RESTATEMENT OF PREVIOUSLY ISSUED/REPORTED FINANCIAL STATEMENTS | NOTE 6. RESTATEMENT OF PREVIOUSLY ISSUED/REPORTED FINANCIAL STATEMENTS The financial statements for the three months ended March 31, 2022 have been restated. On July 20, 2022, our management determined that the Company erroneously did not reflect the accounting perspective of Bitech Mining on March 31, 2022 financial reporting as a result of the Share Exchange in accordance with ASC 805-40-45-1. The Share Exchange was treated as a recapitalization and reverse acquisition for financial reporting purposes, and Bitech Mining is considered the acquirer for accounting purposes. As a result of the Share Exchange and the change in our business and operations, a discussion of the past financial results of our predecessor, Spine Injury Solutions Inc., is not pertinent, and under applicable accounting principles, the historical financial results of Bitech Mining, the accounting acquirer, prior to the Share Exchange are considered our historical financial results. The following table presents the effect of the restatements and reclassifications on the Company’s previously issued/reported balance sheet: SCHEDULE OF RESTATEMENTS AND RECLASSIFICATIONS As of March 31, 2022 As Previously Adjustments As Restated Accrued expenses (including accrued interest) 68,319 28,535 96,854 Note payable 395,000 - 395,000 Additional paid-in capital 21,022,725 (19,826,046 ) 1,196,679 Accumulated deficit (20,311,631 ) 19,797,511 (514,121 ) The following table presents the effect of the restatements and reclassifications on the Company’s previously issued/reported statement of operations: As of March 31, 2022 As Previously Adjustments As Restated Total Revenue 26,231 (26,231 ) - Gross Profit 26,231 (26,231 ) - Operating, general and administrative expense 73,176 155,986 229,162 Other income 20,000 (20,000 ) - Interest expense (6,140 ) 6,140 - Net loss (33,085 ) (196,077 ) (229,162 ) Net income per share, basic and diluted $ 0.00 (0.01 ) $ (0.01 ) BITECH TECHNOLOGIES CORPORATION NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following table presents the effect of the restatements on the Company’s previously issued/reported statement of shareholder deficit: Common Stock Common Additional Accumulated Total Balance, December 31, 2021, as previously reported 20,240,882 $ 20,241 19,869,511 (20,278,547 ) (388,795 ) Corrections of errors - (18,603,952 ) 19,993,588 1,389,636 Balance, December 31, 2021, as restated 20,240,882 $ 20,241 $ 1,265,559 $ (284,959 ) $ 1,000,841 Balance, As of March 31, 2022 20,240,882 $ 20,241 $ 21,022,725 $ (20,311,632 740,334 Beginning balance, as previously reported 20,240,882 $ 20,241 $ 21,022,725 $ (20,311,632 740,334 Corrections of errors - (19,826,046 ) 19,797,511 (28,535 ) Balance, As of March 31, 2022 20,240,882 $ 20,241 $ 1,196,679 $ (514,121 ) 711,799 Ending balance, as restated 20,240,882 $ 20,241 $ 1,196,679 $ (514,121 ) 711,799 The following table presents the effect of the restatements and reclassifications on the Company’s previously issued/reported statement of cash flows: As of March 31, 2022 As Previously Reported Adjustments Reclassifications As Restated Cash flows from operating activities: Net income (33,085 ) (196,077 ) - (229,162 ) Changes in working capital assets and liabilities: Accounts receivable 24,992 (27,263 ) - (2,271 ) Accounts payable and accrued expenses 7,875 77,873 - 85,748 Accrued interest on notes payable - - - - Note payable assumed in merger - 395,000 - 395,000 Cash from acquisition of Bitech Mining Corporation 1,150,163 (1,150,163 ) - - Recapitalization – payments to SPIN - (59,880 ) - (59,880 ) Supplemental schedule of non-cash transactions: |