NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1. DESCRIPTION OF BUSINESS
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.
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.
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 94,312,250
shares of Bitech Mining’s Common Stock, par value $0.001
per share, representing 100%
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 9,000,000 shares
of the Company’s newly authorized Series A Convertible Preferred Stock, par value $0.001
per share (the “Series A Preferred Stock”). Each Bitech Mining Share shall be entitled to receive 0.09543
shares of Series A Preferred Stock. 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. Effective as of
June 27, 2022, the Series A Preferred Stock automatically converted into 485,781,168 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 1,000,000,000 shares. Upon conversion of the Series A Preferred Stock, the Sellers held, in the
aggregate, approximately 96%
of the issued and outstanding shares of Company capital stock on a fully diluted basis.
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.
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.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2. CRITICAL ACCOUNTING POLICIES
The
following are summarized accounting policies considered to be critical by our management:
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (the “SEC”). Certain information and footnote disclosures, normally included in consolidated financial
statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
have been condensed or omitted pursuant to such SEC rules and regulations. Nevertheless, we believe that the disclosures are adequate
to make the information presented not misleading. These interim condensed consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in our 2021 Annual Report as filed on Form 10-K. In the
opinion of management, all adjustments, including normal recurring adjustments necessary to present fairly our financial position with
respect to the interim condensed consolidated financial statements and the results of its operations for the interim period ended September
30, 2022, have been included. The results of operations for interim periods are not necessarily indicative of the results for a full
year.
Revenue
recognition
The
Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes
principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s
contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer
of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange
for those goods or services recognized as performance obligations are satisfied.
The
Company has assessed the impact of the guidance by performing the following five steps analysis:
Step
1: Identify the contract
Step
2: Identify the performance obligations
Step
3: Determine the transaction price
Step
4: Allocate the transaction price
Step
5: Recognize revenue
Substantially
all of the Company’s revenue is derived from leasing equipment. The Company considers a signed lease agreement to be a contract
with a customer. Contracts with customers are considered to be short-term when the time between signed agreements and satisfaction of
the performance obligations is equal to or less than one year, and virtually all of the Company’s contracts are short-term. The
Company recognizes revenue when services are provided to customers in an amount that reflects the consideration to which the Company
expects to be entitled in exchange for those services. The Company typically satisfies its performance obligations in contracts with
customers upon delivery of the services. The Company does not have any contract assets since the Company has an unconditional right to
consideration when the Company has satisfied its performance obligation and payment from customers is not contingent on a future event.
Generally, payment is due from customers immediately at the invoice date, and the contracts do not have significant financing components
nor variable consideration. There are no returns and there is no allowances. All of the Company’s contracts have a single performance
obligation satisfied at a point in time and the transaction price is stated in the contract, usually as a price per unit. All estimates
are based on the Company’s historical experience, complete satisfaction of the performance obligation, and the Company’s
best judgment at the time the estimate is made.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Fair
Value of Financial Instruments
Cash,
accounts receivable, accounts payable, accrued liabilities and notes payable as reflected in the consolidated financial statements, approximates
fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the
financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore
cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Cash
and Cash Equivalents
Cash
and cash equivalents consist of liquid investments with original maturities of three months or less. Cash equivalents are stated at cost,
which approximates fair value. We maintain cash and cash equivalents in banks which at times may exceed federally insured limits. We
have not experienced any losses on these deposits.
Property
and Equipment
Property
and equipment are carried at cost. When retired or otherwise disposed of, the related carrying cost and accumulated depreciation are
removed from the respective accounts, and the net difference, less any amount realized from the disposition, is recorded in operations.
Maintenance and repairs are charged to operating expenses as incurred. Costs of significant improvements and renewals are capitalized.
Property
and equipment consist of computers and equipment and are depreciated over their estimated useful lives of three years, using the straight-line
method.
