Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 975

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1C
Chunk 975
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(3,308,144) 
     306,612  
     545,412 
  
    Liquidated damage expenses 
     -  
     -  
     619,355 
  
    Impairment of property and equipment 
     -  
     -  
     50,038,650 
  
    Adjusted EBITDA 
    $73,001,278  
    $12,436,351  
    $(26,909,451)

Liquidity and capital resources

As of December 31, 2024, we had working capital
of $241.8 million which includes USDC of $0.4 million and digital assets of $161.4 million as compared with working capital of $56.3 million
as of December 31, 2023. Working capital is the difference between the Company’s current assets and current liabilities.

To date, we have financed our operations primarily
through cash flows from operations, and equity financing through public and private offerings of our securities. We plan to support our
future operations primarily from cash generated from our operations and equity financings. We may also consider debt, preferred and convertible
financing on favorable terms.

We have sold and intend to continue to offer and
sell equity securities from time to time in one or more offerings at the market (ATM) at prices and on terms which the Company will then
determine for an initial aggregate offering price of $500 million pursuant to a registration statement on Form F-3 declared effective
by the SEC on May 4, 2022. As of March 7, 2025, we had an available balance of approximately $202.5 million under this ATM registration
statement.

Under the Company’s Purchase Agreement with
Ionic Ventures LLC, the Company had the right, but not the obligation, to sell to Ionic up to $22 million of registered Ordinary Shares.

Between May and August 2023, the Company issued
an aggregate of 6,747,663 ordinary shares to Ionic Ventures LLC for gross proceeds of $22.0 million. The Company received net proceeds
of approximately $21.0 million after deducting commissions payable to the placement agent.

99

Between August and December 31, 2023, the Company
sold an aggregate of 14,744,026 ordinary shares in connection with the at-the-market offering. The Company received net proceeds of $45.2
million, net of offering costs