Athena Bitcoin Global (ABIT)

[StockLogistics]

“Contracts with government of El Salvador
In the third quarter of 2021, the Company installed and began operating 200 white-labeled Bitcoin ATMs in El Salvador, 10 white- labeled Bitcoin ATMs at El Salvador consulates in the U.S., 45 white-labeled Bitcoin ATMs in other U.S. locations and sold 950 point- of-sale (POS) terminals for local businesses in El Salvador to process transactions with Bitcoin to Ministerio de Hacienda (Department of Treasury) of El Salvador (“GOES”). Additionally, we will also sell intellectual property in software, develop, and maintain a Bitcoin platform designed to support a GOES branded digital wallet. As of June 30, 2022 and December 31, 2021, advances for revenue contracts of $3,500,000 presented in current liabilities, represents amounts invoiced for intellectual property in software pending transfer of control to GOES.
From time to time, the Company receives money from GOES to facilitate replenishment of cash in the ATMs that we provide and operate for them. As of June 30 2022 and December 31, 2021, the cash received as advances from GOES was $9,959,000 and $3,647,000 respectively, and was presented as part of Liability for cash held for customers on the Condensed Consolidated Balance Sheet with a related Restricted cash held for customers recorded as current assets.”

Even though they had 29 bitcoins stolen from them (1.6 million) as per their Q2, they are still backed by a government banking system, the shareprice should increase to a more respectable price as it represents how El Salvador is perceived.