Operating Expenses - The Company incurred operating expenses of $6,807,014 for the three months ended March 31, 2021, compared to $2,015,935 for the same period in 2020, reflecting a significant increase due to share issuance for consulting services [87]. - For the nine months ended March 31, 2021, the Company reported operating expenses of $31,837,067, up from $4,493,703 in the same period in 2020, primarily due to increased share-based compensation [90]. - The Company incurred $5,156,780 in cash used for operating activities during the nine months ended March 31, 2021, compared to $2,625,810 for the same period in 2020, reflecting increased operational costs [99]. Net Loss - The net loss for the three months ended March 31, 2021, was $4,987,356, or $0.01 loss per share, compared to a net loss of $7,512,986, or $0.03 loss per share, for the same period in 2020 [89]. - The net loss for the nine months ended March 31, 2021, was $36,186,434, or $0.08 loss per share, compared to a net loss of $12,932,549, or $0.07 loss per share, for the same period in 2020 [93]. Financial Position - As of March 31, 2021, the Company had cash of $6,949,269 and total assets of $9,453,330, a significant increase from cash of $829,924 and total assets of $1,161,314 as of June 30, 2020 [94]. - The Company had total current liabilities of $841,081 as of March 31, 2021, a decrease from $5,795,170 as of June 30, 2020, due to the repayment of convertible debts [95]. Financing Activities - The Company raised $13,471,138 from financing activities during the nine months ended March 31, 2021, compared to $2,891,494 in the same period in 2020, indicating a substantial increase in funding [100]. - The Company issued 33,650,036 common shares for services valued at $27,072,162 during the nine months ended March 31, 2021, compared to 26,446,200 common shares valued at $1,613,468 in the same period in 2020 [90]. Debt Management - The Company recorded a gain on the settlement of debt of $18,683,279 for the nine months ended March 31, 2021, compared to $779,455 for the same period in 2020, reflecting improved financial management [91]. Legal Matters - The Company filed a complaint in January 2018 seeking the return or cancellation of 16 million common shares believed to be fraudulently issued [109]. - Agreements were made to cancel eleven million shares, with ten million shares already cancelled [109]. - The remaining five million shares were cancelled and reissued after proper consideration was determined [109]. - Alford filed a counterclaim against the Company, which the Company believes is without merit, and litigation continues [109]. - The Company is not currently a party to any legal proceedings deemed material to its financial condition or results of operations [110]. Internal Controls and Compliance - As of March 31, 2021, the Company's management evaluated the effectiveness of disclosure controls and procedures, concluding they were effective [107]. - Changes were made in internal controls over financial reporting during the quarter ended March 31, 2021, to improve the separation of accounting functions [108]. - The Company maintains disclosure controls to ensure compliance with SEC rules and timely decision-making [106]. - The Company does not expect recent accounting pronouncements to materially impact its financial statements [106]. - The Company believes that critical accounting policies involve significant judgments, assumptions, and estimates that could impact financial statements [102].
American Battery Technology pany(ABAT) - 2021 Q3 - Quarterly Report