one lost when one tenth that size.</p><p></p><p>That is just super… silly. All in an environment where the average price of Bitcoin was about 10 per cent BETTER than it is today (~$45,500 vs. ~$41,000).</p><p></p><p>This is no company — it is a retirees’ hobby shop… or a high end home garden that grows $120 per pea-pod… peas.</p><p></p><p>This is no business. Period.</p><p></p><p>If you lost money here this year, get in touch… class forming now.</p><p></p><p>Namaste.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16747400, member: 137766"] Wallstreet has RIOT as a strong buy. Comment in an article about RIOT. [IMG alt="ThreeDayCondor profile picture"]https://static1.seekingalpha.com/images/users_profile/022/792/221/small_pic.png?t=eca0007af3[/IMG] [URL='https://seekingalpha.com/user/22792221']ThreeDayCondor[/URL] [B]New: [/B]Today, 1:31 PM [URL='https://seekingalpha.com/user/22792221/comments']Comments (1.6K)[/URL] | + Follow « Prev | Next » Before we discuss the (claimed) weedy details of the 2021 results…. I want to highlight just how much we all must trust Riot’s executive officers’ spotless integrity — as to these numbers. Most audit reports describe key pension assumptions, or some obscure non-central, non-cash tax loss carry-forward projections as the “critical” accounting matters which the auditors have only limited (or no) tools to verify. In Riot’s case — essentially the opposite is true — almost no core matter is verifiable, viz.: (i) the way it makes its revenue, (ii) the way it accounts for costs of mined coin (primarily electricity) and (iii) its claims of its existing hashing power… ALL are subject to very limited-to-no ability to verify. To be certain, those are the three key pillars that support its silly $17/share price on the NASDAQ, this morning. It is the core of the operation — not some backwater pension liability / accounting valuation calculation. This company’s results… essentially cannot be verified with any reasonable degree of confidence. [Almost trivially, in view of that, the auditor confirms that Riot’s management ALSO lacks adequate internal controls, over “regular” accounting matters. Sheesh.] See this: “…During the year ended December 31, 2021, the Company recognized net cryptocurrency mining revenue of approximately $184.4 million. The Company’s management has exercised significant judgment in their determination of how existing GAAP should be applied to the accounting for and disclosure of cryptocurrency mining revenue recognized. In addition, a significant portion of the Company’s cryptocurrency mining hardware that provides computing power to the Pool is currently hosted at a third party facility. As such, the overall accounting for and disclosure of cryptocurrency mining revenue recognized involved the IT environment of both the Company and the third party hosting facility. We identified the accounting for and disclosure of cryptocurrency mining revenue recognized as a critical audit matter due to the complexities involved in auditing completeness and occurrence of the revenue recognized by the Company, particularly in light of material weakness identified in the design and effectiveness of certain internal controls over the IT environment for certain financially relevant systems….” That is the audit firm, distancing itself from these results (which, amazingly, show vast GAAP operating losses, even on that supposed $184 million in gross mining revenue in 2021). [Maybe this fight is why the 10-K was 16 days late in arriving!] In any event, I cannot for the life of me understand how a company with a series of “questionable” CEOs, and a supine board of directors… is the sort of public company I want to simply “take on faith” — as to the very core of what it is they make, how they make it and whether they are accurately recording the costs to make it. Recall that the management team is paying itself around $65 million in stock in 2021… to lose around $22 million, on those operations. C R A Z Y. Next post will be on the special incompetence it takes to generate nearly ten times one’s prior year’s revenue… and still manage to lose two thirds as much, on an operating basis, as one lost when one tenth that size. That is just super… silly. All in an environment where the average price of Bitcoin was about 10 per cent BETTER than it is today (~$45,500 vs. ~$41,000). This is no company — it is a retirees’ hobby shop… or a high end home garden that grows $120 per pea-pod… peas. This is no business. Period. If you lost money here this year, get in touch… class forming now. Namaste. [/QUOTE]
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