40-F Filing

BITFARMS LTD CIK: 1812477 FY 2022

Filing Information

Form Type	40-F
Accession Number	`0001213900-23-021559`
Period End Date	20221231
Filing Date	20230321
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	f40f2022_bitfarmsltd_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 38 Cash Flow Statement 78 Stockholders Equity 17

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Cash	`CashAndCashEquivalents`	$5.95M	USD	Point-in-time
Cash	`CashAndCashEquivalents`	$125.59M	USD	Point-in-time
Cash	`CashAndCashEquivalents`	$30.89M	USD	Point-in-time
Trade receivables	`TradeAndOtherCurrentReceivables`	$1.04M	USD	Point-in-time
Trade receivables	`TradeAndOtherCurrentReceivables`	$701.00K	USD	Point-in-time
Other assets	`OtherCurrentAssets`	$4.51M	USD	Point-in-time
Other assets	`OtherCurrentAssets`	$3.23M	USD	Point-in-time
Short-term prepaid expenses	`CurrentPrepaidExpenses`	$12.92M	USD	Point-in-time
Short-term prepaid expenses	`CurrentPrepaidExpenses`	$3.20M	USD	Point-in-time
Taxes receivable	`CurrentDerivativeFinancialAssets`	$12.14M	USD	Point-in-time
Taxes receivable	`CurrentDerivativeFinancialAssets`	-	USD	Point-in-time
Digital assets	`DigitalAsset`	$4.63M	USD	Point-in-time
Digital assets	`DigitalAsset`	$66.03M	USD	Point-in-time
Digital assets - pledged as collateral	`DigitalAssetsPledgedAsCollateral`	$2.07M	USD	Point-in-time
Digital assets - pledged as collateral	`DigitalAssetsPledgedAsCollateral`	$86.83M	USD	Point-in-time
Assets held for sale	`DerivativeFinancialAssetsHeldForTrading`	$1.22M	USD	Point-in-time
Assets held for sale	`DerivativeFinancialAssetsHeldForTrading`	$1.21M	USD	Point-in-time
Total current assets	`CurrentAssets`	$287.13M	USD	Point-in-time
Total current assets	`CurrentAssets`	$69.09M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipment`	$219.43M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipment`	$136.85M	USD	Point-in-time
Right-of-use assets	`RightofuseAssets`	$16.36M	USD	Point-in-time
Right-of-use assets	`RightofuseAssets`	$9.40M	USD	Point-in-time
Long-term deposits, equipment prepayments and other	`NoncurrentReceivables`	$86.68M	USD	Point-in-time
Long-term deposits, equipment prepayments and other	`NoncurrentReceivables`	$38.19M	USD	Point-in-time
Intangible assets	`IntangibleAssetsOtherThanGoodwill`	$1.68M	USD	Point-in-time
Intangible assets	`IntangibleAssetsOtherThanGoodwill`	$33.00K	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Goodwill	`Goodwill`	$16.95M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssets`	$3.90M	USD	Point-in-time
Deferred tax asset	`DeferredTaxAssets`	-	USD	Point-in-time
Total assets	`Assets`	$343.10M	USD	Point-in-time
Total assets	`Assets`	$542.59M	USD	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	$20.54M	USD	Point-in-time
Trade payables and accrued liabilities	`TradeAndOtherCurrentPayables`	$14.48M	USD	Point-in-time
Current portion of long-term debt	`OtherCurrentFinancialLiabilities`	$10.26M	USD	Point-in-time
Current portion of long-term debt	`OtherCurrentFinancialLiabilities`	$43.05M	USD	Point-in-time
Current portion of lease liabilities	`CurrentLeaseLiabilities`	$4.35M	USD	Point-in-time
Current portion of lease liabilities	`CurrentLeaseLiabilities`	$3.65M	USD	Point-in-time
Credit facility	`CurrentContractLiabilities`	$60.00M	USD	Point-in-time
Credit facility	`CurrentContractLiabilities`	-	USD	Point-in-time
Taxes payable	`CurrentTaxLiabilitiesCurrent`	-	USD	Point-in-time
Taxes payable	`CurrentTaxLiabilitiesCurrent`	$12.09M	USD	Point-in-time
