Altair International Corp. Reports Net Loss of $113,556 for Nine Months Ending December 31, 2024

Altair International Corp. has reported its financial results for the nine months ending December 31, 2024, revealing a net loss of $113,556, a decrease from the net loss of $124,878 recorded in the same period the previous year. The company has not recognized any revenue to date. Operating expenses for the nine-month period totaled $99,112, down from $128,293 in the prior year, primarily due to a reduction in general and administrative expenses, which fell by 13.2% to $60,612. The decrease in expenses reflects the absence of funds spent on mining exploration during the current fiscal period.

In terms of financial position, Altair's total assets as of December 31, 2024, were $76, a significant decline from $10,798 reported at the end of the previous fiscal year. Current liabilities increased to $260,766 from $193,428, driven by higher accounts payable and interest payable. The company's accumulated deficit has grown to $17,628,966, raising concerns about its ability to continue as a going concern without additional financing. The company plans to finance its operations through existing cash, loans from third parties, and potential private placements of common stock.

Strategically, Altair is pursuing a merger with Premier Air Charter, Inc., which is expected to close in March 2025, subject to certain preconditions. Under the terms of the merger agreement, Altair will exchange 85% of its common stock for all outstanding shares of Premier. This merger is part of Altair's broader strategy to enhance its business operations and shareholder value. Additionally, the company has terminated its Earn-In Agreement with American Lithium Minerals, Inc., while maintaining a 10% interest in the associated mining claims.

Operationally, Altair's employee headcount remains limited, and the company continues to explore new business opportunities. The company has not reported any significant changes in customer counts or user statistics, as it has not generated revenue. The management has acknowledged the need for additional capital to meet long-term operating requirements and has expressed intentions to seek financing options to support its ongoing activities.

Looking ahead, Altair's management has indicated that the company will continue to rely on equity sales and debt financing to fund its operations. However, there is no assurance that such funds will be available, and the company faces substantial doubt regarding its ability to continue as a going concern. The financial statements have been prepared under the assumption that Altair will continue its operations, but the management recognizes the challenges ahead in achieving profitable operations.