Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 16, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-27407 | |
Entity Registrant Name | BITECH TECHNOLOGIES CORPORATION | |
Entity Central Index Key | 0001066764 | |
Entity Tax Identification Number | 98-0187705 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 600 Anton Boulevard | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Costa Mesa | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92626 | |
City Area Code | (855) | |
Local Phone Number | 777-0888 | |
Title of 12(b) Security | None | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,240,882 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,166,381 | $ 16,437 |
Accounts receivable, net of allowance for doubtful accounts of $412,885 and $447,126 at March 31, 2022 and December 31,2021, respectively | 2,272 | 27,263 |
Total current assets | 1,168,653 | 43,700 |
Intangible Asset – Exclusive License | 35,000 | |
Total assets | 1,203,653 | 43,700 |
Current liabilities: | ||
Note payable to shareholder | 395,000 | 395,000 |
Accounts payable and accrued liabilities | 68,319 | 37,495 |
Total current liabilities | 463,319 | 432,495 |
Commitments and contingencies | ||
Stockholders’ equity (deficit): | ||
Preferred stock value | ||
Common stock: $0.001 par value, 250,000,000 shares authorized, 20,240,882 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 20,241 | 20,241 |
Additional paid-in capital | 21,022,725 | 19,869,511 |
Accumulated deficit | (20,311,631) | (20,278,547) |
Total stockholders’ equity (deficit) | 740,334 | (388,795) |
Total liabilities and stockholders’ equity | 1,203,653 | 43,700 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficit): | ||
Preferred stock value | $ 9,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 20,240,882 | 20,240,882 |
Common stock, shares outstanding | 20,240,882 | 20,240,882 |
Series A Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 9,000,000 | 9,000,000 |
Preferred Stock, Shares Outstanding | 9,000,000 | 0 |
Preferred Stock, Shares Issued | 9,000,000 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net service revenues | $ 158 | $ 4,818 |
Lease revenues | 26,073 | 26,073 |
Total revenue | 26,231 | 30,891 |
Cost of providing services | ||
Gross profit | 26,231 | 30,891 |
Operating, general and administrative expenses | 73,176 | 90,671 |
Loss from operations | (46,945) | (59,780) |
Other income and (expense): | ||
Other income | 20,000 | 2 |
Interest expense | (6,139) | (6,765) |
Total other income and (expense) | 13,861 | (6,763) |
Net loss | $ (33,085) | $ (66,543) |
Net loss per common share: | ||
Basic/ diluted | $ 0 | $ 0 |
Weighted average shares used in loss per common share: | ||
Basic/ diluted | 20,240,882 | 20,240,882 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (33,085) | $ (66,543) | $ (140,365) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation expense | 3,605 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 24,992 | 112,945 | |
Prepaid expenses and other assets | |||
Accounts payable and accrued liabilities | 7,875 | (17,414) | |
Net cash provided (used) by operating activities | (218) | 32,593 | |
Cash flows from financing activities: | |||
Cash from acquisition of Bitech Mining Corporation | 1,150,163 | ||
Repayments of note payable to shareholder | (20,000) | ||
Net cash used in financing activities | 1,150,163 | (20,000) | |
Net increase in cash and cash equivalents | 1,149,945 | 12,593 | |
Cash and cash equivalents at beginning of period | 16,218 | 41,655 | 41,655 |
Cash and cash equivalents at end of period | 1,166,381 | 54,248 | $ 16,218 |
Supplementary disclosure of cash flow information: | |||
Interest paid | 6,139 | 6,765 | |
Taxes paid |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2020 | $ 20,241 | $ 19,869,511 | $ (20,138,182) | $ (248,430) | |
Balance, shares at Dec. 31, 2020 | 20,240,882 | ||||
Net loss | (140,365) | (140,365) | |||
Balance at Dec. 31, 2021 | $ 20,241 | 19,869,511 | (20,278,547) | (388,795) | |
Balance, shares at Dec. 31, 2021 | 20,240,882 | ||||
Net loss | (33,085) | (33,085) | |||
Preferred Shares issued for Acquisition | $ 9,000 | 1,153,214 | 1,162,214 | ||
Preferred Shares issued for Acquisition, shares | 9,000,000 | ||||
Balance at Mar. 31, 2022 | $ 20,241 | $ 9,000 | $ 21,022,725 | $ (20,311,632) | $ 740,334 |
