Company: BTBT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-044155
Chunk: 168

Company: Bit Digital, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 168
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, offset by and an increase in accounts
payable of $4.8 million and other current assets of $3.4 million.

Investing Activities

Net cash used in investing activities was $65.0
million for the three months ended March 31, 2025, primarily attributable to purchases of and deposits made for property, plant, and equipment
of $65.0 million.

Net cash used in investing activities was $0.5
million for the three months ended March 31, 2024, primarily attributable to net purchases of and deposits made for property and equipment
of $0.5 million.

Financing Activities

Net cash provided by financing activities was
$9.4 million for the three months ended March 31, 2025, attributable to net proceeds of $10.2 million from the at-the-market offering
and the payment of dividends of $0.8 million.

Net cash provided by financing activities was
$38.7 million for the three months ended March 31, 2024, primarily attributable to net proceeds of $38.7 million from the at-the-market
offering.

53

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results
of operations are based upon our unaudited condensed consolidated financial statements. These financial statements are prepared in accordance
with U.S. GAAP, which requires the Company to make estimates and assumptions that affect the reported amounts of our assets, liabilities,
revenues, and expenses, to disclose contingent assets and liabilities on the dates of the unaudited condensed consolidated financial statements,
and to disclose the reported amounts of revenues and expenses incurred during the financial reporting periods. The most significant estimates
and assumptions include, but are not limited to, the valuation of current assets, useful lives of property, plant, and equipment, impairment
of long-lived assets, intangible assets and goodwill, valuation of assets and liabilities acquired in business combinations, provision
necessary for contingent liabilities and realization of deferred tax assets. We continue to evaluate these estimates and assumptions that
we believe to be reasonable under the circumstances. We rely on these evaluations as the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Since the use of estimates is an integral component
of the financial reporting process, actual results could differ from those estimates as a result of changes in our estimates. Some of
our accounting policies require higher degrees of judgment than others in their application. We believe critical accounting policies