40-F Filing

BITFARMS LTD CIK: 1812477 FY 2021

Filing Information

Form Type	40-F
Accession Number	`0001213900-22-015279`
Period End Date	20211231
Filing Date	20220328
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	f40f2021_bitfarmsltd_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 73 Income Statement 35 Cash Flow Statement 65 Stockholders Equity 18

Balance Sheet 73 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalents`	$125.59M	USD	Point-in-time
Cash	`CashAndCashEquivalents`	$2.16M	USD	Point-in-time
Cash	`CashAndCashEquivalents`	$5.95M	USD	Point-in-time
Trade receivables	`TradeAndOtherCurrentReceivables`	$1.04M	USD	Point-in-time
Trade receivables	`TradeAndOtherCurrentReceivables`	$1.10M	USD	Point-in-time
Other assets	`OtherCurrentAssets`	$669.00K	USD	Point-in-time
Other assets	`OtherCurrentAssets`	$6.43M	USD	Point-in-time
Digital assets	`DigitalAsset`	$66.03M	USD	Point-in-time
Digital assets	`DigitalAsset`	-	USD	Point-in-time
Digital assets - pledged as collateral	`DigitalAssetsPledgedAsCollateral`	-	USD	Point-in-time
Digital assets - pledged as collateral	`DigitalAssetsPledgedAsCollateral`	$86.83M	USD	Point-in-time
Embedded derivative	`CurrentDerivativeFinancialAssets`	-	USD	Point-in-time
Embedded derivative	`CurrentDerivativeFinancialAssets`	$1.45M	USD	Point-in-time
Assets held for sale	`DerivativeFinancialAssetsHeldForTrading`	$1.21M	USD	Point-in-time
Assets held for sale	`DerivativeFinancialAssetsHeldForTrading`	-	USD	Point-in-time
TOTAL CURRENT ASSETS	`CurrentAssets`	$287.13M	USD	Point-in-time
TOTAL CURRENT ASSETS	`CurrentAssets`	$9.17M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipment`	$136.85M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipment`	$35.79M	USD	Point-in-time
Right-of-use assets	`RightofuseAssets`	$9.40M	USD	Point-in-time
Right-of-use assets	`RightofuseAssets`	$5.39M	USD	Point-in-time
Long-term deposits, equipment prepayments and other	`NoncurrentReceivables`	$973.00K	USD	Point-in-time
Long-term deposits, equipment prepayments and other	`NoncurrentReceivables`	$86.68M	USD	Point-in-time
Intangible assets	`IntangibleAssetsOtherThanGoodwill`	$377.00K	USD	Point-in-time
Intangible assets	`IntangibleAssetsOtherThanGoodwill`	$1.68M	USD	Point-in-time
Goodwill	`Goodwill`	$16.95M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssets`	$3.90M	USD	Point-in-time
TOTAL NON-CURRENT ASSETS	`NoncurrentAssets`	$255.46M	USD	Point-in-time
TOTAL NON-CURRENT ASSETS	`NoncurrentAssets`	$42.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$51.70M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$542.59M	USD	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	718,000.00	ARS	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	$14.48M	USD	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	4.96M	CAD	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	-	ARS	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	2.45M	CAD	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	$2.70M	USD	Point-in-time
Current portion of long-term debt	`OtherCurrentFinancialLiabilities`	$10.26M	USD	Point-in-time
Current portion of long-term debt	`OtherCurrentFinancialLiabilities`	$17.17M	USD	Point-in-time
Current portion of lease liabilities	`CurrentLeaseLiabilities`	$3.63M	USD	Point-in-time
Current portion of lease liabilities	`CurrentLeaseLiabilities`	$4.35M	USD	Point-in-time
Credit facility	`CurrentContractLiabilities`	$60.00M	USD	Point-in-time
Credit facility	`CurrentContractLiabilities`	-	USD	Point-in-time
Taxes payable	`CurrentTaxLiabilitiesCurrent`	$12.09M	USD	Point-in-time
Taxes payable	`CurrentTaxLiabilitiesCurrent`	$316.00K	USD	Point-in-time
Warrant liability	`CurrentWarrantLiability`	-	USD	Point-in-time
Warrant liability	`CurrentWarrantLiability`	$4.67M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`CurrentLiabilities`	$28.48M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`CurrentLiabilities`	$101.18M	USD	Point-in-time
Long-term debt	`LongtermBorrowings`	$174.00K	USD	Point-in-time
Long-term debt	`LongtermBorrowings`	$910.00K	USD	Point-in-time