Total current liabilities	`CurrentLiabilities`	$101.18M	USD	Point-in-time
Total current liabilities	`CurrentLiabilities`	$67.24M	USD	Point-in-time
Long-term debt	`LongtermBorrowings`	$4.09M	USD	Point-in-time
Long-term debt	`LongtermBorrowings`	$910.00K	USD	Point-in-time
Lease liabilities	`NoncurrentLeaseLiabilities`	$9.23M	USD	Point-in-time
Lease liabilities	`NoncurrentLeaseLiabilities`	$14.21M	USD	Point-in-time
Asset retirement provision	`AssetRetirementProvision`	$1.98M	USD	Point-in-time
Asset retirement provision	`AssetRetirementProvision`	$239.00K	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	-	USD	Point-in-time
Deferred tax liability	`DeferredTaxLiabilities`	$8.45M	USD	Point-in-time
Total liabilities	`Liabilities`	$87.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$120.00M	USD	Point-in-time
Share capital	`IssuedCapital`	$429.12M	USD	Point-in-time
Share capital	`IssuedCapital`	$378.89M	USD	Point-in-time
Contributed surplus	`SharePremium`	$43.70M	USD	Point-in-time
Contributed surplus	`SharePremium`	$65.51M	USD	Point-in-time
Accumulated deficit	`RetainedEarnings`	$-15.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarnings`	$-239.06M	USD	Point-in-time
Total equity	`Equity`	$15.45M	USD	Point-in-time
Total equity	`Equity`	$422.58M	USD	Point-in-time
Total equity	`Equity`	$255.57M	USD	Point-in-time
Total liabilities and equity	`EquityAndLiabilities`	$343.10M	USD	Point-in-time
Total liabilities and equity	`EquityAndLiabilities`	$542.59M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenue`	$142.43M	USD	Annual
Revenues	`Revenue`	$169.49M	USD	Annual
Cost of revenues	`CostOfRevenue`	$131.91M	USD	Annual
Cost of revenues	`CostOfRevenue`	$58.37M	USD	Annual
Gross profit	`GrossProfit`	$10.52M	USD	Annual
Gross profit	`GrossProfit`	$111.12M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$43.24M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$51.51M	USD	Annual
Realized loss on disposition of digital assets	`GainLossArisingFromDerecognitionOfFinancialAssetsMeasuredAtAmortisedCost`	$-289.00K	USD	Annual
Realized loss on disposition of digital assets	`GainLossArisingFromDerecognitionOfFinancialAssetsMeasuredAtAmortisedCost`	$-150.81M	USD	Annual
Change in unrealized (gain) loss on revaluation of digital assets	`GainLossOnRevaluationOfDigitalAssets`	$-2.17M	USD	Annual
Change in unrealized (gain) loss on revaluation of digital assets	`GainLossOnRevaluationOfDigitalAssets`	$4.86M	USD	Annual
Loss (gain) on disposition of property, plant and equipment	`GainsLossesOnDisposalsOfPropertyPlantAndEquipment`	$-1.28M	USD	Annual
Loss (gain) on disposition of property, plant and equipment	`GainsLossesOnDisposalsOfPropertyPlantAndEquipment`	$848.00K	USD	Annual
Impairment on equipment and construction prepayments, property, plant and equipment and right-of-use assets	`ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9`	$1.80M	USD	Annual
Impairment on equipment and construction prepayments, property, plant and equipment and right-of-use assets	`ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9`	$75.21M	USD	Annual
Impairment on goodwill	`TaxEffectOfImpairmentOfGoodwill`	$17.90M	USD	Annual
Impairment on goodwill	`TaxEffectOfImpairmentOfGoodwill`	-	USD	Annual
Impairment reversal on property, plant and equipment	`OtherGainsLosses`	-	USD	Annual
Impairment reversal on property, plant and equipment	`OtherGainsLosses`	$1.86M	USD	Annual
Operating (loss) income	`ProfitLossFromOperatingActivities`	$-284.02M	USD	Annual
