Premier Air Charter Holdings Inc 10-Q, filed Feb 14, 2022
Premier Air Charter Holdings Inc. (PREM)
About this 10-Q
Premier Air Charter Holdings Inc filed this 10-Q on February 14, 2022, covering the quarter ended December 31, 2021.
Headline figures
Quarter ended December 31, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Net loss
- $402.88K
- compared with a net loss of $2.29M a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the
For the transition period from _______________ to _______________
Commission File Number: ______________________________________________________
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of Incorporation) | Identification Number) | |
| (Address of principal executive offices) | (Zip Code) | |
| ( |
||
| (Registrant's Telephone Number) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| OTCQB |
Indicate
by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such filings).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☐ | Accelerated filer ☐ |
| Non-accelerated filer | Smaller reporting company |
| Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
As of February 10, 2022, there were shares of the registrant's $0.001 par value common stock issued and outstanding.
TABLE OF CONTENTS
| Page No. | |||
| PART I - FINANCIAL INFORMATION | |||
| Item 1. | Unaudited Financial Statements | 3 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 14 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 18 | |
| Item 4. | Controls and Procedures | 18 | |
| PART II - OTHER INFORMATION | |||
| Item 1. | Legal Proceedings | 19 | |
| Item1A. | 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 | 19 | |
| Item 6. | Exhibits | 19 | |
| Signatures | 20 |
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ALTAIR INTERNATIONAL CORP.
INDEX TO FINANCIAL STATEMENTS
| Consolidated Balance Sheets as of December 31, 2021 (unaudited) and March 31, 2021 | 4 |
| Consolidated Statements of Operations for the Three and Nine Months ended December 31, 2021 and 2020 (unaudited) | 5 |
| Consolidated Statement of Stockholders’ Deficit for the Three and Nine Months ended December 31, 2021 and 2020 (unaudited) | 6 |
| Consolidated Statements of Cash Flows for the Nine Months ended December 31, 2021 and 2020 (unaudited) | 7 |
| Notes to the Consolidated Financial Statements (unaudited) | 8 |
| 3 |
ALTAIR INTERNATIONAL CORP. CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, 2021 | March 31, 2021 | |||||||
| ASSETS | (Unaudited) | |||||||
| Current Assets: | ||||||||
| Cash | $ | $ | ||||||
| Prepaids | ||||||||
| Total Current Assets | ||||||||
| Advanced royalty payments | ||||||||
| Total Assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued compensation | ||||||||
| Loans payable | ||||||||
| Interest payable | ||||||||
| Convertible notes
payable, net of debt discount of $ | ||||||||
| Derivative liability | ||||||||
| Total Current Liabilities | ||||||||
| Loans payable | ||||||||
| Total Liabilities | ||||||||
| Stockholders’ Deficit: | ||||||||
| Preferred Stock, $ par value, shares authorized, shares issued | ||||||||
| Common Stock, $ par value, shares authorized; and shares issued and outstanding, respectively | ||||||||
| Common stock to be issued | ||||||||
| Additional paid in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total Stockholders' Deficit | ( | ) | ( | ) | ||||
| Total Liabilities and Stockholders' Deficit | $ | $ | ||||||
| The accompanying notes are an integral part of these unaudited consolidated financial statements. | ||||||||
| 4 |
ALTAIR INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
| For The Three Months Ended December 31, | For The Nine Months Ended December 31, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating Expenses: | ||||||||||||||||
| Mining exploration expense | $ | $ | $ | $ | ||||||||||||
| Consulting | ||||||||||||||||
| Compensation – related party | ||||||||||||||||
| Director fees | ||||||||||||||||
| General and administrative | ||||||||||||||||
| Total operating expenses | ||||||||||||||||
| Loss from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other Expense: | ||||||||||||||||
| Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Impairment expense | ( | ) | ||||||||||||||
| Gain on conversion of debt | ||||||||||||||||
| Change in fair value | ( | ) | ||||||||||||||
| Loss on settlement of debt | ( | ) | ||||||||||||||
| Loss on issuance of convertible debt | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Total other expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Loss before provision for income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Provision for income taxes | ||||||||||||||||
| Net Loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Loss per share, basic and diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Weighted average shares outstanding, basic and diluted | ||||||||||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 5 |