Lease liabilities	`NoncurrentLeaseLiabilities`	$7.40M	USD	Point-in-time
Lease liabilities	`NoncurrentLeaseLiabilities`	$9.23M	USD	Point-in-time
Asset retirement provision	`AssetRetirementProvision`	$239.00K	USD	Point-in-time
Asset retirement provision	`AssetRetirementProvision`	$209.00K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	$8.45M	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	-	USD	Point-in-time
TOTAL NON-CURRENT LIABILITIES	`NoncurrentLiabilities`	$7.78M	USD	Point-in-time
TOTAL NON-CURRENT LIABILITIES	`NoncurrentLiabilities`	$18.83M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$120.00M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$36.26M	USD	Point-in-time
Share capital	`IssuedCapital`	$378.89M	USD	Point-in-time
Share capital	`IssuedCapital`	$32.00M	USD	Point-in-time
Contributed surplus	`SharePremium`	$43.70M	USD	Point-in-time
Contributed surplus	`SharePremium`	$5.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarnings`	$-15.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarnings`	$-22.14M	USD	Point-in-time
TOTAL EQUITY	`Equity`	$422.58M	USD	Point-in-time
TOTAL EQUITY	`Equity`	$28.09M	USD	Point-in-time
TOTAL EQUITY	`Equity`	$15.45M	USD	Point-in-time
TOTAL LIABILITIES & EQUITY	`EquityAndLiabilities`	$542.59M	USD	Point-in-time
TOTAL LIABILITIES & EQUITY	`EquityAndLiabilities`	$51.70M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenue`	$169.49M	USD	Annual
Revenues	`Revenue`	$34.70M	USD	Annual
Cost of sales	`CostOfSales`	$58.37M	USD	Annual
Cost of sales	`CostOfSales`	$31.83M	USD	Annual
Gross profit	`GrossProfit`	$111.12M	USD	Annual
Gross profit	`GrossProfit`	$2.87M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$43.24M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.25M	USD	Annual
Loss (gain) on disposition of digital assets	`GainLossArisingFromDerecognitionOfFinancialAssetsMeasuredAtAmortisedCost`	$88.00K	USD	Annual
Loss (gain) on disposition of digital assets	`GainLossArisingFromDerecognitionOfFinancialAssetsMeasuredAtAmortisedCost`	$-289.00K	USD	Annual
Loss on revaluation of digital assets	`GainLossOnRevaluationOfDigitalAssets`	-	USD	Annual
Loss on revaluation of digital assets	`GainLossOnRevaluationOfDigitalAssets`	$4.86M	USD	Annual
Loss (gain) on disposition of property, plant and equipment	`GainsLossesOnDisposalsOfPropertyPlantAndEquipment`	$-1.44M	USD	Annual
Loss (gain) on disposition of property, plant and equipment	`GainsLossesOnDisposalsOfPropertyPlantAndEquipment`	$848.00K	USD	Annual
Impairment on property, plant and equipment	`ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9`	$1.80M	USD	Annual
Impairment reversal on property, plant and equipment	`OtherGainsLosses`	$1.86M	USD	Annual
Impairment reversal on property, plant and equipment	`OtherGainsLosses`	-	USD	Annual
Operating income (loss)	`ProfitLossFromOperatingActivities`	$63.64M	USD	Annual
Operating income (loss)	`ProfitLossFromOperatingActivities`	$-6.73M	USD	Annual
Net financial expenses	`FinanceCosts`	$9.39M	USD	Annual
Net financial expenses	`FinanceCosts`	$21.00M	USD	Annual
Net income (loss) before income taxes	`ProfitLossBeforeTax`	$42.64M	USD	Annual
Net income (loss) before income taxes	`ProfitLossBeforeTax`	$-16.12M	USD	Annual
Income tax expense	`IncomeTaxExpenseContinuingOperations`	$20.51M	USD	Annual
Income tax expense	`IncomeTaxExpenseContinuingOperations`	$172.00K	USD	Annual
Net income (loss) and total comprehensive income (loss)	`OtherComprehensiveIncome`	$-16.29M	USD	Annual
Net income (loss) and total comprehensive income (loss)	`OtherComprehensiveIncome`	$22.13M	USD	Annual
Basic earnings (loss) per share (in Dollars per share)	`BasicEarningsLossPerShare`	$0.14	USD	Annual
Basic earnings (loss) per share (in Dollars per share)	`BasicEarningsLossPerShare`	$-0.19	USD	Annual
Basic weighted average number of shares (in Shares)	`WeightedAverageShares`	84.92M	shares	Annual
Basic weighted average number of shares (in Shares)	`WeightedAverageShares`	157.65M	shares	Annual
Diluted earnings (loss) per share (in Dollars per share)	`DilutedEarningsLossPerShare`	$-0.19	USD	Annual
