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Ault Alliance | CORRESP: CORRESP

Ault Alliance | CORRESP: CORRESP

Ault Alliance | CORRESP:信函
美股SEC公告 ·  03/14 12:54

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Ault Alliance, Inc. has submitted a detailed response to the Securities and Exchange Commission (SEC) addressing comments from the SEC staff regarding its revenue recognition practices, particularly in relation to Bitcoin mining. The response, dated March 14, 2024, pertains to the Company's Form 10-K/A for the fiscal year ended December 31, 2022. Ault Alliance has agreed to revise its disclosures to more accurately represent its performance obligations as providing hash calculation services rather than 'computing power.' The company will also clarify the terms of its contract with the mining pool operator, including the right to terminate without penalty and the nature of the contract's continuous renewal. Additionally, Ault Alliance will provide a more detailed description of the FPPS payout formula used...Show More
Ault Alliance, Inc. has submitted a detailed response to the Securities and Exchange Commission (SEC) addressing comments from the SEC staff regarding its revenue recognition practices, particularly in relation to Bitcoin mining. The response, dated March 14, 2024, pertains to the Company's Form 10-K/A for the fiscal year ended December 31, 2022. Ault Alliance has agreed to revise its disclosures to more accurately represent its performance obligations as providing hash calculation services rather than 'computing power.' The company will also clarify the terms of its contract with the mining pool operator, including the right to terminate without penalty and the nature of the contract's continuous renewal. Additionally, Ault Alliance will provide a more detailed description of the FPPS payout formula used to calculate mining rewards, which include block rewards and transaction fees. The company will also disclose the specific time at which it values Bitcoin for revenue recognition purposes. The revised disclosures will be included in future filings to ensure compliance with ASC 606, the revenue recognition standard. Chief Financial Officer Kenneth Cragun has requested feedback on the response from the SEC.
Ault Alliance公司已向证券交易委员会(SEC)提交了一份详细的回复,以回应SEC工作人员有关其营业收入确认做法的意见,特别是关于比特币矿业的。回复日期为2024年3月14日,涉及该公司的2022财年第10-K/A文件。Ault Alliance已同意修改其披露文件,以更准确地表示其提供哈希计算服务的履行义务,而非“计算能力”。该公司还将澄清与矿池运营商的合同条款,包括在不惩罚的情况下终止合同的权利以及合同连续续约的性质。此外,Ault Alliance将提供更详细的FPPS支付公式说明,用于计算采矿奖励,其中包括区块奖励和交易费用。该公司还将披露其对比特币进行营业收入确认的具体时间。修订后的披露文件将包含在未来的申报文件中,以确保符合营业收入确认标准(ASC 606)。首席财务官Kenneth Cragun已要求SEC就回复提供反馈。
Ault Alliance公司已向证券交易委员会(SEC)提交了一份详细的回复,以回应SEC工作人员有关其营业收入确认做法的意见,特别是关于比特币矿业的。回复日期为2024年3月14日,涉及该公司的2022财年第10-K/A文件。Ault Alliance已同意修改其披露文件,以更准确地表示其提供哈希计算服务的履行义务,而非“计算能力”。该公司还将澄清与矿池运营商的合同条款,包括在不惩罚的情况下终止合同的权利以及合同连续续约的性质。此外,Ault Alliance将提供更详细的FPPS支付公式说明,用于计算采矿奖励,其中包括区块奖励和交易费用。该公司还将披露其对比特币进行营业收入确认的具体时间。修订后的披露文件将包含在未来的申报文件中,以确保符合营业收入确认标准(ASC 606)。首席财务官Kenneth Cragun已要求SEC就回复提供反馈。
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