ALTAIR INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (Unaudited) | ||||||||||||||||||||
| Common Stock | Additional Paid in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, March 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Shares issued for Officer services | ||||||||||||||||||||
| Shares issued for debt – former related party | ||||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, June 30, 2020 | ( | ) | $ | ( | ) | |||||||||||||||
| Shares issued for Officer services | ||||||||||||||||||||
| Shares issued for services | ||||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, September 30, 2020 | ( | ) | ( | ) | ||||||||||||||||
| Warrant expense | — | |||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, December 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Common Stock | Additional Paid in | Common Stock To be | Accumulated | |||||||||||||||||||||
| Shares | Amount | Capital | Issued | Deficit | Total | |||||||||||||||||||
| Balance, March 31, 2021 | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||
| Shares issued for debt | ||||||||||||||||||||||||
| Shares issued for services | ( | ) | ||||||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||||||
| Balance, June 30, 2021 | ( | ) | ( | ) | ||||||||||||||||||||
| Shares issued for debt | ||||||||||||||||||||||||
| Shares issued for services | ( | ) | ||||||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||||||
| Balance, September 30, 2021 | ( | ) | ( | ) | ||||||||||||||||||||
| Shares issued for services | ( | ) | ||||||||||||||||||||||
| Shares issued for debt | ||||||||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||||||
| Balance, December 31, 2021 | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 6 |
ALTAIR INTERNATIONAL CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
For the Nine Months Ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| CASH FLOW FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Debt discount expense | ||||||||
| Stock based compensation | ||||||||
| Gain on settlement of debt | ( | ) | ||||||
| Loss on issuance of convertible debt | ||||||||
| Change in fair value | ( | ) | ||||||
| Changes in Operating Assets and Liabilities: | ||||||||
| Advances and deposits | ||||||||
| Accounts payable | ( | ) | ||||||
| Accrued compensation | ||||||||
| Accrued interest | ||||||||
| Net Cash Used in Operating Activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Payment for exploration earn in option | ( | ) | ||||||
| Net Cash Used in Investing Activities | ( | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from convertible notes payable | ||||||||
| Proceeds from notes payable | ||||||||
| Repayment of related party loan | ( | ) | ( | ) | ||||
| Net Cash Provided by Financing Activities | ||||||||
| Net (Decrease) Increase in Cash | ( | ) | ||||||
| Cash at Beginning of Period | ||||||||
| Cash at End of Period | $ | $ | ||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | $ | ||||||
| Income taxes | $ | $ | ||||||
| Supplemental non-cash disclosure: | ||||||||
| Related party debt settled with common stock | $ | $ | ||||||
| Common stock issued for conversion of debt | $ | $ | ||||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 7 |
ALTAIR INTERNATIONAL CORP.
Notes to the Unaudited Consolidated Financial Statements
December 31, 2021
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS
Organization and Description of Business
ALTAIR INTERNATIONAL CORP. (the “Company” “Altair”) was incorporated under the laws of the State of Nevada on December 20, 2012. The Company’s physical address is 322 North Shore Drive, Building 1B, Suite 200, Pittsburgh, PA 15212.
Mining Lease
The Company is currently engaged in identifying and
assessing new business opportunities. In this regard, the Company entered into a Mining Lease effective August 3, 2020 with Oliver Geoservices
LLC ("OGS") under which the Company received an exclusive lease to mine certain unpatented lode mining claims known as the Walker
Ridge located in Elko County, Nevada for a period of five years. The lease can be extended for an additional twenty years if certain
extension payments are made within the term of the lease. The Company made an initial payment of $
| On or before December 1, 2021 | |
| On or before December 1, 2022 | |
| On or before December 1, 2023 | |
| On or before December 1, 2024 |
In addition, a
The foregoing description of the Agreement does not
purport to be complete and is qualified in its entirety by reference to the Agreement which was filed as Exhibit 1.01 to a Form 8-K dated
August 14, 2020. On December 1, 2021, an advanced royalty payment of $
The Company had previously planned to enter into license and distribution agreements for oral thin film nutraceutical products. This plan was abandoned in the 2017 fiscal year as the Company was unable to obtain the working capital required to bring the products to market.
