# EDGAR Filing Document

**Accession Number:** 0001954783
**File Stem:** 0001954783-23-000001
**Filing Date:** 2023-3
**Character Count:** 69102
**Document Hash:** 6508bde094450e5a0a8ec9d6f5dadbb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001954783-23-000001.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001954783-23-000001

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spartan Bitcoin Mining
- **CENTRAL INDEX KEY:** 0001954783
- **IRS NUMBER:** 920244553
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-32049
- **FILM NUMBER:** 23761008

**BUSINESS ADDRESS:**
- **STREET 1:** 1308 COFFEEN AVENUE STE 6388
- **CITY:** SHERIDEN
- **STATE:** WY
- **ZIP:** 82801
- **BUSINESS PHONE:** 864-706-3506

**MAIL ADDRESS:**
- **STREET 1:** 1309 COFFEEN AVENUE STE 6386
- **CITY:** SHERIDAN
- **STATE:** WY
- **ZIP:** 82801

### Attached PDF Documents

**Attachment 1:** `SpartanBitcoin_FormC-1.pdf`

# UNITED STATES

# SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

# FORM C

UNDER THE SECURITIES ACT OF 1933

☑ Form C: Offering Statement

☐ Form C-U: Progress Update

☐ Form C/A: Amendment to Offering Statement

☐ Check box if Amendment is material and investors must reconfirm within five business days.

☐ Form C-AR: Annual Report

☐ Form C-AR/A: Amendment to Annual Report

☐ Form C-TR: Termination of Reporting

Name of Issuer:

SPARTAN BITCOIN MINING

Legal Status of Issuer:

Form:

CORPORATION

Jurisdiction of Incorporation/Organization:

WYOMING

Date of Organization:

SEPTEMBER 9, 2022

Physical Address of Issuer:

1309 COFFEEN AVENUE, STE 6386, SHERIDAN WY 82801

Website of Issuer:

www.spartanbitcoinmining.com

Is there a co-issuer?

☐

Yes

☑

No

**Name of intermediary through which the offering will be conducted:**

Mundial Financial Group, LLC

**CIK number of intermediary:**

0001455325

**SEC file number of intermediary:**

8-68154

**CRD number, if applicable, of intermediary:**

149531

**Amount of compensation to be paid to the intermediary, whether as a dollar amount or a percentage of the offering amount, or a good faith estimate if the exact amount is not available at the time of the filing, for conducting the offering, including the amount of referral and any other fees associated with the offering:**

The Issuer will pay the Intermediary a fee of four percent (4%) of the amount raised through the offering.

**Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest:**

The Intermediary will also receive compensation in the form of securities equal to one percent (1%) of the total number of securities sold through the offering.

**Type of Security Offered:**

Common Shares

**Target number of securities to be offered:**

10,000

**Price (or method for determining price):**

$1.00 per Share

**Target offering amount:**

$10,000

# **Minimum Investment Amount:**

$300

**Oversubscriptions accepted:** ☑ Yes ☐ No

If yes, disclose how oversubscriptions will be allocated: ☐ Pro-rata basis ☑ First-come, first-served basis ☐ Other - provide a description:

# **Maximum offering amount (if different from target offering amount):**

$5,000,000

# **Maximum number of securities to be offered:**

5,000,000

# **Deadline to reach the target offering amount:**

April 4, 2024

**Disbursement from Escrow After Reaching the Target Offering Amount:** Once per Month or on a schedule as agreed upon between the Broker Dealer Intermediary and Issuer

NOTE: If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering, investment commitments will be cancelled and committed funds will be returned.

# **Re-Confirmation of Subscription Process:**

After the Target Offering amount is met and the Offering has been active for 21 days, the Company may choose to close the Offering to access the funds held in escrow (the “Escrow Close”) from subscribed investors. Each time the Company may access invested funds held in the Escrow Account, all new investors who have subscribed since the prior Escrow Close will be notified by the Intermediary that subscribed investors will have until 48 hours prior to the next scheduled Escrow Close to cancel or reconfirm their investment. Investors will only be asked once to reconfirm or cancel their investment subscription.

# **Current number of employees:**

4

|  | Most recent fiscal year-end (2022) | Prior fiscal year-end (2021) |
| --- | --- | --- |
| Total Assets | $0 | $0 |
| Cash & Cash Equivalents | $0 | $0 |
| Accounts Receivable | $0 | $0 |
| Short-term Debt | $0 | $0 |
| Long-term Debt | $0 | $0 |
| Revenues/Sales | $0 | $0 |
| Cost of Goods Sold | $0 | $0 |
| Taxes Paid | $0 | $0 |
| Net Income | $0 | $0 |

# **The jurisdictions in which the issuer intends to offer the securities:**

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District Of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virgin Islands, U.S., Virginia, Washington, West Virginia, Wisconsin, and Wyoming

# **SIGNATURE**

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.

SPARTAN BITCOIN MINING

By

Greg Tucker

(Signature)

Greg Tucker

Chief Executive Officer

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), this Form C has been signed by the following persons in the capacities and on the dates indicated.