Long-Lived
Assets
We
periodically review and evaluate long-lived assets when events and circumstances indicate that the carrying amount of these assets may
not be recoverable. In performing our review for recoverability, we estimate the future cash flows expected to result from the use of
such assets and its eventual disposition. If the sum of the expected undiscounted future operating cash flows is less than the carrying
amount of the related assets, an impairment loss is recognized in the consolidated statements of operations. Measurement of the impairment
loss is based on the excess of the carrying amount of such assets over the fair value calculated using discounted expected future cash
flows.
Concentrations
of Credit Risk
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.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Stock
Based Compensation
We
account for the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors,
including employee stock options, based on estimated fair values. Under authoritative guidance issued by the Financial Accounting Standards
Board (“FASB”), companies are required to estimate the fair value or calculated value of share-based payment awards on the
date of grant using an option-pricing model. The value of awards that are ultimately expected to vest is recognized as expense over the
requisite service periods in our consolidated statements of operations. We use the Black-Scholes Option Pricing Model to determine the
fair-value of stock-based awards. During the nine months ended September 30, 2022 and 2021, we did not recognize any compensation expense
during those periods.
Income
Taxes
We
account for income taxes in accordance with the liability method. Under the liability method, deferred assets and liabilities are recognized
based upon anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and
liabilities and their respective tax basis. We establish a valuation allowance to the extent that it is more likely than not that deferred
tax assets will not be utilized against future taxable income.
Uncertain
Tax Positions
Accounting
Standards Codification “ASC” Topic 740-10-25 defines the minimum threshold a tax position is required to meet before being
recognized in the financial statements as “more likely than not” (i.e., a likelihood of occurrence greater than fifty percent).
Under ASC Topic 740-10-25, the recognition threshold is met when an entity concludes that a tax position, based solely on its technical
merits, is more likely than not to be sustained upon examination by the relevant taxing authority. Those tax positions failing to qualify
for initial recognition are recognized in the first interim period in which they meet the more likely than not standard or are resolved
through negotiation or litigation with the taxing authority, or upon expiration of the statute of limitations. De-recognition of a tax
position that was previously recognized occurs when an entity subsequently determines that a tax position no longer meets the more likely
than not threshold of being sustained.
We
are subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Accordingly, we may incur additional tax
expense based upon the outcomes of such matters. When applicable, we will adjust tax expense to reflect our ongoing assessments of such
matters which require judgment and can materially increase or decrease our effective rate as well as impact operating results.
Under
ASC Topic 740-10-25, only the portion of the liability that is expected to be paid within one year is classified as a current liability.
As a result, liabilities expected to be resolved without the payment of cash (e.g. resolution due to the expiration of the statute of
limitations) or are not expected to be paid within one year are not classified as current. Estimated interest and penalties are recognized
as income tax expense and tax credits as a reduction in income tax expense. For the year ended December 31, 2021, we recognized no estimated
interest or penalties as income tax expense.
Legal
Costs and Contingencies
In
the normal course of business, we incur costs to hire and retain external legal counsel to advise us on regulatory, litigation and other
matters. We expense these costs as the related services are received.
If
a loss is considered probable and the amount can be reasonably estimated, we recognize an expense for the estimated loss. If we have
the potential to recover a portion of the estimated loss from a third party, we make a separate assessment of recoverability and reduce
the estimated loss if recovery is also deemed probable.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Net
Loss per Share
Basic
and diluted net loss per common share is presented in accordance with ASC Topic 260, “Earnings per Share,” for all periods
presented. During the three and nine months ended September 30, 2022 and 2021, common stock equivalents from outstanding stock options
and warrants have been excluded from the calculation of the diluted loss per share in the consolidated statements of operations, because
all such securities were anti-dilutive. The net loss per share is calculated by dividing the net loss by the weighted average number
of shares outstanding during the periods.
Recent
Accounting Pronouncements Not Yet Adopted
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments. ASU No. 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting
principles (“GAAP”) and, instead, requires the measurement of all expected credit losses for financial assets held at the
reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. In addition, ASU No. 2016-13
amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration.
In November 2019, the FASB issued ASU No. 2019-10 to amend the effective date for entities that had not yet adopted ASU No. 2016-13.