Earn-In Agreement
On November
23, 2020, the Company entered into an Earn-In Agreement with American Lithium Minerals, Inc. ("AMLM") under which we agreed to
make total payments of $
License and Royalty Agreement
On February 10, 2021, the Company entered into a
License and Royalty Agreement (the “License Agreement”) with St-Georges Eco-Mining Corp. (“SX”) and St-Georges
Metallurgy Corp. (“SXM”) under which Altair has received a perpetual, non-exclusive license from SX of its lithium extraction
technology for Altair to develop its lithium bearing prospects in the United States and SXM’s EV battery recycling technology for
which Altair has agreed to act as exclusive master agent to promote the licensing and deployment of the EV battery recycling technology
in North America. Altair has agreed to provide SX with a net revenue interest royalty on all metals and minerals extracted (the “Products”)
and sold from Altair’s mineral interests in the United States and SX has agreed to provide Altair with a 1% trailer fee on any
royalty received by SX from the licensing of the SX EV battery recycling technology to each licensee of the SX EV battery recycling technology
referred by Altair or Altair’s sub-agents. Altair will pay a royalty of
| 8 |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the nine month period ending December 31, 2021 and not necessarily indicative of the results to be expected for the full year ending March 31, 2022. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021.
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Concentrations of Credit Risk
We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash.
Cash Equivalents
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents for the nine months ended December 31, 2021, or the year ended March 31, 2021.
Principles of Consolidation
The accompanying consolidated financial statements for the nine months ended December 31, 2021, include the accounts of the Company and its wholly owned subsidiary, EV Lithium Solutions, Inc. All significant intercompany transactions have been eliminated in consolidation.
Mining Expenses
The Company records all mining exploration and evaluation costs as expenses in the period in which they are incurred.
Fair Value of Financial Instruments
The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
| Level 1: | Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
| Level 2: | Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
| Level 3: | Pricing inputs that are generally unobservable inputs and not corroborated by market data. |
The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximates the fair value of such instruments as the notes bear interest rates that are consistent with current market rates.
The following table classifies the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of:
December 31, 2021
| Description | Level 1 | Level 2 | Level 3 | |||||||||||
| Derivative | $ | - | $ | - | $ | |||||||||
| Total | $ | - | $ | - | $ | |||||||||
March 31, 2021
| Description | Level 1 | Level 2 | Level 3 | |||||||||||
| Derivative | $ | - | $ | - | $ | |||||||||
| Total | $ | - | $ | - | $ | |||||||||
Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
| 9 |
NOTE 3 - GOING CONCERN
The Company’s financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $ as of December 31, 2021. Further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from third parties and/or private placement of common stock. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties.
NOTE 4 – ASSET PURCHASE
On March 19, 2021, the Company, through its newly
formed Nevada subsidiary, EV Lithium Solutions, Inc., entered into an Asset Purchase Agreement with CryptoSolar LTD, a company formed
under the laws of the United Kingdom, that has energy storage technology for a variety of industries, including electric vehicles, to
be used in place of traditional batteries that rely upon chemical reactions rather than an electric field for higher energy output and
a longer life than traditional batteries. Under the terms of the Asset Purchase Agreement, CryptoSolar received shares of Altair's
common stock at the closing of the transaction and will receive up to additional shares of common stock in connection with the
successful commercial development of the scaled-up EV battery prototype and
The shares issued were valued at $per share, the closing stock price on the date of grant, for total non-cash expense of $. The Company determined that it was unable to substantiate the actual fair value of the technology that was acquired so has chosen to impair the full amount of $. On August 23, 2021, the Company issued another shares of common stock per the terms of the agreement. The shares issued were valued at $per share, the closing stock price on the date of grant, for total non-cash expense of $.
