Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 102

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 102
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 The Company was required to pay
to Blockfusion a monthly facility fee of $13,000 per MW, for an aggregate of $156,000 (“Facility Fee”) for standard levels
of maintenance of the Company’s Mining Equipment, including fault diagnosis and software upgrades, and racking and unracking of
faulty machines. The Company’s monthly power usage would charge to the Company without a Blockfusion markup charge. At the signing
of the Blockfusion MSA, the Company was required to pay (i) an initial monthly Facility Fee of $156,000 to be applied to the December
2024 Facility fee, (ii) a deposit in the aggregate of $600,000, as follows: $200,000 on December 6, 2024, $200,000 on January 1, 2025
and $200,000 on February 1, 2025 (“Cash Deposit”) and (iii) the Company was required, prior to January 27. 2025, and thereafter
at all times during the Term, maintain an irrevocable letter of credit, or prior to January 31, 2025 maintain a cash deposit and thereafter
at all times during the Term, in the amount of $1,200,000 (“LOC Deposit”). As of the release date of these consolidated Financial
Statements, the Cash Deposit has been paid and is not outstanding while the LOC Deposit remains outstanding.

On April 15, 2025, due to
high industry hash rates and high energy costs, Gryphon Digital Mining, Inc. (the “Company”) and Blockfusion USA, Inc. (“Blockfusion”)
agreed to suspend mining operations and curtail service, respectively.

Captus Energy

On January 8, 2025, the Company
and Alberta Ltd., entered into a Share and Unit Purchase Agreement (the “Captus Agreement”) with BTG Energy Corp., a Canadian
corporation (“BTG Energy”), BTG Power Corp., a Canadian corporation (“BTG Power”) and West Lake Energy Corp.,
a Canadian corporation (“West Lake,” and together with BTG Energy and BTG Power, the “Vendors”). Pursuant to the
Captus Agreement, the Company was to acquire from the Vendors all of the issued and outstanding shares or units, as applicable, of (i)
Captus Generation Ltd. (“Captus GP”) and BowArk Energy Ltd., each a Canadian corporation, and (ii) Captus General Limited
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