American Battery Materials (BLTH) posts Q1 2026 loss and flags going concern risk
American Battery Materials Inc. reported a Q1 2026 net loss of $4,227,409 with no revenue, reflecting its early‑stage exploration status. Operating expenses rose to $379,962, while losses from debt extinguishment and stock issued for note modifications totaled $3,617,863, driving the larger deficit.
Cash was only $32,281 against current liabilities of $12,212,401, resulting in a working capital deficit of $12,061,834 and total accumulated losses of $35,184,530. Management states these conditions raise “substantial doubt” about the company’s ability to continue as a going concern without new financing.
Positive
- None.
Negative
- Substantial doubt about going concern: Q1 2026 net loss of $4.23M, accumulated deficit of $35.18M, working capital deficit of $12.06M, and reliance on new financing lead management to conclude substantial doubt exists about continuing as a going concern.
- Significant debt burden and dilution from note amendments: Total 2026 debt maturities of $9.48M, extensive use of promissory and convertible notes with repeated extensions, and issuance of 542,066 shares plus principal increases of $1.05M for March 2026 extensions increase leverage and shareholder dilution.
Insights
Heavy losses, deep leverage and going-concern warning highlight high financial risk.
American Battery Materials posted a Q1 2026 net loss of $4.23M with zero revenue, versus a $0.40M loss a year earlier. Large non-cash charges tied to debt restructuring and stock issued for note modifications ($3.62M) significantly widened results.
At March 31, 2026, cash was just $32K against current liabilities of $12.21M, driven by promissory and convertible notes (including related-party borrowings). Scheduled debt maturing in 2026 totals $9.48M. The company discloses a working capital deficit of $12.06M and accumulated losses of $35.18M.
Management explicitly states these conditions raise substantial doubt about continuing as a going concern. The business remains at the exploration stage with no mineral reserves and no revenue, so servicing and restructuring debt will depend on additional financing or renegotiating existing obligations, as described in the liquidity discussion.
Key Figures
Key Terms
going concern financial
exploration stage issuer financial
Most Favored Nation (MFN) provision financial
convertible promissory note financial
reverse stock split financial
derivative warrant instruments financial
Earnings Snapshot
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AMERICAN BATTERY MATERIALS INC.
FORM 10-Q
For the quarter ended March 31, 2026
INDEX
| PAGE | |||
| PART I – FINANCIAL INFORMATION | 1 | ||
| Item 1. | Financial Statements | 1 | |
| Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited) | 1 | ||
| Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited) | 2 | ||
| Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended March 31, 2026 and 2025 (Unaudited) | 3 | ||
| Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited) | 4 | ||
| Notes to Unaudited Consolidated Financial Statements | 5 | ||
| Item 2. | Management’s Discussion and Analysis of Financial Conditions and Results of Operations | 15 | |
| Item 3. | Quantitative and Qualitative Disclosure About Market Risk | 17 | |
| Item 4. | Controls and Procedures | 18 | |
| PART II – OTHER INFORMATION | 19 | ||
| Item 1. | Legal Proceedings | 19 | |
| Item 1A. | Risk Factors | 19 | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 19 | |
| Item 3. | Defaults Upon Senior Securities | 19 | |
| Item 4. | Mine Safety Disclosures | 19 | |
| Item 5. | Other Information | 20 | |
| Item 6. | Exhibits | 20 | |
| SIGNATURES | 21 | ||
| i |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
AMERICAN BATTERY MATERIALS INC.
Condensed Consolidated Balance Sheets
(Unaudited)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | $ | $ | ||||||
| Prepaid expenses and other assets | ||||||||
| Total current assets | ||||||||
| Noncurrent assets | ||||||||
| Mineral claims | ||||||||
| Total assets | $ | $ | ||||||
| Liabilities and Stockholders’ Deficit | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued expenses | ||||||||
| Accrued interest | ||||||||
| Promissory notes payable, net of discount | ||||||||
| Promissory notes payable – related party | ||||||||
| Convertible notes payable, net of discount | ||||||||
| Convertible notes payable – related party | ||||||||
| Total current liabilities | ||||||||
| Total Liabilities | ||||||||
| Stockholders’ deficit | ||||||||
| Preferred stock, $ | - | - | ||||||
| Common stock, $ | ||||||||
| Additional paid in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ deficit | ( | ) | ( | ) | ||||
| Total liabilities and stockholders’ deficit | $ | $ | ||||||
The accompanying notes are an integral part of the condensed consolidated unaudited financial statements.
| 1 |
AMERICAN BATTERY MATERIALS INC.
