Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 513

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 513
---
 of September 30, 2024, were issued with a going concern exception, and the Company was not earning a sufficient number of Bitcoins to satisfy the monthly interest payments, therefore adding to the principal balance the interest deficiency. Both of these factors would qualify, under ASC 470, that the Company was in financial difficulties, at the Exchange date. The second qualification refers to the lender granting a concession. ASC 470 defines a concession as being a reduction in the effective interest rate of the new loan. The Company determined that the Amended BTC Note’s effective interest was higher than the effective interest rate of the Note Payable. The Company has determined that the Exchange is accounted for as a troubled debt restructuring with the Note Payable in the amount of $5,638,000 and a resulting gain of approximately $6,248,000, calculated as follows:

| Book value – Amended BTC Note      |     | $ | 20,236,000 |   |
| Fair value of Shares Exchanged     |     |   | (5,072,000 | ) |
| Fair value of $1.5 Warrants        |     |   |   (888,000 | ) |
| Fair value – Prefunded Warrants    |     |   | (2,160,000 | ) |
| Remaining value – Amended BTC Note |     |   | 12,116,000 |   |
| Note Payable – Principal           |     |   |  5,000,000 |   |
| Difference                         |     | $ | (7,116,000 | ) |

F-59

Gryphon Digital Mining, Inc. Notes to the Consolidated Financial Statements For the Years Ended December 31, 2024 and 2023 NOTE 7 — NOTE PAYABLE (cont.) Since the Note Payable balance is less than the remaining balance of the Amended BTC Note, the Company recorded the Note Payable in the aggregate of the principal and interest calculated over the life of the loan with a corresponding gain as follows:

| Principal – Note Payable           |     | $ |   5,000,000 |   |
| Interest payments – Note Payable   |     |   |     638,000 |   |
| Undiscounted cashflow              |     |   |   5,638,000 |   |
| Remaining value – Amended BTC Note |     |   | (12,116,000 | ) |
| Difference                         |     |