Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 | 93-3419812 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 895 Dove Street | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
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 | 711,090,664 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 242,037 | $ 152,417 |
Prepaid expense | 11,000 | |
Total current assets | 242,037 | 163,417 |
Total assets | 242,037 | 163,417 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 53,557 | 35,229 |
Total current liabilities | 53,557 | 35,229 |
Stockholders’ equity | ||
Preferred stock value | ||
Common stock: $0.001 par value, 1,000,000,000 shares authorized, 488,868,664 and 484,464,194 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 488,868 | 484,464 |
Additional paid-in capital | 1,921,406 | 1,552,011 |
Accumulated deficit | (2,221,794) | (1,908,287) |
Total stockholders’ equity | 188,480 | 128,188 |
Total liabilities and stockholders’ equity | 242,037 | 163,417 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ equity | ||
Preferred stock value |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 488,868,664 | 484,464,194 |
Common stock, shares outstanding | 488,868,664 | 484,464,194 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 9,000,000 | 9,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
REVENUE | $ 328 | |
COST OF REVENUE | ||
GROSS PROFIT | 328 | |
OPERATING EXPENSES | ||
General & Administrative | 313,835 | 239,079 |
Total Operating Expenses | 313,835 | 239,079 |
LOSS FROM OPERATIONS | (313,507) | (239,079) |
OTHER INCOME (EXPENSE) | ||
Interest and Other Income | 7,000 | |
Interest Expense | ||
Total Other Income (Expense) | 7,000 | |
LOSS BEFORE INCOME TAXES | (313,507) | (232,079) |
BENEFIT (PROVISION) FOR INCOME TAXES | ||
NET LOSS | $ (313,507) | $ (232,079) |
BASIC LOSS PER SHARE | $ 0 | $ 0 |
DILUTED LOSS PER SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE SHARES BASIC | 485,683,189 | 493,513,697 |
WEIGHTED AVERAGE SHARES DILUTED | 485,683,189 | 493,513,697 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||
Net loss | $ (313,507) | $ (232,079) | $ (811,693) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Common Stock issued for services | 23,499 | ||
Stock Based Compensation | 94,300 | 64,000 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other assets | 11,000 | 1,000 | |
Accounts payable and accrued liabilities | 18,329 | 30,509 | |
Net cash provided by (used in) operating activities | (166,379) | (136,570) | |
Cash flows from financing activities: | |||
Cash from Sale of Common Stock, net | 256,000 | ||
Net cash provided by (used in) financing activities | 256,000 | ||
Net increase (decrease) in cash and cash equivalents | 89,621 | (136,570) | |
Cash and cash equivalents at beginning of period | 152,417 | 197,723 | 197,723 |
Cash and cash equivalents at end of period | 242,037 | 61,153 | $ 152,417 |
Supplementary disclosure of non-cash operating activities: | |||
Common Stock issued for legal services – 247,327 and 528,104 Common Shares, March 31, 2024 and 2023, respectively. | 23,499 | 15,844 | |
Supplementary disclosure of non-cash financing activities: | |||
Common Stock cancelled related to exclusive license cancellation and settlement agreement – 51,507,749 Common Shares | 51,508 | ||
Supplementary disclosure of cash flow information: | |||
Interest paid | |||
Taxes paid |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Number of sevice issued, shares | 247,327 | 528,104 |
Cancellation and settlement agreement, shares | 51,507,749 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2022 | $ 515,506 | $ 780,414 | $ (1,096,594) | $ 199,326 | |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 515,505,770 | ||||
Common Stock for Services | $ 1,674 | 115,781 | 117,455 | ||
Common Stock for Services, shares | 1,674,506 | ||||
Stock Option Compensation | 180,600 | 180,600 | |||
Restricted Stock Awards | $ 1,500 | 28,500 | 30,000 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,500,000 | ||||
Cancelled Stock from SuperGreen | $ (51,508) | 51,508 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, Forfeited | (51,507,749) | ||||
Sale of Common Stock | $ 17,292 | 395,208 | 412,500 | ||
Sale of Common Stock, shares | 17,291,667 | ||||
Net loss | (811,693) | (811,693) | |||
Balances at Dec. 31, 2023 | $ 484,464 | 1,552,011 | (1,908,287) | 128,188 | |
Shares, Outstanding, Ending Balance at Dec. 31, 2023 | 484,464,194 | ||||
Common Stock for Services | $ 247 | 23,252 | $ 23,499 | ||
Common Stock for Services, shares | 247,327 | 247,327 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, Forfeited | 51,507,749 | ||||
Sale of Common Stock | $ 3,657 | 252,343 | $ 256,000 | ||
Sale of Common Stock, shares | 3,657,143 | ||||
Net loss | (313,507) | (313,507) | |||
Stock Based Compensation | $ 500 | 93,800 | 94,300 | ||
Stock Option Compensation, shares | 500,000 | ||||
Balances at Mar. 31, 2024 | $ 488,868 | $ 1,921,406 | $ (2,221,794) | $ 188,480 | |