Condensed Consolidated Statements of Operations
(Unaudited)
| Three Months Ended | Three Months Ended | |||||||
| March 31, 2026 | March 31, 2025 | |||||||
| Operating Expenses | ||||||||
| General and administrative | $ | $ | ||||||
| Total operating expenses | ||||||||
| Operating loss | ( | ) | ( | ) | ||||
| Other Expenses / Income | ||||||||
| Gain (loss) on extinguishment of debt | ( | ) | - | |||||
| Fair value of stock issued for note modification | ( | ) | - | |||||
| Interest expense | ( | ) | ( | ) | ||||
| Total other expenses / income | ( | ) | ( | ) | ||||
| Income (loss) from operations before income taxes | ( | ) | ( | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net Income (Loss) | $ | ( | ) | $ | ( | ) | ||
| Net loss per share – basic and diluted | $ | ( | ) | $ | ( | ) | ||
| Weighted average common shares – basic and diluted | ||||||||
The accompanying notes are an integral part of the condensed consolidated unaudited financial statements.
| 2 |
AMERICAN BATTERY MATERIALS INC.
Consolidated Statements of Changes in Stockholders’ Deficit
Three Months Ended March 31, 2026 and 2025
(Unaudited)
| Shares | Amount | Shares | Amount | Capital | Deficit | (Deficit) | ||||||||||||||||||||||
| Preferred stock | Common stock | Additional Paid in | Accumulated | Total Stockholders’ Equity/ | ||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | Capital | Deficit | (Deficit) | ||||||||||||||||||||||
| Balance as of December 31, 2024 | - | $ | - | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
| Share-based compensation | - | - | - | - | - | |||||||||||||||||||||||
| Net loss | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of March 31, 2025 | - | $ | - | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
| Balance as of December 31, 2025 | - | $ | - | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
| Balance | - | $ | - | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
| Shares issued for services | - | - | - | |||||||||||||||||||||||||
| Shares issued for note modification | - | - | - | |||||||||||||||||||||||||
| Shares issued for options exercise | - | - | - | |||||||||||||||||||||||||
| Share-based compensation | - | - | - | - | - | |||||||||||||||||||||||
| Net loss | - | - | - | - | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of March 31, 2026 | - | $ | - | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
| Balance | - | $ | - | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated unaudited financial statements.
| 3 |
AMERICAN BATTERY MATERIALS INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Three Months Ended | Three Months Ended | |||||||
| March 31, | March 31, | |||||||
| 2026 | 2025 | |||||||
| Cash Flows from Operating Activities | ||||||||
| Net income (loss) | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock based compensation | ||||||||
| Accrued interest | ||||||||
| Gain/loss on settlement of liabilities | - | |||||||
| Fair value of stock issued for note modification | - | |||||||
| Changes in operating assets and liabilities: | ||||||||
| Prepaid expenses and other assets | ||||||||
| Accounts payable and accrued expenses | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash Flows from Investing Activities: | ||||||||
| Net cash provided by (used in) investing activities | - | - | ||||||
| Cash Flows from Financing Activities | ||||||||
| Proceeds from convertible notes | - | |||||||
| Proceeds from convertible notes – related party | - | |||||||
| Proceeds from promissory notes | - | |||||||
| Proceeds from promissory notes – related party | - | |||||||
| Proceeds from options exercise | - | |||||||
| Net cash provided by financing activities | ||||||||
| - | ||||||||
| Net increase (decrease) in cash | ||||||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
The accompanying notes are an integral part of the condensed consolidated unaudited financial statements.
| 4 |
AMERICAN BATTERY MATERIALS INC.
Notes to Condensed Consolidated Financial Statements
For the Three Months Ended March 31, 2026 and 2025 (Unaudited)
Note 1 - Nature of the Business
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. On November 5, 2021, the Company acquired the rights to 102 Federal Mining
Claims located in the Lisbon Valley of Utah for $
On
April 25, 2023, the Company formed Mountain Sage Minerals, LLC, a Utah limited liability company, of which it is the
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.
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 (“SGII”), 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. Following material changes to the transaction proposed by SGII making the transaction untenable to us, on November 20, 2023, SGII notified us that it had elected to terminate the Merger Agreement.
On
January 16, 2025, the Company filed a Certificate of Amendment with the Secretary of State of Delaware to effect a reverse stock split
of the issued and outstanding shares of its common stock at a ratio of one share for every 5 shares outstanding prior to the effective
date of the reverse stock split. The reverse stock split became effective on January 24, 2025. The total number of authorized shares
of common stock was reduced from
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 aquifer. 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.
Note 2 - Going Concern
The
accompanying consolidated financial statements have been prepared on a going concern basis. The Company had a net loss of $
Until the Company can generate significant cash from operations, its ability to continue as a going concern is dependent upon obtaining additional financing. The Company hopes to raise additional financing, potentially through the sale of debt or equity instruments, or a combination, to fund its operations for the next 12 months and allow the Company to continue the development of its business plans and satisfy its obligations on a timely basis. Should additional financing not be available, the Company will have to negotiate with its lenders to extend the repayment dates of its indebtedness. There can be no assurance that the Company will be able to successfully restructure its debt obligations in the event it fails to obtain additional financing. These conditions have raised substantial doubt as to the Company’s ability to continue as a going concern for one year from the issuance of the financial statements, which has not been alleviated.
| 5 |
Note 3 - Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s fiscal year end is December 31.
