Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 0

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 0
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Gryphon Digital Mining, Inc.

Notes to the Unaudited Condensed Consolidated Financial
Statements

For the Six Months Ended June 30, 2025 and 2024

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Organization and Nature of Operations

Gryphon Digital Mining, Inc.
(“Gryphon”), which originally began operations as Ivy Crypto, Inc., was incorporated under the provisions and by the virtue
of the provisions of the General Corporation Law of the State of Delaware on October 22, 2020, with its office located in Las Vegas, Nevada.
Gryphon operates a digital asset (commonly referred to as cryptocurrency) mining operation using specialized computers equipped with application-specific
integrated circuit (ASIC) chips (known as “miners”) to solve complex cryptographic algorithms in support of the Bitcoin blockchain
(in a process known as “solving a block”) in exchange for cryptocurrency rewards (primarily Bitcoin). Gryphon became a publicly
held entity in February 2024 upon the completion of a reverse merger transaction (the “Merger”) with Akerna Corp., herein
referred to as we, us, our, the Company or Akerna. These unaudited condensed consolidated financial statements and notes thereto, including
disclosures for certain activities up to and including the February 9, 2024 (the “Effective Date”) the date of the Merger,
are exclusively attributable to the operations of Ivy Crypto, Inc. The common stock, $0.0001 par value (“Common Stock”) is
traded on the Nasdaq Capital Market (the “Nasdaq”) under the symbol “GRYP” after February 9, 2024.

The legacy Akerna (“Legacy
Akerna’) was formed upon completion of the mergers between MTech Acquisition Corp. (“MTech”) and MJ Freeway, LLC (“MJF”)
on June 17, 2019 as contemplated by the Merger Agreement dated October 10, 2018, as amended (the “Formation Mergers”). Akerna
provided software as a service (“SaaS”) solutions within the cannabis industry that enabled regulatory compliance and inventory
management through several wholly-owned subsidiaries including MJF, Trellis Solutions, Inc. (“Trellis”), Ample Organics, Inc.
(“Ample”), Last Call Analytics (“LCA”), solo sciences, inc. (“Solo”), Viridian Sciences, Inc. (“Vir