Summary by Futu AI
CleanSpark, Inc. has responded to the U.S. Securities and Exchange Commission (SEC) regarding comments on its financial filings. The SEC's Division of Corporation Finance Office of Crypto Assets had previously sent a letter with comments on CleanSpark's Form 10-K for the fiscal year ended September 30, 2023, and Form 10-Q for the quarter ended March 31, 2024. CleanSpark has agreed to make several disclosures and revisions in future filings, including a breakeven analysis for bitcoin mining, details on revenue recognition policies, and clarifications on contract durations and noncash consideration measurements. The company will start implementing these changes in its upcoming Quarterly Report on Form 10-Q for the period ending June 30, 2024. CleanSpark's CFO, Gary A. Vecchiarelli, has provided detailed responses to the SEC's comments and has included proposed language for the revised disclosures in an attached Exhibit A.