Use of Estimates
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.
Property and Equipment
Property
and equipment are stated at cost less depreciation. Depreciation is provided using the straight-line method over the estimated
useful life of the assets. Equipment has estimated useful lives between three
Impairment of Long-lived Assets
Long-lived assets, such as property and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by comparing the carrying amount to the estimated future undiscounted cash flows expected to be generated by the asset group. If it is determined that an asset group is not recoverable, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value.
Mineral Rights and Properties
The
Company capitalizes acquisition costs until the Company determines the economic viability of the property. Since the Company does not
have proven and probable reserves as defined by Securities and Exchange Commission (“SEC”) Regulation S-K Item 1300, exploration
expenditures are expensed as incurred. The Company expenses mineral lease costs and repair and maintenance costs as incurred. The Company
reviews the carrying value of our properties for impairment, including mineral rights, upon the occurrence of events or changes in circumstances
that indicate the related carrying amounts may not be recoverable. During the period ending December 31, 2023, the Company took action
to expand on its rights to 102 federal mining claims located in the Lisbon Valley of Utah that it purchased on November 5, 2021, for
$
Earnings Per Share
The Company presents basic and diluted earnings per share in accordance with ASC 260, “Earnings per Share.” Basic earnings per share reflect the actual weighted average of shares issued and outstanding during the period. Diluted earnings per share are computed including the number of additional shares that would have been outstanding if dilutive potential shares had been issued. In a loss period, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive.
As
of March 31, 2026 and 2025, there were approximately
Derivative Financial Instruments
The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. Certain warrants issued by the Company contain terms that result in the warrants being classified as derivative liabilities for accounting purposes. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair market value and then is revalued at each reporting date, with changes in fair value reported in the consolidated statement of operations. The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks.
| 6 |
Fair Value of Financial Instruments
For certain of the Company’s financial instruments, including cash and equivalents, prepaid expenses and other assets, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:
| ● | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | |
| ● | Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the term of the derivative instruments, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. | |
| ● | Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e. supported by little or no market activity). Level 3 instruments include derivative warrant instruments. The Company does not have sufficient corroborating evidence to support classifying these assets and liabilities as Level 1 or Level 2. |
Stock-Based Compensation
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation - Stock Compensation,” which requires all stock-based awards granted to employees, directors and non-employees to be measured at grant date fair value of the equity instrument issued and recognized as expense. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equivalent to the vesting period. The fair value of each stock option granted is estimated using the Black-Scholes option pricing model. The measurement date for the non-forfeitable awards to non-employees that vest immediately is the date the award is issued.
Revenue Recognition
We recognize revenue under ASC 606, “Revenue from Contracts with Customers,” the core principle of which is that an entity should recognize revenue to depict the transfer of control for promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the revenue recognition principles, an entity is required to identify the contract(s) with a customer, identify the performance obligations, determine the transaction price, allocate the transaction price to the performance obligations and recognize revenue as the performance obligations are satisfied (i.e., either over time or at a point in time). ASC 606 further requires that companies disclose sufficient information to enable readers of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.
The
Company recognized $
Convertible Debt
The Company issues convertible notes as part of its financing strategy, which may contain embedded features such as conversion options, redemption provisions, and contractual adjustments like most favored nations clauses. Convertible debt is accounted for under ASC 470, Debt, as amended by ASU 2020-06, Debt—Debt with Conversion and Other Options. This standard simplifies the accounting by eliminating certain separation models for convertible instruments, requiring the Company to evaluate the debt as a single instrument unless bifurcation of embedded derivatives is required under ASC 815, Derivatives and Hedging.
Convertible notes are initially recorded at their principal amount, net of issuance costs or discounts, and classified as liabilities unless specific features mandate equity classification. Interest expense is recognized using the effective interest method over the notes’ terms.
| 7 |
The Company’s convertible debt instruments are debt host financial instruments containing embedded features, some of which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative liabilities subject to initial and subsequent periodic estimated fair value measurements under ASC Topic 815, Derivatives and Hedging. Embedded features are assessed to determine if they require bifurcation as derivatives. Features are bifurcated if their economic characteristics and risks are not clearly and closely related to the debt host, the hybrid instrument is not remeasured at fair value through earnings, and the feature would qualify as a standalone derivative. Bifurcated derivatives are recorded at fair value, with subsequent changes recognized in earnings. However, features contingent on events with low probability (e.g., uplisting or an event of default) are assigned immaterial value. The Company continues to monitor its facts and circumstances in each reporting period to evaluate whether each immaterial embedded feature’s fair value or change to it is significant and would therefore need to be ascribed value.
Common stock issued with convertible notes are treated as freestanding equity instruments under ASC 815-40, recorded at fair value in additional paid-in capital, with proceeds allocated between the debt and shares using the relative fair value method. The fair value of the shares issued are treated as a discount to the value of the convertible debt issued.
