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Altair International Corp (ATAO+14.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $461, down from $10,798 as of March 31, 2024. Total liabilities increased to $230,086 from $193,428 in the previous period.
The company reported a stockholders' deficit of $229,625, compared to a deficit of $182,630 at the end of the previous fiscal year.
Operating expenses for the three months ended September 30, 2024, totaled $36,150, consistent with the same period in 2023. The expenses include compensation to related parties and general administrative costs.
The company recorded a net loss of $39,148 for the three months ended September 30, 2024, compared to a net loss of $40,074 in the same period the previous year.
Altair did not recognize any revenue during the quarter. The company continues to focus on developing its lithium extraction and battery recycling technologies.
Altair entered into a Merger Agreement with Premier Air Charter, Inc. on February 16, 2024. The merger is subject to several preconditions, including the provision of audited financial statements.
The company has identified material weaknesses in its internal controls over financial reporting, primarily due to limited resources and the absence of an independent audit committee.
Altair's financial statements are prepared on a going concern basis, with management acknowledging the need for additional financing to meet future obligations.
The filing also details the company's convertible notes and loans payable, with total accrued interest on notes amounting to $17,878 as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Altair International Corp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.