In This Story
Bitech Technologies Corporation (BTTC+1.49%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no revenue generated from its primary business. The company reported a net loss of $811,752 for the three months ended September 30, 2024, compared to a net loss of $135,434 for the same period in 2023.
General and administrative expenses increased to $811,752 from $135,434 in the previous year, primarily due to non-cash stock compensation expense and legal fees related to the Emergen Acquisition.
The company recorded deferred revenue of $943,500 related to cash received from the sale of certain solar projects acquired as part of the Emergen Acquisition.
For the nine months ended September 30, 2024, Bitech Technologies reported a net loss of $1,948,159, compared to a net loss of $589,941 in the same period the previous year.
The company had current assets of $725,311 and current liabilities of $1,154,995 as of September 30, 2024, resulting in a working capital of $529,625.
Bitech Technologies completed the acquisition of Emergen Energy LLC on April 24, 2024, issuing 222,222,000 unregistered shares of its common stock in exchange for 100% of Emergen's equity interests.
The acquisition of Emergen Energy LLC included a portfolio of battery energy storage system projects and solar energy development projects with a cumulative capacity estimated at 5.805 gigawatts upon completion.
The company entered into a Project Management Services Agreement with Energy Independent Partners LLC to provide project management services for the development and operation of the acquired projects.
Bitech Technologies plans to pursue innovative energy technologies and become a grid-balancing operator by developing a portfolio of battery energy storage and solar projects.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bitech Technologies Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.