Athena Bitcoin's Profit Plunges Amid Revenue Drop, Soaring Costs

TL;DR

**ABIT's latest 10-Q is a red flag: revenue and profit are tanking while costs are up, signaling tough times ahead in the crypto ATM space.**

AI Summary

Athena Bitcoin Global reported a significant decline in financial performance for the three and six months ended June 30, 2025, compared to the same periods in 2024. Revenues decreased by 11.4% to $62.809 million for the three months and by 11.1% to $135.438 million for the six months. Net income saw a substantial drop, falling 64.6% to $1.382 million for the three-month period and 59.7% to $4.006 million for the six-month period. This decline was primarily driven by a reduction in gross profit, which decreased from $10.210 million to $7.782 million for the quarter and from $23.543 million to $15.913 million for the six months. Operating expenses, however, increased by 67.6% to $5.412 million for the quarter and by 40.6% to $9.133 million for the six months, further impacting profitability. The company's cash and cash equivalents slightly decreased from $17.506 million at December 31, 2024, to $17.389 million at June 30, 2025, while restricted cash held for customers surged from $122 thousand to $2.581 million. Total assets decreased from $78.033 million to $75.014 million, and total liabilities decreased from $56.660 million to $49.632 million over the same period.

Why It Matters

Athena Bitcoin Global's significant decline in revenue and net income, coupled with rising operating expenses, signals a challenging environment for investors. The crypto ATM market is highly competitive, and these results suggest Athena Bitcoin may be losing ground or facing increased operational pressures. For employees, this could indicate potential restructuring or slower growth, while customers might see changes in service offerings or fees as the company seeks to improve profitability. The broader market will watch if this trend reflects a cooling in the crypto ATM sector or specific issues with Athena Bitcoin's strategy, especially given the increase in restricted cash held for customers, which could imply higher transaction volumes but lower margins.

Risk Assessment

Risk Level: high — The company's net income plummeted by 59.7% for the six months ended June 30, 2025, to $4.006 million from $9.952 million in the prior year. This significant decline, coupled with an 11.1% revenue decrease and a 40.6% increase in total operating expenses, indicates severe operational and financial challenges. The substantial increase in 'Liability for cash held for customers' from $122 thousand to $2.581 million, while 'Cash and cash equivalents' remained relatively flat, suggests potential liquidity management issues or increased customer activity not translating to profit.

Analyst Insight

Investors should exercise extreme caution and consider reducing exposure to Athena Bitcoin Global given the sharp decline in profitability and revenue. A deeper dive into the competitive landscape and the company's ability to control operating expenses is warranted before any new investment. Monitor future filings for signs of expense control and revenue stabilization.

Financial Highlights

debt To Equity

1.96

revenue

$135.438M

operating Margin

5.01%

total Assets

$75.014M

total Debt

$49.632M

net Income

$4.006M

eps

$0.00098

gross Margin

11.75%

cash Position

$17.389M

revenue Growth

-11.1%

Key Numbers

• $135.438M — Total Revenues (Down 11.1% from $152.330M for the six months ended June 30, 2024)
• $4.006M — Net Income (Down 59.7% from $9.952M for the six months ended June 30, 2024)
• $9.133M — Total Operating Expenses (Up 40.6% from $6.496M for the six months ended June 30, 2024)
• $15.913M — Gross Profit (Down 32.4% from $23.543M for the six months ended June 30, 2024)
• $2.581M — Restricted cash held for customers (Increased significantly from $122K at December 31, 2024)
• $17.389M — Cash and cash equivalents (Slightly down from $17.506M at December 31, 2024)
• 4,095,009,545 — Shares Outstanding (As of August 13, 2025)
• $0.00098 — Basic EPS (6 months) (Down from $0.00250 for the six months ended June 30, 2024)

