Mon, Nov 25, 11:31 AM (54 days ago)
Alterola Biotech, Inc. (ABTI) filed a Form 10-Q/A for the quarter ending June 30, 2024, to restate its financial statements due to the omission of its subsidiary, Phytanix Bio, from the original filing. The restatement resulted in increased cash, notes payable, operating expenses, and net loss. For Q2 2024, ABTI reported no revenues and operating expenses of $682,822, up from $585,200 in Q2 2023, primarily due to higher consulting and audit fees. The net loss widened to $654,747 compared to $447,037 year-over-year. As of June 30, 2024, ABTI had current assets of $715,274 versus current liabilities of $2,440,042, resulting in a working capital deficit of $1,724,768. Cash used in operations was $207,163, contrasting with a positive cash flow of $310,821 in the prior year. Financing activities yielded $923,003, mainly from notes payable. The company has incurred losses totaling $12,981,903 since inception and faces substantial doubt about its ability to continue as a going concern. Future operations depend on securing additional financing to support R&D and operational costs, with a merger with Chain Bridge I (CBRG) anticipated to close in Q1 2025.