NOTE 5 – CONVERTIBLE NOTES PAYABLE
A summary of the Company’s convertible notes as of December 31, 2021 is presented below:
| Note Holder | Date | Maturity Date | Interest | Balance 2021 | Additions | Conversions | Balance 2021 | |||||||||||||||||||
| (1) | % | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
| (3) | % | ( | ) | |||||||||||||||||||||||
| (3) | % | ( | ) | |||||||||||||||||||||||
| (4) | % | ( | ) | |||||||||||||||||||||||
| | % | |||||||||||||||||||||||||
| % | ( | ) | ||||||||||||||||||||||||
| % | ( | ) | ||||||||||||||||||||||||
| % | ( | ) | ||||||||||||||||||||||||
| % | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Less Discount | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||
| Total | $ | $ | ||||||||||||||||||||||||
Total accrued interest on the above Notes as of December 31,
2021, was $
| (1) | the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i) $0.25 or (ii) 80% of the lowest closing bid price of the common stock in the 15 days prior to conversion. | |
| (2) | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i) $0.25 or (ii) 70% of the lowest closing bid over the prior five trading days prior to conversion. | |
| (3) | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.25 or 70% of the lowest closing bid price of the common stock in the 15 days prior to conversion. | |
| (4) | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.25 or 80% of the lowest closing bid price of the common stock in the 5 days prior to conversion. | |
| (5) | On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.10 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion. |
| 10 |
A summary of the activity of the derivative liability for the notes above is as follows:
| Balance at March 31, 2020 | $ | 142,642 | ||
| Increase to derivative due to new issuances | ||||
| Decrease to derivative due to conversion/repayments | ( | ) | ||
| Derivative gain due to mark to market adjustment | ( | ) | ||
| Balance at December 31, 2021 | $ |
A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy as of December 31, 2021 is as follows:
| Inputs | December 31, 2021 | |||
| Stock price | $ | |||
| Conversion price | $ | |||
| Volatility (annual) | % - % | |||
| Risk-free rate | - | |||
| Dividend rate | ||||
| Years to maturity | - | |||
A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy at the time of conversion is as follows:
| Inputs | ||||
| Stock price | $ | - | ||
| Conversion price | $ | |||
| Volatility (annual) | % – % | |||
| Risk-free rate | % - % | |||
| Dividend rate | ||||
| Years to maturity | – |
The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management.
NOTE 6 – LOANS PAYABLE
A summary of the Company’s loans payable as of December 31, 2021 is presented below:
| Note Holder | Date | Maturity Date | Interest | Balance
2021 | Additions | Repayments | Balance 2021 | |||||||||||||||||||
| % | $ | $ | $ | |||||||||||||||||||||||
| % | ||||||||||||||||||||||||||
| % | ||||||||||||||||||||||||||
| % | ||||||||||||||||||||||||||
| % | ( | ) | ||||||||||||||||||||||||
| % | ( | ) | ||||||||||||||||||||||||
| % | ( | ) | ||||||||||||||||||||||||
| % | ||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
Total accrued interest on the above notes payable as of December
31, 2021 was $
| 11 |
NOTE 7 – COMMON STOCK
On September 1, 2020, the Company entered into a
service agreement with Oliver Goeservices LLC for a term of one year. Per the terms of the agreement the Company will issue them
On December 9, 2020, the Company entered into two
separate service agreements with Paul Pelosi to be a member of the Company's advisory board. Both agreements are for a term of one
year. Per the terms of the agreements the Company will issue Mr. Pelosi a total of
On December 14, 2020, the Company entered into a
service agreement with Adam Fishman to be a member of the Company's advisory board for a term of one year. Per the terms of the agreements
the Company will issue Mr. Fishman
On April 6, 2021, the Company issued shares of common stock to a service provider for shares previously disclosed as common stock to be issued.
During the nine months ended December 31, 2021, the
Company issued shares of common stock at $ per share for accounts payable due of $
During the nine months ended December 31, 2021, the
Company issued shares of common stock at $ per share for accounts payable due of $
During the nine months
ended December 31, 2021, the Company issued shares of common stock at $ per share for accounts payable due
of $
During the nine months ended December 31, 2021, the
Company issued shares of common stock at $ per share for total non-cash stock compensation of $
During the nine months ended December 31, 2021, the
Company issued shares of common stock at $ per share for settlement of accounts payable of $
During the nine months ended December 31, 2021, the
Company issued shares of common stock at $ per share for total non-cash stock compensation of $
During the nine months ended December 31, 2021, the
Company issued shares of common stock at $ per share for total non-cash stock compensation of $
During the nine months ended December 31, 2021, the
Company issued shares of common stock for conversion of $
On October 1, 2021, the Company filed a Certificate of Amendment of its Articles of Incorporation increasing its authorized common stock to shares (5 billion) and its preferred stock to shares (10 million).