Greg Tucker

(Signature)

Greg Tucker

Chief Executive Officer

3-10-23

(Date)

# **TABLE OF CONTENTS**

FORM C OFFERING MEMORANDUM 7

BUSINESS AND ANTICIPATED BUSINESS PLAN 13

RISK FACTORS 16

OWNERSHIP AND CAPITAL STRUCTURE 25

USE OF PROCEEDS 34

EXHIBIT A: FINANCIALS 36

EXHIBIT B: SUBSCRIPTION PROCESS 51

EXHIBIT C: BYLAWS 58

EXHIBIT D: ARTICLES OF INCORPORATION 62

EXHIBIT E: FORWARD BUSINESS PLAN 66

April 5, 2023

# SPARTAN BITCOIN MINING

# FORM C

Up to $5,000,000 Shares of Common Stock

$1.00 per Share

![img-0.jpeg](img-0.jpeg)

SPARTAN

BITCOIN MINING

Spartan Bitcoin Mining ("SBM," "Spartan Bitcoin", the "Company," "we," "us," or "our"), is offering a minimum amount of $10,000 (the "Target Offering Amount") and up to a maximum amount of $5,000,000 (the "Maximum Offering Amount") of Common Stock, 5,000,000 Shares at $1.00 per Share, par value $0.0001 per Share (the "Securities") on a best efforts basis as described in this Form C (this "Offering"). We must raise an amount equal to or greater than the Target Offering Amount by April 4, 2024 (the "Offering Deadline"). Unless we raise at least the Target Offering Amount by the Offering Deadline, no Securities will be sold in this Offering, all investment commitments will be cancelled, and all committed funds will be returned.

Potential purchasers of the Securities are referred to herein as "Investors" or "you". The rights and obligations of Investors with respect to the Securities are set forth below in the section titled "The Offering and the Securities". In order to purchase the Securities, you must complete the purchase process through our intermediary, Mundial Financial Group, LLC (the "Intermediary"). All committed funds will be held in escrow with Royalton (the "Escrow Agent") until the Target Offering Amount has been met or exceeded and one or more closings occur. Investors may cancel an investment commitment until up to 48 hours prior to the Offering Deadline, or such earlier time as the Company designates pursuant to Regulation CF, using the cancellation mechanism provided by the Intermediary.

Investment commitments will be represented by an issuance of Shares of Common Stock, as further described below. Securities sold in this Offering will be deposited into an escrow account maintained by Escrow Agent and will reflect each Investors' beneficial interest in the Shares. Investment subscriptions may be accepted or rejected by us, in our sole and absolute discretion. We have the right to cancel or rescind our offer to sell the Securities at any time and for any reason. The Intermediary has the ability to reject any investment subscription and may cancel or rescind our offer to sell the Securities at any time for any reason.

# LEGEND

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.

In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

The U.S. Securities and Exchange Commission (the "SEC," or the "Commission") does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.

These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.

# **FORM C - OFFERING STATEMENT**

Respond to each question in each paragraph of this part. Set forth each question and any notes, but not any instructions thereto, in their entirety. If disclosure in response to any question is responsive to one or more other questions, it is not necessary to repeat the disclosure. If a question or series of questions is inapplicable or the response is available elsewhere in the Form, either State that it is inapplicable, include a cross-reference to the responsive disclosure, or omit the question or series of questions. The term "issuer" in these questions and answers includes any "co-issuer" jointly offering or selling securities with the issuer in reliance on the exemption in Securities Act Section 4(a)(6) and in accordance with Securities Act Section 4A and Regulation Crowdfunding (§ 227.100 et seq.). Any information provided with respect to the issuer should also be separately provided with respect to any co-issuer.

If you are seeking to rely on the Commission's temporary rules to initiate an offering between May 4, 2020, and February 28, 2021, intended to be conducted on an expedited basis due to circumstances relating to coronavirus disease 2019 (COVID-19), you will likely need to provide additional or different information than described in questions 2, 12, and 29. If you are seeking to rely on the Commission's temporary Rule 201(bb) for an offering initiated between March 1, 2021, and August 28, 2022, you will likely need to provide additional or different information than described in questions 2 and 29. When preparing responses to such questions, please carefully review temporary Rules 100(b)(7), 201(aa), 201(bb), and 304(e) and tailor your responses to those requirements as applicable.

Be very careful and precise in answering all questions. Give full and complete answers so that they are not misleading under the circumstances involved. Do not discuss any future performance or other anticipated event unless you have a reasonable basis to believe that it will actually occur within the foreseeable future. If any answer requiring significant information is materially inaccurate, incomplete or misleading, the Company, its management and principal Shareholders may be liable to investors based on that information.

# **THE COMPANY**

1. Name of issuer: SPARTAN BITCOIN MINING

# **ELIGIBILITY**

2. **Spartan Bitcoin Mining** certifies that all of the following statements are true:

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.
- The issuer has not made use of any written communication or broadcast script for testing the waters either (i) under the authorization of Rule 241 within 30 days of the initial filing of the offering statement, or (ii) under the authorization of Rule 206.

3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding? ☑ No

# **BAD ACTOR DISCLOSURE**

The Company is not subject to bad actor disqualifications under any relevant U.S. securities laws.

# **ONGOING REPORTING**

The Company will file a report electronically with the Securities & Exchange Commission annually and post the report on its website, no later than 120 days after the end of The Company's fiscal year covered by the report.

Once posted, the annual report can be found on the following site: investinspartanmining.com

The issuer must continue to comply with the ongoing reporting requirements until:

(1) the Company is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
(2) The Company has filed, since its most recent sale of securities pursuant to this part, at least one annual report pursuant to this section and has fewer than 300 holders of record;
(3) The Company has filed, since its most recent sale of securities pursuant to this part, the annual reports required pursuant to this section for at least the three most recent years and has total assets that do not exceed $10,000,000;
(4) the Company or another party repurchases all of the securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
(5) the Company liquidates or dissolves its business in accordance with state law.

Neither the Company nor any of its predecessors have previously failed to comply with the ongoing reporting requirement of Rule 202 of Regulation Crowdfunding.