Operating (loss) income	`ProfitLossFromOperatingActivities`	$63.64M	USD	Annual
Net financial (income) expenses	`NetFinancialincomeExpense`	$21.00M	USD	Annual
Net financial (income) expenses	`NetFinancialincomeExpense`	$-27.56M	USD	Annual
Net (loss) income before income taxes	`ProfitLossBeforeTax`	$42.64M	USD	Annual
Net (loss) income before income taxes	`ProfitLossBeforeTax`	$-256.46M	USD	Annual
Income tax (recovery) expense	`IncomeTaxExpenseContinuingOperations`	$-17.41M	USD	Annual
Income tax (recovery) expense	`IncomeTaxExpenseContinuingOperations`	$20.51M	USD	Annual
Net (loss) income and total comprehensive (loss) income	`ComprehensiveIncome`	$-239.05M	USD	Annual
Net (loss) income and total comprehensive (loss) income	`ComprehensiveIncome`	$22.13M	USD	Annual
Earnings (loss) per share Basic (in Dollars per share)	`BasicEarningsLossPerShare`	$0.14	USD	Annual
Earnings (loss) per share Basic (in Dollars per share)	`BasicEarningsLossPerShare`	$-1.15	USD	Annual
Earnings (loss) per share Diluted (in Dollars per share)	`DilutedEarningsLossPerShare`	$-1.15	USD	Annual
Earnings (loss) per share Diluted (in Dollars per share)	`DilutedEarningsLossPerShare`	$0.13	USD	Annual
Weighted average number of common shares outstanding Basic (in Shares)	`WeightedAverageShares`	207.78M	shares	Annual
Weighted average number of common shares outstanding Basic (in Shares)	`WeightedAverageShares`	157.65M	shares	Annual
Weighted average number of common shares outstanding Diluted (in Shares)	`AdjustedWeightedAverageShares`	169.39M	shares	Annual
Weighted average number of common shares outstanding Diluted (in Shares)	`AdjustedWeightedAverageShares`	207.78M	shares	Annual

Cash Flow Statement 78 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-239.05M	USD	Annual
Net income (loss)	`ProfitLoss`	$22.13M	USD	Annual
Depreciation and amortization	`AdjustmentsForDepreciationAndAmortisationExpense`	$24.48M	USD	Annual
Depreciation and amortization	`AdjustmentsForDepreciationAndAmortisationExpense`	$72.42M	USD	Annual
Impairment on equipment and construction prepayments, property, plant and equipment and right-of-use assets	`AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss`	$1.80M	USD	Annual
Impairment on equipment and construction prepayments, property, plant and equipment and right-of-use assets	`AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss`	$75.21M	USD	Annual
Impairment reversal on property, plant and equipment	`AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment`	-	USD	Annual
Impairment reversal on property, plant and equipment	`AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment`	$-1.86M	USD	Annual
Impairment on goodwill	`AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill`	$17.90M	USD	Annual
Impairment on goodwill	`AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill`	-	USD	Annual
Net financial (income) expenses	`NetFinancialincomeExpenses`	$27.56M	USD	Annual
Net financial (income) expenses	`NetFinancialincomeExpenses`	$-21.00M	USD	Annual
Digital assets mined	`DigitalAssetsLiquidated`	$-164.39M	USD	Annual
Digital assets mined	`DigitalAssetsLiquidated`	$-138.99M	USD	Annual
Proceeds from sale of digital assets mined	`DigitalAssetMined`	$158.67M	USD	Annual
Proceeds from sale of digital assets mined	`DigitalAssetMined`	$6.39M	USD	Annual
Realized loss on disposition of digital assets	`AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets`	$289.00K	USD	Annual
Realized loss on disposition of digital assets	`AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets`	$150.81M	USD	Annual
