Warrant accounting reclassification to debt liabilities

Checked on September 23, 2026. The cited source supports part of this claim, but not all of it.

The filing confirms the warrants were moved from equity to liabilities in a restatement dated May 7, 2021. However, it calls them derivative liabilities, not debt, and the restatement covers 2020 periods rather than taking effect on May 7, 2021.

Confirmed in the source:

• The company's warrants were reclassified from equity to liabilities in restated financial statements
• The company revised its warrant accounting and restated its financial statements on May 7, 2021

We could not confirm this from the cited source:

• That the warrants were reclassified as 'debt' liabilities (the filing describes them as derivative warrant liabilities measured at fair value, not debt)
• That the reclassification was 'effective May 7, 2021' (the restatement applies to the period from June 24, 2020 through December 31, 2020, with warrants treated as liabilities from issuance; May 7, 2021 is only the date of the revision)

That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.

What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000121390021025203/f10k2020a1_goodworks.htm) in full (249,888 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.

confirms Cipher Mining 10-K/A filed 2021-05-07

Quote: “On May 7, 2021, we revised our prior position on accounting for warrants and restated our financial statements to reclassify the Company's warrants”

View cached copy (2026-09-13)Live source ↗