Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 27

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 27
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    Accounts payable 
    $8,636,000  
    $5,514,000 
  
    Accrued liabilities 
     3,061,000  
     3,531,000 
  
    Total 
    $11,697,000  
    $9,045,000 

NOTE 7 - NOTE PAYABLE

The following table summarizes the balance of the note payable as of:

    June 30,  2025  
    December 31,  2024 
  
    Principal - Note Payable 
    $5,000,000  
    $5,000,000 
  
    Aggregate interest to be paid 
     638,000  
     638,000 
  
    Interest payments made 
     (147,000) 
     (41,000)

     5,491,000  
     5,597,000 
  
    Less current portion of interest 
     213,000  
     213,000 
  
    Notes Payable – long-term 
    $5,278,000  
    $5,384,000 

On October 25, 2024 (“Exchange Date”),
the Company, its direct and indirect subsidiaries, as applicable and the Lender entered into a Debt Repayment and Exchange Agreement (the
“DRE Agreement”), Loan, Guaranty and Security Agreement (the “New Loan Agreement”), the Pre-funded Warrants (as
defined below) and the $1.50 Warrants (as defined below) (collectively, the “Agreements”) to extinguish and terminate the
Amended BTC Note (the “Exchange”).

Pursuant to the Agreements, the following consideration was exchanged
with the Lender for the settlement of the Amended BTC Note:

●Approximately $9,117,000 of
the Amended BTC Note principal balance was converted into shares of the Company’s common stock (the “Shares Exchanged”),
at an ascribed value of $1.10 per share resulting in the issuance of 8,287,984 shares of common stock to Lender, at a fair market value
of $0.612 per share (the quoted market price of the Company’s common stock on the Restructuring Date), or an aggregate value of
approximately $5,072,000.

●Warrants to purchase 3,530,198
shares of common stock, which warrants