Wed, May 15, 10:40 AM (72 days ago)
American Battery Materials, Inc. reported a net loss of $863,883 for Q1 2024, compared to a net loss of $388,646 in Q1 2023. The company had no revenue in either period. Operating expenses decreased by 41% to $264,035 due to lower professional fees. Significant losses included $516,083 on settlement of liabilities and $78,383 in interest expense. Cash used in operations was $85,886, with $105,000 raised from convertible notes. The company faces substantial doubt about its ability to continue as a going concern due to a working capital deficit of $4,079,828 and accumulated losses of $21,103,522. Financing needs are critical to support ongoing operations and growth strategies.