Change in unrealized (gain) loss on revaluation of digital assets	`AdjustmentsForFairValueGainsLosses`	$-2.17M	USD	Annual
Change in unrealized (gain) loss on revaluation of digital assets	`AdjustmentsForFairValueGainsLosses`	$4.86M	USD	Annual
Share-based payment	`AdjustmentsForSharebasedPayments`	$22.59M	USD	Annual
Share-based payment	`AdjustmentsForSharebasedPayments`	$21.79M	USD	Annual
Income tax expense (recovery)	`AdjustmentsForDeferredTaxExpense`	$8.84M	USD	Annual
Income tax expense (recovery)	`AdjustmentsForDeferredTaxExpense`	$-17.41M	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`	$1.28M	USD	Annual
Interest and financial expenses paid	`InterestAndFinancialExpensesPaid`	$17.72M	USD	Annual
Interest and financial expenses paid	`InterestAndFinancialExpensesPaid`	$3.98M	USD	Annual
Income taxes paid	`IncomeTaxesPaidRefundClassifiedAsOperatingActivities`	-	USD	Annual
Income taxes paid	`IncomeTaxesPaidRefundClassifiedAsOperatingActivities`	$-14.96M	USD	Annual
Changes in non-cash working capital components	`PastServiceCostNetDefinedBenefitLiabilityAsset`	$-3.98M	USD	Annual
Changes in non-cash working capital components	`PastServiceCostNetDefinedBenefitLiabilityAsset`	$15.39M	USD	Annual
Net change in cash related to operating activities	`CashFlowsFromUsedInOperatingActivities`	$36.25M	USD	Annual
Net change in cash related to operating activities	`CashFlowsFromUsedInOperatingActivities`	$-43.32M	USD	Annual
Purchase of property, plant and equipment	`PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities`	$108.16M	USD	Annual
Purchase of property, plant and equipment	`PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities`	$153.14M	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$10.50M	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities`	$1.11M	USD	Annual
Purchase of marketable securities	`PurchaseOfMarketableSecurities`	$6.69M	USD	Annual
Purchase of marketable securities	`PurchaseOfMarketableSecurities`	$150.73M	USD	Annual
Proceeds from disposition of marketable securities	`OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities`	$12.84M	USD	Annual
Proceeds from disposition of marketable securities	`OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities`	$202.38M	USD	Annual
Purchase of digital assets	`PurchaseOfDigitalAssets`	-	USD	Annual
Purchase of digital assets	`PurchaseOfDigitalAssets`	$43.24M	USD	Annual
Proceeds from sale of digital assets purchased	`ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities`	-	USD	Annual
Proceeds from sale of digital assets purchased	`ProceedsFromOtherLongtermAssetsClassifiedAsInvestingActivities`	$21.05M	USD	Annual
Acquisition through business combination	`CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities`	$23.00M	USD	Annual
Acquisition through business combination	`CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities`	-	USD	Annual
Equipment and construction prepayments and other	`EquipmentPrepayment`	$85.09M	USD	Annual
Equipment and construction prepayments and other	`EquipmentPrepayment`	$41.84M	USD	Annual
Net change in cash related to investing activities	`CashFlowsFromUsedInInvestingActivities`	$-209.00M	USD	Annual
Net change in cash related to investing activities	`CashFlowsFromUsedInInvestingActivities`	$-155.01M	USD	Annual
Issuance of common shares and warrants	`ProceedsFromExerciseOfWarrants`	$54.09M	USD	Annual
Issuance of common shares and warrants	`ProceedsFromExerciseOfWarrants`	$259.17M	USD	Annual