| 12 |
NOTE 8 – WARRANTS
On October 15, 2020, the Company entered into a service
agreement with a third party for a term of six months. Per the terms of the agreement the party was granted
The warrants have an exercise price of $
A summary of the status of the Company’s outstanding stock warrants and changes during the year is presented below:
| Number of Warrants | Weighted Average Price | Weighted Average Fair Value | Aggregate Intrinsic Value | |||||||||||||||
| Outstanding, March 31, 2021 | $ | $ | $ | |||||||||||||||
| Issued | $ | $ | ||||||||||||||||
| Exercised | $ | $ | ||||||||||||||||
| Expired | $ | $ | ||||||||||||||||
| Outstanding, December 31, 2021 | $ | $ | $ | |||||||||||||||
| Exercisable, December 31, 2021 | $ | $ | $ | |||||||||||||||
| Range of Exercise Prices | Number Outstanding 12/31/2021 | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | |||||||||||
| $ | years | $ | ||||||||||||
The aggregate intrinsic value represents the total pretax intrinsic value, based on warrants with an exercise price less than the Company’s stock price as of December 31, 2021, which would have been received by the warrant holder had the warrant holder exercised their warrants as of that date.
NOTE 9 – RELATED PARTY TRANSACTIONS
During the nine months ended December 31, 2021, Company
paid Mr. Leonard Lovallo $
During the nine months ended December 31, 2021, the Company issued shares of common stock to Matthew Kiang, COO of EV Lithium. The shares were issued at $ per share for total non-cash stock compensation of $
NOTE 10 – SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following.
On January 8, 2022, the Company renewed and extended
its contract with its CEO for a term of one year. As a signing bonus, Mr. Lovallo was granted
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| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION |
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections. We may use words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted. You should read this report completely and with the understanding that actual future results may be materially different from what we expect. The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Our Business
Altair International Corp. (“Altair”) is a development stage company that was incorporated in Nevada on December 20, 2012. The Company is currently in very preliminary discussions with a number of acquisition targets, each of which we believe would deliver significant value to our shareholders.
The Company is currently engaged in identifying and assessing new business opportunities. In this regard, the Company entered into a Mining Lease effective August 3, 2020 with Oliver Geoservices LLC under which the Company received an exclusive lease to mine certain unpatented lode mining claims known as the Walker Ridge located in Elko County, Nevada for a period of five years. The lease can be extended for an additional twenty years if certain extension payments are made within the term of the lease. The Company made an initial payment of $25,000 to secure the lease and is required to make advance royalty payments to maintain its exclusivity commencing December 1, 2020, starting at $25,000 and increasing in $25,000 increments each year for the initial five year term to $100,000 as well as a 3% net smelter fee royalty on all mineral production from the leased property. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement which was filed as Item 1.01 to a Form 8-K filed on August 14, 2020. On December 1, 2021, an advanced royalty payment of $50,000 and 500,000 common shares were due to OGS per the terms of the lease agreement. To date, neither the cash nor equity portion of the payment has been made to OGS, and OGS has not given the Company written notice of default.
About Walker Ridge
Location
The Walker Ridge Property is located in Elko County, Nevada, approximately 40 air miles (64 km) north of Elko. It is reached by driving north approximately 55 miles (88 km) from Elko on highway 225 to the PX ranch near mile marker 55. Traveling west on the gravel road for 20 miles (32 km) reaches the eastern boundary of the property. The center of the target area is at a latitude/longitude of 41 30’38” North and 115 55’48” West. Driving time from Elko to the property is approximately one hour.
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Walker Ridge Property History
A large area (boundaries uncertain), located between the Jerritt Canyon and Big Springs properties, including ground covered by the present Walker Ridge Property claims, was explored by Tenneco (subsequently acquired by Echo Bay). From 1985-87, Tenneco/Echo Bay conducted geologic mapping, rock chip and soil geochemistry sampling (3400 samples) and drilled 31 shallow holes (maximum depth 400 ft or 122m), mostly to the southwest of the Walker Ridge Property. There are no useable maps available from this work, only summary reports. One shallow hole drilled within the present claim block (Figure 7.3), hole number FC1-87, intercepted Snow Canyon Fm below McAfee Quartzite at 245 feet (75m). It was anomalous in gold from there to TD at 300 feet (91m).
