Riot Platforms, Inc. (RIOT) - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed on September 30, 2019, regarding an event that occurred on September 25, 2019. The filing concerns Riot Blockchain, Inc., a Nevada corporation, and its operations as a cryptocurrency mining and blockchain technology company.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial figure disclosed is a one-time termination payment of $50,000 made to Synapse Financial Technologies, Inc.
Material Changes
On September 25, 2019, effective as of September 12, 2019, the Company mutually agreed to terminate the Master Services Agreement and Software-as-a-Service Order Form (the "Synapse Agreement") with Synapse Financial Technologies, Inc. This agreement was originally reported in an 8-K filed on October 29, 2018, and was scheduled to expire on December 31, 2019, unless extended.
Outlook, Risks, and Management Commentary
Management stated that the termination was executed in exchange for the $50,000 payment and a mutual release of all claims arising under the agreement. The Company noted it is currently exploring other potential service provider options to replace the terminated arrangement. No other risks, contingencies, or unusual items were disclosed in this specific filing.
Key Facts for Investor Verification
- Termination of the Synapse Agreement was effective September 12, 2019.
- The Company paid a one-time settlement fee of $50,000 to Synapse.
- Riot is actively seeking alternative service providers to replace Synapse.
- This filing does not contain updated financial performance data or guidance.