Bitech Technologies Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bitech Technologies Corp. has filed its 2023 annual report (10-K), detailing its financial status and corporate history.</b>

AI Summary

Bitech Technologies Corp (BESS-WT) filed a Annual Report (10-K) with the SEC on April 1, 2024. Bitech Technologies Corp. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Spine Injury Solutions, Inc. and Spine Pain Management, Inc. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 895 Dove Street, Suite 300, Newport Beach, CA 92660. The filing includes information on common stock, preferred stock, additional paid-in capital, and retained earnings for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Bitech Technologies Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bitech Technologies Corp.'s financial performance and position for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The historical company name changes (Spine Injury Solutions, Inc., Spine Pain Management, Inc.) indicate a potential shift in business focus or strategy over time, which investors should consider when evaluating the company's evolution.

Risk Assessment

Risk Level: low — Bitech Technologies Corp shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk based solely on this document.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Bitech Technologies Corp.'s operational performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-04-01 — Filing Date (Date the 10-K was filed)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• Bitech Technologies Corp. (company) — Filer of the 10-K
• Spine Injury Solutions, Inc. (company) — Former company name
• Spine Pain Management, Inc. (company) — Former company name
• VERSA CARD, INC. (company) — Former company name
• Newport Beach, CA (location) — Business and mailing address

FAQ

Industry Context

The company operates within the Electric Services industry (SIC 4911).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K document for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential business challenges and uncertainties.
3. Compare the 2023 financial data with previous years to identify trends and performance changes.

Key Dates

• 2024-04-01: 10-K Filing — Annual report filing for fiscal year 2023
• 2023-12-31: Fiscal Year End — End of the reporting period

Year-Over-Year Comparison

This is the initial 10-K filing for Bitech Technologies Corp. under its current name and structure, following previous filings under different corporate identities.

Key Financial Figures

• $0.001 — g) of the Exchange Act: Common Stock ($0.001 Par Value) (Title of Each Class) In
• $50,000,000 — financing transaction of not less than $50,000,000 (the "Capital Infusion"). The transacti
• $0.035 — Projects . An aggregate amount equal to $0.035 per Watt ("W") for each BESS Developmen
• $0.005 — lopment Project payable as follows: (i) $0.005 per W will be paid in cash upon the Com
• $0.03 — Project ("Project Financing"); and (ii) $0.03 per W will be paid in cash upon attainm
• $0.01 — 7 Unique Solar Development Projects . $0.01 per W in cash upon attainment of RTB st
• $0.02 — ther (a) 50% of the gross margin or (b) $0.02 per W in cash upon attainment of RTB st
• $0.50 — ly over 5 years at an exercise price of $0.50 in year 1, $0.75 in year 2, $1.00 in ye
• $0.75 — t an exercise price of $0.50 in year 1, $0.75 in year 2, $1.00 in year 3, $1.25 in ye
• $1.00 — ce of $0.50 in year 1, $0.75 in year 2, $1.00 in year 3, $1.25 in year 4, and $1.5 in
• $1.25 — ar 1, $0.75 in year 2, $1.00 in year 3, $1.25 in year 4, and $1.5 in year 5, with the
• $1.5 — , $1.00 in year 3, $1.25 in year 4, and $1.5 in year 5, with the option to expire in

Filing Documents

• form10-k.htm (10-K) — 891KB
• ex10-21.htm (EX-10.21) — 224KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• pg_004.jpg (GRAPHIC) — 179KB
• pg_005.jpg (GRAPHIC) — 42KB
• pg_003.jpg (GRAPHIC) — 83KB
• frm_001.jpg (GRAPHIC) — 98KB
• frm_002.jpg (GRAPHIC) — 130KB
• form10-k_011.jpg (GRAPHIC) — 133KB
• form10-k_012.jpg (GRAPHIC) — 36KB
• 0001493152-24-012444.txt (&nbsp;) — 5470KB
• bttc-20231231.xsd (EX-101.SCH) — 21KB
• bttc-20231231_cal.xml (EX-101.CAL) — 27KB
• bttc-20231231_def.xml (EX-101.DEF) — 111KB
• bttc-20231231_lab.xml (EX-101.LAB) — 215KB
• bttc-20231231_pre.xml (EX-101.PRE) — 179KB
• form10-k_htm.xml (XML) — 324KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 12 Item 1C. Cybersecurity 12 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 13 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6. Reserved 16 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 20 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 33 Item 9A.

Controls and Procedures

Controls and Procedures 33 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III Item 10. Directors, Executive Officer and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 39 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accountant Fees and Services 44 PART IV Item 15. Exhibits and Financial Statement Schedules 45 Item 16. Form 10-K Summary 47

Signatures

Signatures 48 3 PART I ITEM 1. BUSINESS 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. 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 below. 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

View Full Filing

View this 10-K filing on SEC EDGAR