Key Players & Entities

• Athena Bitcoin Global (company) — registrant of the 10-Q filing
• $62.809 million (dollar_amount) — revenues for the three months ended June 30, 2025
• $70.907 million (dollar_amount) — revenues for the three months ended June 30, 2024
• $135.438 million (dollar_amount) — revenues for the six months ended June 30, 2025
• $152.330 million (dollar_amount) — revenues for the six months ended June 30, 2024
• $1.382 million (dollar_amount) — net income for the three months ended June 30, 2025
• $3.906 million (dollar_amount) — net income for the three months ended June 30, 2024
• $4.006 million (dollar_amount) — net income for the six months ended June 30, 2025
• $9.952 million (dollar_amount) — net income for the six months ended June 30, 2024
• $5.412 million (dollar_amount) — total operating expenses for the three months ended June 30, 2025
• $3.229 million (dollar_amount) — total operating expenses for the three months ended June 30, 2024

FAQ

Risk Factors

• Declining Profitability [high — financial]: Revenue decreased by 11.4% to $62.809 million for the quarter and 11.1% to $135.438 million for the six months. Gross profit fell 23.8% to $7.782 million for the quarter and 32.4% to $15.913 million for the six months, indicating pressure on core business margins.
• Rising Operating Expenses [high — financial]: Operating expenses increased by 67.6% to $5.412 million for the quarter and 40.6% to $9.133 million for the six months. This significant increase, outpacing revenue growth, further eroded net income.
• Substantial Net Income Drop [high — financial]: Net income declined by 64.6% to $1.382 million for the quarter and 59.7% to $4.006 million for the six months. This sharp decrease highlights the impact of reduced gross profit and increased operating costs on overall profitability.
• Increased Restricted Cash [medium — financial]: Restricted cash held for customers surged from $122 thousand to $2.581 million. While this may indicate increased customer activity or regulatory requirements, it ties up a larger portion of liquid assets.
• Crypto Asset Volatility [medium — market]: The company operates in the volatile crypto asset market. Fluctuations in crypto asset prices can impact transaction volumes, revenue, and the value of crypto assets held by the company, as seen with the unrealized loss of $93 thousand on crypto assets held for the six months ended June 30, 2025.
• Dependence on ATM Network [medium — operational]: The company's primary business involves operating a network of Bitcoin ATMs. Any disruptions to this network, such as technical failures, regulatory changes affecting ATM operations, or reduced foot traffic in placement locations, could negatively impact revenue.
• Decreasing Total Assets [low — financial]: Total assets decreased from $78.033 million to $75.014 million. This reduction, coupled with declining profitability, warrants monitoring for potential signs of asset divestiture or reduced investment.
• Related-Party Transactions [low — financial]: The company has related-party transactions, including convertible debt and accounts payable. While not inherently negative, these require careful scrutiny to ensure they are conducted at arm's length and do not pose undue risks.

Industry Context

Athena Bitcoin Global operates within the rapidly evolving cryptocurrency services sector, primarily through its network of Bitcoin ATMs and related transaction platforms. The industry is characterized by high growth potential but also significant volatility, regulatory uncertainty, and intense competition from both established financial institutions and numerous fintech startups. Trends include increasing adoption of digital assets, development of more sophisticated payment solutions, and ongoing debates around regulation and consumer protection.

Regulatory Implications

The cryptocurrency industry faces increasing regulatory scrutiny globally. Changes in regulations concerning digital asset exchanges, ATM operations, and anti-money laundering (AML) requirements could impact Athena's business model, operational costs, and compliance obligations. The significant increase in restricted cash held for customers may also reflect evolving compliance standards.

What Investors Should Do

1. Investigate the drivers of declining gross profit and revenue.
2. Analyze the substantial increase in operating expenses.
3. Monitor the trend of restricted cash held for customers.
4. Assess the impact of convertible debt, related-party.
5. Evaluate the company's competitive positioning and market strategy.

