Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 680

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 680
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 the President of Geney and the beneficial owner of thirty (30%) percent of the equity of Geney,
with the remaining seventy (70%) percent held by Zhaohui Deng, the Company’s Chairman of the Board. As of December 31, 2023, the
Company fully paid the dividend.

On December 20, 2024, the Board of Directors declared
an eight (8%) percent ($800,000) dividend on the preference shares to Geney Development Ltd. (“Geney”). Erke Huang, our Chief
Financial Officer, is the President of Geney and the beneficial owner of thirty percent (30%) of the equity of Geney, with the remaining
seventy percent (70%) held by Zhaohui Deng, the Company’s Chairman of the Board. The Company fully paid the declared dividend in
January 2025.

Bit Digital Iceland ehf has appointed Daniel Jonsson
as its part-time Chief Executive Officer starting November 7, 2023, for a six-month term with a three-month probation. His compensation
includes a monthly salary of $8,334, a $6,440 signing bonus, and eligibility for performance-based RSU. Concurrently, Daniel Jonsson is
part of the management team at GreenBlocks ehf which not only provides bitcoin mining hosting services but also benefits from a facility
loan agreement extended by Bit Digital USA Inc., an affiliate of Bit Digital Iceland ehf. Additionally, Bit Digital Iceland ehf has contracted
GreenBlocks ehf for consulting services pertaining to our high performance computing services in Iceland. As of December 31, 2023, the
Company owed $21,592 to Daniel Jonsson for salary and bonus, and $160,000 to GreenBlocks ehf for services rendered. By the end of the
first quarter of 2024, we had settled these outstanding amounts with both Daniel Jonsson and GreenBlocks ehf.

19. CONTINGENCIES  

Legal Proceedings

The Company from time to time may become involved
in legal proceedings in the ordinary course of our business. The Company may also pursue litigation to assert its legal rights and assets,
and such litigation may be costly and divert the efforts and attention of its management and technical personnel which could adversely
affect its business. Due to the uncertainty of litigation and depending on the amount and the timing, an unfavorable resolution of some
or all of such matters may materially affect our business, results of operations, financial position, or cash flows.

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