Debt issuance costs are capitalized and amortized as additional interest expense over the debt term, unless allocated to bifurcated derivatives, in which case they are expensed immediately if material.
Refinancings of convertible and promissory notes previously issued by the Company are evaluated under ASC 470-50, Modifications and Extinguishments, or ASC 470-60, Troubled Debt Restructurings by Debtors. A refinancing is accounted for as an extinguishment if the present value of cash flows under the new terms differs by at least 10% from the original terms or if a substantive conversion option is added or eliminated. When an extinguishment occurs, the original debt is derecognized and the new debt is recorded at fair value, recognizing any gain or loss in earnings. If not extinguished, a refinancing is treated as a modification with no gain or loss recognition. If the Company were to experience multiple changes to the same debt within a one-year period, and the first of those changes were determined to be a modification, the Company would then evaluate the changes within the one-year period on a cumulative basis.
A refinancing is classified as a troubled debt restructuring (TDR) if the Company is experiencing financial difficulty and the creditor grants a concession (e.g., reduced effective interest rate). For TDRs, the carrying amount is adjusted only if undiscounted future cash flows fall below the net carrying value of the original debt. When the undiscounted future cash flows of refinanced debt fall below the net carrying value of the original debt, the Company would record a gain for the difference. It would further adjust the carrying value of the debt to the future undiscounted cash flow amount with no interest expense recorded going forward. All future interest payments would then reduce the carrying value of the respective debt modified. If the undiscounted future cash flows are greater than the carrying value of the original debt, no gain would be recorded. The Company would then calculate a new effective interest rate based upon the carrying value of the original debt and the revised future cash flows under the terms of the new debt.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances disclosure requirements related to income taxes, including rate reconciliation and taxes paid by jurisdiction. This standard is effective for fiscal years beginning after December 15, 2024. We will adopt ASU 2023-09 in our Annual Report on Form 10-K for the fiscal year ending December 31, 2026. We are currently evaluating the impacts of the improvements to income tax disclosure.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Reporting Comprehensive Income) Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This guidance requires public business entities to disaggregate certain income statement expense captions (such as cost of sales, selling, general and administrative, research and development, etc.) into specified categories in the footnotes. ASU 2025-01 (issued January 2025) clarified the effective dates This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company does not expect a material impact upon adoption.
In April 2024, the FASB issued ASU No. 2024-04, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, expanding the use of this method to additional tax credit structures. This guidance is effective for fiscal years beginning after December 15, 2025. The Company does not expect a material impact upon adoption.
In January 2025, the FASB issued ASU No. 2025-01, Income Statement (Reporting Comprehensive Income) Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU solely clarifies the effective date of ASU 2024-03 (see above). The Company does not expect a material impact.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments clarify and reorganize existing interim reporting guidance, including the scope of Topic 270 and interim disclosure requirements, and introduce a disclosure principle requiring entities to disclose material events or changes occurring since the most recent annual reporting period. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025-11 on its consolidated financial statements and related disclosures.
| 8 |
In December 2025, the FASB issued ASU 2025-12, Accounting Standards Codification Improvements, which clarifies guidance and makes minor improvements across various topics, including earnings per share, receivables, revenue, income taxes, and equity. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and disclosures.
The Company has examined recent accounting pronouncements and determined that they will not have a material impact on its financial position, results of operations, or cash flows.
Note 4 – Debt
Promissory Notes Payable and Promissory Notes Payable - Related Party
In
2014 and 2016, the Company issued two promissory notes in the total principal amount of $
During
the year ended December 31, 2016, the Company issued two additional unsecured promissory notes and borrowed an aggregate amount of $
Accrued
interest at December 31, 2023, on these notes totaled $
During
the year ended December 31, 2024, the above-mentioned promissory notes were exchanged. The principal in the amount of $
During
the year ended December 31, 2022, the Company entered into 5 promissory note agreements in the aggregate amount of $
During the year ended December 31, 2024:
| ● | On
March 21, 2024, two (2) promissory note agreements with the related party in the aggregate amount of $ | |
| ● | On
March 22, 2024, one (1) promissory note in the aggregate amount of $ | |
| ● | On
March 22, 2024, one (1) promissory note agreement with the related party in the aggregate amount of $ | |
| ● | On
March 28, 2024, one (1) promissory note agreement in the aggregate amount of $ |
| 9 |
| ● | Between
May 16 and August 28, 2024, five (5) short-term promissory notes in the aggregate amount of $ |
During
the year ended December 31, 2023, the Company entered into short-term promissory note agreement in the amount of $
During
the year ended December 31, 2024, short-term promissory note in the amount of $
During
the year ended December 31, 2025, the Company entered into 4 promissory note agreements in the aggregate amount of $
