$BTTC
Bitech Technologies Corp

2024 Q2 Form 10-Q Financial Statement

#000149315224019929 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $328.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $328.00
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $313.8K
YoY Change
% of Gross Profit 95682.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $822.9K $313.8K $239.1K
YoY Change 269.96% 31.27% 4.33%
Operating Profit -$822.9K -$313.5K -$239.1K
YoY Change 269.96% 31.13% 4.33%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.000K
YoY Change
Pretax Income -$822.9K -$313.5K -$232.1K
YoY Change 269.96% 35.09% 1.27%
Income Tax
% Of Pretax Income
Net Earnings -$822.9K -$313.5K -$232.1K
YoY Change 269.96% 35.09% 1.27%
Net Earnings / Revenue -95581.4%
Basic Earnings Per Share $0.00 $0.00 -$0.01
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 711.1M shares 488.1M shares 464.0M shares
Diluted Shares Outstanding 654.1M shares 485.7M shares 493.5M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $242.0K $61.15K
YoY Change 295.81% -94.76%
Cash & Equivalents $1.054M $242.0K $61.15K
Short-Term Investments
Other Short-Term Assets $0.00 $12.00K
YoY Change -100.0%
Inventory
Prepaid Expenses $12.00K
Receivables
Other Receivables
Total Short-Term Assets $1.148M $242.0K $73.15K
YoY Change 608.25% 230.86% -93.74%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $22.22M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $22.22M $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $1.148M $242.0K $73.15K
Total Long-Term Assets $22.22M $0.00 $0.00
Total Assets $23.37M $242.0K $73.15K
YoY Change 14321.76% 230.86% -93.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.56K $26.06K
YoY Change 105.53% -73.09%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.123M $53.56K $26.06K
YoY Change 47122.61% 105.5% -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 $1.123M $53.56K $26.06K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $53.56K $26.06K
YoY Change 105.53% -94.38%
SHAREHOLDERS EQUITY
Retained Earnings -$3.000M -$2.200M -$1.329M
YoY Change 93.41% 65.58% 158.44%
Common Stock $714.6K $488.9K $464.5K
YoY Change 50.07% 5.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.25M $188.5K $47.09K
YoY Change
Total Liabilities & Shareholders Equity $23.37M $242.0K $73.15K
YoY Change 14321.76% 230.86% -93.92%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$822.9K -$313.5K -$232.1K
YoY Change 269.96% 35.09% 1.27%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$166.4K -$136.6K
YoY Change 21.83% 61977.27%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 $256.0K
YoY Change
NET CHANGE
Cash From Operating Activities -$166.4K -$136.6K
Cash From Investing Activities
Cash From Financing Activities $256.0K
Net Change In Cash $89.62K -$136.6K
YoY Change -165.62% -111.88%
FREE CASH FLOW
Cash From Operating Activities -$166.4K -$136.6K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_800_eus-gaap--NatureOfOperations_zfoLAbj9ZM6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_829_zAvhxDIVG7W">DESCRIPTION OF BUSINESS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitech Technologies Corporation (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; 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; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 plans to develop Battery Energy Storage System (BESS) projects, commercial and residential renewable energy solutions, enterprise utility services, public service engagements, and other renewable energy initiatives. We plan to pursue these innovative energy technologies through research and development, technology integration, planned acquisitions of other early stage green energy development projects and plans to become a grid-balancing operator using BESS solutions and applying new green technologies as a technology enabler in the green energy sector. Our team has identified two highly competitive battery energy storage suppliers who have expressed interest in establishing partnerships with us, as we seek to integrate their products into projects that we identify, including grid-balancing BESS projects we plan to pursue following the Business Combination with Bridgelink discussed in Note 6 – Subsequent Events. In addition, 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 innovative, scalable energy system solutions with technological focuses on smart grid, Home Energy Management System (HEMS), Building Energy Management System (BEMS), City Energy Management System (CEMS), energy storage, and EV infrastructure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><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; 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_909_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhGUvu91LrRa" title="Number of shares acquired">94,312,250</span> shares of Bitech Mining’s Common Stock, par value $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z6mSJ9EGZ0m4" 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_zc0KPVD0fHQl" 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_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220329__20220331__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zFebuOHmVDw6" 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_901_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20220331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--BusinessAcquisitionAxis__custom--BitechMiningCorporationMember_z3DTUmhtN1Ce" 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_zee8zJe0DC2l" 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__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_ztLXAgZ2GJp2" 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_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20220626__20220627__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhwkxsNgL72b" 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_903_eus-gaap--CommonStockSharesAuthorized_iI_c20240331_zoOZq7rHDM9" title="Shares issued upon conversion common stock, shares authorizedon of Series A Preferred Stock, shares">1,000,000,000</span> shares. 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_z7wZVmZ81Yv5" 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; 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; 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; 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; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zTNcvm7lquvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zjmpgL8RD9g9">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; 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 December 31, 2023 or December 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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