# DIRECTORS/OFFICERS OF THE COMPANY

The directors and officers of the Company are listed below along with all positions and offices held and their principal occupation and employment responsibilities for the past three (3) years:

| Name | Positions and Offices Held at the Company | Principal Occupation and Employment Responsibility for the Past Three (3) Years | Dates of Service |
| --- | --- | --- | --- |
| Greg Tucker | President/Chief Executive Officer, Spartan Bitcoin Mining | Sales and Marketing, Press Releases, Articles and Social Media Post Co-Manage daily operations | September 9, 2022 - Present |
|  | Managing Consultant | Sales and Marketing, Business Consultant, Training Instructor | June 2005-Present |
| Buffy Tucker | Chief Administrative Officer, Spartan Bitcoin Mining | Manage the daily Operations, including all administrative and business compliance | September 9, 2022 - Present |
|  | Founder and Business Operations, Encore Medical Staffing | Founded and Managed a medical staffing start-up. Managed all daily business operations to ensure success and profit | January 2012-June 2016 |

# BIOGRAPHICAL INFORMATION

![img-0.jpeg](img-0.jpeg)

Greg Tucker, Chief Executive Officer & Founder

Greg's experience includes multiple leadership roles throughout his career. He spent 16 years in the food service industry and held multiple roles that align with the operational requirements of Spartan Bitcoin Mining including Chief Training Instructor for 88 New Restaurant Openings, Operations Coordinator for 70+ units and Communications Director for 550 restaurants before leaving to start his own business. Over the following decade, Greg built a medical equipment business

providing oxygen, ventilators, enteral tube feeding, etc. and eventually took that business public. Greg served as President and CEO of a publicly traded company for four years before moving into marketing and advertising advisory roles for multiple businesses. He has spent the past five years immersed in the cryptocurrency market(s).

![img-1.jpeg](img-1.jpeg)

**Buffy Tucker**, Chief Accounting Officer & Founder

Buffy is a former paralegal from upstate South Carolina. She worked as a paralegal before starting her family. After a stint as a stay-at-home mom, Buffy opened her own Nurse Staffing Agency with two partners and operated that business successfully for many years before selling the operation. From there, Buffy spent several years assisting multiple business operators as an administrator. Her strengths are most definitely admin related and her skillsets as a detail-oriented administrator will ensure that all aspects of Spartan Bitcoin Mining are accounted for timely and accurately.

![img-2.jpeg](img-2.jpeg)

# **BUSINESS AND ANTICIPATED BUSINESS PLAN**

The Company's main business is Bitcoin Mining. The Company earns revenues from Bitcoin Mining by providing transaction verification services within the digital currency network of Bitcoin. The Company satisfies its performance obligation at the point in time that the Company is awarded a unit of Bitcoin through its participation in the Bitcoin's network and network participants benefit from the Company's verification service. In consideration for these services, the Company receives Bitcoin, which is recorded as revenue using the closing U.S. Dollar price of the Bitcoin on the date of receipt. The Company only mines Bitcoin.

# **Our Bitcoin Mining Operations**

We have secured a vendor to acquire up to 700 units of Antminer S19j Pro. The proceeds from this offering will be used to acquire these units.

3rd Party Hosting: We will be hosting our equipment with 3rd parties in the United States. The 3rd parties charge us approximately $165-$200 per month per unit. The amount depends on the power consumption of each individual unit. We will be executing 3 year agreement with the hosting facilities.

# **Bitcoin Mining Explained**

A Bitcoin is one type of an intangible digital asset that is issued by, and transmitted through, an open source, math-based protocol platform using cryptographic security (the "Bitcoin Network"). The Bitcoin Network is an online, peer-to-peer user network that hosts the public transaction ledger, known as the "blockchain," and the source code that comprises the basis for the cryptography and math-based protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. Dollar, at rates determined on Bitcoin exchanges or in individual end-user-to-end-user transactions under a barter system.

Bitcoins are "stored" or reflected on the blockchain. The blockchain records the transaction history of all Bitcoins in existence and, through the transparent reporting of transactions, allows the cryptocurrency network to verify the association of each Bitcoin with the digital wallet that owns them. The network and software programs can interpret the blockchain to determine the exact balance, if any, of any digital wallet listed in the blockchain as having taken part in a transaction on the cryptocurrency network.

Mining is the process by which Bitcoins are created resulting in new blocks being added to the blockchain and new Bitcoins being issued to the miners. Miners engage in a set of prescribed complex mathematical calculations in order to add a block to the blockchain and thereby confirm cryptocurrency transactions included in that block's data. Miners that are successful in adding a block to the blockchain are automatically awarded a fixed number of Bitcoins for their effort. To begin mining, a user can

download and run the network mining software, which turns the user's computer into a node on the network that validates blocks.

All Bitcoin transactions are recorded in blocks added to the blockchain. Each block contains the details of some or all of the most recent transactions that are not memorialized in prior blocks, a reference to the most recent prior block, and a record of the award of Bitcoins to the miner who added the new block. Each unique block can only be solved and added to the blockchain by one miner; therefore, all individual miners and mining pools on the cryptocurrency network are engaged in a competitive process and are incentivized to increase their computing power to improve their likelihood of solving for new blocks.

The method for creating new Bitcoins is mathematically controlled in a manner so that the supply of Bitcoins grows at a limited rate pursuant to a pre-set schedule. Mining economics have also been much more pressured by the "Difficulty Rate" - a computation used by miners to determine the amount of computing power required to mine Bitcoin. The Difficulty Rate is directly influenced by the total size of the entire Bitcoin network. The Bitcoin network has grown 12-fold in the past year, resulting in a 12-fold increase in difficulty. Meanwhile, demand from miners also drove up hardware and power prices, the largest costs of production. This deliberately controlled rate of Bitcoin creation means that the number of Bitcoins in existence will never exceed 21 million and that Bitcoins cannot be devalued through excessive production unless the Bitcoin Network's source code (and the underlying protocol for Bitcoin issuance) is altered.

