Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 112

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 112
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 to $419,000 for the three months ended June 30 2025, from $891,000 for the three months ended June 30, 2024. The decrease
of $472,000 relates to (i) a $552,000 decrease in legal fees, (ii) a $34,000 decrease in accounting fees, and (iii) a $114,000 increase
in other fees.

Investor
and public relations expenses decreased to $313,000 for the three months ended June 30, 2025, from $2,467,000 for the three months ended
June 30, 2024. Given the pending merger with ABTC, management has suspended the use of third-party consultants for investor and public
relations services.

Salaries
and wages increased to $618,000 for the three months ended June 30, 2025, from $221,000 for the three months ended June 30, 2024. The
increase of $397,000 was due (i) $209,000 for bonus accruals for our executive officers, (ii) a $108,000 increase in compensation related
to our CEO and VP of Energy, both hired during Q4 of 2024, (iii) a $23,000 increase in employee benefits, and (iv) a $57,000 increase
in compensation for our directors.

Stock-based compensation
expense

Stock-based
compensation expense decreased to $39,000 for the three months ended June 30, 2025, from $140,000 for the three months ended June 30,
2024. For the three months ended June 30, 2025 our stock based compensation expense was $287,000, which was offset by a $248,000 reversal
for the 2025 first quarter expense for the Captus Energy restricted stock awards, which were canceled during the second quarter of 2025,
due to the Captus Energy Assignment Agreement.

Depreciation expense

Depreciation
decreased to $515,000 for the three months ended June 30, 2025, from $3,292,000 for the three months ended June 30, 2024. The decrease
is due to the fact that average remaining useful life of the mining fleet as of June 30, 2025 was 23 months, while average remaining useful
life of the mining fleet as of June 30, 2024 was 52 months