Atlas Lithium (US:ATLX)2024-08-09 20:00Revenue and Growth - Total revenue for the three months ended June 30, 2024, was $182,789, compared to $0 for the same period in 2023, indicating a significant growth[15]. - The company reported a net loss of $12,396,925 for the six months ended June 30, 2024, compared to a net loss of $13,862,249 for the same period in 2023, indicating a slight improvement[26]. - Net loss for the six months ended June 30, 2024, was $25,581,120, compared to a net loss of $13,862,249 during the same period in 2023, representing an increase of approximately 84%[148]. Financial Performance - Gross margin for the three months ended June 30, 2024, was $91,002, with a cost of revenue of $91,787, reflecting operational efficiency[15]. - Basic and diluted loss per share for the three months ended June 30, 2024, was $(0.85), compared to $(1.01) for the same period in 2023[15]. - Total operating expenses for the three months ended June 30, 2024, were $12,080,782, an increase from $9,523,792 in the same period of 2023[15]. - Stock-based compensation for the six months ended June 30, 2024, was $3,580,587, compared to $3,580,566 for the same period in 2023[26]. - Stock-based compensation for the six months ended June 30, 2024, was $11,812,684, significantly higher than $3,981,154 in the prior year[32]. - The company incurred an increase of approximately $3,500,000 in general and administrative expenses due to expanded operations and higher costs related to employee compensation and third-party services[149]. - Stock-based compensation expense rose by approximately $7.8 million compared to the prior period, reflecting bonuses for eligible management team members[149]. Assets and Liabilities - Total current assets as of June 30, 2024, were $32,578,539, an increase from $29,714,656 as of December 31, 2023[12]. - Total assets as of June 30, 2024, were $60,861,962, compared to $43,682,659 as of December 31, 2023, indicating strong asset growth[12]. - Total liabilities as of June 30, 2024, were $33,904,234, a slight decrease from $34,368,415 as of December 31, 2023[12]. - Total stockholders' equity as of June 30, 2024, was $26,957,727, compared to $9,314,244 as of December 31, 2023, showing improved financial health[13]. - Accumulated deficit as of June 30, 2024, was $(126,242,962), up from $(101,664,519) as of December 31, 2023, reflecting ongoing investment in growth[13]. Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $13,735,837 for the six months ended June 30, 2024, compared to a net cash provided of $11,783,491 in 2023[32]. - Net cash used in investing activities totaled $14,333,495 for the six months ended June 30, 2024, representing an increase of 435% from $2,679,812 in the prior year, primarily due to payments for the acquisition of lithium processing plant components[150]. - Net cash provided by financing activities was $30,140,298 for the six months ended June 30, 2024, an increase of 182% from $10,675,118 in the same period in 2023, largely due to a private placement that raised $30 million[150]. - The company raised $30 million in gross proceeds from a registered direct offering of 1,871,250 shares at a price of $16.0321 per share, intended for general corporate purposes[121]. - The company raised $10,000,024 through the issuance of convertible promissory notes on November 7, 2023, with a maturity date of 36 months and an interest rate of 6.5% per annum[54]. Stock and Equity - The issuance of common stock in connection with sales made under private offerings amounted to 1,871,250 shares, raising $30,449,449[28]. - The balance of common stock increased to 14,824,692 shares as of June 30, 2024, from 10,033,334 shares as of June 30, 2023[25]. - The authorized number of shares of common stock was decreased to 200,000,000 shares to improve financing perceptions[75]. - The Company approved a reverse stock split at a ratio of 1-for-750, effective retroactively as of December 20, 2022[72]. Operational Developments - The geotechnical drilling program in the Neves Project reached approximately 80% completion as of June 30, 2024, with full completion expected by the end of August 2024[145]. - Metallurgical studies for both Anitta 2 and Anitta 3 deposits within the Neves Project were successfully completed[145]. - The modular dense media separation (DMS) lithium processing plant's core components underwent trial assembly and are being packaged for shipment, marking a novel approach for lithium processing in Brazil[145]. - The company entered into Offtake and Sales Agreements to sell 60,000 dry metric tonnes of lithium concentrate per year for five years, with each buyer prepaying $20 million[120]. Miscellaneous - The company reported a foreign currency translation loss of $506,446 for the six months ended June 30, 2024[25]. - The company recognized a gain of $124,228 on changes in fair value of financial instruments for the three months ended June 30, 2024[60]. - The company reported an effect of exchange rates on cash and cash equivalents amounting to $646,837 for the six months ended June 30, 2024[32].