Mining pools have developed in which multiple miners act cohesively and combine their processing power to solve blocks. When a pool solves a new block, the participating mining pool members split the resulting reward based on the processing power they each contributed to solve for such block. The mining pool operator provides a service that coordinates the workers. Fees are paid to the mining pool operator to cover the costs of maintaining the pool. The pool uses software that coordinates the pool members' hashing power, identifies new block rewards, records how much work all the participants are doing, and assigns block rewards in-proportion to the participants' efforts. While pool fees are not paid directly, pool fees (approximately 2% to 5%) are deducted from amounts we may otherwise earn. Participation in such pools is anticipated to be essential for our mining business.

# Bonus Share Program

Certain Investors will be eligible to receive additional Shares of Common Stock ("Bonus Shares") depending upon the time of investment by such Investors. The number of Bonus Shares issued is equal to the bonus percentage (described below) multiplied by the investment amount.

The Company will not absorb the cost of the issuance of the Bonus Shares. To the extent any are issued, it will not reduce the Proceeds that the Company receives; however, the effective cost per Share for Investors receiving Bonus Shares will be reduced in accordance with the table below. The Company will issue the Bonus Shares from its authorized Shares.

The issuance of these Bonus Shares will have a maximum potential dilutive effect of 100% consisting of Bonus Shares issued pursuant to time of investment for a maximum of 100% (5,000,000 Bonus

Shares) - meaning the Company is Offering a total of up to 10,000,000 Shares through this Offering through April 4, 2024. Bonus Shares are dependent upon the date the Offering is officially active for investments ("Live Date").

# **Bonus Shares issued pursuant to time of investment:**

The following table describes the ratio of Bonus Shares due to an Investor based on the time of investment:

| Day of Investment | Bonus Amount | Effective Price Per Share |
| --- | --- | --- |
| 0-10 | 100% | $.50 |
| 11-19 | 70% | $.59 |
| 20-29 | 40% | $.71 |
| 30-39 | 30% | $.77 |
| 40-49 | 20% | $.83 |
| 50-59 | 10% | $.91 |

# **For example:**

If an Investor invests $1,000 within 10 days of the Live Date, that Investor will receive 2,000 Shares - which is equal to $1,000 Investment amount or 1,000 Shares plus 100% bonus or 1,000 Shares.

If an Investor invests $1,000 within 11-19 days after the Live Date, that Investor will receive 1,700 Shares - which is equal to $1,000 Investment amount or 1,000 Shares plus 70% bonus or 700 Shares.

If an Investor invests $1,000 within 20-29 days after the Live Date, that Investor will receive 1,400 Shares - which is equal to $1,000 Investment amount or 1,000 Shares plus 40% bonus or 400 Shares.

If an Investor invests $1,000 within 30-39 days after the Live Date, that Investor will receive 1,300 Shares - which is equal to $1,000 Investment amount or 1,000 Shares plus 30% bonus or 300 Shares.

If an Investor invests $1,000 within 40-49 days after the Live Date, that Investor will receive 1,200 Shares - which is equal to $1,000 Investment amount or 1,000 Shares plus 20% bonus or 200 Shares.

If an Investor invests $1,000 within 50-59 days after the Live Date, that Investor will receive 1,100 Shares - which is equal to $1,000 Investment amount or 1,000 Shares plus 10% bonus or 100 Shares.

# RISK FACTORS

An investment in our Shares involves risks. In addition to other information contained elsewhere in this Form C, you should carefully consider the following risks before acquiring our Shares offered by this Form C. The occurrence of any of the following risks could materially and adversely affect the business, prospects, financial condition or results of operations of our Company, the ability of our Company to make cash distributions to the holders of Shares and the market price of our Shares, which could cause you to lose all or some of your investment in our Shares. Some statements in this Form C, including statements in the following risk factors, constitute forward-looking statements. See “Forward-Looking Statements Disclosure” below.

# RISKS RELATED TO THE COMPANY’S BUSINESS AND INDUSTRY

We have limited operating history, which makes our future performance difficult to predict. We have limited operating history. You should consider an investment in our Shares in light of the risks, uncertainties and difficulties frequently encountered by other newly formed companies with similar objectives. We have minimal operating capital and for the foreseeable future will be dependent upon our ability to finance our operations from the sale of equity or other financing alternatives. The failure to successfully raise operating capital, could result in our bankruptcy or other event which would have a material adverse effect on us and our Investors. There can be no assurance that we will achieve our investment objectives.

# Global crises such as COVID-19 can have a significant effect on our business operations and revenue projections.

In December 2019, a novel strain of coronavirus, or COVID-19, was reported to have surfaced in Wuhan, China. COVID-19 has spread to many countries, including the United States, and was declared to be a pandemic by the World Health Organization. A widespread health crisis has adversely affected and could continue to affect the global economy, resulting in an economic downturn that could negatively impact the value of our Securities. The continued spread of COVID-19 has also led to severe disruption and volatility in the global capital markets, which could increase the Company’s cost of capital and adversely affect its ability to access the capital markets in the future. It is possible that the continued spread of COVID-19 could cause a further economic slowdown or recession or cause other unpredictable events, each of which could adversely affect the Company’s business, results of operations, or financial condition. The extent to which COVID-19 affects the Company’s financial results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 outbreak and the actions to contain the outbreak or treat its impact, among others. Moreover, the COVID-19 outbreak has had and may continue to have indeterminable adverse effects on general commercial activity and the world economy, and the Company’s business and results of operations could be adversely affected to the extent that COVID-19 or any other pandemic harms the global economy generally.

