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):

 

 

September 30, 2023

 

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

29,617

 

$

5

 

$

44

 

$

-

 

$

29,666

 

Cryptocurrencies

 

795

 

 

 

 

 

 

 

 

795

 

Accounts receivable, net

 

332

 

 

 

 

 

 

 

 

332

 

Prepaid expenses and other current assets

 

4,455

 

 

11

 

 

360

 

 

 

 

4,826

 

Total current assets

 

35,199

 

 

16

 

 

404

 

 

 

 

35,619

 

Property and equipment:

 

 

 

 

 

 

 

 

 

 

Furniture and fixtures

 

635

 

 

 

 

 

 

 

 

635

 

Leasehold improvements

 

172

 

 

 

 

 

 

 

 

172

 

Kiosk machines - owned

 

15,617

 

 

 

 

 

 

 

 

15,617

 

Kiosk machines - leased

 

30,781

 

 

 

 

 

 

 

 

30,781

 

Vehicles

 

 

 

 

 

 

 

 

 

 

Total property and equipment

 

47,205

 

 

 

 

 

 

 

 

47,205

 

Less: accumulated depreciation

 

(19,860

)

 

 

 

 

 

 

 

(19,860

)

Total property and equipment, net

 

27,345

 

 

 

 

 

 

 

 

27,345

 

Intangible assets, net

 

4,218

 

 

 

 

 

 

 

 

4,218

 

Goodwill

 

8,717

 

 

 

 

 

 

 

 

8,717

 

Operating lease right-of-use assets, net

 

524

 

 

 

 

 

 

 

 

524

 

Security deposits

 

461

 

 

 

 

 

 

 

 

461

 

Deferred tax asset

 

 

 

 

 

1,582

 

 

 

 

1,582

 

Due from related parties

 

3,747

 

 

 

 

 

 

(3,747

)

 

 

Investment in Subsidiary

 

 

 

17,193

 

 

 

 

(17,193

)

 

 

Total Assets

$

80,211

 

$

17,209

 

$

1,986

 

$

(20,940

)

$

78,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

September 30, 2023

 

(unaudited)

 

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Liabilities and Stockholders’ Equity and Member’s Equity

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

5,966

 

$

-

 

$

1,677

 

$

-

 

$

7,643

 

Accrued expenses

 

18,831

 

 

 

 

4,518

 

 

 

 

23,349

 

Note payable

 

1,868

 

 

 

 

 

 

 

 

1,868

 

Income taxes payable

 

808

 

 

 

 

819

 

 

 

 

1,627

 

Deferred revenue

 

68

 

 

 

 

 

 

 

 

68

 

Operating lease liabilities, current portion

 

393

 

 

 

 

 

 

 

 

393

 

Current installments of obligations under finance leases

 

11,094

 

 

 

 

 

 

 

 

11,094

 

Derivative liabilities

 

 

 

 

 

2,701

 

 

 

 

2,701

 

Other tax payable

 

 

 

 

 

795

 

 

 

 

795

 

Total current liabilities

 

39,028

 

 

 

 

10,510

 

 

 

 

49,538

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

Note payable, non-current

 

16,848

 

 

 

 

 

 

 

 

16,848

 

Operating lease liabilities, non-current

 

267

 

 

 

 

 

 

 

 

267

 

Obligations under finance leases, non-current

 

3,991

 

 

 

 

 

 

 

 

3,991

 

Deferred income tax, net

 

482

 

 

 

 

 

 

 

 

482

 

Due to related parties

 

 

 

 

 

3,747

 

 

(3,747

)

 

 

Tax receivable agreement liability

 

 

 

 

 

754

 

 

 

 

754

 

Total Liabilities

 

60,616

 

 

 

 

15,011

 

 

(3,747

)

 

71,880

 

Commitments and Contingencies (Note 22)

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity and Member’s Equity

 

 

 

 

 

 

 

 

 

 

Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 4,300,000 shares issued and outstanding, at September 30, 2023

 

 

 

485

 

 

 

 

(485

)

 

 

Class A common stock, $0.0001 par value; 800,000,000 authorized, 12,358,691 shares issued and outstanding at September' 30, 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 September 30, 2023

 

 

 

 

 

 

 

 

 

 

Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at September 30, 2023

 

 

 

 

 

 

 

 

 

 

Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at September 30, 2023

 

 

 

 

 

 

 

 

 

 

Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at September 30, 2023

 

 

 

 

 

 

 

 

 

 

Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000 shares issued and outstanding at September 30, 2023

 

 

 

 

 

4.00

 

 

 

 

4

 

Stock subscriptions receivable

 

 

 

 

 

(5,609

)

 

 

 

(5,609

)

Additional paid-in capital

 

 

 

4,115

 

 

16,302

 

 

(4,115

)

 

16,302

 

Retained earnings (accumulated deficit)

 

 

 

5,728

 

 

(23,520

)

 

(6,564

)

 

(24,357

)

Equity attributed to Legacy Bitcoin Depot

 

17,089

 

 

 

 

 

 

(17,089

)

 

 

Accumulated other comprehensive loss

 

(116

)

 

 

 

(203

)

 

116

 

 

(203

)

Total Stockholders’ Equity and Equity Attributable to Legacy Bitcoin Depot

 

16,973

 

 

17,209

 

 

(13,025

)

