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Atlas Lithium Corporation (ATLX-4.43%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $32,855,151 compared to a net loss of $25,600,602 in the same period the previous year. The increase in net loss is attributed to higher general and administrative expenses and increased stock-based compensation.
Revenue for the quarter was $543,657, with a gross margin of $249,722 generated from sales of unprocessed blocks of quartzite by Jupiter Gold, a subsidiary.
Operating expenses totaled $33,238,479, up from $25,445,782 in the previous year, primarily due to increased labor and consultant costs.
Stock-based compensation increased to $18,084,197 from $7,680,742 in the previous year, reflecting bonuses for management.
Finance costs increased to $231,150 from zero in the previous year, mainly due to interest expenses related to convertible notes issued in November 2023.
Cash used in operating activities was $14,212,264, compared to cash provided of $2,564,979 in the previous year, reflecting increased expenses and the absence of a one-time royalty sale.
Cash used in investing activities was $23,559,858, compared to $771,977 in the previous year, due to payments for a lithium processing plant and capitalized exploration costs.
Cash provided by financing activities was $30,291,547, compared to $20,822,531 in the previous year, mainly due to a private placement with Mitsui & Co., Ltd. (MITSY-1.87%)
Atlas Lithium had cash and cash equivalents of $22,056,560 as of September 30, 2024, with working capital of $16,401,099.
The company received an operational permit for its Neves Project in Brazil, allowing the assembly and operation of its lithium processing plant.
The company continues to focus on its hard-rock lithium project in Minas Gerais, Brazil, and plans to expand its processing capacity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atlas Lithium Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.