# Our business could be negatively impacted by cyber security threats, attacks and other disruptions.

The Company may face advanced and persistent attacks on our information infrastructure where we manage and store various proprietary information and sensitive/confidential data relating to our operations. These attacks may include sophisticated malware (viruses, worms, and other malicious

software programs) and phishing emails that attack our products or otherwise exploit any security vulnerabilities. These intrusions sometimes may be zero-day malware that are difficult to identify because they are not included in the signature set of commercially available antivirus scanning programs. Experienced computer programmers and hackers may be able to penetrate our network security and misappropriate or compromise our confidential information or that of our customers or other third-parties, create system disruptions, or cause shutdowns. Additionally, sophisticated software and applications that we produce or procure from third-parties may contain defects in design or manufacture, including "bugs" and other problems that could unexpectedly interfere with the operation of the information infrastructure. A disruption, infiltration or failure of our information infrastructure systems or any of our data centers as a result of software or hardware malfunctions, computer viruses, cyber-attacks, employee theft or misuse, power disruptions, natural disasters or accidents could cause breaches of data security, loss of critical data and performance delays, which in turn could adversely affect our business.

# **Security breaches of confidential customer information, in connection with our electronic processing of credit and debit card transactions, or confidential employee information may adversely affect our business.**

Our business requires the collection, transmission and retention of personally identifiable information, in various information technology systems that we maintain and in those maintained by third parties with whom we contract to provide services. The integrity and protection of that data is critical to us. The information, security and privacy requirements imposed by governmental regulation are increasingly demanding. Our systems may not be able to satisfy these changing requirements and customer and employee expectations, or may require significant additional investments or time in order to do so. A breach in the security of our information technology systems or those of our service providers could lead to an interruption in the operation of our systems, resulting in operational inefficiencies and a loss of profits. Additionally, a significant theft, loss or misappropriation of, or access to, customers' or other proprietary data or other breach of our information technology systems could result in fines, legal claims or proceedings.

# **The Company is not subject to Sarbanes-Oxley regulations and may lack the financial controls and procedures of public companies.**

The Company may not have the internal control infrastructure that would meet the standards of a public company, including the requirements of the Sarbanes Oxley Act of 2002. As a privately-held (non-public) Company, the Company is currently not subject to the Sarbanes Oxley Act of 2002, and its financial and disclosure controls and procedures reflect its status as a development stage, non-public company. There can be no guarantee that there are no significant deficiencies or material weaknesses in the quality of the Company's financial and disclosure controls and procedures. If it were necessary to implement such financial and disclosure controls and procedures, the cost to the Company of such compliance could be substantial and could have a material adverse effect on the Company's results of operations.

# **We operate in a highly regulated environment, and if we are found to be in violation of any of the federal, state, or local laws or regulations applicable to us, our business could suffer.**

The Company is subject to a wide range of federal, state, and local laws and regulations. The violation of these or future requirements or laws and regulations could result in administrative, civil, or criminal sanctions against the Company, which may adversely impact the financial performance of the Company.

# INDUSTRY-RELATED RISKS

The Company's profitability will depend significantly on cryptocurrency prices.

The Company's business model is largely dependent upon sustained valuations of the cryptocurrencies expected to be mined in connection with the Project. Significant and sustained reductions in the trading prices of cryptocurrencies mined as a part of the Company's operations could significantly reduce or eliminate the Company's ability to generate operating profits and make distributions in respect of the Units. In addition to normal market activity, the value cryptocurrencies that we mine or otherwise hold could be negatively impacted by malicious attacks, exploits or bugs that hinder the functionality or desirability of such protocols.

The Company may be subject to significant regulatory hurdles.

The regulatory landscape for companies operating in the cryptocurrency space is rapidly evolving, and there remains significant risk that state or federal legislation could be adopted that would limit the profitability of the Company's operations or even prevent such operations altogether. Additionally, the Project may be subject to a variety of state and local regulations and restrictions around its operation, particularly with respect to energy requirements. If the Project is unable to obtain required permits or to contract for the requisite electricity usage, it could significantly and negatively impact the Company's ability to generate profits.

Cryptocurrency Mining-Related Risks.

Spartan Bitcoin's future success will depend in large part upon the value of bitcoin; the value of bitcoin and other cryptocurrencies may be subject to pricing risk and has historically been subject to wide swings.

There is a possibility of cryptocurrency mining algorithms transitioning to proof of stake validation and other mining related risks, which could make Spartan Bitcoin less competitive and ultimately adversely affect the business and the value of the Company.

To the extent that the profit margins of bitcoin mining operations are not high, operators of bitcoin mining operations are more likely to immediately sell bitcoins earned by mining in the market, resulting in a reduction in the price of bitcoins that could adversely impact the Company, and similar actions could affect other cryptocurrencies.

If a malicious actor or botnet obtains control of more than 50% of the processing power on a cryptocurrency network, such actor or botnet could manipulate blockchains to adversely affect the Company, which would adversely affect an investment in Spartan Bitcoin or its ability to operate.

Cryptocurrency inventory, including that maintained by or for Spartan Bitcoin, may be exposed to cybersecurity threats and hacks.

The Company is subject to risks associated with Spartan Bitcoin's need for significant electrical power. Government regulators may potentially restrict the ability of electricity suppliers to provide electricity to mining operations, such as Spartan Bitcoin.

If the award of coins for solving blocks and transaction fees are not sufficiently high, the Company may

not have an adequate incentive to continue mining and may cease mining operations, which will likely lead to the Company's failure to achieve profitability.

Spartan Bitcoin's dependence on third-party software and/or personnel may leave it vulnerable to price fluctuations and rapidly changing technology.

# The Company's profitability could be negatively impacted by our inability to benefit from protocol forks.

Depending on the specifics of a given protocol and various technical factors related to mining operations, we may not be able to realize the benefit of certain events (known as "forks") in which a significant percentage of the mining operations with respect to a particular cryptocurrency protocol elect to adopt a new version of the protocol software. In most cases we will be forced to choose whether to adopt the updated protocol software or to continue mining on the old protocol, and there will be no way of knowing which option will ultimately provide a better outcome for our mining operations.