Accordingly, the provisions of ASU No. 2016-13 are effective for annual periods beginning after December 15, 2022, with early application
permitted in annual periods beginning after December 15, 2018. The amendments of ASU No. 2016-13 should be applied through a cumulative-effect
adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Management is currently
evaluating the future impact of ASU No. 2016-13 on the Company’s consolidated financial position, results of operations and disclosures.
NOTE
3. STOCKHOLDERS’ EQUITY
The
total number of authorized shares of our common stock, par value $0.001 per share, was 250,000,000
shares and increased on June 27, 2022 to 1,000,000,000
shares. On June 27, 2022 the 9,000,000
shares of Series A Convertible Preferred Stock
issued as of March 31, 2022 automatically converted to 485,781,168
shares of common stock. As of June 30, 2022,
there were 514,005,770 common
shares issued and outstanding.
On
January 19, 2021, our stockholders approved the filing of an amendment to our certificate of incorporation authorizing 10,000,000 shares
of preferred stock with a par value of $0.001 per share. Such amendment was filed on January 20, 2021.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
On
March 30, 2022, the Secretary of State of Delaware acknowledged the Company’s filing of a Certificate of Designations of Preferences
and Rights of Series A Convertible Preferred Stock (the “Certificate of Designations”) with the Delaware Secretary of State
creating a series of 9,000,000 shares of Series A Preferred Stock (the “Series A Preferred Stock”) to be issued in connection
with the Share Exchange. The Certificate of Designations include:
|
● |
the
stated value of each share is $1.00 (the “Stated Value”), |
|
|
|
|
● |
each
share has 53.9757 votes per share on any matter, event or action submitted to the holders of our common stock for a vote or on which
the holders of our common stock have a right to vote, |
|
|
|
|
● |
each
share is automatically convertible into shares of our common stock determined by dividing (i) the Stated Value by (ii) the Conversion
Price then in effect. Initially, the “Conversion Price” is $0.018526887 per share, subject to adjustment as described
below on the first business day immediately following the earlier of (a) the date on which the Secretary of State of Delaware shall
have filed the Certificate of Designations; and (b) the date on which FINRA has affected a reverse stock split of the Company’s
outstanding common stock, after all required approvals by the Company’s board of directors and its stockholders, in either
(a) or (b), so that there are a sufficient number of shares of the Company’s Common Stock authorized but unissued to permit
a full conversion of all the Series A Preferred Stock based upon the Conversion Price, |
|
|
|
|
● |
the
conversion price of the Series A Preferred Stock is subject to proportional adjustment in the event of stock splits, stock dividends
and similar corporate events, and |
|
|
|
|
● |
upon
any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”), each holder
of the Series A Preferred Stock shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount
equal to the Stated Value, plus any other fees or liquidated damages then due and owing thereon under the Certificate of Designations,
for each share of Series A Preferred Stock before any distribution or payment shall be made to the holders of any junior securities
(as hereinafter defined), and if the assets of the Company shall be insufficient to pay in full such amounts, then the entire assets
to be distributed to each holder of the Series A Preferred Stock shall be ratably distributed among each such holder in accordance
with the respective amounts that would be payable on such shares if all amounts payable thereon were paid in full. |
On
March 31, 2022, we issued 9,000,000 shares of Series A Preferred Stock in exchange for 94,312,250
shares of Bitech Mining’s Common Stock, par value $0.001 per share, representing 100% of the issued and outstanding shares of Bitech
Mining.
On
April 19, 2022, the Company issued 4,635,720 shares of its restricted Common Stock to an individual as compensation for future services
at a fair value price on the date of issuance of $0.10 per share. The shares vest 25% on each April 18 commencing on April 18, 2023 so
long as the individual is providing services to the Company or one of its subsidiaries.
On
April 14, 2022, the Company issued 3,348,000 shares of its restricted Common Stock to an individual as compensation for future services
at a fair value price on the date of issuance of $0.10 per share. 1,802,769 shares vest on April 13, 2023 and 515,077 shares vest on
April 13, 2024, April 13, 2025, and April 13, 2026 so long as the individual is providing services to the Company or one of its subsidiaries.
