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American Battery (BLTH0.00%) Materials, Inc. has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that American Battery is focused on the extraction, refinement, and distribution of technical minerals, primarily lithium, in an environmentally responsible manner. The company has no known mineral reserves and has not yet commenced mining operations.
The company acquired 102 federal mining claims in the Lisbon Valley of Utah in November 2021 and expanded its holdings to 743 placer claims over 14,320 acres by July 2023. These claims are registered with the Bureau of Land Management.
American Battery's strategic goal is to become a producer of lithium in the United States, employing advanced brine extractive technology methodologies. The company plans to develop sustainable production operations as part of its environmental, social, and governance strategy.
The company reported a net loss of $4,306,918 for the year ended December 31, 2024, compared to a net loss of $2,384,802 in the previous year. Operating expenses decreased to $1,568,707 from $2,453,700, primarily due to reduced professional fees.
American Battery has been facing liquidity challenges and may need to raise additional financing to fund its operations for the next 12 months. The company had a working capital deficit of $7,012,565 as of December 31, 2024.
The company issued multiple convertible notes during 2024, which were assessed for embedded features under ASC 815, Derivatives and Hedging. The company also recorded a loss on extinguishment of debt of $1,842,273 during the year.
American Battery's management acknowledges material weaknesses in its internal control over financial reporting and is committed to improving its internal controls.
The company does not anticipate declaring any cash dividends in the foreseeable future and intends to retain future earnings to support operations and finance expansion.
American Battery's stock is classified as a penny stock, which may limit trading activity and liquidity in the secondary market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Battery annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.