In This Story
Altair International Corp (ATAO0.00%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $31,065 for the three months ended December 31, 2024, compared to a net income of $86,153 for the same period in the previous year.
Operating expenses for the quarter were $28,177, with compensation-related expenses remaining consistent at $12,000, and general and administrative expenses increasing slightly to $16,177.
Total other expenses for the quarter amounted to $2,888, primarily due to interest expenses.
For the nine months ended December 31, 2024, the company reported a net loss of $113,556, compared to a net loss of $124,878 for the same period in the previous year.
The company did not recognize any revenue during the nine-month period. General and administrative expenses decreased by 13.2% to $60,612, attributed to reduced spending on mining exploration.
Altair's cash flow from operating activities showed a use of $84,614, with financing activities providing $80,392 from related party advances.
The company continues to face challenges as a going concern, with an accumulated deficit of $17,628,966 as of December 31, 2024.
Altair is engaged in various business activities, including a merger agreement with Premier Air Charter, Inc., and a license agreement for lithium extraction and EV battery recycling technologies.
The company acknowledges material weaknesses in its internal controls over financial reporting, citing limited resources and lack of an independent audit committee.
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 February 11, 2025. To report an error, please email earnings@qz.com.