Balance, shares at Mar. 31, 2022 | 20,240,882 | 9,000,000 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 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. The Company is a development-stage technology company dedicated to providing a suite of revolutionary electrical power generation technologies called the “Evirontek Integrated Platform”. In addition, t he Company continues to pursue the collection of previously provided spine injury diagnostic services and the Company’s wholly owned subsidiary, Quad Video Halo, Inc. (“Quad”), continues to operate its business of owning, developing and leasing the Quad Video Halo (“QVH”) video recording system used to record medical procedures. The Company is evaluating potential strategic alternatives for non-core assets and operations in its legacy business operated by Quad, including but not limited to a possible sale of those operations. The Company acquired Bitech Mining Corporation, a Wyoming corporation (“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 0.001 100 9,000,000 0.001 0.09543 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 96 The following agreements were entered into in connection with the acquisition of Bitech Mining: Management Services Agreement On the Closing Date, the Company, Quad and Peter L. Dalrymple (“Dalrymple”), a former director of the Company, entered into a Management Services Agreement (the “MSA”) whereby Dalrymple agreed to act as the general manager of the video recording operations of Quad and collect certain accounts receivable of the Company (the “Services”). In exchange for providing the Services, the Company agreed to pay Dalrymple a fee equal to the net revenues derived from these operations after payment of all operating expenses related to such operations. The term of the MSA commences on the Closing Date and continues until the earlier to occur of the following: (i) 90 days after the Closing Date; (ii) the Company and Dalrymple’s mutual written consent; or (iii) any material breach of the MSA by either party, provided that the breaching party has been provided written notice of such breach and has failed to cure such breach within ten (10) days of receipt of such written notice. |
CRITICAL ACCOUNTING POLICIES
CRITICAL ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
CRITICAL ACCOUNTING POLICIES | 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 March 31, 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 (Formerly, Spine Injury Solutions, Inc.) 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. Based on our analysis we established an allowance for discounts of $ 412,885 447,126 BITECH TECHNOLOGIES CORPORATION (Formerly, Spine Injury Solutions, Inc.) 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 three months ended March 31, 2022 and 2021, we did not recognize compensation expense for issuances of our common stock in exchange for services. 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 years ended December 31, 2021 and 2020, 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 (Formerly, Spine Injury Solutions, Inc.) 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 years ended March 31, 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. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
ACCOUNTS RECEIVABLE | NOTE 3. ACCOUNTS RECEIVABLE The patients are billed by the healthcare provider based on Current Procedural Terminology (“CPT”) codes for the medical procedure performed. CPT codes are numbers assigned to every task and service a medical practitioner may provide to a patient including medical, surgical and diagnostic services. CPT codes are developed, maintained and copyrighted by the American Medical Association. Patients are billed at the normal billing amount, based on national averages, for a particular CPT code procedure. Revenue and corresponding accounts receivable are recognized by reference to “net revenue” and “accounts receivable, net” which is defined as gross amounts billed using CPT codes less account discounts that are expected to result when individual cases are ultimately settled. While we do collect 100% of the accounts on some patients, our historical collection rate is used to calculate the carrying balance of the accounts receivable and the estimated revenue to be recorded. A discount rate of 48 52 The patients who receive medical services at the diagnostic centers are typically patients involved in auto accidents or work injuries. The patient completes and signs medical and financial paperwork, which includes an acknowledgement of the patient’s responsibility of payment for the services provided. Additionally, the paperwork should include an assignment of benefits. The timing of collection of receivables varies depending on patient sources of payment. Historical experience, through 2018, demonstrated that the collection period for individual cases may extend for two years or more. Our credit policy has been established based upon extensive experience by management in the industry and has been determined to ensure that collectability is reasonably assured. Payment for services are primarily made to us by a third party and the credit policy includes terms of net 240 days for collections; however, collections occur upon settlement or judgment of cases. As of March 31, 2022 and December 31, 2021, we determined an allowance for uncollectable accounts of $ 412,885 447,126 BITECH TECHNOLOGIES CORPORATION (Formerly, Spine Injury Solutions, Inc.) NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