 

(35,018

)

 

(13,860

)

Equity attributable to non-controlling interests

 

2,623

 

 

 

 

 

 

17,824

 

 

20,447

 

Total Stockholders’ Equity and Member’s Equity

 

19,596

 

 

17,209

 

 

(13,025

)

 

(17,194

)

 

6,587

 

Total Liabilities and Stockholders’ Equity and Member’s Equity

$

80,211

 

$

17,209

 

$

1,986

 

$

(20,940

)

$

78,466

 

 

 

 

 

 

 

 


 

Three Months Ended September 30, 2023

 

(unaudited)

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Revenue

$

179,483

 

$

-

 

$

-

 

$

-

 

$

179,483

 

Cost of revenue (excluding depreciation and amortization)

 

152,545

 

 

 

 

 

 

 

 

152,545

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

12,812

 

 

 

 

3,430

 

 

 

 

16,242

 

Depreciation and amortization

 

3,260

 

 

 

 

 

 

 

 

3,260

 

Total operating expenses

 

16,072

 

 

 

 

3,430

 

 

 

 

19,502

 

Income from operations

 

10,867

 

 

 

 

(3,430

)

 

 

 

7,436

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(2,769

)

 

 

 

 

 

 

 

(2,769

)

Other (expense) income

 

(417

)

 

 

 

(2,694

)

 

 

 

(3,111

)

(Loss) on foreign currency transactions

 

(154

)

 

 

 

 

 

 

 

(154

)

Total other (expense) income

 

(3,340

)

 

 

 

(2,694

)

 

 

 

(6,034

)

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

 

7,527

 

 

 

 

(6,125

)

 

 

 

1,402

 

Income tax (expense) benefit

 

(162

)

 

 

 

(175

)

 

 

 

(337

)

Net (loss) income

 

7,365

 

 

 

 

(6,300

)

 

 

 

1,065

 

Net income attributable to Legacy Bitcoin Depot unit holders

 

 

 

 

 

 

 

 

 

 

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

 

(1,070

)

 

 

 

9,233

 

 

 

 

8,163

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

8,435

 

 

 

 

(15,533

)

 

 

 

(7,098

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

7,365

 

 

 

 

(6,300

)

 

 

 

1,065

 

Foreign currency translation adjustments

 

87

 

 

 

 

 

 

 

 

87

 

Total comprehensive (loss) income

 

7,452

 

 

 

 

(6,300

)

 

 

 

1,152

 

Comprehensive income attributable to Legacy Bitcoin Depot
unit holders

 

 

 

 

 

 

 

 

 

 

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

 

(6

)

 

 

 

8,256

 

 

 

 

8,250

 

Comprehensive (loss) income attributable to Bitcoin Depot Inc.

$

7,458

 

$

-

 

$

(14,556

)

$

-

 

$

(7,098

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Nine Months Ended September 30, 2023

 

 

(unaudited)

 

 

BT OpCo

 

BT HoldCo

 

PubCo

 

Eliminations

 

Consolidated

 

Revenue

$

540,561

 

$

-

 

$

-

 

$

-

 

$

540,561

 

Cost of revenue (excluding depreciation and amortization)

 

461,087

 

 

 

 

 

 

 

 

461,087

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

39,520

 

 

 

 

3,725

 

 

 

 

43,245

 

Depreciation and amortization

 

9,554

 

 

 

 

 

 

 

 

9,554

 

Total operating expenses

 

49,074

 

 

 

 

3,725

 

 

 

 

52,799

 

Income from operations

 

30,400

 

 

 

 

(3,725

)

 

 

 

26,675

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(10,120

)

 

 

 

 

 

 

 

(10,120

)

Other (expense) income

 

(2,110

)

 

 

 

(11,914

)

 

 

 

(14,024

)

(Loss) gain on foreign currency transactions

 

(365

)

 

 

 

 

 

 

 

(365

)

Total other (expense) income

 

(12,595

)

 

 

 

(11,914

)

 

 

 

(24,509

)

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

 

17,805

 

 

 

 

(15,639

)

 

 

 

2,166

 

Income tax (expense) benefit

 

719

 

 

 

 

257

 

 

 

 

976

 

Net (loss) income

 

18,524

 

 

 

 

(15,382

)

 

 

 

3,142

 

Net income attributable to Legacy Bitcoin Depot unit holders

 

12,906

 

 

 

 

 

 

 

 

12,906

 

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

 

(137

)

 

 

 

8,168

 

 

 

 

8,031

 

Net (loss) income attributable to Bitcoin Depot Inc.

 

5,755

 

 

 

 

(23,550

)

 

 

 

(17,795

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

18,524

 

 

 

 

(15,382

)

 

 

 

3,142

 

Foreign currency translation adjustments

 

66

 

 

 

 

 

 

 

 

66

 

Total comprehensive (loss) income

 

18,590

 

 

 

 

(15,382

)

 

 

 

3,208

 

Comprehensive income attributable to Legacy Bitcoin Depot
unit holders

 

12,885

 

 

 

 

 

 

 

 

12,885

 

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

 

(137

)

 

 

 

8,255

 

 

 

 

8,118

 

Comprehensive (loss) income attributable to Bitcoin Depot Inc.

$

5,843

 

$

-

 

$

(23,637

)

$

-

 

$

(17,794

)