10-K - ALTAIR INTERNATIONAL CORP. (0001570937) (Filer)

Tue, Jul 2, 9:18 PM (19 days ago)

Altair International Corp. reported a net loss of $398,885 for the fiscal year ended March 31, 2024, a significant improvement from the $1,750,349 net loss in the prior year. The company has not generated any revenue to date. Operating expenses decreased to $181,178 from $457,540, primarily due to reduced mining exploration and compensation expenses. General and administrative expenses saw a slight increase of $3,428. Total other expenses were $217,707, down from $1,292,809, mainly due to a reduction in interest expense and gains on the conversion of debt. Altair's financial position remains precarious with an accumulated deficit of $17,515,410 and a going concern warning. The company has minimal cash reserves ($4,298) and relies on financing activities, which raised $92,500, down from $150,000 in the prior year. Altair is actively seeking new business opportunities and is in early-stage discussions with several acquisition targets. The company also entered into a merger agreement with Premier Air Charter, contingent on Premier providing audited financial statements. Risk factors include the company's reliance on external financing, lack of revenue, and ongoing operating losses. The company has no full-time employees and faces internal control weaknesses.