Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1392

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1392
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 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 
  
    Goodwill 
     19,843,862 
  
    Total Purchase Consideration 
    $43,834,313 

The acquisition-date
fair value of the acquired accounts receivable was $616,153, which equals the gross contractual amount. The Company does not expect a
material amount of uncollectible contractual cash flows.

The Company
recognized customer relationships as an intangible asset of $