$BLTH
AMERICAN BATTERY MATERIALS, INC.

2023 Q3 Form 10-Q Financial Statement

#000121390023066241 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $625.0K $1.094M
YoY Change 88.39% 200.41%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $625.0K $1.094M
YoY Change 88.39% 200.41%
Operating Profit -$625.0K -$1.094M
YoY Change 88.39% 200.41%
Interest Expense -$47.55K -$37.06K
YoY Change -72.85% -78.67%
% of Operating Profit
Other Income/Expense, Net -$270.5K -$37.06K
YoY Change -254.47% -78.67%
Pretax Income -$943.0K -$1.131M
YoY Change 86.05% 110.27%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$943.0K -$1.131M
YoY Change 86.05% 110.27%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08 $0.00
Diluted Earnings Per Share -$0.08 $0.00
COMMON SHARES
Basic Shares Outstanding 3.364B shares 3.319B shares
Diluted Shares Outstanding 11.24M shares 3.327B shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $339.0K $209.2K
YoY Change 540.19% 1583.98%
Cash & Equivalents $339.0K $209.2K
Short-Term Investments
Other Short-Term Assets $80.57K $121.2K
YoY Change -6.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $419.6K $330.3K
YoY Change 193.77% 132.75%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $206.0K $206.0K
YoY Change 106.0% 106.0%
Total Long-Term Assets $206.0K $206.0K
YoY Change 106.0% 106.0%
TOTAL ASSETS
Total Short-Term Assets $419.6K $330.3K
Total Long-Term Assets $206.0K $206.0K
Total Assets $625.6K $536.3K
YoY Change 157.62% 121.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.4K $312.9K
YoY Change -6.32% -2.41%
Accrued Expenses $776.0K $343.3K
YoY Change 58.67% -21.48%
Deferred Revenue
YoY Change
Short-Term Debt $448.9K $375.0K
YoY Change
Long-Term Debt Due $1.997M $1.925M
YoY Change -70.93% -70.96%
Total Short-Term Liabilities $3.585M $2.794M
YoY Change -63.1% -69.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.585M $2.794M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.585M $2.794M
YoY Change -64.8% -71.31%
SHAREHOLDERS EQUITY
Retained Earnings -$19.37M
YoY Change 13.9%
Common Stock $3.357M
YoY Change 770.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.959M -$2.258M
YoY Change
Total Liabilities & Shareholders Equity $625.6K $536.3K
YoY Change 157.62% 121.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$943.0K -$1.131M
YoY Change 86.05% 110.27%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$420.2K -$1.174M
YoY Change 100.59% 307.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$106.0K
YoY Change
Cash From Investing Activities $0.00 -$106.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 550.0K 450.0K
YoY Change 120.0% 55.17%
NET CHANGE
Cash From Operating Activities -420.2K -1.174M
Cash From Investing Activities 0.000 -106.0K
Cash From Financing Activities 550.0K 450.0K
Net Change In Cash 129.8K -829.8K
YoY Change 220.33% -36495.61%
FREE CASH FLOW
Cash From Operating Activities -$420.2K -$1.174M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Earnings Per Share Diluted
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dei Document Type
DocumentType
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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity File Number
EntityFileNumber
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dei Entity Registrant Name
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AMERICAN BATTERY MATERIALS, INC.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 - Nature of the Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">American Battery Materials, Inc. (the “Company”) is a US based renewable energy company focused on the extraction, refinement and distribution of technical minerals in an environmentally responsible manner.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 285.1pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Company formerly developed, marketed and distributed various self-serve electronic kiosks and mall/airport co-branded islands throughout North America. Due to the nationwide shutdown related to the COVID-19 pandemic, the Company spent a portion of 2020 restructuring and retiring certain corporate debt and obligations, while focusing on implementing a new operational direction.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Through the corporate reorganization and repositioning process, the Company found itself with the unique opportunity to expand its management team and acquire mining claims that historically reported high levels of Lithium and other tech minerals. The Company hired and affiliated itself with industry veterans that bring decades of experience, credibility and relationships.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On November 5, 2021, the Company acquired the rights to 102 Federal Mining Claims located in the Lisbon Valley of Utah for $100,000. The acquisition was driven by historical mineral data from seven (7) existing wells with brine aquifer access. The independent third-party Technical Report indicated that further investment and development in the claims were warranted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On April 25, 2023, the Company formed Mountain Sage Minerals LLC, a Utah limited liability company, of which it is the 100% owner. The Company will look to expand its holdings in the Lisbon Valley area with the acquisition of additional mineral claims and joint venture opportunities through this new LLC. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On May 1, 2023, FINRA completed the processing of our application for a name change, and our name was officially changed to American Battery Materials, Inc. At the same time, the Company’s trading symbol was changed to BLTH. These changes better reflect the business of the Company. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On June 1, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Seaport Global Acquisition II Corp., a Delaware corporation (“SGI<span style="text-decoration:underline">I</span>”), and Lithium Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of SGII (“Merger Sub”). SGII is a blank check company, also referred to as a special purpose acquisition company, formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. SGII is an early stage and emerging growth company. Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company, with the Company surviving the merger. As a result of the transactions under the Merger Agreement, ABM will become a wholly-owned subsidiary of SGII. The stockholders of ABM will become stockholders of SGII under an exchange ratio in the Merger Agreement. The closing of the transactions under the Merger Agreement is expected to be consummated in 2023, after the required approval by the stockholders of SGII and the fulfillment of certain other conditions. The Merger Agreement was amended on July 14, 2023 (see Note 8- Subsequent Events). </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Company has been moving forward with its strategy of employing advanced brine extractive technology methodologies and has been in talks with numerous extraction providers. Selective mineral extraction is clearly the most cost-effective and ESG friendly approach currently available. Technologies are being utilized that can extract the desired minerals and metals from the brine and then re-inject the brines back down into the aquafer. The prospective partners have been provided the analytical results from the technical reports, but will soon provide current results, analytical, Geotech modeling, aquifer modeling, recharge, flows, and depth.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><span style="text-decoration:underline">Use of Estimates</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and be based on events different from those assumptions. Future events and their effects cannot be predicted with certainty; estimating, therefore, requires the exercise of judgment. Thus, accounting estimates change as new events occur, as more experience is acquired, or as additional information is obtained.</span></p>
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us-gaap Interest Expense
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us-gaap Debt Instrument Term
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CY2023Q2 blth Accrued Interest Expense
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CY2023Q2 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Derivative Liabilities Current
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CY2023Q2 blth Less Amount Represented Interest
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CY2023Q2 blth Present Value Of Minimum Lease Payments And Guaranteed Residual Value
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CY2023Q2 us-gaap Common Stock Shares Authorized
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CY2023Q2 us-gaap Convertible Notes Payable
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CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q2 us-gaap Warrants And Rights Outstanding
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