Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1208

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 2
Chunk 1208
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 an owner, operator,
and developer of high-performance computing data centers, incorporated in Montreal, Quebec, Canada. The acquisition of Enovum provides
the Company with a strong diversity of existing and prospective colocation customers, delivers a strong pipeline of expansion site opportunities
and an experienced management team to lead the development processes, and enables the Company to offer new service offerings. The acquisition
creates the potential for significant synergies, as the Company may capture additional margin from HPC customers, versus hosting them
with third party data centers. Additionally, Enovum enhances the Company’s competitive positioning in the marketplace, enabling
the Company to offer an integrated GPU cloud solution to customers. Finally, the Company will enjoy greater operating flexibility by collocating
its owned GPU inventory in Enovum data centers, offering capacity to customers on a just-in-time basis.

F-22

The acquisition-date
fair value of the consideration transferred totaled $43,834,313. The total consideration consists of $38,993,603 of cash consideration
and $4,840,710 in equity-classified exchangeable shares. The acquisition-date fair value of the exchangeable shares was determined based
on the opening market price of the Company’s ordinary shares as of the acquisition date.

The following
table summarizes the preliminary allocation of the purchase price based on the estimated fair value of the assets acquired and liabilities
assumed at the acquisition date:

    Accounts receivable 
    $616,153 
  
    Other current assets 
     2,008,566 
  
    Property and equipment, net 
     14,201,790 
  
    Operating lease right-of-use assets 
     4,752,501 
  
    Intangible asset 
     13,486,184 
  
    Deferred tax asset 
     91,368 
  
    Other non-current assets 
     2,493 
  
    Accounts payable 
     (1,866,804)
  
    Other payables and accrued liabilities 
     (1,100,095)
  
    Current portion of deferred revenue 
     (465,360)
  
    Current portion of operating lease liability 
     (248,301)
  
    Non-current portion of deferred revenue 
     (123,652)
  
    Non-current portion of operating lease liability 
     (3,273,709)
  
    Deferred tax liability 
     (4,090,683)
  
    Total identifiable assets and liabilities 
     23,990,451