Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 37

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 37
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 account on the consolidated balance sheets.

The
Company treats shares withheld for tax purposes on behalf of employees in connection with the vesting of restricted share grants as ordinary
share repurchases because they reduce the number of shares that would have been issued upon vesting.

Reclassification

Certain
items in the financial statements of the comparative period have been reclassified to conform to the financial statements for the current
period. The reclassification has no impact on the total assets and total liabilities as of September 30, 2025 or on the statements of
operations for the three and nine months ended September 30, 2025.

Recent
accounting pronouncements   

The
Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting
pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change
to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated
financial statements properly reflect the change.

17

In
December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements
to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 expands existing income tax disclosures for rate reconciliations
by requiring disclosure of certain specific categories and additional reconciling items that meet quantitative thresholds and expands
disclosures for income taxes paid by requiring disaggregation by certain jurisdictions. ASU 2023-09 is effective for annual periods beginning
after December 15, 2024. The Company is currently evaluating the impact, if any, of the updated guidance on its disclosures for the year
ending December 31, 2025.

In
November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures
(Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 requires, in the notes to the financial statements, disclosures of specified
information about certain costs and expenses specified in the updated guidance. ASU 2024-03 is effective for annual reporting periods
beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The
Company is evaluating the impact the updated guidance will have on