Abits (US:ABTS) Globenewswireยท2025-09-02 13:07Core Viewpoint - Abits Group Inc has made corrections to its unaudited financial statements for the six months ended June 30, 2025, specifically regarding the number of authorized shares and issued shares due to a reverse split, while other financial figures remain unchanged [1][2]. Financial Corrections - The corrections pertain to the number of authorized shares and the number of issued and outstanding shares as of June 30, 2025, following a reverse split effective on March 10, 2025 [2]. Financial Performance - For the six months ended June 30, 2025, the company reported revenue of $3,995,558, an increase from $3,669,627 in the same period of 2024, marking a growth of approximately 8.9% [7][18]. - The loss for the period was $354,787, compared to a loss of $13,964 in the same period of 2024, indicating a significant increase in losses [8][12]. Balance Sheet Highlights - As of June 30, 2025, total assets amounted to $13,496,630, up from $11,371,297 as of December 31, 2024 [5]. - Total liabilities increased to $3,470,206 from $990,346 as of December 31, 2024, primarily due to a new loan of $3 million taken in March 2025 [5][17]. Shareholders' Equity - The total shareholders' equity as of June 30, 2025, was $10,026,424, down from $10,380,951 as of December 31, 2024, reflecting the net loss for the period [5][10]. Cash Flow Analysis - The net cash used in operating activities for the six months ended June 30, 2025, was $(570,443), compared to a net cash generated of $1,226,673 in the same period of 2024 [12]. - The company experienced a net decrease in cash and cash equivalents of $(973,786), ending with $145,143 as of June 30, 2025 [12]. Digital Assets - As of June 30, 2025, the value of digital assets held by the company was $1,964,090, significantly up from $257,753 as of December 31, 2024 [5][14].