# The Company may be subject to significant regulatory hurdles.

The regulatory landscape for companies operating in the cryptocurrency space is rapidly evolving, and there remains significant risk that state or federal legislation could be adopted that would limit the profitability of the Company's operations or even prevent such operations altogether. Additionally, the Project may be subject to a variety of state and local regulations and restrictions around its operation, particularly with respect to energy requirements. If the Project is unable to obtain required permits or to contract for the requisite electricity usage, it could significantly and negatively impact the Company's ability to generate profits.

# Shifts away from proof of work mining could severely hamper our profitability, as could the deflationary economics inherent to many cryptocurrencies.

Many cryptocurrency protocols are in various stages of transitioning to proof of stake validation, which could ultimately significantly reduce, if not eliminate, the need for mining operations of the sort being pursued by the Company. But even if bitcoin and other significant cryptocurrency continue to rely on proof of work mining, a glut of unnecessary computing power available for such operations could negatively affect their profitability. Further, if block rewards and transaction fees do not remain sufficiently high, we may not have an adequate incentive to continue mining and may cease mining operations, which will likely lead to our failure to achieve profitability.

# Our dependence on third-party software, technology and/or personnel may leave us vulnerable to price fluctuations and security issues.

In order to remain operational, let alone competitive, the Company will need to rely on a variety of third-party technologies, both for its mining operations and for the storage of any cryptocurrency generated by such operations. Sourcing such technology may prove difficult, and may expose the Company to significant risk of overpayment and fraud. Mining equipment in particular is challenging to obtain in the current market environment, and the Company may be forced to purchase equipment from sellers and brokers about which the Company may not have complete information. If the Company were to pay for equipment that is ultimately delivered late or not at all, or with impaired functionality, the Company will be unlikely to achieve profitability and may not be able to recover any or all of its investment in such equipment.

# **Overview**

The Company engages in "Bitcoin Mining" - i.e. the process by which Bitcoins are created resulting in new blocks being added to the blockchain and new Bitcoins being issued to the miners. Miners engage in a set of prescribed complex mathematical calculations in order to add a block to the blockchain and thereby confirm cryptocurrency transactions included in that block's data. Miners that are successful in adding a block to the blockchain are automatically awarded a fixed number of Bitcoins for their effort. The Company intends to purchase and maintain ASIC (application-specific integrated circuit) computers - computers are specifically designed for cryptocurrency mining - that will be used for Bitcoin Mining. We plan to place this Bitcoin Mining equipment with 3rd party datacenters or farms (often referred as a "Co-Location") that will power and operate our Bitcoin Mining equipment for a fee. We plan to generate revenues through receiving Bitcoin from our Bitcoin Mining equipment. We have not generated any revenues to date or acquired any Bitcoin Mining equipment.

# **Organizational History**

Spartan Bitcoin Mining was incorporated in the State of Wyoming on September 9, 2022. The Company is domiciled in the state of Wyoming, where it maintains its corporate headquarters in Cheyenne , WY.

# **Principal Products and Services**

# Bitcoin Mining Business (via Graystone Mining, Inc.)

The Company main business is operating is Bitcoin Mining. The Company earns revenues from Bitcoin Mining by providing transaction verification services within the digital currency network of Bitcoin. The Company satisfies its performance obligation at the point in time that the Company is awarded a unit of Bitcoin through its participation in the Bitcoin's network and network participants benefit from the Company's verification service. In consideration for these services, the Company receives Bitcoin, which is recorded as revenue using the closing U.S. Dollar price of the Bitcoin on the date of receipt. The Company only mines Bitcoin. We have not generated any revenues to date or acquired any Bitcoin Mining equipment.

# Bitcoin Mining Explained

A Bitcoin is one type of an intangible digital asset that is issued by, and transmitted through, an open source, math-based protocol platform using cryptographic security (the "Bitcoin Network"). The Bitcoin Network is an online, peer-to-peer user network that hosts the public transaction ledger, known as the "blockchain," and the source code that comprises the basis for the cryptography and math-based protocols governing the Bitcoin Network. No single entity owns or operates the Bitcoin Network, the infrastructure of which is collectively maintained by a decentralized user base. Bitcoins can be used to pay for goods and services or can be converted to fiat currencies, such as the U.S. Dollar, at rates determined on Bitcoin exchanges or in individual end-user-to-end-user transactions under a barter system.

Bitcoins are "stored" or reflected on the blockchain. The blockchain records the transaction history of all Bitcoins in existence and, through the transparent reporting of transactions, allows the cryptocurrency network to verify the association of each Bitcoin with the digital wallet that owns them. The network and software programs can interpret the blockchain to determine the exact balance, if any, of any digital wallet listed in the blockchain as having taken part in a transaction on the cryptocurrency network.

Mining is the process by which Bitcoins are created resulting in new blocks being added to the blockchain and new Bitcoins being issued to the miners. Miners engage in a set of prescribed complex mathematical calculations in order to add a block to the blockchain and thereby confirm cryptocurrency

transactions included in that block's data. Miners that are successful in adding a block to the blockchain are automatically awarded a fixed number of Bitcoins for their effort. To begin mining, a user can download and run the network mining software, which turns the user's computer into a node on the network that validates blocks.

All Bitcoin transactions are recorded in blocks added to the blockchain. Each block contains the details of some or all of the most recent transactions that are not memorialized in prior blocks, a reference to the most recent prior block, and a record of the award of Bitcoins to the miner who added the new block. Each unique block can only be solved and added to the blockchain by one miner; therefore, all individual miners and mining pools on the cryptocurrency network are engaged in a competitive process and are incentivized to increase their computing power to improve their likelihood of solving for new blocks.