During
the three months ended March 31, 2026, the Company entered into 6 promissory note agreements in the aggregate amount of $
| 10 |
Convertible Notes Payable and Convertible Notes Payable – Related Party
In
February 2023, the Company entered into a convertible promissory note agreement in the amount of $
During
the year ended December 31, 2023, the Company entered into Note Purchase Agreements with seven investors not affiliated with the Company
(the “Purchasers”) pursuant to which the Purchasers purchased from the Company convertible notes (the “Convertible
Notes”) with an aggregate principal amount of $
The
Convertible Notes provide for a maturity of
(a) The Convertible Notes automatically convert into Conversion Shares upon the shares of the Company’s common stock being listed on a higher exchange due to the (i) pricing and funding of an S-1 registration statement; or, (ii) the closing of a transaction resulting in the uplist (either, a “Triggering Transaction”). The conversion price for the Conversion Shares in an automatic conversion shall be equal to:
(1)
(2)
(3)
(b)
The Purchasers have the right to convert into Conversion Shares, in whole or in part, at any time after 180-days following the Issuance
Date. The conversion price for the Conversion Shares in a voluntary conversion shall be equal to
During
the year ended December 31, 2024, notes with six investors not affiliated with the Company were amended with an increase in principal
from $
Conditions
of the note with one (1) purchaser were amended several times (once under the MFN provision) resulting in an increase in principal from
$
During
the year ended December 31, 2024, the Company entered into ten convertible promissory note agreements in the aggregate amount of $
| 11 |
During the year ended December 31, 2025:
| ● | The
company entered into five convertible promissory note agreements in the aggregate amount of $ | |
| ● | The
company entered into seven convertible promissory note agreements in the aggregate amount of $ | |
| ● | The
company entered into seven short-term convertible promissory note agreements in the aggregate amount of $ |
During
the three months ended March 31, 2026, one noteholder sold the total of $
Scheduled maturities of debt remaining as of March 31, 2026, for each respective fiscal year end are as follows:
Schedule of Maturities of Debt
| 2026 | ||||
| Total | $ |
Note 5 - Capital Stock
On
January 16, 2025, the Company filed a Certificate of Amendment with the Secretary of State of Delaware to effect a reverse stock split
of the issued and outstanding shares of its common stock at a ratio of one share for every 5 shares outstanding prior to the effective
date of the reverse stock split. The reverse stock split became effective on January 24, 2025. The total number of authorized shares
of common stock was reduced from
The
Company filed a certificate of amendment to its certificate of incorporation, which effectuated as of December 8, 2023, a reverse split
of the Company’s common stock by a ratio of
On
October 20, 2022 the Company, following receipt of written approval from stockholders acting without a meeting and holding at least the
minimum number of votes that would be necessary to authorize or take such action at a meeting, filed an amendment to its Certificate
of Incorporation to (i) change the name of the Company to “American Battery Materials, Inc.” (the “Name Change”);
and (ii) increase the total number of authorized shares of the Company’s common stock, par value $
| 12 |
On
October 20, 2022, in addition to the Name Change and the Authorized Share Increase, the holder of
| 1. | Future
amendment of the Company’s Certificate of Incorporation to implement a decrease in the authorized shares of the Company’s
Common Stock from | |
| 2. | Future
amendment of the Company’s Certificate of Incorporation to implement a reverse stock split of the Company’s Common Stock
by a ratio of not less than |
Preferred Stock
The
Company has authorization for preferred stock, which could be issued with voting, liquidation, dividend and other rights superior to
common stock. As of March 31, 2026, and December 31, 2025, there were
Common Stock
The
Company has authorized
During
the three months ended March 31, 2026, the Company issued
During the three months ended March 31, 2025, the Company hasn’t issued shares of common stock.
Note 6 - Stock Options and Warrants
Warrants
As
of March 31, 2026, the Company had
Options
Stock
options are awarded to the Company’s employees, consultants and non-employee members of the board of directors under the Equity
Incentive Plan and are generally granted with an exercise price equal to the market price of the Company’s common stock at the
date of grant. The aggregate fair value of these stock options granted by the Company during the three months ended March 31, 2026, was
determined to be $
Schedule of Stock Option Activity Under Equity Incentive Plan
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | ||||||||||
| Balance outstanding at December 31, 2025 | $ | |||||||||||
| Granted | ||||||||||||
| Exercised | ( | ) | ||||||||||
| Forfeited | - | - | - | |||||||||
| Cancelled or expired | - | - | - | |||||||||
| Balance outstanding at March 31, 2026 | $ | |||||||||||
| Exercisable at March 31, 2026 | $ | |||||||||||
| 13 |
Equity Incentive Plan
On
July 22, 2011, the Board of Directors of the Company approved the Company’s 2011 Equity Incentive Plan (the “Plan”)
and on July 26, 2011, stockholders holding a majority of shares of the Company approved, by written consent, the Plan and the issuance
under the Plan of
Note 7 – Earnings Per Share
Earnings
per share calculations are performed in accordance with ASC 260, ‘Earnings Per Share’. Basic earnings per share is calculated
using the weighted average number of common shares issued and outstanding during the period, which were
Note 8 - Segment Information
The
Company operates and manages its business as
For the fiscal three months ended March 31, 2026, the CODM regularly receives and reviews the Company’s net income, and significant operating expenses categories, which are integral to the measure of operating performance. The significant expense categories include employee compensation, office operations and professional services. These expenses are presented below as they are included in the net income measure used by the CODM:
