Dear MD (Naka) informed this SEC It will be too late The filing of the quarterly earnings report as it works through detailed accounting is tied to its August merger with Nakamoto Holdings.
The company, the 19th largest Bitcoin Treasury company, said it could not meet the deadline for Form 10-Q for the period ended September 30, but expected to submit the report within the five-day extension allowed under SEC rules.
Kind mdoriginally an integrated health care service provider, merged with David Bailey’s Bitcoin Nakamoto Holdings is focused To create a publicly traded Bitcoin Treasury vehicle. It now owns 5,765 BTC.
“The complexity of the accounting related to the merger, including the application of the relevant accounting standards under US GAAP and review of methods consistent with the requirements of the PCAOB, requires additional time to ensure the accuracy and completeness of the information to be included in the Form 10 Q”, MD kindly said in the filing.
Preliminary numbers point to significant losses following the merger, including a realized loss on digital assets of nearly $1.41 million, an unrealized loss of nearly $22.07 million, a $14.45 million loss on debt issuance, and a $59.75 million loss on the nakamoto acquisition, which was partially offset by a $21.85 million positive change in the fair value of contingent liabilities, the love
Naka, is trading at $0.57, down 7% on the day.
