Bitech Technologies Corp

Previous wording

This management discussion and analysis (“MD&A”) of the financial condition and results of operations of Bitech Technologies Corporation (the “Company,” “Bitech Technologies,” “our” or “we”) is for the six months ended June 30, 2024 and 2023. It is supplemental to, and should be read in conjunction with, our condensed consolidated financial statements for the six months ended June 30, 2024 and 2023 and the accompanying notes for such period included in our Current Report on Form 8-K filed with the Securities and Exchange Commission, or SEC, on April 4, 2022. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Financial information presented in this MD&A is presented in United States dollars (“$” or “US$”), unless otherwise indicated.

Current wording

This management discussion and analysis (“MD&A”) of the financial condition and results of operations of Bitech Technologies Corporation (the “Company,” “Bitech Technologies,” “our” or “we”) is for the nine months ended September 30, 2024 and 2023. It is supplemental to, and should be read in conjunction with, our condensed consolidated financial statements for the nine months ended September 30, 2024 and 2023 and the accompanying notes for such period included in our Current Report on Form 8-K filed with the Securities and Exchange Commission, or SEC, on April 4, 2022. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Financial information presented in this MD&A is presented in United States dollars (“$” or “US$”), unless otherwise indicated.

Previous wording

Currently, 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 and become a grid-balancing operator by developing a portfolio of battery energy storage system (“BESS”) projects with a cumulative storage capacity estimated at 1.965 gigawatts (“GW”) and rights to develop a portfolio of solar energy development projects with a cumulative capacity estimated at 3.840 GW (collectively, the “Development Projects”) that we acquired in connection with our acquisition of Emergen Energy LLC (“Emergen”). See Note 7 – Solar Projects Sale to the financial statements included elsewhere in this Quarterly Report on Form 10-Q discussing the recent sale of 2.45 GW estimated capacity of the 3.84 solar energy development projects. We plan to raise the working capital we need to commence the Development Projects. See Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources. In addition, 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 our recently acquired Development Projects. 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, Home Energy Management System (HEMS), Building Energy Management System (BEMS), City Energy Management System (CEMS), energy storage, and EV infrastructure.

Current wording

Currently, 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 and become a grid-balancing operator by developing a portfolio of battery energy storage system (“BESS”) projects with a cumulative storage capacity estimated at 1.965 gigawatts (“GW”) and rights to develop a portfolio of solar energy development projects with a cumulative capacity estimated at 3.840 GW (collectively, the “Development Projects”) that we acquired in connection with our acquisition of Emergen Energy LLC (“Emergen”). See Note 8 – Solar Projects Sale to the financial statements included elsewhere in this Quarterly Report on Form 10-Q discussing the recent sale of 2.425 GW estimated capacity of the 3.84 solar energy development projects. We plan to raise the working capital we need to commence the Development Projects. See Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources. In addition, 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 our recently acquired Development Projects. 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, Home Energy Management System (HEMS), Building Energy Management System (BEMS), City Energy Management System (CEMS), energy storage, and EV infrastructure.

Previous wording

During the three months ended June 30, 2024, we incurred $822,900 of general and administrative expenses compared to $222,429 for the same period in 2023. General and administrative expenses have increased primarily related to approximately $494,000 of non-cash stock compensation expense and approximately $70,000 legal fees related to the Emergen Acquisition and $83,000 contractor fees related to the Emergen projects. We have booked $943,500 deferred revenue related to cash received for the sale of certain solar projects originally acquired as part of the Emergen Acquisition.

Current wording

During the three months ended September 30, 2024, we incurred $811,752 of general and administrative expenses compared to $135,434 for the same period in 2023. General and administrative expenses have increased primarily related to approximately $339,880 of non-cash stock compensation expense and approximately $70,000 legal fees related to the Emergen Acquisition and $166,000 contractor fees related to the Emergen projects. We have booked $943,500 deferred revenue related to cash received for the sale of certain solar projects originally acquired as part of the Emergen Acquisition.

Previous wording

As a result of the foregoing, we had net loss of ($822,900) for the three months ended June 30, 2024, compared to a net loss of ($222,429) for the three months ended June 30, 2023.

Current wording

As a result of the foregoing, we had net loss of ($811,762) for the three months ended September 30, 2024, compared to a net loss of ($135,434) for the three months ended September 30, 2023.

