Bit Digital, Inc 6-K, filed Aug 20, 2021

Bit Digital, Inc (BTBT)

6-K 2021-08-20 For: 2021-08-20

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Added on April 11, 2026

About this 6-K

Bit Digital, Inc filed this 6-K on August 20, 2021.

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	Bit Digital, Inc.
	(Registrant)

	By:	/s/ Erke Huang
	Name:	Erke Huang
	Title:	Chief Financial Officer

Location	Number of Miners		Percentage of Total Miners
In transit to or awaiting installation in US		14,500		44.6	%
China		9,484		29.2	%
United States		7,090		21.8	%
Canada		1,426		4.4	%
Total		32,500		100.0	%

Model	Owned as of June 30, 2021
MicroBT Whatsminer M21S		15,072
Bitmain Antminer S17+		7,955
MicroBT Whatsminer M20S		3,691
MicroBT Whatsminer M10		2,190
Bitmain Antminer S17 Pro		1,259
Bitmain Antminer T3		800
Bitmain Antminer T17		700
MicroBT Whatsminer M30S		261
Bitmain Antminer T17+		256
Bitmain Antminer S19 Pro		205
Bitmain Antminer S17		101
Bitmain Antminer S17E		10
Total		32,500

	Number of bitcoins			Amount ⁽¹⁾
Balance at January 1, 2021		262.62		$	6,237,917
Receipt of BTC from mining services		1,576.34			72,295,744
Sales and payment of BTC		(1,256.29	)		(55,994,314	)
Lending of BTC to a third party, net		5.73			97,772
Realized gain on sale of BTC		-			6,952,652
Impairment of BTC		-			(8,985,662	)
Balance at June 30, 2021		588.40		$	20,604,109

	For the Three Months Ended June 30,						Variance in
	2021			2020			Amount
Revenue from cryptocurrency mining	$	28,342,694		$	674,467		$	27,668,227

Cost and operating expenses
Cost of revenues (exclusive of depreciation and amortization shown below)		(10,883,650	)		(636,926	)		(10,246,724	)
Depreciation and amortization expenses		(2,348,657	)		(70,501	)		(2,278,156	)
General and administrative expenses		(4,335,983	)		(221,591	)		(4,114,392	)
Total operating expenses		(17,568,290	)		(929,018	)		(16,639,272	)

Income (Loss) from operations		10,774,404			(254,551	)		11,028,955

Other income (expenses)
Realized gain (loss) on exchange of cryptocurrencies		(3,503,845	)		6,194			(3,510,039	)
Impairment of cryptocurrencies		(9,045,007	)		-			(9,045,007	)
Interest income		-			40			(40	)
Gain from disposal of property and equipment		43,436			-			43,436
Other income		493,519			(1,964	)		495,483
Total other (expenses) income, net		(12,011,897	)		4,270			(12,016,167	)

Loss before income taxes		(1,237,493	)		(250,281	)		(987,212	)

Income tax expenses		(101,907	)		-			(101,907	)
Net loss	$	(1,339,400	)		(250,281	)	$	(1,089,119	)

	For the Six Months Ended June 30,						Variance in
	2021			2020			Amount
Revenue from cryptocurrency mining	$	72,295,744		$	692,698		$	71,603,046

Cost and operating expenses
Cost of revenues (exclusive of depreciation and amortization shown below)		(23,351,378	)		(656,014	)		(22,695,364	)
Depreciation and amortization expenses		(5,999,031	)		(70,501	)		(5,928,530	)
General and administrative expenses		(6,561,153	)		(340,569	)		(6,220,584	)
Total operating expenses		(35,911,562	)		(1,067,084	)		(34,844,478	)

Income (Loss) from operations		36,384,182			(374,386	)		36,758,568

Other income (expenses)
Realized gain on exchange of cryptocurrencies		6,952,652			5,968			6,946,684
Impairment of cryptocurrencies		(9,045,007	)		-			(9,045,007	)
Interest income		-			40			(40	)
Gain from disposal of property and equipment		43,436			-			43,436
Other income (expenses)		495,710			(1,964	)		497,674
Total other (expenses) income, net		(1,553,209	)		4,044			(1,557,253	)

Income (Loss) before income taxes		34,830,973			(370,342	)		35,201,315

Income tax expenses		(384,049	)		-			(384,049	)
Net income (loss) from continuing operations		34,446,924			(370,342	)		34,817,266