Key Dates

• 2025-06-30: End of Second Quarter 2025 — Reporting period for the 10-Q, showing significant declines in revenue and net income compared to the prior year.
• 2024-06-30: End of Second Quarter 2024 — Prior year comparison period, highlighting the substantial decrease in financial performance for Q2 2025.
• 2024-12-31: End of Fiscal Year 2024 — Balance sheet comparison date, showing a slight decrease in cash and cash equivalents but a significant increase in restricted cash held for customers.

Glossary

Crypto assets held, net

The net value of digital assets (like Bitcoin) that the company holds on its balance sheet, after accounting for any impairments or adjustments. (Indicates the company's direct exposure to the value fluctuations of cryptocurrencies.)

Restricted cash held for customers

Cash that the company holds on behalf of its customers, often related to payment processing or escrow services, and cannot be used for its own operational purposes. (A significant increase here suggests either growth in customer-related services or potentially increased regulatory requirements for holding customer funds.)

Right of use assets – operating leases

The value of assets (like property or equipment) that the company has the right to use for a specified period under an operating lease agreement. (Represents a significant portion of the company's assets and reflects ongoing lease commitments.)

Convertible debt, related-party

Debt that can be converted into equity of the company, owed to or held by parties related to the company (e.g., executives, major shareholders). (Indicates potential future dilution if converted and highlights financial ties with insiders.)

Accumulated income

The total net income or loss of the company since its inception that has not been distributed to shareholders as dividends. (Reflects the company's cumulative profitability over time.)

Basic earnings per share (EPS)

The profit earned by the company for each outstanding share of common stock, calculated without considering the dilutive effects of potential future stock issuances. (A key metric for investors to gauge profitability on a per-share basis; a significant decrease indicates reduced profitability.)

Foreign currency translation adjustment

An accounting adjustment made to reflect changes in the value of a company's foreign subsidiaries' financial statements when translated into the parent company's reporting currency. (Impacts comprehensive income and equity, reflecting the effect of currency exchange rate fluctuations on international operations.)

Virtual vault services

Services that likely involve secure digital storage or management of crypto assets, potentially for institutional or high-net-worth clients. (Fees generated from these services contribute to revenue, and a decrease in fees suggests lower demand or competition.)

Year-Over-Year Comparison

Compared to the six months ended June 30, 2024, Athena Bitcoin Global has experienced a significant downturn in financial performance. Total revenues decreased by 11.1% to $135.438 million, while gross profit saw a steeper decline of 32.4% to $15.913 million. Net income plummeted by 59.7% to $4.006 million, and basic EPS fell from $0.00250 to $0.00098. This deterioration is exacerbated by a 40.6% increase in total operating expenses to $9.133 million. A notable balance sheet change is the substantial rise in restricted cash held for customers, from $122 thousand to $2.581 million, indicating a shift in how customer funds are managed or held.

Key Financial Figures

• $0.0001 — ,545 shares of common stock, par value $0.0001 per share, were issued and outstanding.
• $1.00 — coin with a price pegged to U.S.Dollar $1.00. Token: A unit of a crypto asset or o

Filing Documents

• athena_i10q-063025.htm (10-Q) — 1434KB
• athena_ex3101.htm (EX-31.1) — 6KB
• athena_ex3102.htm (EX-31.2) — 7KB
• athena_ex3201.htm (EX-32.1) — 4KB
• athena_ex3202.htm (EX-32.2) — 4KB
• logo.jpg (GRAPHIC) — 3KB
• 0001683168-25-006043.txt ( ) — 6755KB
• abit-20250630.xsd (EX-101.SCH) — 51KB
• abit-20250630_cal.xml (EX-101.CAL) — 71KB
• abit-20250630_def.xml (EX-101.DEF) — 142KB
• abit-20250630_lab.xml (EX-101.LAB) — 375KB
• abit-20250630_pre.xml (EX-101.PRE) — 317KB
• athena_i10q-063025_htm.xml (XML) — 1046KB

Financial Statements

Financial Statements 7 Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 7 Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) 9 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (Unaudited) 10 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2025 and 2024 (Unaudited) 12 Notes to Unaudited Condensed Consolidated Financial Statements 13 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 ITEM 4.

