Company: BTBT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076608
Chunk: 39

Company: Bit Digital, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 39
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ovum to reflect the additional depreciation and amortization that
would have been charged assuming the fair value adjustments to property, plant and equipment, right-of-use asset and intangible assets
had been applied on January 1, 2024, together with the consequential tax effects.

Enovum commenced its operations in October 2023. Therefore, is it impracticable
to estimate and present proforma revenue and net income of the combined entity as though the business combination had occurred as of January
1, 2023.

Real estate Acquisition – Montreal,
Canada

On December 27, 2024, the Company, through WhiteFiber,
acquired the building and land, together with all the related improvements, located in Montreal, Canada, from an unrelated third party.
The total consideration consisted of approximately $23.3 million in cash.

The acquired set of assets did not meet the definition
of a business as defined in ASC 805, Business Combinations, as no substantive processes or employees were acquired. The assets
acquired consisted primarily of land, building and related equipment, which are included in Property and equipment, net on the
consolidated balance sheets. The fair value of the tangible assets acquired was estimated to be $23.3 million. No identifiable intangible
assets were acquired, no goodwill was recognized, and no liabilities were assumed in connection with the transaction.

21

Real estate Acquisition – Madison,
North Carolina

On May 20, 2025, the Company, through WhiteFiber,
acquired the building and land, together with all the related improvements owned by Unifi Manufacturing, inc. (“Unifi Transaction”)
that were located in Madison, North Carolina. The total consideration consisted of $45.0 million in cash, including the initial deposit
of $2.2 million.

The acquired set of assets did not meet the definition
of a business as defined in ASC 805, Business Combinations, as no substantive processes or employees were acquired. The assets
acquired consisted primarily of land, building and related equipment, which are included in Property and equipment, net on the
consolidated balance sheets. The fair value of the tangible assets acquired was estimated to be $45.0 million. No identifiable intangible
assets were acquired, no goodwill was recognized, and no liabilities were assumed in connection with the transaction.

In connection with the agreement, additional contingent
consideration may become payable to the seller based on the timing and availability of power at the site (see Note