Shares, Outstanding, Ending Balance at Mar. 31, 2024 | 488,868,664 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1. DESCRIPTION OF BUSINESS Bitech Technologies Corporation (the “Company”, “we” or “us”) was incorporated under the laws of Delaware on March 4, 1998. In connection with the Company’s planned expansion of its business following the completion of the acquisition of Bitech Mining Corporation, a Wyoming corporation (“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. 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 through research and development, technology integration, planned acquisitions of other early stage green energy development projects and plans to become a grid-balancing operator using BESS solutions and applying new green technologies as a technology enabler in the green energy sector. 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 projects that we identify, including grid-balancing BESS projects we plan to pursue following the Business Combination with Bridgelink discussed in Note 6 – Subsequent Events. 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. The Company acquired 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. 485,781,168 1,000,000,000 96 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. Prior to March 31, 2022, we were engaged in the business of owning, developing and leasing the Quad Video Halo video recording system (“QVH”) used to record medical procedures including the collection of accounts receivables related to previously provided spine injury diagnostic services (collectively, the “QVH Business”). On June 30, 2022, we sold the assets related to the QVH Business. |
CRITICAL ACCOUNTING POLICIES
CRITICAL ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
CRITICAL ACCOUNTING POLICIES | NOTE 2. CRITICAL ACCOUNTING POLICIES The following are summarized accounting policies considered to be critical by our management: Going Concern Since our inception, our expenses substantially exceeded our revenue, resulting in continuing losses and an accumulated deficit of approximately $ 2.2 March We were not involved in any procedures in 2024 and have no plans to do so in the future. The previous service revenues earned has resulted in longer settlement times, which has created a slowdown in cash collections. Basis of Consolidation The accompanying consolidated financial statements include the accounts of Bitech Technologies Corporation and its wholly owned subsidiaries, Bitech Mining Corporation and Quad Video Halo, Inc. All material intercompany transactions have been eliminated upon consolidation. 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. We have 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 we have an unconditional right to consideration when we have 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. 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 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. We have no accounts receivable to warrant any allowance at December 31, 2023 or December 31, 2022. 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 month periods ended March 31, 2024 and 2023, we recognized stock based compensation expenses of $ 94,300 64,000 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 three months ended March 31, 2024 and year ended December 31, 2023, we recognized no 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. 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 the three months ended March 31, 2024 and 2023, 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. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 3. STOCKHOLDERS’ EQUITY The total number of authorized shares of our common stock, par value $ 0.001 250,000,000 1,000,000,000 488,868,664 484,464,194 On January 19, 2021, our stockholders approved the filing of an amendment to our certificate of incorporation authorizing 10,000,000 0.001 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 9,000,000 94,312,250 0.001 100 9,000,000 485,781,168 The Company issued 1,674,506 117,455 The Company issued 1,500,000 30,000 0.02 During April, May and June, 2023, the Company sold 11,250,000 225,000 0.02 During August 2023 the Company sold 666,667 20,000 0.03 During October, November, and December 2023 the Company sold 5,375,000 167,500 0.03 0.04 During February and March 2024, the Company sold 3,657,143 256,000 0.07 The Company issued 247,327 unregistered shares of its Common Stock valued at $ 23,499 during the three months ended March 31, 2024 as payment for services provided to the Company. The Company issued 500,000 30,000 0.06 |
INCENTIVE AND NON-STATUTORY STO
INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN | NOTE 4. INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN As of March 31, 2024 and December 31, 2023, there were 52,000,000 , and 42,000,000 options outstanding, respectively. We have granted non-qualified stock options to employees and contractors. All non-qualified options are generally issued with an exercise price no less than the fair value of the common stock on the date of the grant as determined by our Board of Directors. Options may be exercised up to ten years following the date of the grant, with vesting schedules determined by us upon grant. Vesting schedules vary by grant, with some fully vesting immediately upon grant to others that ratably vest over a period of time up to five years. Standard vested options may be exercised up to three months following date of termination of the relationship unless alternate terms are specified at grant. The fair values of options are determined using the Black-Scholes option-pricing model. The estimated fair value of options is recognized as expense on the straight-line basis over the options’ vesting periods. At December 31, 2023, we had approximately $ 340,707 Stock option transactions during the three months ended March 31, 2024 and the year ended December 31, 2023 were as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS March 31, December 31, Shares Weighted- Shares Weighted- Outstanding at Beginning of Period 42,000,000 $ 0.04 5,000,000 $ 0.07 Granted 10,000,000 0.63 42,000,000 0.03 Exercised - - - - Forfeited or Cancelled - - (5,000,000 ) 0.03 Outstanding at End of Period 52,000,000 0.15 42,000,000 0.04 Options Exercisable at Period-End 26,000,000 0.04 17,250,000 0.03 Weighted-Average Fair Value of Options Granted During the Period $ 0.01 $ 0.01 Information with respect to stock options outstanding and exercisable at March 31, 2024 is as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Options Outstanding Options Exercisable Range of Number Weighted- Weighted- Number Weighted- $ 0.025 1.00 52,000,000 9 years $ 0.15 26,000,000 $ 0.04 |
ACQUISITION OF BITECH MINING
ACQUISITION OF BITECH MINING | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
ACQUISITION OF BITECH MINING | NOTE 5. ACQUISITION OF BITECH MINING On March 31, 2022, the Company acquired 94,312,250 shares of Bitech Mining’s Common Stock representing 100 % of the issued and outstanding shares of Bitech Mining in exchange for 9,000,000 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 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 $ 1,113,679 Cash $ 1,150,163 Total assets: $ 1,185,163 Less: liabilities assumed $ (71,484 ) Net assets acquired $ 1,113,679 Purchase price in excess of net assets acquired $ 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6. SUBSEQUENT EVENTS O n April 14, 2024, the Company, Emergen Energy LLC, a Delaware limited liability company (“Emergen”), Bridgelink Development, LLC, a Delaware limited liability company (“Bridgelink”) and C & C Johnson Holdings LLC, the sole member of Bridgelink (“C&C”) entered into a Membership Interest Purchase Agreement (the “MIPA”) (the “Business Combination”). On April 24, 2024, the Company, Emergen, Bridgelink and C&C entered into Amendment No. 1 to the MIPA (the “Amendment”) to amend Section 2.02(b)(i) of the MIPA which provides that instead of expanding the Company’s Board of Directors (the “Board”) to five persons upon the closing of the Business Combination, the size of the Board will be expanded to four persons and name Cole Johnson to the Board as of the date of closing of the Business Combination. In addition, Amendment No. 1 requires the Company to expand the size of the Board to five persons, and thereafter to name to the Board two persons as named by the Company, two persons as named by Bridgelink, and one person jointly selected by the Company and Bridgelink, which person shall meet the requirements of being an “independent director” pursuant to the rules and regulations of the Nasdaq Stock Market. On April 24, 2024 (the “Closing”) the Company completed the acquisition of Emergen pursuant to the MIPA whereby the Company issued 222,222,000 100% 31.3% 711,090,664 Emergen holds certain contractual and other rights to develop a portfolio of battery energy storage system (“BESS”) projects identified in the MIPA with a cumulative storage capacity estimated at 1.965 gigawatts (GW) upon completion of the construction of such project (the “BESS Development Projects”) and rights to develop a portfolio of solar energy development projects with a cumulative capacity estimated at 3.840 GW upon completion of construction of such project (the “Solar Development Projects,” together with the BESS Development Projects, collectively, the “Development Projects”). Following the Closing, the Company will take all commercially reasonable steps necessary to uplist the Company to the NASDAQ stock exchange. |
CRITICAL ACCOUNTING POLICIES (P
CRITICAL ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern Since our inception, our expenses substantially exceeded our revenue, resulting in continuing losses and an accumulated deficit of approximately $ 2.2 March We were not involved in any procedures in 2024 and have no plans to do so in the future. The previous service revenues earned has resulted in longer settlement times, which has created a slowdown in cash collections. |
Basis of Consolidation | Basis of Consolidation The accompanying consolidated financial statements include the accounts of Bitech Technologies Corporation and its wholly owned subsidiaries, Bitech Mining Corporation and Quad Video Halo, Inc. All material intercompany transactions have been eliminated upon consolidation. 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. We have 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 we have an unconditional right to consideration when we have 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. |
