Atlas Lithium (US:ATLX)2024-11-08 21:48Revenue and Financial Performance - Revenue for the three months ended September 30, 2024, was $169,549, compared to $0 for the same period in 2023, indicating a significant increase[9]. - Gross margin for the nine months ended September 30, 2024, was $249,722, compared to $0 for the same period in 2023, reflecting improved operational efficiency[9]. - Net loss attributable to Atlas Lithium Corporation stockholders for the three months ended September 30, 2024, was $(9,028,788), compared to $(11,279,475) for the same period in 2023, indicating a reduction in losses[9]. - Basic and diluted net loss per share for the three months ended September 30, 2024, was $(0.60), an improvement from $(1.24) in the same period of 2023[9]. - Comprehensive loss for the three months ended September 30, 2024, was $(10,380,627), compared to $(11,985,577) for the same period in 2023, indicating a narrowing of overall losses[9]. - The company reported a net loss of $(9,717,647) for the three months ended September 30, 2024, compared to $(11,738,353) for the same period in 2023, highlighting improved financial performance[9]. - The net loss for the nine months ended September 30, 2024, was $32,855,151, compared to a net loss of $25,600,602 for the same period in 2023, representing an increase of approximately 28%[18]. Operating Expenses and Cost Management - Total operating expenses for the three months ended September 30, 2024, were $10,334,853, a decrease from $11,442,622 in the same period of 2023, showing cost management efforts[9]. - The company plans to continue focusing on cost management and operational efficiency to improve future financial performance[9]. Shareholder Equity and Capital Raising - The total stockholders' equity as of September 30, 2024, was $27,762,191, an increase from $4,772,094 as of September 30, 2023, indicating growth in shareholder value[10]. - Weighted-average number of common shares outstanding increased to 14,964,697 for the three months ended September 30, 2024, compared to 9,068,801 for the same period in 2023, reflecting increased capital raising activities[9]. - Net proceeds from the sale of common stock amounted to $30,600,698 for the nine months ended September 30, 2024, compared to $20,522,531 in 2023, showing a 49% increase[18]. Cash Flow and Investment Activities - Cash flows from operating activities resulted in a net cash used of $14,212,264 for the nine months ended September 30, 2024, compared to a net cash provided of $2,564,979 in 2023[18]. - The company reported net cash used in investing activities of $23,559,858 for the nine months ended September 30, 2024, compared to $771,977 in 2023, reflecting a substantial increase in investment activities[18]. - The company had cash and cash equivalents of $22,056,560 at the end of the period on September 30, 2024, down from $29,549,927 at the beginning of the period[18]. Assets and Liabilities - Total fixed assets as of September 30, 2024, amounted to $36,566,270, with a net book value of $36,563,788 after accumulated depreciation of $2,482[26]. - Accounts payable and accrued liabilities rose to $5,763,095 as of September 30, 2024, compared to $3,588,074 as of December 31, 2023[28]. - Convertible debt increased to $10,027,449 as of September 30, 2024, up from $9,770,724 at the end of 2023, reflecting ongoing financing activities[32]. Stock-Based Compensation - Stock-based compensation for the nine months ended September 30, 2024, was $18,084,197, significantly higher than $7,680,742 for the same period in 2023, indicating a 135% increase[18]. - The company recorded stock-based compensation expenses of $3,389,507 and $10,094,837 for the three and nine months ended September 30, 2024, compared to $nil and $446,726 for the same periods in 2023[64]. Exploration and Development Activities - The company is focused on mineral exploration in Brazil, with significant investments in capital assets and exploration costs[20]. - The company acquired one mineral right totaling 45.77 hectares in Brazil's "Lithium Valley" for a total payment of $1,150,000, which includes $400,000 in cash and $750,000 in restricted shares[27]. - The discovery of spodumene-rich pegmatites in the Salinas Project area was announced in early October 2024, with further geological studies planned[117]. Agreements and Future Plans - The company agreed to sell 60,000 dry metric tonnes of lithium concentrate per year to each of its buyers for five years, with each buyer pre-paying $20.0 million[90]. - The gross proceeds from the registered direct offering in April 2024 were $30.0 million, intended for general corporate purposes and product development[92]. - The Neves Project received operational permits on October 28, 2024, allowing the company to assemble and operate its lithium processing plant[105]. Risks and Challenges - The company reported an accumulated deficit of $102,822,123 as of December 31, 2023, indicating ongoing financial challenges[15]. - The company is exposed to currency risks due to its operations primarily in Brazil, which may affect intercompany receivables and payables[103].