Thu, Nov 14, 1:34 PM (89 days ago)
Bitech Technologies Corporation (BITECH) reported significant financial challenges for the third quarter ended September 30, 2024, with no revenue generated from its primary business. The company incurred a net loss of $811,752, compared to a loss of $135,434 in Q3 2023, primarily due to increased general and administrative expenses, which rose from $135,434 to $811,752, largely attributed to stock-based compensation and legal fees related to the Emergen acquisition. Total current assets surged to $725,311 from $163,417, while current liabilities increased to $1,154,996 from $35,229, resulting in a working capital of $529,625, down from the previous period. The company has recorded $943,500 in deferred revenue associated with solar project sales. Bitech's operations remain heavily reliant on equity financing, with ongoing concerns about its ability to generate cash flow and achieve profitability. The company's strategic focus is on developing battery energy storage systems (BESS) and solar projects, which are still in early development stages, raising uncertainties about future operational impacts. The management continues to seek additional funding to support growth initiatives.