NOTE PAYABLE
NOTE PAYABLE | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | NOTE 4. NOTE PAYABLE On August 31, 2020, Peter L. Dalrymple, a member of our board of directors, paid-off in full the outstanding balance of a term loan we had with Wells Fargo Bank, N.A. As consideration for Mr. Dalrymple paying off the term loan on our behalf, we issued Mr. Dalrymple a $ 610,000 6 This note is collateralized by all our accounts receivable and a pledge of the stock of our wholly owned subsidiary, Quad Video Halo, Inc. 395,000 395,000 Amendment to the Note On the Closing Date, the Company, Quad and Dalrymple, entered into an Amendment to the Secured Promissory Note (the “Note Amendment”) whereby Dalrymple agreed that (i) the principal and accrued interest outstanding under the Secured Promissory Note dated August 31, 2020 as amended on October 29, 2021 issued by the Company in favor of Dalrymple (collectively, the “ Note 95,000 Amendment to the Security Agreement On the Closing Date, the Company, Quad and Dalrymple, entered into an Amendment to Security Agreement (the “Security Agreement Amendment”) whereby the parties to that agreement agreed that (i) Quad shall be included with the Company as an additional debtor for all purposes in the Security Agreement entered into between the Company and Dalrymple dated August 31, 2020 (the “Security Agreement”), (ii) Quad’s collateral obligations under the Security Agreement shall only relate to its accounts receivable, and the collateral described relating to “Pledged Securities” as defined in the Security Agreement shall not apply to Quad’s obligations under the Security Agreement, (iii) the Company’s pledge of its accounts receivables as provided for in the Security Agreement will be limited solely to the Company’s accounts receivables in existence as of March 27, 2022 at 11:59 P.M. ET, and shall not apply to any after acquired accounts receivables and (iv) the Company is authorized to file an amended financing statement to reflect the terms of Security Agreement Amendment and Quad shall promptly file a financing statement reflecting the terms set for in such amendment. During the three months ended March 31, 2022, the Company recorded and paid $ 6,139 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5. STOCKHOLDERS’ EQUITY The total number of authorized shares of our common stock is 250,000,000 0.001 20,240,882 On January 19, 2021, our stockholders approved the filing of an amendment to our certificate of incorporation authorizing 10,000,000 0.001 BITECH TECHNOLOGIES CORPORATION (Formerly, Spine Injury Solutions, Inc.) 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 ● the stated value of each share is $ 1.00 ● 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 ● 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 94,312,250 0.001 100 |
ACQUISITION OF BITECH MINING
ACQUISITION OF BITECH MINING | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION OF BITECH MINING | NOTE 6. ACQUISITION OF BITECH MINING On March 31, 2022, the Company acquired 94,312,250 9,000,000 100 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 $ 1,122,214 Cash $ 1,150,163 Total assets: $ 1,185,163 Less: liabilities assumed $ (62,949 ) Net assets acquired $ 1,122,214 Purchase price in excess of net assets acquired $ 0 |
LEASE REVENUES
LEASE REVENUES | 3 Months Ended |
Mar. 31, 2022 | |
Lease Revenues | |
LEASE REVENUES | NOTE 7. LEASE REVENUES The Company’s QVH unit rentals are governed by agreements that detail the lease terms and conditions. The determination of whether these contracts with customers contain a lease generally does not require significant judgement. The Company accounts for these rentals as operating leases. These leases do not include material amounts of variable payments and the Company has made the accounting policy election to exclude all taxes assessed by a governmental authority. The Company provides an option of the lessee to purchase the rented equipment upon the termination of the lease for the as then fair market value; however, the Company has not generated material revenue from sales of equipment under such options. Initial lease terms vary in length based upon customer needs and generally range from 12 36 BITECH TECHNOLOGIES CORPORATION (Formerly, Spine Injury Solutions, Inc.) NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The initial terms of the Company’s two outstanding lease contracts ended in 2021, and those two customers are currently renting the QVH units on a month-to-month basis. Included in property and equipment, net, as of March 31, 2022 and December 31, 2021 and 2020 is equipment available for rent in the net amount of $ 0 0 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8. RELATED PARTY TRANSACTIONS Up until March 31, 2022, the Company maintained its executive offices at 5151 Mitchelldale A2, Houston, Texas 77092. This office space encompasses approximately 200 1,000 As further described in Note 6, during 2020 we borrowed $ 610,000 0 33,946 395,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS In connection with the Company’s planned expansion of its business following the completion of the acquisition of 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. The Certificate of Amendment was approved by the Company’s board of directors by written consent in lieu of a meeting on April 28, 2022 in accordance with the relevant sections of the Delaware General Corporation Law. The Company plans to file a notice regarding the Certificate of Amendment and its request for a symbol change with The Financial Industry Regulatory Authority, Inc. (“FINRA”). The Company will file an updated Form 8-K upon FINRA’s acceptance and approval of the Certificate of Amendment and issuance of a new trading symbol. On April 14, 2022 and April 19, 2022, the Company awarded 3,348,000 and 4,635,720 shares, respectively, of its restricted Common Stock which vest 25 % on each anniversary after the award date so long as the recipients are providing services to the Company or one of its subsidiaries. |
CRITICAL ACCOUNTING POLICIES (P
CRITICAL ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 March 31, 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 (Formerly, Spine Injury Solutions, Inc.) NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
Fair Value of Financial Instruments | 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 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 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 | 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 | 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. Based on our analysis we established an allowance for discounts of $ 412,885 447,126 BITECH TECHNOLOGIES CORPORATION (Formerly, Spine Injury Solutions, Inc.) NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
Stock Based Compensation | 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 three months ended March 31, 2022 and 2021, we did not recognize compensation expense for issuances of our common stock in exchange for services. |
Income Taxes | 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 | 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 years ended December 31, 2021 and 2020, we recognized no estimated interest or penalties as income tax expense. |
Legal Costs and Contingencies | 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 (Formerly, Spine Injury Solutions, Inc.) NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
Net Loss per Share | 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 years ended March 31, 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 | 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. |
ACQUISITION OF BITECH MINING (T
ACQUISITION OF BITECH MINING (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES | 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 $ 1,122,214 Cash $ 1,150,163 Total assets: $ 1,185,163 Less: liabilities assumed $ (62,949 ) Net assets acquired $ 1,122,214 Purchase price in excess of net assets acquired $ 0 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares | Mar. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 19, 2021 |
Restructuring Cost and Reserve [Line Items] | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Series A Preferred Stock [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Share issued and outstanding percentage | 96.00% | 96.00% | ||
Shares issued | 0.09543 | 0.09543 | ||
Bitech Mining Corporation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of shares acquired | 94,312,250 | |||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Bitech Mining Corporation [Member] | Series A Preferred Stock [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Share issued and outstanding percentage | 100.00% | 100.00% | ||
Number of shares issued | 9,000,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock conversion term | 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 |
