$BTTC
Bitech Technologies Corp

2022 Q4 Form 10-Q Financial Statement

#000149315222031385 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $26.20K $86.64K
YoY Change 18.07%
Cost Of Revenue $0.00
YoY Change
Gross Profit $86.64K
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $888.1K $240.2K $89.68K
YoY Change 793.2% 167.85%
% of Gross Profit 103.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $3.750K
YoY Change -100.0%
% of Gross Profit 4.33%
Operating Expenses $888.1K $240.2K $89.68K
YoY Change 793.2% 167.85%
Operating Profit -$240.2K -$3.040K
YoY Change 7801.48%
Interest Expense $50.28K -$6.880K
YoY Change -899.36%
% of Operating Profit
Other Income/Expense, Net $35.00K
YoY Change
Pretax Income -$811.6K -$240.2K $25.08K
YoY Change 3750.28% -1057.76%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$811.6K -$240.2K $25.08K
YoY Change 3750.28% -1057.76%
Net Earnings / Revenue -3097.86% 28.95%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 -$449.30 $1.239K
COMMON SHARES
Basic Shares Outstanding 515.3M shares 514.0M shares 20.24M shares
Diluted Shares Outstanding 534.7M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.7K $320.1K $17.60K
YoY Change 1102.68% 1718.69%
Cash & Equivalents $197.7K $320.1K $149.5K
Short-Term Investments
Other Short-Term Assets $13.00K
YoY Change
Inventory
Prepaid Expenses $13.00K
Receivables $51.94K
Other Receivables $0.00 $0.00
Total Short-Term Assets $210.7K $320.1K $69.54K
YoY Change -78.43% 360.29%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles $0.00 $35.00K
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $35.00K $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $210.7K $320.1K $69.54K
Total Long-Term Assets $0.00 $35.00K $0.00
Total Assets $210.7K $355.1K $69.54K
YoY Change -79.18% 410.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.40K $19.61K $7.250K
YoY Change -69.6% 170.48%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $430.0K
YoY Change
Total Short-Term Liabilities $11.40K $19.61K $437.3K
YoY Change 2.62% -95.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.40K $19.61K $437.3K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $11.40K $19.61K $437.3K
YoY Change -97.36% -95.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.097M -$1.015M
YoY Change 284.83%
Common Stock $515.5K $515.3K
YoY Change 2446.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $199.3K $335.5K -$367.7K
YoY Change
Total Liabilities & Shareholders Equity $210.7K $355.1K $69.54K
YoY Change -79.18% 410.62%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$811.6K -$240.2K $25.08K
YoY Change 3750.28% -1057.76%
Depreciation, Depletion And Amortization $0.00 $3.750K
YoY Change -100.0%
Cash From Operating Activities -$67.36K -$248.8K $21.66K
YoY Change 67260.0% -1248.8%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.00K 125.0K -20.00K
YoY Change 5138.1% -725.0%
NET CHANGE
Cash From Operating Activities -67.36K -248.8K 21.66K
Cash From Investing Activities 0.000
Cash From Financing Activities -55.00K 125.0K -20.00K
Net Change In Cash -122.4K -123.8K 1.660K
YoY Change 10540.0% -7559.64%
FREE CASH FLOW
Cash From Operating Activities -$67.36K -$248.8K $21.66K
Capital Expenditures $0.00
Free Cash Flow -$248.8K
YoY Change