Independence Mining Company optioned the same property from Echo Bay between 1988 and 1993, drilling 6 holes totaling 4,920 feet (1,500m), southwest of the present claims. A deep rotary/core hole reached favorable Carlin-style host lithologies (Roberts Mountain Formation) at 1,495 feet (456m), or approximately 6,000 feet (1,830m) above mean sea level. There are no maps showing this work currently available, only summary reports. Echo Bay was absorbed by Kinross several years ago. It is possible that some of that data may be preserved in the archives of Kinross.
In 2007 an infill soil sampling program was carried out by Stratos over the central part of the current claim block to reduce the sample spacing to 200 feet (60m). The Company optioned the property in 2011. At the direction of the Company, Walker Ridge Gold Corp staked additional claims in 2011 and 2012. All claim staking has been paid by the Company and all additional claims have become a part of the option agreement. The Company has carried out gravity and CSAMT geophysical surveys in the fall of 2012.
There are no resource estimates, historical or current, and no recorded production from the property.
Earn-In Agreement
On November 23, 2020, the Company entered into an Earn-In Agreement with American Lithium Minerals, Inc. (“AMLM”) under which we agreed to make total payments of $75,000 to AMLM in exchange for a 10% undivided interest in 63 unpatented placer mining claims comprised of approximately 1,260 acres, and 3 unpatented lode mining claims in Nevada. This $75,000 obligation has been fully satisfied by the Company ($30,000 paid 12/8/2020 and $45,000 paid 1/5/2021), resulting in Altair owning a 10% undivided interest in the claims. The Company has the option to increase its ownership interest by an additional 50% by a total payment of $1,300,648 for exploration and development costs as follows: $100,648 within year one for an additional 10/%, $600,000 in year two for an additional 20% and $600,000 in year three for an additional 20% ownership interest. The Earn-In Agreement grants Altair the exclusive right to explore the properties. In July 2021, the Company undertook a sampling and testing program on the Stonewall lithium project, which returned results showing anomalous lithium content. Further sampling and testing will be required to advance the Stonewall project.
License and Royalty Agreement
On February 10, 2021, the Company entered into a License and Royalty Agreement (the “License Agreement”) with St-Georges Eco-Mining Corp. (“SX”) and St-Georges Metallurgy Corp. (“SXM”) under which Altair has received a perpetual, non-exclusive license from SX of its lithium extraction technology for Altair to develop its lithium bearing prospects in the United States and SXM’s EV battery recycling technology for which Altair has agreed to act as exclusive master agent to promote the licensing and deployment of the EV battery recycling technology in North America. Altair has agreed to provide SX with a net revenue interest royalty on all metals and minerals extracted (the “Products”) and sold from Altair’s mineral interests in the United States and SX has agreed to provide Altair with a 1% trailer fee on any royalty received by SX from the licensing of the SX EV battery recycling technology to each licensee of the SX EV battery recycling technology referred by Altair or Altair’s sub-agents. Altair will pay a royalty of 5% of the net revenue received by Altair for sales of Products using the lithium extraction technology which decreases to 3% of the net revenue on all payments in excess of US$8,000,000 of production on an annualized basis.
Activities of our wholly-owned subsidiary, EV Lithium Solution, Inc. (EVLS)
On March 19, 2021, EVLS acquired a 100% interest in the IP related to a novel, solid state lithium/graphene battery technology from Cryptosolar Ltd., a Company domiciled in the United Kingdom. We have, and continue to invest in the research and development of this technology, and such development is moving forward rapidly. We are currently in the process of patenting the technology and are exploring options for commercialization. On July 21, 2021, the Company engaged Mr. Matthew Kiang to assist in our efforts to commercialize our battery technology, and on August 6, 2021, the Company filed its first patent application for this technology, which referenced 20 claims. In December, we received a non-final rejection of the claims on various grounds, and we our working with our patent law counsel on a go-forward approach. Our intent is to refine, amend, and re-file our application. In the interim, development and refinement of the technology remains ongoing, with our current largest prototype able to power high-draw outdoor power equipment.
