10-Q: Altair International Corp. Reports Q3 2024 Results, Cites Ongoing Merger Efforts

Altair International Corp. reports a net loss for Q3 2024 and is working towards completing its merger with Premier Air Charter in March 2025.

Summary

• Altair International Corp. reported a net loss of $31,065 for the three months ended December 31, 2024, compared to a net income of $86,153 for the same period in 2023.
• For the nine months ended December 31, 2024, the company's net loss was $113,556, compared to a net loss of $124,878 for the same period in 2023.
• The company is working to finalize its merger with Premier Air Charter, with an anticipated closing date in March 2025, pending the completion of certain preconditions.
• Altair's management intends to finance operating costs over the next twelve months with existing cash, loans, and/or private placements of common stock.
• The company's disclosure controls and procedures were deemed ineffective as of the end of the reporting period.
• There were material weaknesses identified in the company's internal control over financial reporting.

Sentiment

Score: 3

Explanation: The report indicates a weak financial position, ineffective controls, and reliance on future financing, resulting in a negative sentiment.

Positives

• The net loss for the nine months ended December 31, 2024, decreased to $113,556 from $124,878 for the same period in 2023.
• General and administrative expenses decreased by $9,181, or 13.2%, for the nine months ended December 31, 2024, compared to the same period in 2023.
• The company is actively working towards completing its merger with Premier Air Charter.

Negatives

• The company reported a net loss of $31,065 for the three months ended December 31, 2024.
• The company's cash balance as of December 31, 2024, was only $76.
• The company has an accumulated deficit of $17,628,966 as of December 31, 2024.
• The company's disclosure controls and procedures were deemed ineffective as of the end of the reporting period.
• Material weaknesses were identified in the company's internal control over financial reporting.

Risks

• The company's ability to continue as a going concern is dependent on generating profitable operations and/or obtaining necessary financing.
• The company's disclosure controls and procedures were deemed ineffective.
• Material weaknesses in internal control over financial reporting could adversely affect the company's ability to record, process, summarize, and report financial data.
• The merger with Premier Air Charter is subject to preconditions, and there is no guarantee it will be completed.
• The company relies on equity sales or debt financing, which could result in dilution to existing stockholders.

Future Outlook

The company is focused on completing its merger with Premier Air Charter in March 2025 and intends to finance operating costs with existing cash, loans, and/or private placements of common stock.

Industry Context

The company's activities in lithium extraction technology and EV battery recycling are relevant to the growing demand for these technologies in the electric vehicle and energy storage sectors.

Management Changes

Related Party Transactions

• During the nine months ended December 31, 2024, Premier has advanced the Company $ 80,392 to pay for operating expenses.
• The company paid Mr. Leonard Lovallo $32,000 for his role as Chief Executive Officer and President of the Company.
• Mr. Lovallo received 1,760,000 shares of common stock for $44,000 of accrued salary and 160,000 shares of common stock for $4,000 for April compensation.
• On May 16, 2024, the Company issued Mr. Lovallo 160,000 shares of common stock for compensation expense of $ 4,000 .

Stakeholder Impact

• Shareholders face potential dilution from future equity sales.
• The company's ability to continue as a going concern impacts employees and creditors.
• The success of the merger with Premier Air Charter will affect shareholder value.

Next Steps

• Finalizing the merger with Premier Air Charter, expected to close in March 2025.
• Addressing material weaknesses in internal control over financial reporting.
• Securing additional financing to fund operations.

Key Dates

Keywords

financial statements, merger, convertible debt, internal control, going concern, net loss, Altair International, Premier Air Charter, financial reporting, liquidity