EX-2.6 2 btm-ex2_6.htm EX-2.6 EX-2.6

Exhibit 2.6

The supplemental consolidating data includes separate legal entity data for the Company's entities, Bitcoin Depot Operating, LLC (“BT OpCo”), BT HoldCo, LLC (“BT HoldCo”), and Bitcoin Depot Inc. (PubCo"). This information is presented to highlight the separate financial statement impacts of the entities.

Management determined that EPS was not presented for periods prior to the Merger as it was not considered to be meaningful. Supplemental consolidating data is as follows (in thousands):

 

 

March 31, 2024

 

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

41,359

 

$

14

 

$

778

 

$

 

$

42,151

 

Cryptocurrencies

 

441

 

 

 

 

 

 

 

 

441

 

Accounts receivable

 

348

 

 

 

 

 

 

 

 

348

 

Prepaid expenses and other current assets

 

8,436

 

 

109

 

 

221

 

 

 

 

8,766

 

Total current assets

 

50,584

 

 

123

 

 

999

 

 

 

 

51,706

 

Property and equipment:

 

 

 

 

 

 

 

 

 

 

Furniture and fixtures

 

635

 

 

 

 

 

 

 

 

635

 

Leasehold improvements

 

172

 

 

 

 

 

 

 

 

172

 

Kiosk machines - owned

 

24,667

 

 

 

 

 

 

 

 

24,667

 

Kiosk machines - leased

 

20,499

 

 

 

 

 

 

 

 

20,499

 

Total property and equipment

 

45,973

 

 

 

 

 

 

 

 

45,973

 

Less: accumulated depreciation

 

(23,228

)

 

 

 

 

 

 

 

(23,228

)

Total property and equipment, net

 

22,745

 

 

 

 

 

 

 

 

22,745

 

Intangible assets, net

 

3,502

 

 

 

 

 

 

 

 

3,502

 

Goodwill

 

8,717

 

 

 

 

 

 

 

 

8,717

 

Operating lease right-of-use assets, net

 

1,019

 

 

 

 

 

 

 

 

1,019

 

Security deposits

 

577

 

 

 

 

 

 

 

 

577

 

Deferred tax asset

 

42

 

 

 

 

1,762

 

 

 

 

1,804

 

Due from related parties

 

9,358

 

 

 

 

 

 

(9,358

)

 

 

Investment in Subsidiary

 

 

 

16,077

 

 

 

 

(16,077

)

 

 

Total Assets

$

96,544

 

$

16,200

 

$

2,761

 

$

(25,435

)

$

90,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

March 31, 2024

 

(unaudited)

 

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

10,576

 

$

 

$

 

$

 

$

10,576

 

Accrued expenses

 

16,804

 

 

 

 

2,065

 

 

 

 

18,869

 

Notes payable

 

3,437

 

 

 

 

 

 

 

 

3,437

 

Income taxes payable

 

969

 

 

 

 

1,576

 

 

 

 

2,545

 

Deferred revenue

 

912

 

 

 

 

 

 

 

 

912

 

Operating lease liabilities, current portion

 

454

 

 

 

 

 

 

 

 

454

 

Current installments of obligations under finance leases

 

5,459

 

 

 

 

 

 

 

 

5,459

 

Other tax payable

 

 

 

 

 

2,299

 

 

 

 

2,299

 

Total current liabilities

 

38,611

 

 

 

 

5,940

 

 

 

 

44,551

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

Note payable, non-current

 

35,863

 

 

 

 

 

 

 

 

35,863

 

Operating lease liabilities, non-current

 

666

 

 

 

 

 

 

 

 

666

 

Obligations under finance leases, non-current

 

2,293

 

 

 

 

 

 

 

 

2,293

 

Deferred income tax, net

 

851

 

 

 

 

 

 

 

 

851

 

Due to related parties

 

 

 

 

 

9,357

 

 

(9,357

)

 

 

Tax receivable agreement liability

 

 

 

 

 

865

 

 

 

 

865

 

Total Liabilities

 

78,284

 

 

 

 

16,162

 

 

(9,357

)

 

85,089

 

Commitments and Contingencies (Note 22)

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 3,125,000 shares issued and outstanding, at December 31, 2023

 

 

 

484

 

 

 

 

(484

)

 

 

