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American Battery Materials, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue for the three and nine months ended September 30, 2024 and 2023.
General and administrative expenses for the three months ended September 30, 2024, were $506,019, a decrease from $624,952 in the same period of the previous year. The decrease was mainly due to reduced professional fees.
Interest expense for the three months ended September 30, 2024, was $121,245, compared to $47,554 in the same period of the previous year.
The company reported a net loss of $627,264 for the three months ended September 30, 2024, compared to a net loss of $943,024 in the same period of the previous year.
For the nine months ended September 30, 2024, the company reported general and administrative expenses of $1,215,845, down from $2,165,494 in the previous year.
The company recorded a loss on settlement of liabilities of $516,083 for the nine months ended September 30, 2024, compared to a gain of $67,984 in the previous year.
Interest expense for the nine months ended September 30, 2024, was $295,572, compared to $94,771 in the previous year.
The net loss for the nine months ended September 30, 2024, was $2,041,882, compared to $2,462,799 in the same period of the previous year.
American Battery Materials, Inc. had a working capital deficit of $5,236,132 as of September 30, 2024, and acknowledges the need for additional financing to continue operations.
The company continues to focus on the extraction, refinement, and distribution of technical minerals, particularly lithium, through its mining claims in Utah.
The filing also discusses the company's strategy of employing advanced brine extractive technology methodologies and its ongoing talks with extraction providers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Battery Materials Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.