Company: BTBT
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110383
Chunk: 46

Company: Bit Digital, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 46
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 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 

22

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 $13,486,184 to be amortized over 19 years.

Of
the total Goodwill recognized, $37,000 is attributable to the assembled workforce at Enovum and the rest is attributable to synergies
expected to be achieved from the combined operations of the Company and Enovum. The goodwill recognized is not deductible for tax purposes.
We assigned the goodwill to our colocation reportable segment.

Through
September 30, 2025, the Company recognized $2.0 million of acquisition-related costs in the income statement line item “General
and Administrative Expense”.

The
following unaudited pro forma financial information represents the consolidated results of operations as if the acquisition had occurred
on January 1,