Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 24

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 24
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 (“Assignment Agreement”) with Captus Energy and
2703444 Alberta LTD (“Assignee”). Captus Energy consented to the Company’s assignment of its rights and interests in
the Captus agreement to the Assignee, which agreed to the assumption of the rights and interest in the Captus agreement for $1.00. As
of the Assignment date, the Company wrote off the Captus Acquisition cost of approximately $1,292,000 classified as the merger and acquisition
expenses in accompanying unaudited condensed consolidated statement of operations. Also, the Restricted Stock Awards were cancelled and
returned to the Company. As of the cancellation date approximately $436,000 of unearned grant date fair value of the awards was expensed.
The $436,000 was reversed as of the cancelation date, which was classified as stock based compensation expense.

16

RepairBit LLC

On November 25, 2024, the Company entered into
a term sheet (“RepairBit Acquisition”) for the acquisition RepairBit LLC (“RepairBit”) a bitcoin mining repair
vendor. The aggregate RepairBit purchase price is $5,000,000, less any non-refundable deposits, which is payable in shares of the Company’s
common stock. In December 2024, the Company paid refundable deposits of $300,000. During the first quarter of 2025, the Company applied
approximately $131,000 against outstanding invoices due to RepairBit. In June 2025, the Company and Repairbit agreed to cancel RepairBit
Acquisition. The refundable deposits of $300,000 were used to pay RepairBit invoices for the repair of the Company’s miners.  

Erikson National Energy Inc.

On December 9, 2024, the Company entered into
an asset purchase and sale agreement (the “Erikson Purchase Agreement”) with Erikson National Energy Inc. (“Erikson”),
a Canadian corporation under the laws of the Province of Alberta. Erikson commenced proposal proceedings under the Bankruptcy and Insolvency
Act (Canada) (“BIA”) on October 1, 2024 by filing a Notice of Intention to Make a Proposal, pursuant to section 50.4 of the
BIA, and KSV Restructuring Inc. was named as proposal trustee. Pursuant to an order of the Court of King’s Bench of Alberta (the
“Court”) granted on October 21, 2024, the Court approved a sale and investment solicitation process (“