Company: BTBT
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001013762-25-000307
Chunk: 1046

Company: Bit Digital, Inc
Filing Date: 2025-03-14
Form: 10-K
Item: Item 1C
Chunk 1046
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”) on October 11, 2024. Refer to
Note 4. Acquisitions for further information.

Finite-lived intangible assets

In addition to goodwill, in connection with the
acquisition of Enovum, the Company recorded an identified intangible asset, customer relationships, with a definite useful life of 19
years in the amount of $13.2 million. Refer to Note 4. Acquisitions for further information.

F-37

The following table presents the Company’s
finite-lived intangible assets as of December 31, 2024:

    As of December
    31, 2024 

    Cost  
    Accumulated
 amortization  
    Net 
  
    Customer relationships 
     13,486,184  
     (457,454) 
     13,028,730 
  
    Total 
     13,486,184  
     (457,454) 
     13,028,730 

There were no finite-lived intangible
assets as of December 31, 2023.

The following table presents the Company’s
estimated future amortization of finite-lived intangible assets as of December 31, 2024:

    2025 
    $693,325 
  
    2026 
     693,325 
  
    2027 
     693,325 
  
    Thereafter 
     10,948,755 
  
    Total 
    $13,028,730 

15. INCOME TAXES

The components of income before income taxes were
as follows:

    For the Years Ended 
December 31, 

    2024  
    2023  
    2022 
  
    Domestic income before income taxes 
    $25,002,669  
    $3,575,579  
    $(86,011,589)
  
    Foreign income before income taxes 
    $7,281,308  
    $(17,189,816) 
    $(19,877,864)
  
    Total income before income taxes 
    $32,283,977  
    $(13,614,237) 
    $(105,889,453)

The provision for income taxes was comprised of
the following:

    For the Years Ended  December 31, 

    2024  
    2023  
    2022 
  
    Current: