Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 57

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 57
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6,456,862  
     3,502,539 
  
    Building 
     60,868,626  
     19,474,743 
  
    Leasehold Improvements 
     2,479,199  
     2,032,691 
  
    Vehicle 
     235,576  
     235,576 
  
    Other property and equipment 
     29,763  
     29,066 

    Less: Accumulated depreciation 
     (53,957,658) 
     (36,946,762)

     228,171,534  
     102,177,801 
  
    Construction in progress 
     43,133,634  
     5,124,657 
  
    Property,
    plant, and equipment, net 
    $271,305,168  
    $107,302,458 

For
the three months ended September 30, 2025 and 2024, depreciation expenses were $9.6 million and $8.4 million, respectively and for the
nine months ended September 30, 2025 and 2024, depreciation and amortization expenses were $25.1 million and $23.6 million, respectively. Construction
in progress represents assets received but not placed into service as of September 30, 2025 and December 31, 2024.

During
the quarter ended March 31, 2024, we purchased data storage equipment totaling $5,315,202. Almost immediately thereafter, we entered
into a sales-type lease agreement effective January 2024 for a portion of these assets valued at $3,353,608 with a third party. As a
result, the leased data storage equipment was derecognized from our property and equipment and recorded as a net investment in lease.
Refer to Note 8. Leases for more information.

During
the quarter ended September 30, 2024, we purchased data storage equipment totaling $1,254,248 and immediately thereafter, we entered
into a sales-type lease agreement effective August 2024 for a portion of these assets valued at $1,184,937 with a third party. As a result,
the leased data storage equipment was derecognized from our property, plant and equipment and recorded as a net investment in lease.
Refer to Note 8. Leases for more information.

During
the quarter ended December