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 |
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. We have no accounts receivable to warrant any allowance at December 31, 2023 or December 31, 2022. |
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 month periods ended March 31, 2024 and 2023, we recognized stock based compensation expenses of $ 94,300 64,000 |
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 three months ended March 31, 2024 and year ended December 31, 2023, we recognized no |
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. |
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 the three months ended March 31, 2024 and 2023, 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. |
INCENTIVE AND NON-STATUTORY S_2
INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTION TRANSACTIONS | Stock option transactions during the three months ended March 31, 2024 and the year ended December 31, 2023 were as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS March 31, December 31, Shares Weighted- Shares Weighted- Outstanding at Beginning of Period 42,000,000 $ 0.04 5,000,000 $ 0.07 Granted 10,000,000 0.63 42,000,000 0.03 Exercised - - - - Forfeited or Cancelled - - (5,000,000 ) 0.03 Outstanding at End of Period 52,000,000 0.15 42,000,000 0.04 Options Exercisable at Period-End 26,000,000 0.04 17,250,000 0.03 Weighted-Average Fair Value of Options Granted During the Period $ 0.01 $ 0.01 |
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE | Information with respect to stock options outstanding and exercisable at March 31, 2024 is as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Options Outstanding Options Exercisable Range of Number Weighted- Weighted- Number Weighted- $ 0.025 1.00 52,000,000 9 years $ 0.15 26,000,000 $ 0.04 |
ACQUISITION OF BITECH MINING (T
ACQUISITION OF BITECH MINING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [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 $ 1,113,679 Cash $ 1,150,163 Total assets: $ 1,185,163 Less: liabilities assumed $ (71,484 ) Net assets acquired $ 1,113,679 Purchase price in excess of net assets acquired $ 0 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Jun. 27, 2022 | Mar. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 19, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Shares issued upon conversion common stock, shares authorizedon of Series A Preferred Stock, shares | 250,000,000 | 1,000,000,000 | 1,000,000,000 | ||
Series A Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Share issued and outstanding percentage | 96% | ||||
Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares issued | 3,657,143 | 17,291,667 | |||
Shares issued upon conversion of Series A Preferred Stock, shares | 485,781,168 | 485,781,168 | |||
Bitech Mining Corporation [Member] | Series A Preferred Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares acquired | 94,312,250 | ||||
Share issued and outstanding percentage | 100% | ||||
Number of shares issued | 9,000,000 | ||||
Preferred stock, par value | $ 0.001 | ||||
Shares issued | 0.09543 | ||||
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. | ||||
Bitech Mining Corporation [Member] | Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Common stock, par value | $ 0.001 | ||||
Share issued and outstanding percentage | 100% | ||||
Shares issued upon conversion of Series A Preferred Stock, shares | 94,312,250 | ||||
Bitech Mining Corporation [Member] | Share Exchange Agreement [Member] | Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Number of shares acquired | 94,312,250 | ||||
Common stock, par value | $ 0.001 | ||||
Share issued and outstanding percentage | 100% |
CRITICAL ACCOUNTING POLICIES (D
CRITICAL ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | |||
Accumulated deficit | $ 2,221,794 | $ 1,908,287 | |
Estimated useful lives | 3 years | ||
Share based compensation | $ 94,300 | $ 64,000 | |
Estimated interest or penalties | $ 0 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 27, 2022 | Mar. 31, 2022 | Mar. 31, 2024 | Feb. 29, 2024 | Dec. 31, 2023 | Nov. 30, 2023 | Oct. 31, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 30, 2022 | Jan. 19, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common Stock, Shares Authorized | 250,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||
Common stock, shares issued | 488,868,664 | 484,464,194 | 488,868,664 | 484,464,194 | ||||||||||||
Common stock, shares outstanding | 488,868,664 | 484,464,194 | 488,868,664 | 484,464,194 | ||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 247,327 | 528,104 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 23,499 | $ 117,455 | ||||||||||||||
Restricted Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Issuance of shares, value | $ 30,000 | $ 30,000 | ||||||||||||||
Number of shares issued | 500,000 | 1,500,000 | ||||||||||||||
Stock price per share | $ 0.06 | $ 0.02 | $ 0.06 | $ 0.02 | ||||||||||||
Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Sale of Common Stock, shares | 3,657,143 | 17,291,667 | ||||||||||||||
