Bitech Technologies Corporation reported significant financial changes in its 10-Q filing for the nine months ended September 30, 2024. The company experienced a notable increase in total assets, which rose to $22.9 million from $163,417 at the end of the previous fiscal year. This increase was primarily driven by the acquisition of Emergen Energy LLC, which added substantial value to the company's asset base.

As of September 30, 2024, Bitech's cash and cash equivalents stood at $298,505, a substantial increase from $151,046 at the same time in 2023. Total current assets also surged to $725,311 from $163,417, reflecting improved liquidity. However, the company reported a net loss of $1.95 million for the nine months ended September 30, 2024, compared to a loss of $589,941 for the same period in 2023. The loss from operations for the three months ended September 30, 2024, was $(811,752), with total operating expenses for the same period amounting to $811,752, significantly higher than the $135,434 reported in the prior year.

The increase in operating expenses was attributed to higher general and administrative costs, which included approximately $928,000 in non-cash stock compensation, $70,000 in legal fees related to the Emergen acquisition, and $249,000 in contractor fees for Emergen projects. The company generated minimal revenue from its primary business during this period, with total revenue reported at $328 for the nine months ended September 30, 2024.

Bitech's strategic focus has shifted towards green energy solutions, particularly in Battery Energy Storage Systems (BESS) and renewable energy projects. The acquisition of Emergen Energy LLC on April 24, 2024, involved the issuance of 222,222,000 shares of common stock valued at $22.2 million, significantly enhancing the company's portfolio with BESS and solar energy projects totaling 5.805 gigawatts.

Despite these developments, Bitech faces challenges, including a working capital decrease of $453,943 compared to December 31, 2023, and a substantial accumulated deficit of approximately $4 million as of September 30, 2024. The company has indicated that its ability to continue operations is contingent upon obtaining additional financing and generating revenue from its development projects. The financial statements were prepared on a going concern basis, highlighting the need for liquidity to fund operational and development costs.