Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 484

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 484
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 judgment was required in determining the nature and extent of audit procedures to test the occurrence of the revenues recognized by the Company. The primary procedures we performed to address this critical audit matter included the following: •Evaluated the design of the Company’s information technology (“IT”) environment that is relevant to the cryptocurrency mining revenue with the assistance of our IT professional; •Performed site visit of the facility where the Company’s mining machines were located, which included an observation of the physical and environmental controls and mining machines observation procedures; •Evaluated management’s rationale for the application of ASC 606 to account for its cryptocurrency mining revenue, which included evaluating the contracts between the Company and the mining pool operator; •Evaluated and tested management’s rationale and supporting documentation associated with the valuation of cryptocurrency awards earned; •Compared the Company’s wallet records of cryptocurrency mining revenue received to publicly available blockchain records and evaluated the relevance and reliability of audit evidence obtained from public blockchains; •Performed certain substantive analytical procedures to determine completeness and existence of cryptocurrency assets earned by the Company as consideration for services rendered; and •Evaluated management’s disclosures of its cryptocurrency mining revenue in the financial statement footnotes.

| /s/ RBSM LLP                                       
 RBSM LLP                                           
 March 31, 2025                                     
 We have served as the Company’s auditor since 2020 |
|:---------------------------------------------------|
| Larkspur, California                               |
| PCAOB ID 587                                       |

F-35

Gryphon Digital Mining, Inc and Subsidiaries Consolidated Balance Sheets As of December 31,

| Assets                                                                                                                                
 Current assets                                                                                                                        |     | 2024 |             |   |     | 2023 |             |   |
|:--------------------------------------------------------------------------------------------------------------------------------------|:----|:-----|------------:|:--|:----|:-----|------------:|:--|
| Cash and cash equivalents                                                                                                             |     | $    |     735,000 |   |     | $    |     915,000 |   |
| Restricted cash                                                                                                                       |     |      |           — |   |     |      |       8,000 |   |
| Accounts receivable                                                                                                                   |     |      |           — |   |     |      |     486,000 |   |
| Prepaid expenses                                                                                                                      |     |      |     409,000 |   |     |      |     581,000 |   |
| Marketable securities                                                                                                                 |     |      |     115,000