Previous wording

Comparison of the six month period ended June 30, 2024 with the six month period ended June 30, 2023.

Current wording

Comparison of the nine month period ended September 30, 2024 with the nine month period ended September 30, 2023.

Previous wording

The Company has generated minimal revenues from its primary business for the six months ended June 30, 2024 and June 30, 2023.

Current wording

The Company has generated minimal revenues from its primary business for the nine months ended September 30, 2024 and September 30, 2023.

Previous wording

During the six months ended June 30, 2024, we incurred $1,136,735 of general and administrative expenses compared to $461,507 for the same period in 2023. General and administrative expenses the six months ended June 30, 2024 have increased primarily related to $588,000 of non-cash stock compensation expense and the increases in the six months ended June 30, 2024 of approximately $70,000 legal fees related to the Emergen Acquisition and $83,000 contractor fees related to the Emergen projects. We have booked $943,500 deferred revenue related to cash received for the sale of certain solar projects originally acquired as part of the Emergen Acquisition.

Current wording

During the nine months ended September 30, 2024, we incurred $1,948,487 of general and administrative expenses compared to $596,941 for the same period in 2023. General and administrative expenses the nine months ended September 30, 2024 have increased primarily related to $928,000 of non-cash stock compensation expense and the increases in the nine months ended September 30, 2024 of approximately $70,000 legal fees related to the Emergen Acquisition and $249,000 contractor fees related to the Emergen projects. We have booked $943,500 deferred revenue related to cash received for the sale of certain solar projects originally acquired as part of the Emergen Acquisition.

Previous wording

As a result of the foregoing, we had net loss of ($1,136,407) for the six months ended June 30, 2024, compared to a net loss of ($454,507) which included $7,000 other income to offset the general and administrative expenses for the six months ended June 30, 2023.

Current wording

As a result of the foregoing, we had net loss of ($1,948,159) for the nine months ended September 30, 2024, compared to a net loss of ($589,941) which included $7,000 other income to offset the general and administrative expenses for the nine months ended September 30, 2023.

Previous wording

The calculation of Working Capital provides additional information and is not defined under GAAP. We define Working Capital as current assets less current liabilities. This measure should not be considered in isolation or as a substitute for any standardized measure under GAAP. This information is intended to provide investors with information about our liquidity.

Current wording

The calculation of Working Capital provides additional information and is not defined under GAAP but it is acknowledged that it is a defined term by the FASB. We define Working Capital as current assets less current liabilities. This measure should not be considered in isolation or as a substitute for any standardized measure under GAAP. This information is intended to provide investors with information about our liquidity.

Previous wording

As of June 30, 2024 and December 31, 2023, we had total current liabilities of $1,123,426 and $35,229, respectively, and current assets of $1,147,684 and $163,417, respectively, to meet our current obligations. As of June 30, 2024, we had working capital of $24,258, a decrease of working capital of $103,930 as compared to December 31, 2023, driven primarily by $943,500 deferred revenue recorded related to cash provided from the sale of solar projects and cash used in operations offset by $396,000 from the sale of common stock.

Current wording

As of September 30, 2024 and December 31, 2023, we had total current liabilities of $1,154,995 and $35,229, respectively, and current assets of $725,311 and $163,417, respectively, to meet our current obligations. As of September 30, 2024, we had working capital of $529,625, a decrease of working capital of $453,943 as compared to December 31, 2023, driven primarily by $943,500 deferred revenue recorded related to cash provided from the sale of solar projects and cash used in operations offset by $396,000 cash proceeds from the sale of common stock during the nine months ended September 30, 2024.

Previous wording

For the six months ended June 30, 2024, cash provided by operations was $599,267 which primarily included the deferred revenue payment of $943,500 offset by the net loss of approximately ($1,360,000) after adjustments for stock based compensation, $588,080, and stock issued for services, $48,397.

Current wording

For the nine months ended September 30, 2024, cash used by operations was approximately ($83,000) which primarily included the net loss of approximately ($1,948,000) but adjusted for the deferred revenue payment of $943,500, the non-cash stock based compensation of $928,000, and common stock issued for legal services of $66,000.

Previous wording

There were no material changes in or adoption of new accounting practices during the six months ended June 30, 2024.

Current wording

There were no material changes in or adoption of new accounting practices during the nine months ended September 30, 2024.