AMERICAN BATTERY MATERIALS INC
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-15.
0001493152-24-019377
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001493152-24-032160
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 54 previous paragraphs and 65 current paragraphs.
41 unchanged; 12 reworded; 8 added; 1 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
Six months ended June 30, 2024, Compared to Six months ended June 30, 2023
Current report
Revenue
Current report
Operating Expenses
Current report
General and administrative expenses for the six months ended June 30, 2024, were $709,826, a decrease of $830,716 or 54%, compared to $1,540,542 for the six months ended June 30, 2023. The decrease in operating expenses was mainly due to a decrease in professional fees. In the six months ended June 30, 2023 the higher operating expenses were attributable to costs incurred for staking new claims in Utah, exploration well permitting, development of technical reports and geological modeling, and legal fees associated with the SPAC business combination
Current report
Interest Expense
Current report
Interest expense for the six months ended June 30, 2024, was $174,327, as compared to $47,217 during the six months ended June 30, 2023.
Current report
Net Loss
Current report
During the six months ended June 30, 2023, the Company expended $106,000 for staking activities related to new federal mining claims located in the Lisbon Valley of Utah.
Removed paragraphs (1)
Previous report
In addition, we initiated construction strategies based on reports from RESPEC Company LLC, the Company’s geotech, engineering and resource management partner, for geological modeling and drill entry design and related planning.
Reworded paragraphs (12)
Previous wording
The following discussion and analysis is intended to help you understand our results of operations and financial conditionas of March 31, 2024 and for the three months ended March 31, 2024 and 2023. This discussion and analysis is provided as a supplement to and should be read in conjunction with ourcondensed consolidated financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part 1, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023.
Current wording
The following discussion and analysis is intended to help you understand our results of operations and financial conditionas of June 30, 2024 and for the six months ended June 30, 2024 and 2023. This discussion and analysis is provided as a supplement to and should be read in conjunction with ourcondensed consolidated financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part 1, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023.
Previous wording
General and administrative expenses for the three months ended March 31, 2024, were $264,035, a decrease of $182,411 or 41%, compared to $446,476 for the three months ended March 31, 2023. The decrease in operating expenses was mainly due to a decrease in professional fees.
Current wording
General and administrative expenses for the three months ended June 30, 2024, were $445,791, a decrease of $648,275 or 59%, compared to $1,094,066 for the three months ended June 30, 2023. The decrease in operating expenses was mainly due to a decrease in professional fees. In the three months ended June 30, 2023 the higher operating expenses were attributable to costs incurred for staking new claims in Utah, exploration well permitting, development of technical reports and geological modeling, and legal fees associated with the SPAC business combination
Previous wording
During the three months ended March 31, 2024, our company recorded a fair value of stock issued for note modification of $5,382. No such transactions were noted during the three months ended March 31, 2023.
Current wording
During the three months ended June 30, 2024, our company recorded a fair value of stock issued for note modification of $9,000. No such transactions were noted during the three months ended June 30, 2023.
Previous wording
Interest expense for the three months ended March 31, 2024, was $78,383, as compared to $10,154 during the three months ended March 31, 2023.
Current wording
Interest expense for the three months ended June 30, 2024, was $95,944, as compared to $37,063 during the three months ended June 30, 2023.
Previous wording
As a result of the foregoing, the net loss for the three months ended March 31, 2024, was $863,883 as compared to the net loss of $388,646 during the three months ended March 31, 2023.
Current wording
As a result of the foregoing, the net loss for the three months ended June 30, 2024, was $550,735 as compared to the net loss of $1,131,129 during the three months ended June 30, 2023.
Previous wording
During the three months ended March 31, 2024, our company recorded a loss on settlement of liabilities of $516,083. During the three months ended March 31, 2023, our company recorded a gain on settlement of liabilities of $67,984, consisting of $7,008 in principal and $60,976 in interest forgiven by creditors.
Current wording
During the six months ended June 30, 2024, our company recorded a loss on settlement of liabilities of $516,083. During the six months ended June 30, 2023, our company recorded a gain on settlement of liabilities of $67,984, consisting of $7,008 in principal and $60,976 in interest forgiven by creditors.
Previous wording
We require cash to fund our operating expenses and working capital requirements, including outlays for capital expenditures. The accompanying consolidated financial statements have been prepared on a going concern basis. Our company had a net loss of $863,883 during the three months ended March 31, 2024, had accumulated losses totaling $21,103,522, and a working capital deficit of $4,079,828 as of March 31, 2024. These factors, among others, indicate that our company may be unable to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
Current wording
We require cash to fund our operating expenses and working capital requirements, including outlays for capital expenditures. The accompanying consolidated financial statements have been prepared on a going concern basis. Our company had a net loss of $1,414,618 during the six months ended June 30, 2024, had accumulated losses totaling $21,654,257, and a working capital deficit of $4,608,868 as of June 30, 2024. These factors, among others, indicate that our company may be unable to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
Previous wording
During the three months ended March 31, 2024, our company used $85,886 of cash in operating activities as a result of our net loss of $863,883, offset by loss on debt settlement of $516,083 and amortization of debt discount of $20,235, fair value of stock issued for note modification of $5,382, share-based compensation of $1,566, and net changes in operating assets and liabilities of $110,814.
Current wording
During the six months ended June 30, 2024, our company used $273,154 of cash in operating activities as a result of our net loss of $1,414,618, offset by loss on debt settlement of $516,083 and amortization of debt discount of $24,737, fair value of stock issued for note modification of $14,382, share-based compensation of $14,261, and net changes in operating assets and liabilities of $572,001.
Previous wording
During the three months ended March 31, 2023, our company used $317,613 of cash in operating activities as a result of our net loss of $388,646, increased by gain on debt settlement of $67,984 and offset by net changes in operating assets and liabilities of $139,017.
Current wording
During the six months ended June 30, 2023, the Company used $1,491,431 of cash in operating activities as a result of the Company’s net loss of $1,519,775, increased by gain on debt settlement of $67,984 and net changes in operating assets and liabilities of $277,322, and offset by share-based compensation of $373,650.
Previous wording
During the three months ended March 31, 2024 and 2023, our company had no investing activities.
Current wording
During the six months ended June 30, 2024, our company had no investing activities.
Previous wording
During the three months ended March 31, 2024, financing activities provided $105,000 in proceeds from convertible notes.
Current wording
During the six months ended June 30, 2024, financing activities provided $284,182 resulting from $105,000 in proceeds from convertible notes and $179,182 in proceeds from promissory notes.
Previous wording
During the three months ended March 31, 2023, financing activities provided $1,314,000, resulting from $1,125,000 in proceeds from convertible notes, and $189,000 in proceeds from the exercise of warrants.
Current wording
During the six months ended June 30, 2023, financing activities provided $1,764,000, resulting from $1,575,000 in proceeds from convertible notes, and $189,000 in proceeds from the exercise of warrants.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
For the six months ended June 30, 2024, and 2023, our company had no revenue.
Current report — wording carried from elsewhere
Fair Value of Stock Issued for Note Modification
Current report — wording carried from elsewhere
During the six months ended June 30, 2024, our company recorded a fair value of stock issued for note modification of $14,382. No such transactions were noted during the six months ended June 30, 2023.
Current report — wording carried from elsewhere
As a result of the foregoing, the net loss for the six months ended June 30, 2024, was $1,414,618 as compared to the net loss of $1,519,775 during the six months ended June 30, 2023.