Schedule of Segment Information
| Three months ended | Three months ended | |||||||
| March 31, 2026 | March 31, 2025 | |||||||
| General and administrative | ||||||||
| Wages and related | $ | ( | ) | $ | ( | ) | ||
| Office operations | ( | ) | ( | ) | ||||
| Professional services | ( | ) | ( | ) | ||||
| Other operating expenses | - | ( | ) | |||||
| Total operating expenses | ( | ) | ( | ) | ||||
| Other Expenses / Income | ||||||||
| Gain (loss) on extinguishment of debt | ( | ) | - | |||||
| Fair value of stock issued for note modification | ( | ) | - | |||||
| Interest expense | ( | ) | ( | ) | ||||
| Total other expenses / income | ( | ) | ( | ) | ||||
| Net Income (Loss) | $ | ( | ) | $ | ( | ) | ||
Note 9 - Subsequent Events
| ● | On
May 6, 2026, the Company issued a promissory note for the principal amount of $ | |
| ● | On May 11, 2026, the Company
issued |
| 14 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis is intended to help you understand our results of operations and financial condition as of March 31, 2026 and for the three months ended March 31, 2026 and 2025. This discussion and analysis is provided as a supplement to and should be read in conjunction with our condensed consolidated financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Part 1, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
Cautionary Statement
The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. Our actual results may differ materially from those anticipated in the following discussion, as a result of a variety of risks and uncertainties, including those described under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025.
Forward-Looking Statements
Certain statements contained herein constitute “forward-looking statements”. Except for the historical information contained herein, this Quarterly Report on Form 10-Q contains forward-looking statements (identified by the words “estimate,” “project,” “anticipate,” “plan,” “expect,” “intend,” “believe,” “hope,” “strategy” and similar expressions), which are based on our current expectations and speak only as of the date made. These forward-looking statements are subject to various risks, uncertainties and factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements, including, without limitation, those discussed under Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on March 19, 2026 and those described herein that could cause actual results to differ materially from the results anticipated in the forward-looking statements.
Factors That May Adversely Affect our Results of Operations
Our results of operations may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions, declines in consumer confidence and spending, any ongoing effects of the Covid-19 pandemic, including resurgences and the emergence of new variants and geopolitical instability, such as the military conflict in Ukraine and the Middle East. We cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude, or the extent to which they may negatively impact our business.
Objective
The objective of our Management’s Discussion and Analysis of Financial Condition and Results of Operations is to provide users of our financial statements with the following:
| ● | a narrative explanation from the perspective of management of our financial condition, results of operations, cash flows, liquidity and certain other factors that may affect future results; | |
| ● | useful context to the financial statements; and | |
| ● | information that allows assessment of the relationship between our past performance and future performance. |
This Management’s Discussion and Analysis is a supplement to, and should be read together with, our financial statements, including notes, referenced elsewhere in this report, and is provided to enhance your understanding of our operations and financial condition. Due to rounding, some parts of this discussion may not sum or calculate precisely to the totals and percentages provided in the tables.
The following discussion and analysis provide information that our management believes is relevant to an assessment and understanding of our results of operations and financial condition and should be read in conjunction with the consolidated financial statements and footnotes that appear elsewhere in this Quarterly Report on Form 10-Q.
| 15 |
Overview and Outlook
We are a U.S. based renewable energy company focused on the extraction, refinement and distribution of technical minerals in an environmentally responsible manner. On November 5, 2021, we acquired the rights to 102 federal mining claims located in the Lisbon Valley of Utah for $100,000 plus the future payment of royalties based on a percentage of the net revenue (2%) from the sale of all minerals produced from this portion of the mining property. The acquisition was driven by historical mineral data from seven existing wells with brine aquifer access. We are defined as an exploration stage issuer, under SEC Regulation S-K Item 1300. An independent third-party technical report indicated that further investment and development in the claims was warranted, although no determination has been made whether we have any reserves of minerals. Similarly, no determination has been made whether mineralization could be economically and legally produced or extracted. We have no mineral reserves as defined by Regulation S-K Item 1300 and have had no mining revenue to date.
In July 2023, we acquired and staked additional lithium mining claims adjacent to our Lisbon Valley Project in Utah. The new claims have been registered with the BLM. We now own a total of 743 placer claims over 14,320 acres (approximately 22 square miles), comprised of the 102 original mining claims and 641 new claims.
On April 25, 2023, we formed Mountain Sage Minerals, LLC, a Utah limited liability company. We plan to expand our holdings in the Lisbon Valley area with the acquisition of additional mineral claims and joint venture opportunities through this entity.