Conversion of convertible securities, shares | 485,781,168 | 485,781,168 | ||||||||||||||
Issuance of shares | 666,667 | 1,674,506 | ||||||||||||||
Issuance of shares, value | $ 20,000 | $ 117,455 | ||||||||||||||
Number of shares issued | 1,500,000 | |||||||||||||||
Stock price per share | $ 0.07 | $ 0.07 | $ 0.03 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.07 | |||||||||
Sale of unregistered shares of common stock | 3,657,143 | 3,657,143 | 5,375,000 | 5,375,000 | 5,375,000 | 11,250,000 | 11,250,000 | 11,250,000 | ||||||||
Sale of unregistered shares of common stock, value | $ 256,000 | $ 256,000 | $ 167,500 | $ 167,500 | $ 167,500 | $ 225,000 | $ 225,000 | $ 225,000 | ||||||||
Stock Issued During Period, Shares, Issued for Services | 247,327 | 1,674,506 | ||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 247 | $ 1,674 | ||||||||||||||
Common Stock [Member] | Minimum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock price per share | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | ||||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Share price | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||||||||||||
Bitech Mining Corporation [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock, par value | $ 0.001 | |||||||||||||||
Conversion of convertible securities, shares | 94,312,250 | |||||||||||||||
Share issued and outstanding percentage | 100% | |||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, shares authorized | 9,000,000 | |||||||||||||||
Share issued and outstanding percentage | 96% | |||||||||||||||
Preferred stock, shares issued | 9,000,000 | |||||||||||||||
Series A Preferred Stock [Member] | Bitech Mining Corporation [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred stock, par value | $ 0.001 | |||||||||||||||
Sale of Common Stock, shares | 9,000,000 | |||||||||||||||
Share issued and outstanding percentage | 100% |
SCHEDULE OF STOCK OPTION TRANSA
SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Shares, Outstanding beginning of period | 42,000,000 | 5,000,000 |
Weighted Average Exercise Price, Outstanding at beginning of period | $ 0.04 | $ 0.07 |
Number of Shares, Granted | 10,000,000 | 42,000,000 |
Weighted Average Exercise Price, Granted | $ 0.63 | $ 0.03 |
Number of Shares, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Shares, Forfeited or Cancelled | (5,000,000) | |
Weighted Average Exercise Price, Forfeited or Cancelled | $ 0.03 | |
Number of Shares, Outstanding end of period | 52,000,000 | 42,000,000 |
Weighted Average Exercise Price, Outstanding at end of period | $ 0.15 | $ 0.04 |
Number of Shares, Exercisable end of period | 26,000,000 | 17,250,000 |
Weighted Average Exercise Price, Exercisable at end of period | $ 0.04 | $ 0.03 |
Weighted-Average Fair Value of Options Granted | $ 0.01 | $ 0.01 |
SCHEDULE OF STOCK OPTIONS OUTST
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Range of Exercise Prices, Minimum | $ 0.025 | ||
Range of Exercise Prices, Maximum | $ 1 | ||
Options Outstanding, Number Outstanding | 52,000,000 | 42,000,000 | 5,000,000 |
Options Outstanding, Weighted Average Remaining Contractual Life | 9 years | ||
Weighted Average Exercise Price, Outstanding at end of period | $ 0.15 | ||
Options Exercisable, Number Exercisable | 26,000,000 | 17,250,000 | |
Option Exercisable, Weighted Average Exercise Price | $ 0.04 |
INCENTIVE AND NON-STATUTORY S_3
INCENTIVE AND NON-STATUTORY STOCK OPTION PLAN (Details Narrative) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 52,000,000 | 42,000,000 | 5,000,000 |
Unrecognized stock-based compensation | $ 340,707 |
SCHEDULE OF FAIR VALUE OF ASSET
SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES (Details) - Bitech Mining [Member] | Mar. 31, 2022 USD ($) |
Business Acquisition [Line Items] | |
Purchase price | $ 1,113,679 |
Cash | 1,150,163 |
Total assets: | 1,185,163 |
Less: liabilities assumed | (71,484) |
Net assets acquired | 1,113,679 |
Purchase price in excess of net assets acquired | $ 0 |
ACQUISITION OF BITECH MINING (D
ACQUISITION OF BITECH MINING (Details Narrative) - Series A Preferred Stock [Member] - shares | Mar. 31, 2022 | Jun. 27, 2022 |
Business Acquisition [Line Items] | ||
Shares issued and outstanding percent | 96% | |
Bitech Mining Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 94,312,250 | |
Shares issued and outstanding percent | 100% | |
Bitech Mining Corporation [Member] | Preferred Stock [Member] | ||
Business Acquisition [Line Items] | ||
Stock Issued During Period, Shares, Acquisitions | 9,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Membership Interest Purchase Agreement [Member] - shares | Apr. 24, 2024 | Apr. 24, 2004 |
Emergen Energy LLC [Member] | Unregistered Shares of Common Stock [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business acquisition equity interests shares issued | 222,222,000 | |
Voting interests acquired | 100% | |
C & C Johnson Holdings LLC [Member] | Common Stock [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business acquisition equity interests shares issued | 711,090,664 | |
Voting interests acquired | 31.30% |