Facts In Submission

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<p id="xdx_800_eus-gaap--NatureOfOperations_zehYxEsoUDAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_82B_z0IxtNG13En1">DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitech Technologies Corporation (formerly, Spine Injury Solutions Inc.) (the “Company”, “we” or “us”) was incorporated under the laws of Delaware on March 4, 1998. In connection with the Company’s planned expansion of its business following the completion of the acquisition of Bitech Mining Corporation, a Wyoming corporation (“Bitech Mining”), it filed a Certificate of Amendment to its Certificate of Incorporation, as amended (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware on April 29, 2022 to change its corporate name to Bitech Technologies Corporation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are a development-stage technology company dedicated to providing a suite of green energy solutions which we call the Evirontek Integrated Platform with a focus on cryptocurrency mining, data centers, commercial and residential utility, electric vehicle, and other renewable energy initiatives. We seek to offer our Evirontek Integrated Platform to resolve the exorbitantly high cost of electricity in crypto mining and related industries. Our initial core technology is Tesdison; a revolutionary U.S. patented self-charging dual-battery system technology providing increased efficiency in power generation. We plan to seek business partnerships with renewable energy providers for various applications and engage with value-added resellers to facilitate and implement our scalable and modular system solution.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company acquired Bitech Mining on March 31, 2022 (the “Closing Date”) through a share exchange pursuant to a Share Exchange Agreement (the “Share Exchange Agreement”) by and among the Company, Bitech Mining, each of Bitech Mining’s shareholders (each, a “Seller” and collectively, the “Sellers”), and Benjamin Tran, solely in his capacity as Sellers’ Representative (“Sellers’ Representative”). The transaction contemplated by the Share Exchange Agreement is hereinafter referred to as the “Share Exchange”). The Share Exchange Agreement provides that the Company will acquire from the Sellers, an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zeqLaEH8D2Ak" title="Number of shares acquired">94,312,250</span> shares of Bitech Mining’s Common Stock, par value $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyOAkOKApMei" title="Common stock, par value">0.001</span> per share, representing <span id="xdx_900_ecustom--SharesIssuedAndOutstandingPercentage_iI_pid_dp_uPure_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zH6wbD1rDu58" title="Share issued and outstanding percentage">100</span>% of the issued and outstanding shares of Bitech Mining (collectively, the “Bitech Mining Shares”). In consideration of the Bitech Mining Shares, the Company issued to the Sellers an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zoiJ2AQ0JMa1" title="Number of shares issued">9,000,000 </span>shares of the Company’s newly authorized Series A Convertible Preferred Stock, par value $<span id="xdx_90B_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember_zdkfIwyw7uB6" title="Preferred stock, par value">0.001</span> per share (the “Series A Preferred Stock”). Each Bitech Mining Share shall be entitled to receive <span id="xdx_90A_eus-gaap--SharesIssued_iI_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zJ0cNb4EI8na" title="Shares issued">0.09543</span> shares of Series A Preferred Stock. <span id="xdx_90E_eus-gaap--ConvertiblePreferredStockTermsOfConversion_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zIlQ3vw2xe5i" title="Preferred stock conversion term">Each share of Series A Preferred Stock shall automatically convert into 53.975685 shares (an aggregate of approximately 485,781,300) of the Company’s Common Stock (the “Company Common Stock”) upon filing of an amendment to its Certificate of Incorporation increasing the number of the Company’s authorized common stock so that there are a sufficient number of shares of Company Common Stock authorized but unissued to permit a full conversion of all the Series A Preferred Stock.</span> Effective as of June 27, 2022, the Series A Preferred Stock automatically converted into <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20220626__20220627__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_za9v5To2c54h" title="Shares issued upon conversion of Series A Preferred Stock, shares">485,781,168</span> shares of Company Common Stock following the June 27, 2022 filing of an amendment to its Certificate of Incorporation increasing the number of the Company’s authorized common stock to <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_iI_c20220930_zpN0ltJTFIK7" title="Common stock, shares authorized">1,000,000,000</span> shares. Upon conversion of the Series A Preferred Stock, the Sellers held, in the aggregate, approximately <span id="xdx_909_ecustom--SharesIssuedAndOutstandingPercentage_iI_pid_dp_uPure_c20220930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zamDyNLa5Qf3" title="Share issued and outstanding percentage">96</span>% of the issued and outstanding shares of Company capital stock on a fully diluted basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Share Exchange was treated as a recapitalization and reverse acquisition for financial reporting purposes, and Bitech Mining is considered the acquirer for accounting purposes. As a result of the Share Exchange and the change in our business and operations, a discussion of the past financial results of our predecessor, Spine Injury Solutions Inc., is not pertinent, and under applicable accounting principles, the historical financial results of Bitech Mining, the accounting acquirer, prior to the Share Exchange are considered our historical financial results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to March 31, 2022, we were engaged in the business of owning, developing and leasing the Quad Video Halo video recording system (“QVH”) used to record medical procedures including the collection of accounts receivables related to previously provided spine injury diagnostic services (collectively, the “QVH Business”). On June 30, 2022, we sold the assets related to the QVH Business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BITECH TECHNOLOGIES CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
three years
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zp1430g7N7c5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_867_zkes0LtM8Ge">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets that expose us to credit risk consist primarily of cash and accounts receivable. Our accounts receivable arise from a diversified customer base and, therefore, we believe the concentration of credit risk is minimal. We evaluate the creditworthiness of customers before any services are provided. We record a discount based on the nature of our business, collection trends, and an assessment of our ability to fully realize amounts billed for services. We have no accounts receivable to warrant any allowance at September 30, 2022 or December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BITECH TECHNOLOGIES CORPORATION</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
514005770 shares
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
514005770 shares
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
200 sqft
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
96854 usd
CY2022Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
395000 usd
CY2022Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
1196679 usd
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-514121 usd
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
229162 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-229162 usd
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
1000841 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
711799 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
711799 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-229162 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2271 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
85748 usd
CY2022Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
395000 usd
CY2022Q1 BTTC Recapitalization Payments
RecapitalizationPayments
-59880 usd

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