On June 1, 2023, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Seaport Global Acquisition II Corp. (“SGII”) and Lithium Merger Sub, Inc., a wholly owned subsidiary of SGII. 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. As a result of the Merger Agreement, we would have become a wholly owned subsidiary of SGII. Following material changes to the transaction proposed by SGII making the transaction untenable to us, on November 20, 2023, SGII notified us that it had elected to terminate the Merger Agreement.
We have been moving forward with our strategy of employing advanced brine extractive technology methodologies and have been in talks with numerous extraction providers. Selective mineral extraction is 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 aquifer. 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. We will need funding to support continuing operations and support our growth strategy and we will need to finance operations by offering any combination of equity offerings, debt financing, collaborations, strategic alliances or other licensing arrangements. There is no assurance we will be able to raise sufficient capital to finance our operations.
Results of Operations
Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025
Revenue
For the three months ended March 31, 2026, and 2025, our company had no revenue.
Operating Expenses
General and administrative expenses for the three months ended March 31, 2026, were $379,962, an increase of $121,505 or 47%, compared to $258,457 for the three months ended March 31, 2025. The increase in operating expenses was mainly due to an increase in professional fees.
Gain (Loss) on Extinguishment
During the three months ended March 31, 2026 and 2025, our company recorded a loss on extinguishment of debt of $1,045,346 and $0, respectively.
Fair Value of Stock Issued for Note Modification
During the three months ended March 31, 2026 and 2025, the Company recorded a fair value of stock issued for note modification of $2,572,517 and $0, respectively.
Interest Expense
Interest expense for the three months ended March 31, 2026, was $229,584, as compared to $145,182 during the three months ended March 31, 2025.
Net Loss
As a result of the foregoing, the net loss for the three months ended March 31, 2026, was $4,227,409 as compared to the net loss of $403,639 during the three months ended March 31, 2025.
| 16 |
Liquidity and Capital Resources
We require cash to fund our operating expenses and working capital requirements, including outlays for capital expenditures. The accompanying consolidated financial statements have been prepared on a going concern basis. Our company had a net loss of $4,227,409 during the three months ended March 31, 2026, had accumulated losses totalling $35,184,530, and a working capital deficit of $12,061,834 as of March 31, 2026. These factors, among others, indicate that our company may be unable to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.
Since we acquired our first mining claims in November 2021, we have faced an increasingly challenging liquidity situation that has limited our ability to execute our operating plan. Our company will need to raise additional financing in order to fund its operations for the next 12 months and to allow us to continue the development of its business plans and satisfy its obligations on a timely basis. Should additional financing not be available, we will have to negotiate with its lenders to extend the repayment dates of its indebtedness. There can be no assurance that our company will be able to successfully restructure its debt obligations in the event it fails to obtain additional financing.
Sources of additional capital through various financing transactions or arrangements with third parties may include equity or debt financing, bank loans or revolving credit facilities. We may not be successful in locating suitable financing transactions in the time period required or at all and we may not obtain the capital we require by other means. Unless we can attract additional investment, our operating as a going concern is in doubt.
If we are unable to obtain sufficient amounts of additional capital, we may have to cease filing the required reports and cease operations completely. If we obtain additional funds by selling any of our equity securities or by issuing common stock to pay current or future obligations, the percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution, or the equity securities may have rights preferences or privileges senior to the common stock.
Cash Flows from Operating Activities
During the three months ended March 31, 2026, our company used $145,469 of cash in operating activities as a result of our net loss of $4,227,409, offset by gain (loss) on extinguishment of debt of $1,045,346, fair value of stock issued for note modification of $2,572,517, share-based compensation of $41,136, accrued interest of $225,316, and net changes in operating assets and liabilities of $197,625.
During the three months ended March 31, 2025, our company used $94,512 of cash in operating activities as a result of our net loss of $403,639, offset by share-based compensation of $55,959, accrued interest of $139,951 and net changes in operating assets and liabilities of $113,217.
Cash Flows from Investing Activities
During the three months ended March 31, 2026 and 2025, our company had no investing activities.
Cash Flows from Financing Activities
During the three months ended March 31, 2026, financing activities provided $174,270, resulting from $120,000 in proceeds from promissory notes and $54,270 in proceeds from option exercises.
During the three months ended March 31, 2025, financing activities provided $105,000 in proceeds from convertible notes.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Not required for smaller reporting companies.