CRITICAL ACCOUNTING POLICIES (D
CRITICAL ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Accounts receivable, allowance for credit loss | $ 412,885 | $ 447,126 |
ACCOUNTS RECEIVABLE (Details Na
ACCOUNTS RECEIVABLE (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||
Account receivable, discount rate | 48.00% | |
Account receivable, percentage of gross revenue | 52.00% | |
Allowance for uncollectable accounts | $ 412,885 | $ 447,126 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | Aug. 31, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Oct. 29, 2021 |
Short-Term Debt [Line Items] | ||||
Notes payable, related parties | $ 395,000 | $ 395,000 | ||
Security Agreement Amendment [Member] | Dalrymple Note [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, face amount | $ 95,000 | |||
Interest expense, debt | 6,139 | |||
Mr. Dalrymple [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, collateral | This note is collateralized by all our accounts receivable and a pledge of the stock of our wholly owned subsidiary, Quad Video Halo, Inc. | |||
Notes payable, related parties | $ 395,000 | $ 395,000 | ||
Mr. Dalrymple [Member] | ||||
Short-Term Debt [Line Items] | ||||
Debt instrument, face amount | $ 610,000 | |||
Debt instrument, interest rate | 6.00% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | Mar. 31, 2022 | Mar. 30, 2022 | Dec. 31, 2021 | Jan. 19, 2021 |
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 20,240,882 | 20,240,882 | ||
Common stock, shares outstanding | 20,240,882 | 20,240,882 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Bitech Mining Corporation [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value | $ 0.001 | |||
Number of shares acquired | 94,312,250 | |||
Bitech Mining Corporation [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, par value | $ 0.001 | |||
Number of shares acquired | 94,312,250 | |||
Share issued and outstanding percentage | 100.00% | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 9,000,000 | |||
Preferred stock, stated value | $ 1 | |||
Preferred stock voting right | 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 | |||
Conversion price per share | $ 0.018526887 | |||
Share issued and outstanding percentage | 96.00% | |||
Series A Preferred Stock [Member] | Bitech Mining Corporation [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, par value | $ 0.001 | |||
Number of shares issued | 9,000,000 | |||
Share issued and outstanding percentage | 100.00% |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES (Details) - Bitech Mining Corporation [Member] | Mar. 31, 2022USD ($) |
Business Acquisition [Line Items] | |
Purchase price | $ 1,122,214 |
Cash | 1,150,163 |
Total assets | 1,185,163 |
Less: liabilities assumed | (62,949) |
Net assets acquired | 1,122,214 |
Purchase price in excess of net assets acquired | $ 0 |
ACQUISITION OF BITECH MINING (D
ACQUISITION OF BITECH MINING (Details Narrative) | Mar. 31, 2022shares |
Series A Preferred Stock [Member] | |
Business Acquisition [Line Items] | |
Shares issued and outstanding percentage | 96.00% |
Bitech Mining Corporation [Member] | |
Business Acquisition [Line Items] | |
Number of shares acquired | 94,312,250 |
Bitech Mining Corporation [Member] | Series A Preferred Stock [Member] | |
Business Acquisition [Line Items] | |
Number of shares issued | 9,000,000 |
Shares issued and outstanding percentage | 100.00% |
Bitech Mining Corporation [Member] | Common Stock [Member] | |
Business Acquisition [Line Items] | |
Number of shares acquired | 94,312,250 |
Shares issued and outstanding percentage | 100.00% |
LEASE REVENUES (Details Narrati
LEASE REVENUES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant, and equipment, lessor asset under operating lease | $ 0 | $ 0 |
Minimum [Member] | ||
Lessor, operating lease, term of contract | 12 months | |
Maximum [Member] | ||
Lessor, operating lease, term of contract | 36 months |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended | ||
Mar. 31, 2022USD ($)ft² | Dec. 31, 2021USD ($) | Aug. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | |||
Area of real estate property | ft² | 200 | ||
Notes payable, related parties | $ 395,000 | $ 395,000 | |
Northshore Orthopedics, Assoc. [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for rent per month | 1,000 | ||
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Debt instrument, face amount | $ 610,000 | ||
Account receivable, related party | 0 | ||
Amount reduction in promissory note | $ 33,946 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - shares | Apr. 19, 2022 | Apr. 14, 2022 |
Subsequent Event [Line Items] | ||
Number of restricted shares | 4,635,720 | 3,348,000 |
Vested percentage | 25.00% |