BASANITE, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BASANITE, INC. has filed its annual report for the fiscal year ending December 31, 2023.</b>

AI Summary

BASANITE, INC. (BASA) filed a Annual Report (10-K) with the SEC on April 15, 2024. BASANITE, INC. filed its 2023 Form 10-K on April 15, 2024. The company was formerly known as PayMeOn, Inc. and MMAX MEDIA, INC. Incorporated in Nevada, the company's fiscal year ends on December 31. The filing covers the fiscal year ending December 31, 2023. The company's business address is in Pompano Beach, Florida.

Why It Matters

For investors and stakeholders tracking BASANITE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the 2023 fiscal year. Understanding the company's historical financial data and strategic disclosures is crucial for investors assessing its current valuation and future prospects.

Risk Assessment

Risk Level: — BASANITE, INC. shows moderate risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate market-moving news.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Basanite, Inc.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-15 — Filing Date (Date of submission)

Key Players & Entities

• BASANITE, INC. (company) — Filer name
• PayMeOn, Inc. (company) — Former company name
• MMAX MEDIA, INC. (company) — Former company name
• Nevada (jurisdiction) — State of incorporation
• Pompano Beach, Florida (location) — Business address

FAQ

Industry Context

The company operates within the Miscellaneous Manufacturing Industries sector.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business strategy and performance drivers.
3. Examine the risk factors section for potential challenges and uncertainties.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings.

Key Financial Figures

• $0.001 — ) of the Act: Common Stock, par value $0.001 per share (Title of Class) ———————
• $1.2 billion — mprovements (notably the passage of the $1.2 billion Infrastructure Investment and Jobs Act
• $0.33 — arrant Shares") at an exercise price of $0.33 per Warrant Share. The right to purchas
• $5,000,000 — tment into our company of not less than $5,000,000 from one or any combination of the foll
• $9.4 billion — e U.S. is estimated to be approximately $9.4 billion. This market is very established and re

Filing Documents

• basa_10k-123123.htm (10-K) — 1243KB
• basa_ex31x1.htm (EX-31.1) — 7KB
• basa_ex31x2.htm (EX-31.2) — 7KB
• basa_ex32x1.htm (EX-32.1) — 4KB
• basa_ex32x2.htm (EX-32.2) — 4KB
• 0001079973-24-000548.txt (&nbsp;) — 5309KB
• basa-20231231.xsd (EX-101.SCH) — 41KB
• basa-20231231_cal.xml (EX-101.CAL) — 54KB
• basa-20231231_def.xml (EX-101.DEF) — 144KB
• basa-20231231_lab.xml (EX-101.LAB) — 300KB
• basa-20231231_pre.xml (EX-101.PRE) — 254KB
• basa_10k-123123_htm.xml (XML) — 737KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 23 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 27 Item 8. Consolidated Financial Statements and Supplementary Data. 27 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 27 Item 9A.

Controls and Procedures

Controls and Procedures. 27 Item 9B. Other Information. 28 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 28 PART III. Item 10. Directors, Executive Officers and Corporate Governance. 28 Item 11.

Executive Compensation

Executive Compensation. 31 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 33 Item 13. Certain Relationships and Related Transactions, and Director Independence. 34 Item 14. Principal Accountant Fees and Services. 35 PART IV. Item 15. Exhibits, Financial Statement Schedules. 36 Item 16. Form 10-K Summary. 37 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS All statements, other than Discussion and Analysis of Financial Condition and Results of Operations" and "Description of Business," are, or may be deemed to be, "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve assumptions, significant known and unknown risks, uncertainties and other factors (many of which may be out of our control), which may cause the actual results, performance or achievements of our company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements contained in this Form 10-K. In addition, our management may from time to time make written or oral forward-looking statements with respect to our long-term objectives or expectations which may be included in our filings with the Securities and Exchange Commission (the "SEC"), reports to stockholders and information provided in our website. Such The words or phrases "will likely," "are expected to," "is anticipated," "is predicted," "forecast," "estimate," "project," "plans," "believes," "may" or similar expressions identify "forward-looking

Business

Item 1. Business. Overview Through our wholly owned subsidiary, Basanite Industries, LLC, a Delaware limited liability company ("BI"), we manufacture a range of "green" (environmentally friendly), sustainable, non-corrosive, lightweight, composite products used in concrete reinforcement by the construction industry. Our core product is BasaFlex , a basalt fiber reinforced polymer ("BFRP") reinforcing bar (known as "rebar") which we believe is a stronger, lighter, sustainable, non-conductive, and corrosion-proof alternative to traditional steel. Our two other main product lines are BasaMix , which are fine denier basalt fibers available in various chopped sizes, and BasaMesh , a line of Basalt Geogrid Mesh Rolls, intended to replace welded wire mesh (made of steel). While we believe our products have significant market potential and have begun to gain some acceptance in the market (as evidenced by the beginning of revenue growth which occurred in 2021 and continued in 2022 and 2023 as below under "Management's Analysis and Discussion of Results of Operations"), we are currently conducting relatively limited operations due to lack of adequate funding. We are working to secure additional funding of approximately 5 million dollars to increase our manufacturing capacity to meet what we believe will be increasing demand for our products, but until such funding is obtained, there will remain substantial doubt regarding our ability to continue as a going concern. We were formed as a Nevada corporation in 2006 under the name "Nevada Processing Solutions, Inc." and entered our current BFRP business in 2017. Our Products BFRP is a UV-stable, chemical, acid and moisture resistant material is sustainable and environmentally friendly and has been engineered to replace steel as it never rusts, therefore, addressing the industry's current corrosion issues. BasaFlex BFRP rebar is a corrosion proof, chemical, acid and moisture resistant material, as well as being sustainabl

View Full Filing

View this 10-K filing on SEC EDGAR