| 17 |
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
David Graber, who serves as our Chief Executive Officer and Chairman of the Board, Sebastian Lux, who serves as our President and Chief Operating Officer and Agustin Cabo, who serves as our Chief Financial Officer and Principal Financial Officer (collectively referred to herein as “Senior Management”), evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term “disclosure controls and procedures,” as defined in Rule 13a-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Senior Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures. Based on its evaluation, Senior Management concluded as of March 31, 2026 that our disclosure controls and procedures were not effective due to the following material weaknesses in our internal control over financial reporting:
| ● | We do not have controls designed to validate the completeness and accuracy of underlying data used in the determination of accounting transactions. Accordingly, we believe we have a material weakness because there is a reasonable possibility that a material misstatement to the interim or annual consolidated financial statements would not be prevented or detected on a timely basis. | |
| ● | We do not have written documentation of our internal control policies and procedures. Written documentation of key internal controls over financial reporting is a requirement of Section 404 of the Sarbanes-Oxley Act of 2002 which is applicable to us. Management evaluated the impact of our failure to have written documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represents a material weakness. | |
| ● | We do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represents a material weakness. | |
| ● | We have an inadequate number of personnel with requisite expertise in the key functional areas of finance and accounting. |
Notwithstanding the identified material weaknesses, Senior Management believes the consolidated financial statements included in this Quarterly Report on Form 10-Q fairly represent in all material respects our financial condition, results of operations and cash flows at and for the periods presented in accordance with U.S. GAAP.
Changes in Internal Controls Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. However, Senior Management is currently seeking to improve our controls and procedures in an effort to remediate the deficiencies described above.
| 18 |
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 1A. Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2025, as filed with the Securities and Exchange Commission on March 19, 2026. These factors could materially adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by any forward-looking statements contained in this Quarterly Report on Form 10-Q. As a “smaller reporting company” as defined by Item 10 of Regulation S-K, our company is not required to provide any additional information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following information represents securities sold by our company during the period covered by this Quarterly Report and the subsequent period, which were not registered under the Securities Act. Included are sales of reacquired securities, as well as new issues, securities issued in exchange for property, services, or other securities, and new securities resulting from the modification of outstanding securities. All issuances were exempt under Section 4(a)(2) of the Securities Act unless otherwise noted.
| ● | On January 16, 2026, the Company issued 2,635 shares of common stock for services provided. |
| ● | On March 16, 2026, the Company issued 5,000 shares of common stock for services provided. |
| ● | On March 16, 2026, the Company entered into extension agreements with certain noteholders of its promissory and convertible notes. Under the terms of these agreements, the maturity dates of the notes were extended to June 30, 2026. In consideration for the extensions, the noteholders received a 12.5% increase in the principal amount of their notes and additional shares of common stock. The total additional shares issued in connection with these extensions amounted to 542,066 shares, and the aggregate principal increase was $1,045,346. As of April 13, 2026, none of the promissory or convertible notes were in default. |
| ● | Use of Proceeds: The Company did not receive any cash proceeds from the above issuances, as the shares were issued as consideration for the modification of outstanding securities. |
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
| 19 |
Item 5. Other Information
None.
Item 6. Exhibits
Exhibit Number |
Exhibit Description | |
| 3.1 | Certificate of Incorporation, dated March 26, 2007 (incorporated by reference to the Company’s Registration Statement on Form S-1 filed on April 9, 2010). | |
| 3.2 | Bylaws, as amended (incorporated by reference to the Company’s Registration Statement on Form S-1 filed on April 9, 2010). | |
| 3.3 | Certificate of Amendment of Certificate of Incorporation, dated October 4, 2010 (incorporated by reference to the Company’s Current Report on Form 8-K filed on October 7, 2010). | |
| 3.4 | Certificate of Amendment of the Certificate Incorporation (incorporated by reference to the Company’s Current Report on Form 8-K filed on March 1, 2018). | |
| 3.5 | Certificate of Designation for Series A Preferred Shares (incorporated by reference to the Company’s Current Report on Form 8-K filed on August 23, 2022). | |
| 3.6 | Certificate of Amendment of the Certificate Incorporation (incorporated by reference to the Company’s Current Report on Form 8-K filed on October 26, 2022). | |
| 3.7 | Certificate of Amendment of the Certificate Incorporation (incorporated by reference to the Company’s Current Report on Form 8-K filed on August 8, 2023). | |
| 3.8 | Certificate of Amendment of the Certificate Incorporation (incorporated by reference to the Company’s Current Report on Form 8-K filed on January 24, 2025). | |
| 4.1 | Description of Securities (incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 21, 2023). | |
| 10.1 | Form of Note Amendment and Extension Agreement between the Company and investors (incorporated by reference to the Company’s Current Report on Form 8-K filed on April 16, 2024). | |
| 21.1 | Subsidiaries of the Registrant (incorporated by reference to the Company’s Annual Report on Form 10-K filed on April 1, 2024). | |
| 31.1* | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) | |
| 31.2* | Certificate of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) | |
| 32.1* | Certification of Principal Executive Officer Pursuant to 18 U.S.C. 1350 | |
| 32.2* | Certificate of Principal Financial Officer Pursuant to 18 U.S.C. 1350 | |
| 101.INS | Inline XBRL Instance Document. | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Filed herewith.
| 20 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| May 15, 2026 | AMERICAN BATTERY MATERIALS INC. | |
| By: | /s/ David E. Graber | |
| David E. Graber | ||
| Chief Executive Officer | ||
| (Principal Executive Officer) | ||
| By: | /s/ Agustin Cabo | |
| Agustin Cabo | ||
| Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) | ||
| 21 |