The method for creating new Bitcoins is mathematically controlled in a manner so that the supply of Bitcoins grows at a limited rate pursuant to a pre-set schedule. Mining economics have also been much more pressured by the "Difficulty Rate" - a computation used by miners to determine the amount of computing power required to mine Bitcoin. The Difficulty Rate is directly influenced by the total size of the entire Bitcoin network. The Bitcoin network has grown 12-fold in the past year, resulting in a 12-fold increase in difficulty. Meanwhile, demand from miners also drove up hardware and power prices, the largest costs of production. This deliberately controlled rate of Bitcoin creation means that the number of Bitcoins in existence will never exceed 21 million and that Bitcoins cannot be devalued through excessive production unless the Bitcoin Network's source code (and the underlying protocol for Bitcoin issuance) is altered.

Mining pools have developed in which multiple miners act cohesively and combine their processing power to solve blocks. When a pool solves a new block, the participating mining pool members split the resulting reward based on the processing power they each contributed to solve for such block. The mining pool operator provides a service that coordinates the workers. Fees are paid to the mining pool operator to cover the costs of maintaining the pool. The pool uses software that coordinates the pool members' hashing power, identifies new block rewards, records how much work all the participants are doing, and assigns block rewards in-proportion to the participants' efforts. While pool fees are not paid directly, pool fees (approximately 2% to 5%) are deducted from amounts we may otherwise earn. Participation in such pools is anticipated to be essential for our mining business.

## Results of Operations

As of September 30, 2022, we have cash balance of $0. Our cash balance is not sufficient to fund our limited level of operations for any substantive period of time. We have been utilizing, and may continue to utilize, funds from the sale of Company stock and loans payable.

In order to implement our plan of operations for the next twelve-month period, we require a minimum of $1,000,000 of funding. We plan to obtain this funding from the sale of Shares of our Common Stock or through debt financing.

During the Fiscal Year ended September 30, 2022, a total of 540,000 Shares of Common Stock and 1,000,000 Shares of Series A Preferred Stock were sold for a total of $10,034.

## Fiscal Year Ended September 30, 2022

Revenue: The Company did not generate any revenue for the Fiscal Year ended September 30, 2022.

Cost Of Goods Sold: The Company did not have any cost of goods sold for the Fiscal Year ended September 30, 2022.

Operating Expenses: Operating expenses for the Fiscal Year ended September 30, 2022, were $10,034. These expenses comprised of general and administrative expenses.

Net Loss: Net loss for the Fiscal Year ended September 30, 2022, was $10,034. The net loss was the result of general and administrative expenses.

# Liquidity and Capital Resources

We had cash of $0 at September 30, 2022. Our capital needs have primarily been met by the sale of our stock to our founders. We will have additional capital requirements during 2022-2023. We do not expect to be able to satisfy our cash requirements in the near term as we have no current revenue stream. We cannot assure that we will have sufficient capital to finance our growth and business operations or that such capital will be available on terms that are favorable to us or at all. We are currently incurring operating deficits that are expected to continue for the foreseeable future.

# Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have, or are reasonably likely, to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

# Critical Accounting Policies

We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management's judgment in their application. The impact and any associated risks related to these policies on our business operations is discussed throughout management's Discussion and Analysis or Plan of Operation where such policies affect our reported and expected financial results. Note that our preparation of the financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates.

# Share-Based Compensation

ASC 718, "Compensation - Stock Compensation", prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).

The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity - Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.

The Company had no stock-based compensation plans for the Fiscal Year ended September 30, 2022.

# Going Concern

Our ability to continue as a going concern depends upon our ability to successfully accomplish the plans embodied in our business model and eventually secure other sources of financing and attain profitable operations. To date, we have had no revenue and significant losses. Accordingly, we have depended on sale of Web Global Holdings Shares to fund our operations and there is a risk that we may be unable to obtain the financing, on acceptable terms or at all, necessary to continue our operations. As such, there is substantial doubt regarding our ability to continue as a going concern for a period of one year from the date our condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

# USE OF PROCEEDS

The following table illustrates how the Company intends to use the net proceeds received through this Offering. The figures below are not inclusive of payments to financial and legal service providers and escrow-related fees, all of which were incurred in the preparation of this Offering and are due in advance of the closing of the Offering.

| USE OF PROCEEDS | % of Proceeds if Target Offering Amount Raised | Amount if Target Offering Amount Raised | % of Proceeds if Target Offering Amount Raised | Amount if Maximum Offering Amount Raised |
| --- | --- | --- | --- | --- |
| Intermediary Fees* | 4% | $400 | 4% | $200,000 |
| Bitcoin Mining Equipment | 80% | $8,000 | 66% | $3,300,000 |
| General & Administrative | 16% | $1,600 | 26% | $1,300,000 |
| Salary | 0% | $0 | 4% | $200,000 |
| Total | 100% | $10,000 | 100% | $5,000,000 |

*The Issuer will pay Mundial Financial Group, LLC a fee of four percent (4%) of the amount raised through the offering.

The Company has discretion to alter the use of proceeds set forth above to adhere to the Company's business plan and liquidity requirements. For example, economic conditions may alter the Company's general marketing or general working capital requirements.

The Company will complete the transaction and deliver securities to investors through the Intermediary, who will subsequently notify investors of the completion of such transaction.

Investors may cancel an investment by contacting the Company or the Intermediary and providing notification of their intent to cancel an investment.

NOTE: Investors may cancel an investment commitment until 48 hours prior to the deadline identified in these offering materials.

The intermediary will notify investors when the target offering amount has been met.

If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment).

If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment.