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RESULTS OF OPERATIONS
We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and accordingly do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.
We expect we will require additional capital to meet our long term operating requirements. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from third parties and\or private placements of common stock. No assurance can be given that such funds will be available.
Results of operations for the three months ended December 31, 2021 compared to the three months ended December 31, 2020.
Revenues
The Company has not recognized any revenue to date.
Operating Expenses
Mining and exploration expense for the three months ended December 31, 2021 was $32,797 compared to $22,875 for the three months ended December 31, 2020, and increase of $9,922 or 43.4%. The Company’s mining and exploration expense has increased in the current period as it pursues its new mining activities.
Consulting expense for the three months ended December 31, 2021 was $10,000 compared to $0 for the three months ended December 31, 2020. In addition to $6,000 of consulting expense, in the current period we also granted 50,000 shares of common stock for total non-cash consulting expense of approximately $3,000.
Compensation expense – related party, for the three months ended December 31, 2021 was $12,000 compared to $14,000 for the three months ended December 31, 2020. The Company incurs compensation expense for its CEO.
Director fees for the three months ended December 31, 2021 was $7,500 compared to $0 for the three months ended December 31, 2020.
General and administrative expense for the three months ended December 31, 2021 was $37,822 compared to $1,890,280 for the three months ended December 31, 2020. In the current period we incurred professional fees of $12,000, state fees of $3,375 and other outside services of $18,374. In the prior period we issued stock and warrants for services for total non-cash expense of $1,863,000.
Other Expense
Total other expense for the three months ended December 31, 2021, was $302,756, consisting of $289,909 of interest expense, which includes $278,732 of debt discount amortization, a loss on the change in the fair value of derivative of $7,520 and a loss on the issuance of convertible debt of $5,328. For the three months ended December 31, 2020, we had total other expense of $367,672, consisting of $2,708 of interest expense and a loss on the issuance of convertible debt of $364,964.
Net Loss
Net loss for the three months ended December 31, 2021 was $402,875, in comparison to a net loss of $2,294,827 for the three months ended December 31, 2020. The large decrease to our net loss is largely attributed to our non-cash stock-based compensation expense we incurred in the prior period.
Results of operations for the nine months ended December 31, 2021 compared to the nine months ended December 31, 2020.
Revenues
The Company has not recognized any revenue to date.
Operating Expenses
Mining and exploration expense for the nine months ended December 31, 2021 was $364,327 compared to $79,001 for the nine months ended December 31, 2020, and increase of $285,326 or 361.2%. The Company’s mining and exploration expense has increased in the current period as it pursues its new mining activities.
Consulting expense for the nine months ended December 31, 2021 was $1,302,862 compared to $0 for the nine months ended December 31, 2020. In the current period we granted 13,950,000 shares of common stock for total non-cash consulting expense of approximately $1,243,000.
Compensation expense – related party for the nine months ended December 31, 2021 was $36,000 compared to $14,000 for the nine months ended December 31, 2020. The Company incurs compensation expense for its CEO.
Director fees for the nine months ended December 31, 2021 was $22,500 compared to $0 for the nine months ended December 31, 2020.
General and administrative expense for the nine months ended December 31, 2021 was $162,734 compared to $1,971,210 for the nine months ended December 31, 2020. In the current period we incurred professional fees of $60,000, OTC and state fees of $18,3755 and other outside services of $49,374. In the prior period we issued stock and warrants for services for total non-cash expense of $1,863,000.
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Other Expense
Total other expense for the nine months ended December 31, 2021, was $327,913, consisting of $520,571 of interest expense, which includes $489,689 of debt discount amortization, a gain on the change in the fair value of derivative of $442,646, a loss on the issuance of convertible debt of $215,611, a loss on the settlement of debt of $5,647, and impairment expense of $32,000. For the nine months ended December 31, 2020, we had total other expense of $373,248, consisting of $5,247 of interest expense and a loss on the issuance of convertible debt of $368,001.
