American Battery Materials, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on the extraction and refinement of technical minerals, particularly lithium, experienced a net loss of $2,041,882 for the nine months ended September 30, 2024, an improvement compared to a net loss of $2,462,799 for the same period in 2023. The net loss per share for the nine months was $(0.18), down from $(0.22) in the previous year.

For the third quarter of 2024, the company reported no revenue, consistent with the same period in 2023. Operating expenses decreased to $506,019 from $624,952 year-over-year, primarily due to reduced professional fees. Total operating expenses for the nine months ended September 30, 2024, were $1,215,845, a 44% decrease from $2,165,494 in the prior year. However, the company recorded a loss on the settlement of liabilities of $(516,083) compared to a gain of $67,984 in the previous year.

As of September 30, 2024, total current assets were $114,674, down from $150,578 at the end of 2023. Total assets also decreased to $320,674 from $356,578. Current liabilities surged to $5,350,806 from $3,373,471, contributing to a total stockholders’ deficit of $(5,030,132), compared to $(3,016,893) at the end of 2023.

The company’s cash position deteriorated significantly, with cash at $3,233 as of September 30, 2024, down from $7,376 at the end of 2023. Cash used in operating activities for the nine months was $(585,876), a notable reduction from $(1,911,600) in the same period last year.

Strategically, American Battery Materials has undergone several changes, including the formation of Mountain Sage Minerals, LLC in April 2023 to expand mineral claims in the Lisbon Valley area. The company also entered into a merger agreement with Seaport Global Acquisition II Corp. in June 2023, which was later terminated in November 2023. A reverse stock split of 1-for-300 was executed on December 8, 2023, following shareholder approval.

The company continues to face challenges regarding its ability to continue as a going concern, emphasizing the need for additional financing to sustain operations over the next 12 months. As of September 30, 2024, the company had 285,728 shares potentially issuable under various agreements, a decrease from 657,407 shares at the end of 2023.