Controls and Procedures

Controls and Procedures 52 PART II 54 OTHER INFORMATION ITEM 1. Legal Proceedings. 54 ITEM 1A. Risk Factors. 54 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 94 ITEM 3. Defaults Upon Senior Securities. 95 ITEM 4. Mine Safety Disclosures. 95 ITEM 5. Other Information. 95 ITEM 6. Exhibits. 96

Signatures

Signatures 97 2 GLOSSARY OF BITCOIN AND CRYPTO TERMS The following are abbreviations, acronyms and definitions of certain terms used in this document, which are commonly used in our industry: Address : An alphanumeric reference to where crypto assets can be sent or stored. Athena Bitcoin Affiliates Program provides Bitcoin ATM operators with a turnkey solution, offering software, compliance support, cash management, and marketing services to streamline operations and maximize profitability. This turnkey solution is for participating independent Bitcoin ATM operators ("Affiliates") who will be able to leverage the Company's established platform and services to manage their own Bitcoin ATMs more efficiently. See ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, Business Overview and Recent Events for a description of the Affiliates program. Bitcoin (BTC): The first system of global, decentralized, scarce, digital money as initially introduced in a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto. Bitcoin, while having several of the primary attributes of money, is not considered a currency or money in the jurisdictions that the Company operates, with the exception of El Salvador where it is considered legal tender. Bitcoin ATM : A kiosk that can be used by a Customer to buy or sell bitcoin or other crypto assets in exchange for Cash. Bitcoin Cash (BCH) : A fork of Bitcoin that seeks to add more transaction capacity to the network in order to be useful for everyday transactions. BCH is based on the original Bitcoin blockchain with some distinct differences. A major one is an increased maximum block size of 32MB, compared to just 1MB on Bitcoin. Increased block size allows BCH to process transactions faster than Bitcoin, with lower fees and an increased per-second transaction capacity. Block : A grouping of Transactions validated by Miners and disseminated by the Network