Diluted earnings (loss) per share (in Dollars per share)	`DilutedEarningsLossPerShare`	$0.13	USD	Annual
Diluted weighted average number of shares for the purpose of calculating diluted earnings per share (in Shares)	`AdjustedWeightedAverageShares`	169.39M	shares	Annual
Diluted weighted average number of shares for the purpose of calculating diluted earnings per share (in Shares)	`AdjustedWeightedAverageShares`	84.92M	shares	Annual

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-16.29M	USD	Annual
Net income (loss)	`ProfitLoss`	$22.13M	USD	Annual
Depreciation and amortization	`AdjustmentsForDepreciationAndAmortisationExpense`	$24.48M	USD	Annual
Depreciation and amortization	`AdjustmentsForDepreciationAndAmortisationExpense`	$11.49M	USD	Annual
Impairment on property, plant and equipment	`AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss`	$1.80M	USD	Annual
Impairment reversal on property, plant and equipment	`AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment`	-	USD	Annual
Impairment reversal on property, plant and equipment	`AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment`	$1.86M	USD	Annual
Net financial expenses	`AdjustmentsForFinanceCosts`	$9.39M	USD	Annual
Net financial expenses	`AdjustmentsForFinanceCosts`	$21.00M	USD	Annual
Digital assets mined	`DigitalAssetMined`	-	USD	Annual
Digital assets mined	`DigitalAssetMined`	$-164.39M	USD	Annual
Digital assets liquidated	`DigitalAssetsLiquidated`	-	USD	Annual
Digital assets liquidated	`DigitalAssetsLiquidated`	$6.39M	USD	Annual
Loss on disposition of digital assets	`AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets`	$289.00K	USD	Annual
Loss on disposition of digital assets	`AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets`	-	USD	Annual
Loss on revaluation of digital assets	`AdjustmentsForFairValueGainsLosses`	$4.86M	USD	Annual
Loss on revaluation of digital assets	`AdjustmentsForFairValueGainsLosses`	-	USD	Annual
Share-based payment	`AdjustmentsForSharebasedPayments`	$2.20M	USD	Annual
Share-based payment	`AdjustmentsForSharebasedPayments`	$22.59M	USD	Annual
Interest and financial expenses paid	`InterestAndFinancialExpensesPaid`	$4.25M	USD	Annual
Interest and financial expenses paid	`InterestAndFinancialExpensesPaid`	$3.98M	USD	Annual
Deferred taxes	`AdjustmentsForDeferredTaxExpense`	-	USD	Annual
Deferred taxes	`AdjustmentsForDeferredTaxExpense`	$8.84M	USD	Annual
Gain on disposition of marketable securities	`GainOnDispositionOfMarketablesSecurities`	$6.15M	USD	Annual
Gain on disposition of marketable securities	`GainOnDispositionOfMarketablesSecurities`	-	USD	Annual
Loss (gain) on disposition of property, plant and equipment	`LossgainOnDispositionOfPropertyPlantAndEquipment`	$-848.00K	USD	Annual
Loss (gain) on disposition of property, plant and equipment	`LossgainOnDispositionOfPropertyPlantAndEquipment`	$1.44M	USD	Annual
Changes in non-cash working capital components	`PastServiceCostNetDefinedBenefitLiabilityAsset`	$3.24M	USD	Annual
Changes in non-cash working capital components	`PastServiceCostNetDefinedBenefitLiabilityAsset`	$15.39M	USD	Annual
Net change in cash related to operating activities	`CashFlowsFromUsedInOperatingActivities`	$-37.17M	USD	Annual
Net change in cash related to operating activities	`CashFlowsFromUsedInOperatingActivities`	$7.22M	USD	Annual
Purchase of property, plant and equipment and intangible assets	`PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities`	$108.16M	USD	Annual
Purchase of property, plant and equipment and intangible assets	`PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities`	$4.45M	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$879.00K	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$1.11M	USD	Annual
Acquisition through business combination	`CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities`	-	USD	Annual
Acquisition through business combination	`CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities`	$23.00M	USD	Annual
Equipment prepayments and other	`EquipmentPrepayment`	$85.09M	USD	Annual
Equipment prepayments and other	`EquipmentPrepayment`	$31.00K	USD	Annual