Net loss from discontinued operations		-			(3,734,498	)		3,734,498
Net income (loss)	$	34,446,924			(4,104,840	)	$	38,551,764

	June 30, 2021		December 31, 2020
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	28,254,066	$	405,133
Cryptocurrencies		20,989,096		6,293,922
Other current assets		10,366,860		2,020,374
Total Current Assets		59,610,022		8,719,429

Investment security		1,000,000		-
Deposits for plant and equipment		11,495,450		1,324,963
Property and equipment, net		35,953,562		29,849,157
Total Assets	$	108,059,034	$	39,893,549

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	2,455,694	$	1,365,716
Due to related parties		-		336,722
Income tax payable		211,365		-
Other payables and accrued liabilities		501,854		191,536
Total Current Liabilities		3,168,913		1,893,974

Deferred tax liabilities		47,684		-

Total Liabilities		3,216,597		1,893,974

Commitments and Contingencies

Shareholders’ Equity
Common shares, $0.01 par value, 140,000,000 and 50,000,000 shares authorized, 53,906,241 and 48,043,788 shares issued and outstanding of June 30, 2021 and December 31, 2020, respectively		539,063		480,438
Additional paid-in capital		85,556,939		53,219,626
Retained earnings (Accumulated deficit)		18,746,435		(15,700,489	)
Total Shareholders’ Equity		104,842,437		37,999,575
Total Liabilities and Shareholders’ Equity	$	108,059,034	$	39,893,549

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Revenue from cryptocurrency mining	$	28,342,694		$	674,467		$	72,295,744		$	692,698

Cost and operating expenses
Cost of revenues (exclusive of depreciation and amortization shown below)		(10,883,650	)		(636,926	)		(23,351,378	)		(656,014	)
Depreciation and amortization expenses		(2,348,657	)		(70,501	)		(5,999,031	)		(70,501	)
General and administrative expenses		(4,335,983	)		(221,591	)		(6,561,153	)		(340,569	)
Total operating expenses		(17,568,290	)		(929,018	)		(35,911,562	)		(1,067,084	)

Income (Loss) from Operations		10,774,404			(254,551	)		36,384,182			(374,386	)

Realized gain (loss) on exchange of cryptocurrencies		(3,503,845	)		6,194			6,952,652			5,968
Impairment of cryptocurrencies		(9,045,007	)		-			(9,045,007	)		-
Interest income		-			40			-			40
Gain from disposal of property and equipment		43,436			-			43,436			-
Other income		493,519			(1,964	)		495,710			(1,964	)
Total other (expenses) income, net		(12,011,897	)		4,270			(1,553,209	)		4,044

Net income (loss) from continuing operations before income taxes		(1,237,493	)		(250,281	)		34,830,973			(370,342	)

Income tax expenses		(101,907	)		-			(384,049	)		-
Net income (loss) from continuing operations		(1,339,400	)		(250,281	)		34,446,924			(370,342	)

Net loss from discontinued operations		-			-			-			(3,734,498	)

Net income (loss) and comprehensive income (loss)	$	(1,339,400	)	$	(250,281	)	$	34,446,924		$	(4,104,840	)

Weighted average number of ordinary share outstanding
Basic and Diluted		49,737,336			19,359,625			49,018,317			17,379,405
Income (loss) per share
Basic and Diluted	$	(0.03	)	$	(0.01	)	$	0.70		$	(0.24	)

	For the Six Months Ended June 30,
	2021			2020
Cash Flows from Operating Activities:
Net income (loss)	$	34,446,924		$	(4,104,840	)
Less: Net loss from discontinued operations		-			3,734,498
Net income (loss) from continuing operations		34,446,924			(370,342	)
Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities:
Depreciation of property and equipment		5,999,031			70,501
Gain from disposal of property and equipment		(43,436	)		-
Impairment of cryptocurrencies		9,045,007			-
Share based compensation expenses with management		509,794			-
Share based compensation expenses with non-employees		933,098			-
Loss from acquisition of a subsidiary		-			1,964
Deferred tax expenses		47,684			-
Changes in operating assets and liabilities:
Cryptocurrencies		(78,531,704	)		(705,118	)
Other current assets		(1,750,324	)		(300	)
Accounts payable		22,985,200			97,490
Income tax payable		211,365			-
Other payables and accrued liabilities		1,325,382			(57,014	)
Net Cash Used in Operating Activities		(4,821,979	)		(962,819	)

