Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 544

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1A
Chunk 544
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 pay a month in advance based on their projected demand. If we are unable
to provide the services as expected for any reason, we would be required to issue a credit or refund the difference to the customer. Any
such refunds or issuances of credit could have an adverse effect on our business, results of operations, and financial condition.

Various actual and potential conflicts of
interest may be detrimental to stockholders.

Certain
conflicts of interest may exist, or be perceived to exit, between us and our directors or certain executive officers, who are also officers
and/or directors of Bit Digital, our controlling shareholder, which will continue to own approximately 80% of our capital stock following
this offering. Each person must devote time, resources and attention to the affairs of Bit Digital. This may conflict with such officer’s
or director’s interest in us, including conflicting with interests in allocating resources, time and attention to our business and
impacting decisions made on our behalf with respect to Bit Digital.

We
have put specific procedures in place with respect to potential conflicts of interest, however, in determining with whom our officers
or directors may have relationships, transactions involving considering the risks and risk mitigation factors, including requiring that
transactions with Bit Digital involving our executive officers and directors be approved or ratified by our Audit Committee, and recognizing
that Ms. Ichi Shih is also the Chair of the Bit Digital Audit Committee. While we have a majority of independent directors on our Board
in order to ensure that there are limitations on the risks of conflicts of interest impacting Board level decisions. However, since WhiteFiber
is not operating in the crypto mining business the effects of any such risks of conflicts of interest involving our separate business
operations are limited in scope. We expect that as we add officers and independent directors, the risks of conflicts of interest will
become more limited over time. We cannot, however, guarantee that the conflicts of interest described above, or other future conflicts
of interest, will not manifest in advice or decisions that negatively impact our financial results and our operations.

We may depend upon outside advisors who
may not be available on reasonable terms as needed.

To
supplement the business experience of our officers and directors, we employ technical experts, appraisers, attorneys, or other consultants
or advisors. Our management, with our board of directors (“Board”) approval in certain cases, without any input from stockholders
will make the selection of any such advisors. Furthermore, it is anticipated that such persons may be engaged