Net Loss
Net loss for the nine months ended December 31, 2021 was $2,216,336, in comparison to a net loss of $2,437,459 for the nine months ended December 31, 2020. A decrease of $419,752. A majority of our expense in both periods and the decrease in net loss is due to our stock compensation expense.
Liquidity and Capital Resources
Cash flow used in Operating Activities.
We have not generated positive cash flows from operating activities. During the nine months ended December 31, 2021, the Company used $355,640 of cash for operating activities compared to $109,361 of cash for operating activities in the prior period.
Cash flow from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. During the nine months ended December 31, 2021 the Company received $542,500 of cash from financing activities offset by payments of $300,000 to settle loans payable. In the prior period we received $359,490 of cash from financing activities offset by payments of $20,000 to settle loans payable.
Going Concern
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Future Financings
We will continue to rely on equity sales of our common shares or debt financing arrangements in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.
Critical Accounting Policies
Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.
Contractual Obligations
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
| ITEM 4. | Controls and Procedures |
Management’s Report Disclosure Controls and Procedures
During the quarter ended December 31, 2021, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were ineffective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the required time periods specified in the Commission’s rules and forms and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Our principal executive officer and principal financial officer, do not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
To address the material weaknesses, we performed additional analysis and other post-closing procedures in an effort to ensure our financial statements included in this annual report have been prepared in accordance with generally accepted accounting principles. In addition, we engaged accounting consultants to assist in the preparation of our financial statements. Accordingly, management believes that the financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.
Management’s Report on Internal Control over Financial Reporting
Internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) is a process designed by, or under the supervision of, our principal executive and principal financial officers, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The management is responsible for establishing and maintaining adequate internal control over our financial reporting. Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting using the Internal Control – Integrated Framework (2013) developed by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our internal control over financial reporting was not effective as of December 31, 2021.
We are aware of the following material weaknesses in internal control that could adversely affect the Company’s ability to record, process, summarize and report financial data:
| • | Due to our size and limited resources, we currently do not employ the appropriate accounting personnel to ensure (a) we maintain proper segregation of duties, (b) that all transactions are entered timely and accurately, and (c) we properly account for complex or unusual transactions |
| • | Due to our size and scope of operations, we currently do not have an independent audit committee in place |
| • | Due to our size and limited resources, we have not properly documented a complete assessment of the effectiveness of the design and operation of our internal control over financial reporting. |
Inherent limitations on effectiveness of controls
Internal control over financial reporting has inherent limitations, which include but is not limited to the use of independent professionals for advice and guidance, interpretation of existing and/or changing rules and principles, segregation of management duties, scale of organization, and personnel factors. Internal control over financial reporting is a process, which involves human diligence and compliance and is subject to lapses in judgment and breakdowns resulting from human failures. Internal control over financial reporting also can be circumvented by collusion or improper management override. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis, however these inherent limitations are known features of the financial reporting process and it is possible to design into the process safeguards to reduce, though not eliminate, this risk. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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PART II OTHER INFORMATION
None.
| ITEM 1. | LEGAL PROCEEDINGS |
We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
| ITEM 1A. | RISK FACTORS |
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
| ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
None.
| ITEM 3. | Defaults Upon Senior Securities |
None.
| ITEM 4. | MINE SAFETY DISCLOSURES |
Not applicable.
| ITEM 5. | OTHER INFORMATION |
None.
| ITEM 6. | EXHIBITS |
Exhibit Number |
Description of Exhibit | Filing |
| 3.01 | Articles of Incorporation | Filed with the SEC on July 29, 2013 as part of our Registration Statement on Form S-1. |
| 3.02 | Bylaws | Filed with the SEC on July 29, 2013 as part of our Registration Statement on Form S-1. |
| 31.01 | CEO and CFO Certification Pursuant to Rule 13a-14 | Filed herewith. |
| 32.01 | CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act | Filed herewith. |
| 101.INS* | Inline XBRL Instance Document | Filed herewith. |
| 101.SCH* | Inline XBRL Taxonomy Extension Schema Document | Filed herewith. |
| 101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith. |
| 101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document | Filed herewith. |
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith. |
| 101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith. |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ALTAIR INTERNATIONAL CORP.
Dated: February 14, 2022
/s/ Leonard Lovallo
By: Leonard Lovallo
Its: President, CEO and Director
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