Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 359

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1
Chunk 359
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 the consolidated results of operations as if the acquisition had occurred on January
1, 2024:

    Pro forma 
consolidated
 income 
statement
 for the year
 ended 
December 31, 
2024 
  
    Revenue 
    $111,611,207 
  
    Net income 
     26,521,971 

F-23

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.

5. USDC

    December 31,  2024  
    December 31, 2023 
  
    USDC 
    $411,413  
    $405,596 

The following table presents additional information
about USDC for the years ended December 31, 2024, 2023, and 2022, respectively:

    For the Years Ended 
December 31, 

    2024  
    2023  
    2022 

    Opening balance 
    $405,596  
    $626,441  
    $15,829,464 
  
    Collection of USDC from exchange of cash and other digital assets 
     2,409,100  
     13,536,991  
     1,998,002 
  
    Receipt of USDC from sales of property, plant, and equipment 
     -  
     -  
     712,800 
  
    Receipt of USDC from customer deposits and other fees 
     -  
     10,000  
     230,000 
  
    Receipt of USDC from sales of Antminer coupon 
     -  
     699,425