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial

Item 1. Financial Athena Bitcoin Global and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except number of shares) June 30, December 31, 2025 (Unaudited) 2024 (Audited) Assets Current assets: Cash and cash equivalents, net $ 17,389 $ 17,506 Restricted cash held for customers 2,581 122 Crypto assets held, net 1,434 1,241 Accounts receivable, net 2,378 1,339 Prepaid expenses and other current assets 1,521 2,702 Total current assets 25,303 22,910 Property and equipment, net 15,694 16,245 Software development, net 4,606 5,239 Right of use assets – operating leases 29,331 33,613 Other noncurrent assets 80 26 Total assets $ 75,014 $ 78,033 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 7,988 $ 11,133 Accounts payable, related-party 1,258 818 Liability for cash held for customers 2,581 122 Operating lease liabilities, current portion 7,779 9,627 Income tax payable 2 – Equipment notes payable, current portion 2,562 3,084 Short-term debt 318 256 Convertible debt, related-party 3,000 – Other current liabilities 348 376 Total current liabilities $ 25,836 $ 25,416 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 7 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Balance Sheets, Continued (in thousands, except number of shares) June 30, December 31, 2025 (Unaudited) 2024 (Audited) Long-term liabilities: Operating lease liabilities, net of current portion $ 21,552 $ 23,986 Equipment notes payable, net of current portion 1,649 3,344 Deferred tax liabilities, net 595 914 Convertible debt, related-party – 3,000 Total long-term liabilities 23,796 31,244 Total liabilities 49,632 56,660 Commitments and contingencies (Note 15) – – Stockholders' equity: Preferred stock, $ 0.001 par value 5,000,000,000 shares authorized; No shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. – – Common stock, $ 0.001 par value 10,000,000,000 shares authorized; 4,095,009,545 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. 4,095 4,095 Additional paid in capital 11,982 11,982 Accumulated income 9,543 5,537 Accumulated other comprehensive loss ( 238 ) ( 241 ) Total stockholders' equity 25,382 21,373 Total liabilities and stockholders' equity $ 75,014 $ 78,033 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 8 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (in thousands, except number of shares) For the three months ended For the six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues $ 62,809 $ 70,907 $ 135,438 $ 152,330 Cost of revenues 55,027 60,697 119,525 128,787 Gross profit 7,782 10,210 15,913 23,543 Operating expenses: Technology and development 392 331 850 528 General and administrative 3,410 2,270 6,464 4,668 Sales and marketing 512 433 1,003 882 Other operating expense 1,098 195 816 418 Total operating expenses 5,412 3,229 9,133 6,496 Income from operations 2,370 6,981 6,780 17,047 Interest expense 250 346 532 1,497 Fees on virtual vault services 383 561 837 1,106 Other (income) expense ( 28 ) – ( 2 ) 107 Income before income taxes 1,765 6,074 5,413 14,337 Income tax expense 383 2,168 1,407 4,385 Net income $ 1,382 $ 3,906 $ 4,006 $ 9,952 Basic earnings per share $ 0.00034 $ 0.00098 $ 0.00098 $ 0.00250 Diluted earnings per share $ 0.00033 $ 0.00089 $ 0.00095 $ 0.00226 Weighted average shares outstanding - Basic 4,095,009,545 3,975,479,810 4,095,009,545 3,975,479,810 Weighted average shares outstanding - Diluted 4,345,009,545 4,461,112,185 4,345,009,545 4,463,703,467 Comprehensive income Net income $ 1,382 $ 3,906 $ 4,006 $ 9,952 Foreign currency translation adjustment, net of tax ( 1 ) ( 8 ) 3 ( 19 ) Comprehensive income $ 1,381 $ 3,898 $ 4,009 $ 9,933 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 9 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) For the six months ended June 30, 2025 June 30, 2024 Operating activities Net income $ 4,006 $ 9,952 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,137 2,030 Unrealized loss of crypto assets held 93 – Impairment of crypto assets held – 127 Realized loss on crypto assets, net 6 34 Bitcoin payments for expenses 297 3,710 Bitcoin received from independent Bitcoin ATM operators [affiliates program] ( 701 ) – Loss on disposal of property and equipment 63 – Deferred income tax ( 319 ) 260 Changes in operating assets and liabilities: Crypto assets held ( 1,694 ) ( 4,797 ) Accounts receivable ( 1,038 ) ( 225 ) Prepaid expenses and other assets 1,128 ( 1,092 ) Liability for cash held for customers 2,459 258 Accounts payable and other liabilities ( 3,127 ) ( 165 ) Net cash provided by operating activities 5,310 10,092 Investing activities Purchases of property and equipment ( 812 ) ( 2,837 ) Capitalized software ( 6 ) ( 14 ) Net cash used in investing activities ( 818 ) ( 2,851 ) Financing activities Proceeds from debt 280 170 Repayment of debt ( 216 ) ( 4,117 ) Payments in reduction of financing leases – ( 244 ) Payments in reduction of equipment notes payable ( 2,217 ) ( 24 ) Proceeds from issuance of stock – 57 Net cash used in financing activities ( 2,153 ) ( 4,158 ) Effect of exchange rate changed on cash and cash equivalents 3 ( 19 ) Net increase in cash and cash equivalents 2,342 3,064 Cash, cash equivalents and restricted cash, beginning of period 17,628 18,360 Cash, cash equivalents and restricted cash, end of period $ 19,970 $ 21,425 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 10 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited), Continued (in thousands) For the six months ended June 30, 2025 June 30, 2024 Cash, cash equivalents, and restricted cash consisted of the following: Cash and cash equivalents $ 17,389 $ 20,911 Restricted cash held for customers 2,581 514 Total cash, cash equivalents and restricted cash $ 19,970 $ 21,425 Supplemental disclosure of cash flow information: Cash paid for interest $ 532 $ 147 Cash paid for taxes $ 702 $ 4,278 Leased assets obtained in exchange for operating lease liabilities $ 782 $ 2,904 Supplemental schedule of non-cash investing and financing activities Property and equipment purchased in accounts payable $ 475 $ 582 Software development purchased in accounts payable $ – $ 5,314 Imputed interest on property and equipment financed with equipment notes payable $ 351 $ – Bitcoin used to buy property and equipment $ 1,723 $ 186 Bitcoin and Tether used for other payments $ 83 $ 350 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 11 Athena Bitcoin Global and Subsidiaries Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (in thousands, except number of shares) Common Stock Additional Paid-in Accumulated Income Accumulated Other Comprehensive Shares Amount Capital (Deficit) Loss Total Balance, December 31, 2023 4,094,459,545 $ 4,094 $ 11,926 $ ( 4,747 ) $ ( 255 ) $ 11,018 Net income – – – 6,046 – 6,046 Foreign currency translation adjustment – – – – ( 11 ) ( 11 ) Balance, March 31, 2024 4,094,459,545 $ 4,094 $ 11,926 $ 1,299 $ ( 266 ) $ 17,053 Net income – $ – $ – $ 3,906 $ – $ 3,906 Foreign currency translation adjustment – – – – ( 8 ) ( 8 ) Issuance of stock 550,000 1 56 – – 57 Balance, June 30, 2024 4,095,009,545 $ 4,095 $ 11,982 $ 5,205 $ ( 274 ) $ 21,008 Balance, December 31, 2024 4,095,009,545 $ 4,095 $ 11,982 $ 5,537 $ ( 241 ) $ 21,373 Net income – – – 2,624 – 2,624 Foreign currency translation adjustment – – – – 4 4 Balance, March 31, 2025 4,095,009,545 $ 4,095 $ 11,982 $ 8,161 $ ( 237 ) $ 24,001 Net income – $ – $ – $ 1,382 $ – $ 1,382 Foreign currency translation adjustment – – – – ( 1 ) ( 1 ) Balance, June 30, 2025 4,095,009,545 $ 4,095 $ 11,982 $ 9,543 $ ( 238 ) $ 25,382 See accompanying notes to unaudited condensed consolidated

