Company Overview - Bit Brother (NASDAQ: BETS) is a highly speculative blockchain venture with operations in business management in China [1] - The company previously operated as Urban Tea, distributing and retailing specialty tea products before pivoting to blockchain technology and cryptocurrency mining [5] - Over the past 52 weeks, BETS stock has lost 99.7% of its value [5] Financial Performance - Bit Brother's market capitalization is currently less than $3 million [2] - In the fiscal year ending June 2023, the company reported a net loss of $92.16 million on sales of only $2.88 million [2] - Since the beginning of 2024, BETS stock has lost around 61% of its market value, despite a recent rally [2] Market Dynamics - BETS stock is experiencing a surge due to the benchmark cryptocurrency asset nearing an all-time high, crossing above $63,000 for the first time since November 2021 [1][2] - The upcoming halving event for the benchmark cryptocurrency asset is driving speculation, as it will reduce mining rewards by half, potentially increasing the asset's price due to reduced supply [4] Short Squeeze Potential - BETS stock is also rising due to a potential short squeeze, with short interest standing at just over 162% of its float [3] - The short interest ratio is 2.27 days to cover, indicating the time needed for short sellers to cover their positions based on average trading volume [3] - Yahoo Finance reports short interest at 147.28% as of February 15, 2024, further confirming the high short interest in BETS stock [3] Regulatory and Listing Concerns - On February 2, 2024, Bit Brother received a notification from Nasdaq regarding the exchange operator's intent to delist BETS stock [1] - The company was scheduled to appeal the delisting decision on February 27, 2024 [1]

CHANGSHA, China, Jan. 25, 2024 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", or "Bit Brother") (NASDAQ: BETS) is pleased to announce that all equipment for the operation of our second cryptocurrency mining farm have been delivered. Due to the extremely cold weather in mid-January in Texas some of the equipment delivery which were expected to be delivered before January 10, 2024 were not delivered until January 19, 2024. As of now, the Company has received an initial batch of approximately 1,400 ...

CHANGSHA, China, Jan. 15, 2024 /PRNewswire/ -- Bit Brother Limited (the "Company," "we", or "Bit Brother") (NASDAQ: BETS) announced its unaudited mining farm operation results for the calendar year 2023 ended December 31, 2023. The Company currently operates two mining farms in the U.S. Site 1 at Clyde Texas started operations on January 17, 2023 and reached full 6MW capacity in last May after installing 1.5 MW miner servers. Site 2 at Abilene, Texas is expected to commence operation in mid-January 2024. Hi ...