Exercise of warrants and stock options	`ExerciseOfWarrants`	$63.32M	USD	Annual
Exercise of warrants and stock options	`ExerciseOfWarrants`	$21.00K	USD	Annual
Repayment of credit facility	`RepaymentOfCreditFacility`	-	USD	Annual
Repayment of credit facility	`RepaymentOfCreditFacility`	$100.00M	USD	Annual
Repayment of lease liabilities	`PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities`	$6.08M	USD	Annual
Repayment of lease liabilities	`PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities`	$4.23M	USD	Annual
Repayment of long-term debt	`RepaymentsOfNoncurrentBorrowings`	$20.50M	USD	Annual
Repayment of long-term debt	`RepaymentsOfNoncurrentBorrowings`	$31.22M	USD	Annual
Proceeds from long-term debt	`ProceedsFromNoncurrentBorrowings`	$67.20M	USD	Annual
Proceeds from long-term debt	`ProceedsFromNoncurrentBorrowings`	$14.23M	USD	Annual
Proceeds from credit facility	`ProceedsFromBorrowingsClassifiedAsFinancingActivities`	$60.00M	USD	Annual
Proceeds from credit facility	`ProceedsFromBorrowingsClassifiedAsFinancingActivities`	$40.00M	USD	Annual
Net change in cash related to financing activities	`CashFlowsFromUsedInFinancingActivities`	$24.01M	USD	Annual
Net change in cash related to financing activities	`CashFlowsFromUsedInFinancingActivities`	$371.99M	USD	Annual
Net increase (decrease) in cash	`IncreaseDecreaseInCashAndCashEquivalents`	$-94.75M	USD	Annual
Net increase (decrease) in cash	`IncreaseDecreaseInCashAndCashEquivalents`	$119.67M	USD	Annual
Cash, beginning of the year	`CashAndCashEquivalents`	$5.95M	USD	Point-in-time
Cash, beginning of the year	`CashAndCashEquivalents`	$125.59M	USD	Point-in-time
Cash, beginning of the year	`CashAndCashEquivalents`	$30.89M	USD	Point-in-time
Exchange rate differences on currency translation	`EffectOfExchangeRateChangesOnCashAndCashEquivalents`	$-21.00K	USD	Annual
Exchange rate differences on currency translation	`EffectOfExchangeRateChangesOnCashAndCashEquivalents`	$43.00K	USD	Annual
Cash, end of the year	`CashAndCashEquivalents`	$5.95M	USD	Point-in-time
Cash, end of the year	`CashAndCashEquivalents`	$125.59M	USD	Point-in-time
Cash, end of the year	`CashAndCashEquivalents`	$30.89M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`Equity`	$15.45M	USD	Point-in-time
Balance	`Equity`	$422.58M	USD	Point-in-time
Balance	`Equity`	$255.57M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$-239.05M	USD	Annual
Net income (loss)	`ProfitLoss`	$22.13M	USD	Annual
Share-based payment	`AdjustmentsForSharebasedPayments`	$22.59M	USD	Annual
Share-based payment	`AdjustmentsForSharebasedPayments`	$21.79M	USD	Annual
Issuance of common shares and warrants	`IncreaseDecreaseThroughExerciseOfWarrantsEquity`	$54.12M	USD	Annual
Issuance of common shares and warrants	`IncreaseDecreaseThroughExerciseOfWarrantsEquity`	$259.94M	USD	Annual
Conversion of long-term debt	`IncreaseDecreaseConversionOfLongtermDebt`	$5.00M	USD	Annual
Deferred tax expense related to equity issuance costs	`DeferredTaxExpenseRelatedToEquityIssuanceCosts`	$4.29M	USD	Annual
Deferred tax expense related to equity issuance costs	`DeferredTaxExpenseRelatedToEquityIssuanceCosts`	$-3.90M	USD	Annual
Exercise of stock options	`IncreaseDecreaseThroughExerciseOfOptions`	$21.00K	USD	Annual
Exercise of stock options	`IncreaseDecreaseThroughExerciseOfOptions`	$93.19M	USD	Annual
Balance	`Equity`	$15.45M	USD	Point-in-time
Balance	`Equity`	$422.58M	USD	Point-in-time
Balance	`Equity`	$255.57M	USD	Point-in-time

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