$BTCT
BTC Digital Ltd.

2024 Q3 Form 10-Q Financial Statement

#000121390024098381 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $2.559M $845.0K
YoY Change 202.84%
Cost Of Revenue $2.820M $1.386M
YoY Change 103.46%
Gross Profit -$261.0K -$541.0K
YoY Change -51.76%
Gross Profit Margin -10.2% -64.02%
Selling, General & Admin $281.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $919.0K
YoY Change
% of Gross Profit
Operating Expenses $281.0K
YoY Change
Operating Profit -$542.0K -$694.0K
YoY Change -21.9%
Interest Expense $2.000K $11.00K
YoY Change -81.82%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$305.0K
YoY Change -99.34%
Pretax Income -$571.0K -$1.007M
YoY Change -43.3%
Income Tax
% Of Pretax Income
Net Earnings -$571.0K -$1.007M
YoY Change -43.3%
Net Earnings / Revenue -22.31% -119.17%
Basic Earnings Per Share -$0.21 -$0.63
Diluted Earnings Per Share -$0.21 -$0.63
COMMON SHARES
Basic Shares Outstanding 2.696M shares 1.594M shares
Diluted Shares Outstanding 2.696M shares 1.594M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.00K
YoY Change
Cash & Equivalents $27.00K $367.0K
Short-Term Investments
Other Short-Term Assets $8.176M
YoY Change
Inventory
Prepaid Expenses
Receivables $1.692M
Other Receivables $0.00
Total Short-Term Assets $9.895M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $11.15M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.023M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $15.17M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $9.895M
Total Long-Term Assets $15.17M
Total Assets $25.06M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue $289.0K
YoY Change
Short-Term Debt $544.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.632M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.632M
Total Long-Term Liabilities $0.00
Total Liabilities $4.632M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$188.6M
YoY Change
Common Stock $209.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.43M $19.18M
YoY Change
Total Liabilities & Shareholders Equity $25.06M
YoY Change

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$571.0K -$1.007M
YoY Change -43.3%
Depreciation, Depletion And Amortization $919.0K
YoY Change
Cash From Operating Activities -$284.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $10.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$10.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.00K
YoY Change
NET CHANGE
Cash From Operating Activities -284.0K
Cash From Investing Activities -10.00K
Cash From Financing Activities 34.00K
Net Change In Cash -260.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$284.0K
Capital Expenditures $10.00K
Free Cash Flow -$294.0K
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>(a)</i></b></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of estimates</i></b></span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, estimate of standalone selling prices of each unit of accounting in multiple elements arrangements, estimate of breakage, the fair value of identifiable assets acquired, liabilities assumed and non-controlling interests in business combinations, the useful lives of long-lived assets including intangible assets, the fair value of the reporting unit for the goodwill impairment test, the allowance for doubtful accounts receivable and other receivables, the realization of deferred tax assets, the fair value of share-based compensation awards, lease liabilities, right-of-use assets and the recoverability of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.</p>
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
5485000 usd
CY2024Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1692000 usd
CY2023Q4 btct Prepayment For Equipment Current
PrepaymentForEquipmentCurrent
2285000 usd
CY2024Q3 btct Prepayment For Equipment Current
PrepaymentForEquipmentCurrent
6279000 usd
CY2023Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
328000 usd
CY2024Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
827000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
367000 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
334000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2980000 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7440000 usd
CY2023Q4 us-gaap Crypto Asset Fair Value Current
CryptoAssetFairValueCurrent
436000 usd
CY2024Q3 us-gaap Crypto Asset Fair Value Current
CryptoAssetFairValueCurrent
736000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
75000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17241000 usd
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18384000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4539000 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7239000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12702000 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11145000 usd
us-gaap Depreciation
Depreciation
2305 usd
us-gaap Depreciation
Depreciation
2700 usd
us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0825 pure
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1007000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-571000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2122000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2006000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1593789 shares
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2695568 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1352539 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2654319 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1593789 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2695568 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1352539 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2654319 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.57
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.76
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.76
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
138000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
571000 usd
CY2020Q1 us-gaap Investment Company Committed Capital
InvestmentCompanyCommittedCapital
6000 usd
CY2020Q1 us-gaap Investment Company Committed Capital
InvestmentCompanyCommittedCapital
4000 usd
CY2020Q1 us-gaap Investment Company Committed Capital
InvestmentCompanyCommittedCapital
6000 usd
CY2020Q2 btct Investment Termination Cost
InvestmentTerminationCost
4000 usd
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2097535 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2097535 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3297452 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3297452 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12705000 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.4
CY2024Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
2629812 shares
btct Warrants Outstanding Percentage
WarrantsOutstandingPercentage
0.555 pure
btct Net Proceed From Issuance Of Warrant
NetProceedFromIssuanceOfWarrant
5730000 usd
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
336001 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.5
CY2021Q2 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
1
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Company became exercisable for 1/30 ordinary share of the Company, and the exercise price of Company’s outstanding warrants was increased to US$9.00, adjusted from $0.30 prior to the Reverse Split and representing the temporarily reduced price based on the Company’s Tender Offer Statement on Schedule TO, as amended and supplemented, originally filed by the Company with the U.S. Securities and Exchange Commission on December 7, 2020 (the “Tender Offer”). Based on the terms of the Tender Offer, following the date on which the closing price of the Company’s ordinary shares has been equal to or greater than $90.00 per share for at least twenty (20) trading days during the preceding thirty (30) trading day period, the exercise price of the Company’s outstanding warrants would be increased to US$345.00.
CY2022Q3 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2027-08-09
btct Number Of Trading Days
NumberOfTradingDays
P20D
btct Preceding Trading Days
PrecedingTradingDays
P30D
us-gaap Proceeds From Collection Of Advance To Affiliate
ProceedsFromCollectionOfAdvanceToAffiliate
400000 usd
us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
1255000 usd
us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
657000 usd
CY2024Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
3830000 usd
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
usd
CY2023Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
usd
CY2024Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
usd
us-gaap Proceeds From Collection Of Advance To Affiliate
ProceedsFromCollectionOfAdvanceToAffiliate
usd
btct Issuance Of Common Shares For The Purchase Of Equity In A Joint Venture
IssuanceOfCommonSharesForThePurchaseOfEquityInAJointVenture
usd
btct Issuance Of Common Shares For The Payment Of Mining Facility Acquisition
IssuanceOfCommonSharesForThePaymentOfMiningFacilityAcquisition
usd
CY2023Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
usd
CY2024Q3 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
usd
us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001796514

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