Cash Flows from Investing Activities:
Purchases of property and equipment		(686,538	)		(11,244,761	)
Proceeds from sales of cryptocurrencies		3,539,450			551,640
Acquisition of cash in connection with acquisition of a subsidiary		-			11,326
Net Cash Provided by (Used in) Investing Activities		2,852,912			(10,681,795	)

Cash Flows from Financing Activities:
Proceeds from issuance of ordinary shares under direct offering		28,550,000			-
Proceeds from issuance of convertible notes, net of issuance costs		1,280,000			-
Proceeds from issuance of common stock under private placement transaction		-			2,600,000
Proceeds from borrowings from related parties		-			776,134
Repayment of borrowings to related parties		(12,000	)		-
Advances of share subscription fees from shareholders under private placement transaction		-			10,163,718
Net Cash Provided by Financing Activities		29,818,000			13,539,852

Net increase in cash		27,848,933			1,895,238
Cash at beginning of period		405,133			615,988
Cash at end of period	$	28,254,066		$	2,511,226
Supplemental Cash Flow Information
Cash paid for interest expense	$	-		$	-
Cash paid for income tax	$	125,000		$	-

Non-cash Transactions of Investing and Financing Activities
Collection of USDC from private placement	$	1,179,368		$	-
Receivable due from three third parties for sales of miners	$	5,410,349		$	-
Investment in an investment security in USDC	$	(1,000,000	)	$	-
Purchases of property and equipment in USDT	$	(17,503,910	)	$	-
Purchases of property and equipment in USDC	$	(895,893	)	$	-
Payment of deposits on equipment in BTC	$	(9,327,997	)	$	-
Repayment of USDC to a related party	$	(329,722	)	$	-

Name	Background	Ownership
Golden Bull USA, Inc. (“Golden Bull USA”)	● A United States company ● Incorporated on June 3, 2019 ● Inactive	100% owned by Bit Digital, Inc.
Bit Digital Hong Kong Limited (“BT HK”)	● A Hong Kong company ● Acquired on April 8, 2020 ● Engaged in bitcoin mining business	100% owned by Bit Digital, Inc.
Bit Digital USA, Inc. (“BT USA”)	● A United States company ● Incorporated on September 1, 2020 ● Engaged in bitcoin mining business	100% owned by Bit Digital, Inc.
Bit Digital Canada, Inc. (“BT Canada”)	● A Canadian company ● Incorporated on February 23, 2021 ● Engaged in bitcoin mining business	100% owned by Bit Digital, Inc.
Bit Digital Strategies Limited (“BT Strategy”)	● A Hong Kong company ● Incorporated on June 1, 2021 ● Engaged in cryptocurrency decentralized finance business	100% owned by Bit Digital, Inc.
Bit Digital Singapore PTE. LTD. (“BT Singapore”)	● A Singapore company ● Incorporated on July 1, 2021 ● Engaged in cryptocurrency decentralized finance business	100% owned by Bit Digital, Inc.

	●	Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

	●	Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.

	●	Level 3 - inputs to the valuation methodology are unobservable.

	June 30, 2021		December 31, 2020

Bitcoins	$	20,604,109	$	6,237,917
ETH		230,323		-
USDC		6,144		56,005
USDT		148,520		-
Total	$	20,989,096	$	6,293,922

	June 30, 2021		December 31, 2020

Deposits (a)	$	4,903,126	$	1,909,800
Due from third parties (b)		5,410,349		97,771
Office rental deposit		21,943		-
Others		31,442		12,803
Total	$	10,366,860	$	2,020,374

	June 30, 2021			December 31, 2020

Miners	$	42,931,933		$	33,173,812
Less: accumulated depreciation		(6,978,371	)		(3,324,655	)
Property and equipment, net	$	35,953,562		$	29,849,157

	Number of RSUs			Weighted average grant date fair value

Awarded and unvested as of January 1, 2021	-			$	-
Granted		271,530		$	15.02
Vested		(33,941	)	$	15.02
Awarded and unvested as of June 30, 2021		237,589		$	15.02
Expected to vest as of June 30, 2021		237,589		$	15.02