Net change in cash related to investing activities	`CashFlowsFromUsedInInvestingActivities`	$-215.15M	USD	Annual
Net change in cash related to investing activities	`CashFlowsFromUsedInInvestingActivities`	$-3.60M	USD	Annual
Issuance of common shares and warrants	`ProceedsFromExerciseOfWarrants`	$259.17M	USD	Annual
Issuance of common shares and warrants	`ProceedsFromExerciseOfWarrants`	$54.00K	USD	Annual
Exercise of warrants and stock options	`ExerciseOfWarrants`	$2.00M	USD	Annual
Exercise of warrants and stock options	`ExerciseOfWarrants`	$63.32M	USD	Annual
Repayment of lease liabilities	`PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities`	$4.23M	USD	Annual
Repayment of lease liabilities	`PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities`	$1.46M	USD	Annual
Repayment of long-term debt	`RepaymentsOfNoncurrentBorrowings`	$488.00K	USD	Annual
Repayment of long-term debt	`RepaymentsOfNoncurrentBorrowings`	$20.50M	USD	Annual
Proceeds from long-term debt	`ProceedsFromNoncurrentBorrowings`	$84.00K	USD	Annual
Proceeds from long-term debt	`ProceedsFromNoncurrentBorrowings`	$14.23M	USD	Annual
Proceeds from credit facility	`ProceedsFromBorrowingsClassifiedAsFinancingActivities`	-	USD	Annual
Proceeds from credit facility	`ProceedsFromBorrowingsClassifiedAsFinancingActivities`	$60.00M	USD	Annual
Net change in cash related to financing activities	`CashFlowsFromUsedInFinancingActivities`	$371.99M	USD	Annual
Net change in cash related to financing activities	`CashFlowsFromUsedInFinancingActivities`	$185.00K	USD	Annual
Exchange rate differences on currency translation	`EffectOfExchangeRateChangesOnCashAndCashEquivalents`	$-21.00K	USD	Annual
Exchange rate differences on currency translation	`EffectOfExchangeRateChangesOnCashAndCashEquivalents`	$-15.00K	USD	Annual
Net change in cash	`IncreaseDecreaseInCashAndCashEquivalents`	$3.79M	USD	Annual
Net change in cash	`IncreaseDecreaseInCashAndCashEquivalents`	$119.65M	USD	Annual
Cash at the beginning of the year	`CashAndCashEquivalents`	$125.59M	USD	Point-in-time
Cash at the beginning of the year	`CashAndCashEquivalents`	$2.16M	USD	Point-in-time
Cash at the beginning of the year	`CashAndCashEquivalents`	$5.95M	USD	Point-in-time
Cash at the end of the year	`CashAndCashEquivalents`	$125.59M	USD	Point-in-time
Cash at the end of the year	`CashAndCashEquivalents`	$2.16M	USD	Point-in-time
Cash at the end of the year	`CashAndCashEquivalents`	$5.95M	USD	Point-in-time

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`Equity`	$422.58M	USD	Point-in-time
Balance	`Equity`	$28.09M	USD	Point-in-time
Balance	`Equity`	$15.45M	USD	Point-in-time
Balance	`Equity`	$422.58M	USD	Point-in-time
Balance	`Equity`	$28.09M	USD	Point-in-time
Balance	`Equity`	$15.45M	USD	Point-in-time
Net income (loss) and total comprehensive income (loss)	`ProfitLoss`	$-16.29M	USD	Annual
Net income (loss) and total comprehensive income (loss)	`ProfitLoss`	$22.13M	USD	Annual
Share-based payment (Note 24)	`AdjustmentsForSharebasedPayments`	$2.20M	USD	Annual
Share-based payment (Note 24)	`AdjustmentsForSharebasedPayments`	$22.59M	USD	Annual
Issuance of common shares and warrants (Note 18)	`IssuanceOfCommonSharesAndWarrants`	$259.94M	USD	Annual
Issuance of common shares and warrants (Note 18)	`IssuanceOfCommonSharesAndWarrants`	$131.00K	USD	Annual
Conversion of long-term debt (Note 14)	`IncreaseDecreaseConversionOfLongtermDebt`	$110.00K	USD	Annual
Conversion of long-term debt (Note 14)	`IncreaseDecreaseConversionOfLongtermDebt`	$5.00M	USD	Annual
Reclassification of warrants from equity to liability and share issuance in partial settlement of warrant liability	`ReclassificationOfWarrantsFromEquityToLiabilityAndShareIssuanceInPartialSettlement`	$-791.00K	USD	Annual
Deferred tax recovery related to equity issuance costs (Note 16)	`IssueOfEquity`	$4.29M	USD	Annual
Exercise of warrants and stock options (Note 18)	`IncreaseDecreaseExerciseOfWarrantsAndStockOptions`	$93.19M	USD	Annual
Exercise of warrants and stock options (Note 18)	`IncreaseDecreaseExerciseOfWarrantsAndStockOptions`	$2.00M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.