If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

# FORWARD-LOOKING STATEMENTS DISCLOSURE

This Form C and any documents incorporated by reference herein or therein contain forward-looking statements and are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this Form C are forward-looking statements. Forward-looking statements give the Company's current reasonable expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.

The forward-looking statements contained in this Form C and any documents incorporated by reference herein or therein are based on reasonable assumptions the Company has made in light of its industry experience, perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this Form C, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond the Company's control) and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. Should one or more of these risks or uncertainties materialize or should any of these assumptions prove incorrect or change, the Company's actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

Any forward-looking statement made by the Company in this Form C or any documents incorporated by reference herein or therein speaks only as of the date of this Form C. Factors or events that could cause the Company's actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

![img-0.jpeg](img-0.jpeg)

SPARTAN

BITCOIN MINING

# **EXHIBIT A: FINANCIALS - UNAUDITED**

# **Spartan Bitcoin Mining**

# **UNAUDITED Balance Sheet**

As of December 31, 2022

|  | TOTAL |
| --- | --- |
| ASSETS |  |
| Current Assets |  |
| Bank Accounts |  |
| Cash | 0.00 |
| Synovus | 11,472.71 |
| Total Bank Accounts | $11,472.71 |
| Total Current Assets | $11,472.71 |
| TOTAL ASSETS | $11,472.71 |
| LIABILITIES AND EQUITY |  |
| Liabilities |  |
| Long-Term Liabilities |  |
| Long-term loans from shareholders | 31,034.00 |
| Total Long-Term Liabilities | $31,034.00 |
| Total Liabilities | $31,034.00 |
| Equity |  |
| Retained Earnings |  |
| Net Income | -19,561.29 |
| Total Equity | $ -19,561.29 |
| TOTAL LIABILITIES AND EQUITY | $11,472.71 |

Accrual Basis Thursday, March 16, 2023 02:37 PM GMT-04:00

1/1

EXHIBIT A: FINANCIALS - AUDITED

# Independent Auditor's Report

Board of Directors and Stockholders

Spartan Bitcoin Mining

# Opinion

We have audited the accompanying financial statements of Spartan Bitcoin Mining (the "Company"), which comprise of the balance sheet as of September 30, 2022, and the related statements of operations, changes in stockholders' deficit, and cash flows for the period from September 9, 2022 through September 30, 2022, and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30, 2022, and the related statements of operations, changes in stockholders' equity, and cash flows for the period from September 9, 2022 through September 30, 2022 in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

# Basis of Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America ("U.S. GAAS"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

# Substantial Doubt about the Company's Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company for the period from September 9, 2022 through September 30, 2022 the Company incurred net losses of approximately $6,600. Management's evaluation of the events and conditions and management's plans regarding those matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to that matter.

# Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

### **Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with U.S. GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with U.S. GAAS, we:

- Exercise professional judgment and maintain professional skepticism throughout the audit.
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ Assurance Dimensions

Tampa, Florida

October 10, 2022

# **Spartan Bitcoin Mining**
**Balance Sheet**

|  | September 30, 2022 |
| --- | --- |
| ASSETS |  |
| Current Assets |  |
| Cash and cash equivalents | $ - |
| Total Current Assets | - |
| TOTAL ASSETS | - |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |
| Current Liabilities | - |
| Total Current Liabilities | - |
| TOTAL LIABILITIES | - |
| Stockholders' Deficit |  |
| Preferred stock: 100,000,000 shares authorized; $0.0001 par value |  |
| Series A preferred stock, 1,000,000 shares designated, $0.0001 par value: 1,000,000 shares issued and outstanding | 100 |
| Common stock, $.0001 par value; 100,000,000 shares authorized, 550,000 shares issued and outstanding | 55 |
| Additional paid in capital | 6,479 |
| Accumulated deficit | (6,634) |
| Total Stockholders' Deficit | - |
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ - |

*The accompanying notes are an integral part of this financial statement.*

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Spartan Bitcoin Mining

**Legal Status:** Corporation

**Jurisdiction of Incorporation/Organization:** WY

**Date of Organization:** 09-09-2022

**Physical Address:** 1309 COFFEEN AVENUE STE 6386, SHERIDAN, WY, 82801

**Issuer Website:** www.spartanbitcoinmining.com

**Is there a Co-Issuer?:** No

**Intermediary Name:** MUNDIAL FINANCIAL GROUP, LLC

**Intermediary CIK:** 0001455325

**Intermediary File Number:** 008-68154

**Intermediary CRD Number:** 000149531

### Offering Information

**Compensation to Intermediary:** The Issuer will pay the Intermediary a fee of four percent (4%) of the amount raised through the offering.

**Financial Interest in Issuer:** The Intermediary will also receive compensation in the form of securities equal to one percent (1%) of the total number of securities sold through the offering.

**Type of Security Offered:** Common Stock

**Number of Securities Offered:** 10000

**Price per Security:** $1.00

**Target Offering Amount:** $10,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $5,000,000.00

**Deadline to Reach Target Amount:** 04-04-2024

### Annual Report Disclosure Requirements

**Current Number of Employees:** 4.00

**Total Assets (Most Recent Fiscal Year):** $0.00

**Total Assets (Prior Fiscal Year):** $0.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $0.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $0.00

**Accounts Receivable (Most Recent Fiscal Year):** $0.00

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $0.00

**Short-Term Debt (Prior Fiscal Year):** $0.00

**Long-Term Debt (Most Recent Fiscal Year):** $0.00

**Long-Term Debt (Prior Fiscal Year):** $0.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $0.00

**Net Income (Prior Fiscal Year):** $0.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, PR, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING

### Signatures

**Issuer:** Spartan Bitcoin Mining

**Signature:** Greg Tucker

**Title:** Chief Executive Officer

---

**Signature:** Greg Tucker

**Title:** Chief Executive Officer

**Date:** 03-24-2023