Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 39

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 39
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 into a sales-type lease agreement as a lessor for its data storage equipment. The term of the lease is scheduled to expire
in December 2026.

During the quarter ended December 31,2024, the
Company entered into two sales-type lease agreements as a lessor for its cloud service equipment. The term of the lease is scheduled to
expire in October 2029 and November 2029 respectively.

The components of lease income for the sales-type
lease were as follows:

    For the Three Months Ended March 31, 

    2025  
    2024 
  
    Interest income related to net investment in lease 
    $280,567  
    $99,748 

Interest income is included in the consolidated
statements of operations under the caption “Revenue – Other”.

21

The components of net investment in sales-type
leases were as follows:

    March 31, 2025  
    December 31, 2024 
  
    Net investment in lease - lease payment receivable 
    $8,720,417  
    $9,328,998 

The following table illustrates the Company’s
future minimum receipts for sales-type lease as of March 31, 2025:

    Year 
    Sales-Type Lease 
  
    2025 
    $2,667,441 
  
    2026 
     3,556,590 
  
    2027 
     1,575,058 
  
    2028 
     1,575,058 
  
    2029 
     1,366,348 
  
    Total future minimum receipts 
     10,740,495 
  
    Unearned interest income 
     (2,020,078)
  
    Net investment in sales type lease 
    $8,720,417 

The present value of minimum sales-type receipts
of $8,720,417 is included in the consolidated balance sheets under the caption “Net investment in lease”.

9. PROPERTY, PLANT, AND EQUIPMENT, NET

Property and equipment, net was comprised of the
following:

    March 31, 2025  
    December 31, 2024 
  
    Miners for Bitcoin 
    $37,495,320  
    $37,484,751 
  
    Cloud service equipment 
     98,055,542  
     63,360,624 
  
    Colocation