Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1336

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 1336
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 as a percentage of income
before taxes during the year ended December 31, 2023 compared to the year ended December 31, 2022 primarily due to the impact of tax expense
increases by $0.9 million in year ended December 31, 2023 due to the overall higher foreign income taxes expenses.

94

Our future effective income tax rate depends on
various factors, such as tax legislation, the geographic composition of our pre-tax income, the amount of our pre-tax income as business
activities fluctuate, non-deductible expenses, non-taxable capital gain in certain jurisdictions, change of valuation allowance and the
effectiveness of our tax planning strategies. We also continue to monitor the adoption of Pillar Two relating to the global minimum tax
in each of our tax jurisdictions to evaluate its impact on our effective income tax rate. For the year ended December 31, 2023, we are
not subject to Pillar Two global minimum tax. For more details on the Company’s tax profile, see Note 15. Income Taxes to our consolidated
financial statements.

Net income (loss) and earnings (loss) per share

For the year ended December 31, 2023, our net
loss was $13.9 million, representing a change of $91.4 million from a net loss of $105.3 million for the year ended December 31, 2022.

Basic and diluted loss per share was $0.16 and $1.34 for the years
ended December 31, 2023 and 2022, respectively. Weighted average number of shares was 87,534,052 and 78,614,174 for the years ended December
31, 2023 and 2022, respectively. 

Discussion of Certain Balance Sheet Items

The following table sets forth selected information
from our consolidated balance sheets as of December 31, 2024 and December 31, 2023. This information should be read together with our
consolidated financial statements and related notes included elsewhere in this report. 

    December 31,  
    December 31,  
    Variance in 

    2024  
    2023  
    Amount 
  
    ASSETS 

    Current Assets 

    Cash and cash equivalents 
    $95,201,335  
    $16,860,934  
    $78,340,401 
  
    Restricted cash