Revenue and Financial Performance - The company generated $1,773,684 from its blockchain and digital asset mining business for the year ended June 30, 2023[434] - The company earned $1,073,269 from its tea shop chain business for the year ended June 30, 2023, compared to $765,094 in 2022 and $358,515 in 2021[440] - Total revenue for the year ended June 30, 2023 was $2,883,418, a 276.9% increase from $765,094 in 2022[447] - Total revenue increased by $2.1 million or 276.9% from $0.8 million in FY2022 to $2.9 million in FY2023, driven by blockchain and digital asset mining revenue of $1.8 million and tea shop chains revenue of $1.1 million[452] - Revenue from continuing operations increased by $0.41 million or 113% from $0.36 million in FY2021 to $0.77 million in FY2022, driven by consolidation of two subsidiaries[471] - Revenue from dark tea products decreased to $1.7 million in 2022 from $5.4 million in 2021, primarily due to COVID-19 pandemic and strict stay-at-home policies[476] Costs and Expenses - The company reported a gross loss of $2,738,312 for the year ended June 30, 2023, compared to a gross profit of $314,784 in 2022[447] - Operating expenses increased by 279.2% to $39,470,964 for the year ended June 30, 2023, compared to $10,408,530 in 2022[447] - Cost of revenues increased by $5.17 million or 1148.4% from $0.45 million in FY2022 to $5.62 million in FY2023, mainly due to $4.99 million in digital asset mining costs[453] - General and administrative expenses increased by $29.1 million or 279.2% from $10.4 million in FY2022 to $39.5 million in FY2023, primarily due to $23.9 million in bad debt expenses and $4.58 million in stock incentive payments[456] - Cost of revenues for continuing operations increased by $0.27 million or 150% to $0.45 million in FY2022, in line with revenue growth[472] - General and administrative expenses for continuing operations increased by $1.6 million or 19% from $8.8 million in FY2021 to $10.4 million in FY2022, mainly due to $1.00 million in share-based compensation expenses[474] Losses and Impairments - The company recorded an impairment loss of $185,290 on digital assets for the year ended June 30, 2023[447] - Net loss from continuing operations was $96,807,155 for the year ended June 30, 2023, a 625.3% increase from $13,347,104 in 2022[447] - The company accrued impairment of $54.1 million for mining equipment deposits in FY2023, compared to $2.6 million in FY2022, due to COVID-19 and economic recession impacts[457] - Net loss for FY2023 was $92.2 million, representing a $66.4 million increase from the $25.8 million net loss in FY2022[468] - Net loss for the year ended June 30, 2022 was $25.8 million, a $17.8 million increase from the net loss of $8.0 million in 2021[479] - Impairment of goodwill for the year ended June 30, 2022 was $9.57 million due to the termination of VIE agreements with 39Pu[477] Cash Flow and Financing - Cash and cash equivalents decreased to $5.37 million as of June 30, 2023 from $12.99 million as of June 30, 2022[494] - Net cash used in operating activities for the year ended June 30, 2023 was $10.0 million, primarily due to net loss from continuing operations of $96.8 million[496] - Net cash used in investing activities for the year ended June 30, 2023 was $10.0 million, mainly due to purchases of property and equipment of $17.2 million[499] - Net cash provided by financing activities for the year ended June 30, 2023 was $7.1 million, raised from a registered direct offering[501] - The company raised $7.1 million from registered direct offerings during the year ended June 30, 2023[494] - The company raised $20.8 million from registered direct offerings and $54.3 million from a private placement during the year ended June 30, 2022[494] - The company repurchased warrants issued in connection with a registered direct offering in July 2021 for $6.4 million[494] Business Operations and Strategy - The company disposed of 51% of its shares in Hunan 39 Pu Tea Co., Ltd. for RMB 8 million, which was reported as a discontinued operation[439] - The company operates two brands, Buoyance Manor and Your Ladyship Tea, and plans to launch a new brand, Meet Honey, focusing on snacks and accessories[440][441] - The company faces competition in the Hunan province from brands such as Maiji, Luosennina, NAYUKI, and Chayanyuese[442] - The company operates as a holding company with no material operations of its own, relying on subsidiaries and consolidated VIE for dividends[508] - PRC subsidiaries may use retained earnings to provide financial support to the consolidated VIE through loans or capital contributions[509] Risks and Uncertainties - No significant trends, uncertainties, or events identified that would materially affect the company's financial performance for the year ended June 30, 2023[503] - The company has no off-balance sheet arrangements, financial guarantees, or derivative contracts tied to its shares[504] - The company is exposed to foreign exchange risk, with a 5% RMB appreciation/depreciation impacting comprehensive income by $2.7 million[627] - The company does not engage in hedging transactions to mitigate interest rate or foreign exchange risks[626][627] - Most of the company's revenues, costs, and assets are denominated in RMB, making it sensitive to RMB-USD exchange rate fluctuations[627] - The RMB exchange rate is influenced by China's political and economic conditions, with potential for significant medium-to-long-term fluctuations[628] Assets and Liabilities - The company held 67.87 bitcoin with a carrying value of $1.77 million and accrued impairment of $185,290 as of June 30, 2023[458] - Total lease payments for the next three years amount to $1,056,687, with a present value of lease liabilities at $998,755[507] - Accumulated other comprehensive income as of June 30, 2023, was $3.9 million[627]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 D ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 D ...