Effective
as of July 8, 2022, the Financial Industry Regulatory Authority, Inc. (“FINRA”) confirmed that it had received the necessary
documentation to process the Company’s request to change its name and trading symbol previously disclosed in its Form 8-K filed
with the Securities and Exchange Commission on May 2, 2022. The Company’s ticker symbol on the OTCQB tier of the OTC Markets Group.
Inc. was changed to “BTTC” on July 8, 2022.
During August
2022, the Company sold 1,250,000 shares of its unregistered common stock to three accredited investors for $0.10 per share for total gross
proceeds of $125,000.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4. ACQUISITION OF BITECH MINING
On
March 31, 2022, the Company acquired 94,312,250 shares of Bitech Mining’s Common Stock in exchange for 9,000,000 shares of its
Series A Preferred Stock representing 100% of the issued and outstanding shares of Bitech Mining.
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.
The
Combination of the Company and Bitech Mining is considered a business acquisition and the method used to present the transaction is the
acquisition method. The acquisition method is a method of accounting for a merger of two businesses. The tangible assets and liabilities
and operations of the acquired business were combined at their market value of the acquisition date, which is the date when the acquirer
gains control over the acquired company
The
following table summarizes the consideration paid for Bitech Mining and the fair value amounts of assets acquired and liabilities assumed
recognized at the acquisition date:
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES
|
|
|
|
|
Purchase
price |
|
$ |
1,113,679 |
|
|
|
|
|
|
Cash |
|
$ |
1,150,163 |
|
Total
assets: |
|
$ |
1,185,163 |
|
Less:
liabilities assumed |
|
$ |
(71,484 |
) |
Net
assets acquired |
|
$ |
1,113,679 |
|
Purchase
price in excess of net assets acquired |
|
$ |
0 |
|
NOTE
5. RELATED PARTY TRANSACTIONS
Up
until March 31, 2022, the Company maintained its executive offices at 5151 Mitchelldale A2, Houston, Texas 77092. This office space encompassed
approximately 200 square feet and was provided to us at the rental rate of $1,000 per month under a month-to-month agreement with Northshore
Orthopedics, Assoc. (“NSO”), a company owned by William Donovan, M.D., our former director and Chief Executive Officer. The
rent included the use of the telephone system, computer server, and copy machines. We discontinued paying rent in December 2021 due to
a lack of funds, and until March 31, 2022 when this lease was cancelled NSO provided the Company this office space rent free.
NOTE
6. RESTATEMENT OF PREVIOUSLY ISSUED/REPORTED FINANCIAL STATEMENTS
The
financial statements for the three months ended March 31, 2022 have been restated. On July 20, 2022, our management determined that the
Company erroneously did not reflect the accounting perspective of Bitech Mining on March 31, 2022 financial reporting as a result of
the Share Exchange in accordance with ASC 805-40-45-1.
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.
