Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 52

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 52
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319,669 

(a)As of September 30, 2025 and December 31, 2024, the balance of deposits represented the deposits made to our service providers, who paid utility charges in mining facilities on behalf of the Company. The deposits are refundable upon expiration of the agreement.

(b)As of September 30, 2025 and December 31, 2024, the balance of prepayments to mining facilities represented the prepayments for service charges from the mining facilities.

8. LEASES

Lease
as Lessee

For
the year ended December 31, 2023, the Company entered into a capacity lease agreement for its cloud services designed to support generative
AI workstreams. The initial lease term is three years, with automatic renewals for successive 12 month periods. The lease expense incurred
in December 2023 is capitalized as deferred cost since it is directly related to fulfilling its cloud services which commenced operations
in January 2024. The capitalized lease payment was expensed in January 2024.

On
July 30, 2024, the Company entered into an office lease agreement for its headquarters office in New York. The initial lease term is
three years with automatic renewals for successive terms equal in length to the initial term.

On
August 1, 2024, the Company entered into an additional capacity lease agreement for its cloud services. The initial lease term is three
years with automatic renewals for successive 12 month periods.

On
October 11, 2024, the Company acquired 100% of Enovum Data Centers Corp, including a data center lease agreement in Montreal for its
data center services. The remaining lease term on the date of acquisition was 12 years with two five-year renewal options.

On
December 3, 2024, the Company entered into a lease agreement in Singapore for general and administrative purposes. The initial lease
term is two years with option to renew for one year.

On
February 11, 2025, the Company, through WhiteFiber, entered into an additional office lease agreement for its headquarters office in
New York. The initial lease term is 27 months with automatic renewals on a month-to-month basis.

On
March 1, 2025, the Company entered into an additional capacity lease agreement for its cloud services. The initial lease term is three
years with automatic renewals for successive 12 month periods.

On
April 1,