financial statements

financial statements. 12 Athena Bitcoin Global and Subsidiaries Notes to Unaudited Condensed Consolidated Financial For the three and six months ended June 30, 2025 and June 30, 2024 NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Athena Bitcoin Global, a Nevada corporation, and its wholly-owned subsidiary, Athena Bitcoin, Inc., a Delaware corporation (together referred to as "Athena Global" or the "Company") is a provider of various crypto asset transaction platforms, including the operation of automated teller machines ("ATMs") and personalized services ("Athena Plus") for the purpose of selling and buying crypto assets, white-label operations and payment services. The Company's network of Athena Bitcoin ATMs ("Athena ATMs") is active in thirty-five places its machines in convenience stores, shopping centers, and other easily accessible locations. Athena Bitcoin Global was incorporated in the which merger occurred as of December 31, 1991. The Articles of Merger were filed in the state of Nevada pursuant to which the Company was the surviving entity following the merger. On January 14, 2020, GamePlan, Inc. entered into a Share Exchange Agreement (the "Exchange Agreement"), with Athena Bitcoin, Inc., a Delaware corporation ("Athena") founded in 2015, and certain shareholders of Athena. The Exchange Agreement provided for the reorganization of Athena, with and into GamePlan, Inc., resulting in Athena becoming a wholly-owned subsidiary of GamePlan, Inc., upon the closing of the transaction. The agreement was for the exchange of 100% of the outstanding common stock of Athena, for 3,593,644,680 shares of GamePlan, Inc.'s common stock

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