HIVE Blockchain intends to postpone publishing its financial statement due to unforeseen tax notices issued to one of its European subsidiaries.
On February 14, 2023, HIVE Blockchain was required to file its 2022 interim financial results. But on February 15, it disclosed that one of its subsidiaries had received a tax notice that needed to be attended to before the financial statement was submitted.
Reporting challenges, according to HIVE, make it difficult to continue corporate operations throughout Canada, Sweden, and Iceland. Every nation has different filing regulations, thus the company must consult local accounting firms.
In order to give the company additional time to evaluate the potential effects of the tax notice, HIVE said it has moved to postpone the interim financial filing that is required by Canadian securities rules.
The mining company announced that it has requested a cease trade order from the British Columbia Securities Commission, which will prevent HIVE personnel, including CEO Frank Holmes, from trading the shares until the required interim filings have been made.
HIVE further stated that company planned to submit the interim financial statement no later than February 28, 2023. HIVE stated that at the end of December 2022, their mining operations had produced 3,146 BTC, which was worth $54.2 million.
In comparison to the 4,032 BTC it mined in 2021, the amount climbed by 18% year over year. Additionally, in December 2022, the mining company installed roughly 2,050 mining rigs, including 1,423 BuzzMiner BTC miners.
