In a recent shift of its financial oversight, Bitech Technologies Corp (OTC Markets:BTTC), a company specializing in electric services, has changed its certifying accountant. The company, headquartered in Newport Beach, California, announced on Monday the dismissal of Fortune CPA, Inc. and the appointment of Farber Hass Hurley LLP (FHH) as its new independent registered public accounting firm, effective July 8, 2024.
The reports from Fortune for the fiscal years ending December 31, 2023, and December 31, 2022, included a Going Concern notation highlighting the uncertainty of the company's ability to continue as a going concern but did not contain any adverse opinion or disclaimer of opinion.
Furthermore, there were no disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have warranted mention in Fortune's audit reports.
The transition to FHH comes without any reported consultation on accounting principles or disagreements that could have influenced Bitech's decision-making in financial reporting. Bitech Technologies has ensured compliance with regulatory requirements by providing Fortune with a copy of the disclosure report prior to filing with the SEC. Fortune has submitted a letter to the SEC, dated July 12, 2024, agreeing with the statements made by Bitech Technologies in the report.
This change in the company's financial oversight is disclosed in accordance with SEC regulations and is documented in the company's filing with the SEC. The decision was made after review and recommendation by the company's committee, and FHH will oversee the company's financial statements for the year ending December 31, 2024.
This information is based on a press release statement and provides an update on Bitech Technologies' internal financial management processes.
InvestingPro Insights
As Bitech Technologies Corp (OTC Markets:BTTC) navigates a pivotal transition in its financial oversight, investors are closely monitoring the company's performance and valuation metrics. According to InvestingPro data, Bitech Technologies currently holds a market capitalization of $49.88 million, with a Price/Book ratio in the last twelve months as of Q1 2024 standing at a substantial 264.65. This suggests a high valuation in relation to the company's book value, potentially reflecting investor expectations of future growth or unique assets held by the niche player in the electric services industry.
InvestingPro Tips indicate that Bitech Technologies has faced significant challenges, with analysts expecting a sales decline in the current year and the stock experiencing considerable volatility. The company's recent financial performance has not been profitable over the last twelve months, and it is trading at high revenue and Price/Book valuation multiples. Moreover, Bitech Technologies does not pay a dividend, which may influence the investment strategies of income-focused shareholders.
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