Altair International Corp. reported its financial results for the six-month period ending September 30, 2024, revealing significant changes in its performance compared to the previous fiscal period. The company continues to operate as a development stage entity, focusing on identifying and assessing new business opportunities, particularly in lithium extraction and battery technology.

For the three months ended September 30, 2024, Altair reported no revenue, consistent with the same period in 2023. The company’s total operating expenses decreased to $36,150 from $52,457 year-over-year, reflecting a reduction in general and administrative expenses, which fell by 26.7% to $24,150 due to the absence of mining exploration expenses. The net loss for the quarter was $39,148, a slight improvement from a net loss of $40,074 in the prior year.

For the six-month period, Altair's net loss was $82,491, significantly better than the $211,034 loss reported for the same period in 2023. This improvement was attributed to lower total operating expenses of $70,935, down from $93,366 in the previous year. Cash used in operating activities also decreased to $56,437 from $75,867, indicating improved cash management.

The company’s balance sheet as of September 30, 2024, showed total assets of $461, with total liabilities of $230,086, resulting in a stockholders' deficit of $(229,625). The accumulated deficit increased to $(17,597,901) from $(17,327,559) a year earlier. The number of common shares outstanding rose to 32,803,527, up from 24,692,449 shares in the prior year.

Strategically, Altair is pursuing a merger with Premier Air Charter, which involves exchanging 85% of its common stock for all shares of Premier, subject to certain preconditions. The company has also engaged in various transactions involving the conversion of debt into equity, with common stock issued for debt conversions totaling $31,496 during the six months ended September 30, 2024.

Despite these developments, the company faces challenges, including identified material weaknesses in its internal control over financial reporting, which the CEO and CFO deemed ineffective. These weaknesses include insufficient accounting personnel and a lack of an independent audit committee, which may hinder the timely detection of misstatements.

Overall, Altair International Corp. is navigating a challenging financial landscape while pursuing strategic opportunities in the lithium and battery technology sectors.