other material
confidence high
sentiment negative
materiality 0.85
Bitech Technologies restates Q1 2022 financials; net loss corrected to $229,162
Bimergen Energy Corp
- July 20, 2022 board determined March 31, 2022 financials unreliable due to Bitech Mining acquisition accounting error.
- Restated net loss increased from $33,085 to $229,162; revenue eliminated to zero.
- Accumulated deficit adjusted from $20,311,632 to $514,121 as of March 31, 2022.
- Additional paid-in capital reduced from $21,022,725 to $1,196,679.
- Company to file amendment to Q1 2022 Form 10-Q with restated financials.