$BTTC
Bimergen Energy Corp

2023 Q1 Form 10-Q Financial Statement

#000149315223017428 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $229.2K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $239.1K $229.2K
YoY Change 4.33%
Operating Profit -$239.1K -$229.2K
YoY Change 4.33%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.000K
YoY Change
Pretax Income -$232.1K -$229.2K
YoY Change 1.27%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$232.1K -$229.2K
YoY Change 1.27%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share $0.00 -$7.076K
COMMON SHARES
Basic Shares Outstanding 464.0M shares 20.24M shares
Diluted Shares Outstanding 493.5M shares

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.15K $1.166M
YoY Change -94.76%
Cash & Equivalents $61.15K $1.166M
Short-Term Investments
Other Short-Term Assets $12.00K
YoY Change
Inventory
Prepaid Expenses $12.00K
Receivables $2.270K
Other Receivables $0.00
Total Short-Term Assets $73.15K $1.169M
YoY Change -93.74%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $35.00K
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $73.15K $1.169M
Total Long-Term Assets $0.00 $35.00K
Total Assets $73.15K $1.204M
YoY Change -93.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.06K $96.85K
YoY Change -73.09%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $395.0K
YoY Change
Total Short-Term Liabilities $26.06K $463.3K
YoY Change -94.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $26.06K $463.3K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $26.06K $463.3K
YoY Change -94.38%
SHAREHOLDERS EQUITY
Retained Earnings -$1.329M -$514.1K
YoY Change 158.44%
Common Stock $464.5K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.09K $711.8K
YoY Change
Total Liabilities & Shareholders Equity $73.15K $1.204M
YoY Change -93.92%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$232.1K -$229.2K
YoY Change 1.27%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$136.6K -$220.00
YoY Change 61977.27%
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 1.150M
YoY Change
NET CHANGE
Cash From Operating Activities -$136.6K -220.0
Cash From Investing Activities 0.000
Cash From Financing Activities 1.150M
Net Change In Cash -$136.6K 1.150M
YoY Change -111.88%
FREE CASH FLOW
Cash From Operating Activities -$136.6K -$220.00
Capital Expenditures $0.00
Free Cash Flow -$220.00
YoY Change

Facts In Submission

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<p id="xdx_800_eus-gaap--NatureOfOperations_zQh5R6CkEz79" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_825_zKyd8xW3S0Ba">DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 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 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 0; text-align: justify">We have refocused our business development plans as we seek to position ourselves as a global technology solution enabler dedicated to providing a suite of green energy solutions with industry focus on green data centers, commercial and residential utility, EV infrastructure, and other renewable energy initiatives. We plan to pursue these innovative energy technologies through research and development, planned acquisitions of other green energy technologies and plans to become a grid-balancing operator using Battery Energy Storage System (BESS) solutions and applying new green technologies in power plants as a technology enabler in the green energy sector. While participating in the clean energy economy, we are seeking business partnerships with defensible technology innovators and renewable energy providers to facilitate investments, provide new market entries toward emerging-growth regions and implement or manufacture these innovative, scalable energy system solutions with technological focuses on smart grids, Building Energy Management System (BEMS), energy storage, and EV infrastructure. <span style="background-color: white">In light of these initiatives and our determination that the electric power generation and charging system we had been developing was not functional nor was it capable of being developed into a commercially viable product, we elected to discontinue our efforts to commercialize this technology.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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_905_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2E0tmcQbA9b" title="Number of shares acquired">94,312,250</span> shares of Bitech Mining’s Common Stock, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zHoSSSEzh7Ze" title="Common stock, par value">0.001</span> per share, representing <span id="xdx_90D_ecustom--SharesIssuedAndOutstandingPercentage_iI_pid_dp_uPure_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember_zwR9KwN9TmGg" 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_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zMesjzXXIUo3" 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_90C_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember_zoRxvfvB7lT8" 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_907_eus-gaap--SharesIssued_iI_pid_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zcbDKANCIwvl" title="Shares issued">0.09543</span> shares of Series A Preferred Stock. <span id="xdx_905_eus-gaap--ConvertiblePreferredStockTermsOfConversion_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember_zOPJTut2qpK4" title="Preferred stock conversion term">Each share of Series A Preferred Stock automatically converted into 53.975685 shares (an aggregate of 485,781,168) of the Company’s Common Stock (the “Company Common Stock”) effective as of June 27, 2022 upon filing of an amendment to its Certificate of Incorporation increasing the number of the Company’s authorized common stock to 1,000,000,000.</span> Upon conversion of the Series A Preferred Stock, the Sellers held, in the aggregate, approximately <span id="xdx_90D_ecustom--SharesIssuedAndOutstandingPercentage_iI_pid_dp_uPure_c20220627__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zYaIsjBrdOKk" 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 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 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 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 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”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"/> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_z5GXtiq5jw91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zd5mQl24DSwj">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 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 March 31, 2023 or December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
64000 usd
CY2022Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 usd
CY2022 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 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 Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
51507749 shares
CY2023Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
1113679 usd
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
1150163 usd
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
1185163 usd
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
71484 usd
CY2023Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
1113679 usd
CY2023Q1 BTTC Business Combination Purchase Price In Excess Of Net Assets Acquired
BusinessCombinationPurchasePriceInExcessOfNetAssetsAcquired
0 usd
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
200 sqft

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