Bitcoin Treasury and Due Diligence
Assets that are classified as indefinite lived intangible assets have to periodically go through what is referred to as an impairment test, where the organization examines the asset to determine if the stated value on the financial statements is overstated versus the marketplace. Without going into the specifics of this process, if there are business conditions or other external forces that cause management to believe that the value of the asset has dropped, an impairment must be taken.
Coin Citadel will do whatever is required to become compliant and gain current reporting status as advised by its regulatory authorities.
It is also possible the SEC can help Coin Citadel in its efforts to finally force old CEO to give proof of original Bitcoin purchases, or stock for Bitcoin deals. If any evidence exists Coin Citadel could employ a firm like Cipher Trace to track down any existing Bitcoin wallet addresses, even if only some Bitcoin of the original deals still exist, if private keys if still held, or are forever irretrievable, or otherwise lost or stolen. Yet to be proven either way.
Thomas Pillsworth, CEO of Coin Citadel has has alway felt he has a fiduciary responsibility to its shareholders to continue to list Bitcoin in holdings, as deleting them if then proven valid, would be just as injudicious.
The decision to continue to list Bitcoin in Treasury was made on the basis of good-faith judgment and due care. It is not the CEO's role to play detective whenever information, including financial data, is received in an apparently reliable manner from previous corporate officers or from OTC filings or experts such as attorneys and public accountants.
It is a presumption that in making a business decision the directors of a corporation acted on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the company.
In closing
“It ain’t what you don’t know that gets you into trouble. It's what you know for sure that just ain't so.” - Mark Twain
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