Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 47

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 47
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 2024:

    For
    the  Three Months  Ended 
    September 30, 2024  
    For
    the  Nine Months  Ended  September 30,  2024 
  
    Revenue 
    $24,175,317  
    $85,598,014 
  
    Net loss 
    $(38,804,217) 
    $(1,018,499)

These
pro forma results are presented for information purposes only and do not necessarily reflect the actual results that would have been
achieved had the acquisition occurred on the date assumed, nor are they indicative of future consolidated results of operations.

These
amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Enovum 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, plant, 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.

23

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