ABIT — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-14

• As of March 31, 2026, we had an accumulated deficit of $964 thousand and a working capital deficit of $6.513 million, and for the three months ended March 31, 2026, had a net loss of $467 thousand and cash provided by operating activities of $1.360 million. The accompanying condensed consolidated fi…

• ·Key Performance Indicators and Non-GAAP Financial Measure and Trends. A description of key performance indicators and non-GAAP financial measures and trends used by the Company to evaluate performance.

• Our mission is to connect the world’s cash to the new global digital financial system. We believe that providing the world with access to crypto assets will help transform the international financial order by providing the unbanked and billions of others in the world with a connection to a new globa…

• In order to achieve our mission, we are focused on developing, owning, and operating a global network of Athena-branded Bitcoin ATM machines, which are free standing kiosks that permit customers to buy or sell crypto assets in exchange for cash (banknotes) issued by sovereign governments - often ref…

• We have become one of the largest Bitcoin ATM operators in the United States and Latin America by installing ATMs in strategic locations that seek to maximize the ability to provide crypto assets to customers. These locations include convenience stores, shopping centers, and other easily accessible …

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• As previously disclosed in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on July 10, 2025, on July 7, 2025, the majority stockholders of the Company, holding an aggregate of 7,062,449 shares of common stock or 51.7% of the Company’s then total voting…

• As of September 30, 2025, we had an accumulated income of $7.1 million and a working capital deficit of $5.9 million, and for the nine months ended September 30, 2025, net income of $1.6 million and cash provided by operating activities of $7.7 million. The accompanying condensed consolidated financ…

• · Business Overview and Recent Events. A summary of the Company’s business and certain material recent events.

• This MD&A and the related unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024, primarily cover the operations of Athena, which is an active participant in the operation of Bitcoin ATMs in the United States and Latin America. More broa…

• The Company is focused on developing, owning and operating a global network of Athena Bitcoin ATMs, which are free standing kiosks that permit customers to either buy or sell Bitcoin (two-way ATMs) in exchange for fiat currencies or to just have the ability to buy Bitcoin (one-way ATMs) in exchange …

Text added vs the prior filing · source: 10-Q · 2026-05-14

• We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are not required to provide the information required under this item..

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).

Text added vs the prior filing · source: 10-Q · 2026-05-14

• With the participation of the Company’s principal executive officer and principal financial officer, management evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of March 31, 2026. Based on their ev…

• The Company’s disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in the reports it files or furnishes under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and E…

• In connection with the preparation of the Company’s consolidated financial statements as of December 31, 2025, management identified material weaknesses in the Company’s internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal cont…

• As of December 31, 2025, the material weakness in our internal control over financial reporting related to (i) the fact that the Company did not have formalized system of internal control over financial reporting in place to ensure that risks are properly assessed, certain accounts are properly reco…

• To address the material weaknesses, the Company will need to add personnel as well as implement additional financial reporting processes and related internal controls. Management intends to continue to take steps to remediate the material weaknesses described above through hiring additional qualifie…

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• With the participation of the Company’s principal executive officer and principal financial officer, management evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2025. Based on the…

• In connection with the preparation of the Company’s consolidated financial statements as of December 31, 2024, management identified material weaknesses in the Company’s internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal cont…

• Effective internal controls are necessary to provide reliable financial reports and prevent fraud, and material weaknesses could limit the ability to prevent or detect a misstatement of accounts or disclosures that could result in a material misstatement of annual or interim financial statements. To…

• Notwithstanding the above identified material weaknesses, management believes the Consolidated Financial Statements as included in this Quarterly Report on Form 10-Q fairly represent, in all material respects, the Company's financial condition, results of operations and cash flows as of and for the …

• There was no change in the Company’s internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Text added vs the prior filing · source: 10-Q · 2026-05-14

• We are not subject to the reporting requirements of Section 12 of the Exchange Act and are therefore a voluntary filer. We expect that, shortly after the filing of this Report, we will file a Form 15 and stop filing periodic and current reports with the SEC, which will significantly reduce the infor…

• We have not registered our common stock under Section 12 of the Securities Exchange Act, and we currently have fewer than 300 holders of record of our common stock. As a result, we are not required to file periodic reports with the SEC pursuant to Section 13(a) of the Exchange Act and are currently …

• While we have filed this Quarterly Report on Form 10-Q with the SEC, on May 12, 2026, our Board of Directors approved the filing of a Form 15 with the SEC to suspend our voluntary reporting obligations under Rule 12h-3 of the Exchange Act due to the significant costs and administrative burdens assoc…

• Assuming we cease filing reports with the SEC, current and prospective investors may have limited or no access to information regarding our business, financial condition and results of operations. The absence of publicly available information could impair investors’ ability to make informed investme…

• Increasing state regulation of cryptocurrency ATMs, including fee caps and similar restrictions, has in the past, and is expected to continue in the future, to reduce our revenue per transaction and could materially adversely affect our business, financial condition and results of operations.

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• Risks Related to Our Business, Operations, and Financial Position

• · Dependence on Transaction Volume and Volatility: Our revenue relies heavily on crypto transaction volumes, which fluctuate with volatile crypto prices. Declines in prices or volume, as well as failures of major market participants, could materially harm results and investor confidence.

• · Forecasting Challenges: Operating in a new, rapidly evolving crypto product market makes forecasting demand, volume, and performance difficult.

• · Indebtedness: We carry significant debt secured by most assets, with restrictive covenants that limit flexibility. We may lack sufficient cash flow to meet obligations, and raising additional capital may be difficult, forcing operational changes or, in extreme cases, closure.

• · Asset and Private Key Security: Our cash and crypto assets face risks of theft or loss, especially from compromised private keys. Hacks, breaches, or key loss could cause major financial, regulatory, and reputational damage. Insurance coverage is limited.

Text added vs the prior filing · source: 10-Q · 2026-05-14

• (a) The below event occurred within four business days of the filing date of this periodic report and as such, the Company is disclosing the occurrence of the events below under “Item 8.01 Other Events”, instead of a stand-alone Current Report on Form 8-K:

Text removed vs the prior filing · source: 10-Q · 2025-11-13

• (c) Rule 10b5-1 Trading Plans. Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may represent a non-Rule 10b5-1 trading arrange…