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
following table presents the effect of the restatements and reclassifications on the Company’s previously issued/reported balance
sheet:
SCHEDULE
OF RESTATEMENTS AND RECLASSIFICATIONS
| |
| | | |
| | | |
| | |
| |
As of March 31, 2022 | |
| |
As Previously Reported | | |
Adjustments | | |
As Restated | |
Accrued expenses (including accrued interest) | |
| 68,319 | | |
| 28,535 | | |
| 96,854 | |
Note payable | |
| 395,000 | | |
| - | | |
| 395,000 | |
| |
| | | |
| | | |
| | |
Additional paid-in capital | |
| 21,022,725 | | |
| (19,826,046 | ) | |
| 1,196,679 | |
| |
| | | |
| | | |
| | |
Accumulated deficit | |
| (20,311,631 | ) | |
| 19,797,511 | | |
| (514,121 | ) |
The
following table presents the effect of the restatements and reclassifications on the Company’s previously issued/reported statement
of operations:
| |
| | | |
| | | |
| | |
| |
As of March 31, 2022 | |
| |
As Previously Reported | | |
Adjustments | | |
As Restated | |
Total Revenue | |
| 26,231 | | |
| (26,231 | ) | |
| - | |
Gross Profit | |
| 26,231 | | |
| (26,231 | ) | |
| - | |
| |
| | | |
| | | |
| | |
Operating, general and administrative expense | |
| 73,176 | | |
| 155,986 | | |
| 229,162 | |
Other income | |
| 20,000 | | |
| (20,000 | ) | |
| - | |
Interest expense | |
| (6,140 | ) | |
| 6,140 | | |
| - | |
| |
| | | |
| | | |
| | |
Net loss | |
| (33,085 | ) | |
| (196,077 | ) | |
| (229,162 | ) |
| |
| | | |
| | | |
| | |
Net income per share, basic and diluted | |
$ | 0.00 | | |
| (0.01 | ) | |
$ | (0.01 | ) |
BITECH
TECHNOLOGIES CORPORATION
NOTES
TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The
following table presents the effect of the restatements on the Company’s previously issued/reported statement of shareholder deficit:
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Common Stock Shares | | |
Common Stock Amount | | |
Additional Paid-In Capital | | |
Accumulated Deficit | | |
Total Shareholders’ Equity (Deficit) | |
Balance, December 31, 2021, as previously reported | |
| 20,240,882 | | |
$ | 20,241 | | |
| 19,869,511 | | |
| (20,278,547 | ) | |
| (388,795 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Corrections of errors | |
| - | | |
| - | | |
| (18,603,952 | ) | |
| 19,993,588 | | |
| 1,389,636 | |
Balance, December 31, 2021, as restated | |
| 20,240,882 | | |
$ | 20,241 | | |
$ | 1,265,559 | | |
$ | (284,959 | ) | |
$ | 1,000,841 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, As of March 31, 2022, as previously reported | |
| 20,240,882 | | |
$ | 20,241 | | |
$ | 21,022,725 | | |
$ | (20,311,632 | | |
| 740,334 | |
Balance | |
| 20,240,882 | | |
$ | 20,241 | | |
$ | 21,022,725 | | |
$ | (20,311,632 | | |
| 740,334 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Corrections of errors | |
| - | | |
| - | | |
| (19,826,046 | ) | |
| 19,797,511 | | |
| (28,535 | ) |
Balance, As of March 31, 2022, as restated | |
| 20,240,882 | | |
$ | 20,241 | | |
$ | 1,196,679 | | |
$ | (514,121 | ) | |
| 711,799 | |
Balance | |
| 20,240,882 | | |
$ | 20,241 | | |
$ | 1,196,679 | | |
$ | (514,121 | ) | |
| 711,799 | |
The
following table presents the effect of the restatements and reclassifications on the Company’s previously issued/reported statement
of cash flows:
|
|
As
of March 31, 2022 |
|
|
|
As
Previously Reported |
|
|
Adjustments |
|
|
Reclassifications |
|
|
As
Restated |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
(33,085 |
) |
|
|
(196,077 |
) |
|
|
- |
|
|
|
(229,162 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes
in working capital assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
24,992 |
|
|
|
(27,263 |
) |
|
|
- |
|
|
|
(2,271 |
) |
Accounts
payable and accrued expenses |
|
|
7,875 |
|
|
|
77,873 |
|
|
|
- |
|
|
|
85,748 |
|
Accrued
interest on notes payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Note
payable assumed in merger |
|
|
- |
|
|
|
395,000 |
|
|
|
- |
|
|
|
395,000 |
|
Cash
from acquisition of Bitech Mining Corporation |
|
|
1,150,163 |
|
|
|
(1,150,163 |
) |
|
|
- |
|
|
|
- |
|
Recapitalization
– payments to SPIN |
|
|
- |
|
|
|
(59,880 |
) |
|
|
- |
|
|
|
(59,880 |
) |
Supplemental
schedule of non-cash transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE
7. SUBSEQUENT EVENTS
NONE.