Class A common stock, $0.0001 par value; 800,000,000 authorized, 13,671,691 shares issued, and 13,551,047 shares outstanding at December 31, 2023

 

 

 

6,881

 

 

1

 

 

(6,881

)

 

1

 

Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at December 31, 2023

 

 

 

 

 

 

 

 

 

 

Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at December 31, 2023

 

 

 

 

 

 

 

 

 

 

Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at December 31, 2023

 

 

 

 

 

 

 

 

 

 

Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at December 31, 2023

 

 

 

 

 

 

 

 

 

 

Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000 shares issued and outstanding at December 31, 2023

 

 

 

 

 

4

 

 

 

 

4

 

Treasury stock

 

 

 

 

 

(437

)

 

 

 

(437

)

Stock subscriptions receivable

 

 

 

 

 

 

 

 

 

 

Additional paid-in capital

 

 

 

4,115

 

 

18,215

 

 

(4,115

)

 

18,215

 

Retained earnings (accumulated deficit)

 

 

 

1,775

 

 

(30,981

)

 

(4,995

)

 

(34,201

)

Equity attributed to Bitcoin Depot Inc.

 

15,717

 

 

(4

)

 

 

 

(15,713

)

 

 

Accumulated other comprehensive loss

 

(177

)

 

 

 

(203

)

 

181

 

 

(199

)

Total Stockholders’ Equity and Equity Attributable to Bitcoin Depot Inc.

 

15,540

 

 

13,251

 

 

(13,401

)

 

(32,007

)

 

(16,617

)

Equity attributable to non-controlling interests

 

2,720

 

 

2,949

 

 

 

 

15,929

 

 

21,598

 

Total Stockholders’ Equity

 

18,260

 

 

16,200

 

 

(13,401

)

 

(16,078

)

 

4,981

 

Total Liabilities and Stockholders’ Equity

$

96,544

 

$

16,200

 

$

2,761

 

$

(25,435

)

$

90,070

 

 

 

 

 

 

 

 


 

Three Months Ended March 31, 2024

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Revenue

$

138,539

 

$

 

$

 

$

 

$

138,539

 

Cost of revenue (excluding depreciation and amortization)

 

121,287

 

 

 

 

 

 

 

 

121,287

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

12,907

 

 

 

 

699

 

 

 

 

13,606

 

Depreciation and amortization

 

2,947

 

 

 

 

 

 

 

 

2,947

 

Total operating expenses

 

15,854

 

 

 

 

699

 

 

 

 

16,553

 

Income from operations

 

1,398

 

 

 

 

(699

)

 

 

 

699

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

4,944

 

 

 

 

 

 

 

 

4,944

 

Other (expense) income

 

(6

)

 

(3,496

)

 

 

 

3,496

 

 

(6

)

(Loss) on foreign currency transactions

 

127

 

 

 

 

 

 

 

 

127

 

Total other (expense) income

 

5,065

 

 

(3,496

)

 

 

 

3,496

 

 

5,065

 

Income (loss) before provision for income taxes and non-controlling interest

 

(3,667

)

 

3,496

 

 

(699

)

 

(3,496

)

 

(4,366

)

Income tax (expense) benefit

 

(174

)

 

 

 

36

 

 

 

 

(138

)

Net (loss) income

 

(3,493

)

 

3,496

 

 

(735

)

 

(3,496

)

 

(4,228

)

Net income (loss) attributable to non-controlling interest in subsidiary

 

4

 

 

 

 

 

 

(2,694

)

 

(2,690

)

Net (loss) income attributable to Bitcoin Depot Inc.

 

(3,497

)

 

(3,496

)

 

(735

)

 

6,190

 

 

(1,538

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

(3,493

)

 

(3,496

)

 

(735

)

 

3,496

 

 

(4,228

)

Foreign currency translation adjustments

 

13

 

 

 

 

 

 

 

 

13

 

Total comprehensive (loss) income

 

(3,480

)

 

(3,496

)

 

(735

)

 

3,496

 

 

(4,215

)

Comprehensive income (loss) attributable to non-controlling interest in subsidiary

 

4

 

 

4

 

 

 

 

(2,685

)

 

(2,677

)

Comprehensive (loss) income attributable to Bitcoin Depot Inc.

$

(3,484

)

$

(3,500

)

$

(735

)

$

6,181

 

$

(1,538

)