Basanite, Inc. Q1 2024 10-Q Filing
Ticker: BASA · Form: 10-Q · Filed: May 24, 2024 · CIK: 1448705
| Field | Detail |
|---|---|
| Company | Basanite, INC. (BASA) |
| Form Type | 10-Q |
| Filed Date | May 24, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001, $0, $0.20 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Basanite filed its Q1 2024 10-Q. Check financials.
AI Summary
Basanite, Inc. filed its quarterly report for the period ending March 31, 2024. The company, formerly known as PayMeOn, Inc., is incorporated in Nevada and operates in the miscellaneous manufacturing industries. The filing details financial information for the first quarter of 2024, comparing it to the same period in 2023.
Why It Matters
This filing provides investors with an update on Basanite, Inc.'s financial performance and position as of the end of the first quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new disclosures.
Key Players & Entities
- BASANITE, INC. (company) — Filer
- PayMeOn, Inc. (company) — Former company name
- 20240331 (date) — Reporting period end date
- 20240524 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is March 31, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on May 24, 2024.
What industry does Basanite, Inc. operate in?
Basanite, Inc. operates in the Miscellaneous Manufacturing Industries.
What was Basanite, Inc.'s former company name?
Basanite, Inc.'s former company name was PayMeOn, Inc.
In which state is Basanite, Inc. incorporated?
Basanite, Inc. is incorporated in Nevada (NV).
Filing Stats: 4,685 words · 19 min read · ~16 pages · Grade level 13.9 · Accepted 2024-05-24 10:48:56
Key Financial Figures
- $0.001 — ding as of May 17, 2024 Common Stock, $0.001 par value per share 260,156,796 BAS
- $0 — ds of the grant. The Company recognized $0 in stock-based compensation during the
- $0.20 — stock warrants at an exercise price of $0.20 per share expiring in 5 years. The note
Filing Documents
- basa_10q.htm (10-Q) — 539KB
- basa_ex31z1.htm (EX-31.1) — 10KB
- basa_ex31z2.htm (EX-31.2) — 10KB
- basa_ex32z1.htm (EX-32.1) — 5KB
- basa_ex32z2.htm (EX-32.2) — 5KB
- 0001079973-24-000807.txt ( ) — 3366KB
- basa-20240331.xsd (EX-101.SCH) — 30KB
- basa-20240331_cal.xml (EX-101.CAL) — 34KB
- basa-20240331_def.xml (EX-101.DEF) — 97KB
- basa-20240331_lab.xml (EX-101.LAB) — 247KB
- basa-20240331_pre.xml (EX-101.PRE) — 210KB
- basa_10q_htm.xml (XML) — 463KB
– FINANCIAL INFORMATION
PART I. – FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Stockholder's (Deficit) Equity (Unaudited) for Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.
Controls and Procedures
Controls and Procedures 19
– OTHER INFORMATION
PART II. – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 20 Item 1A.
Risk Factors
Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 20
– FINANCIAL
PART I. – FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS BASANITE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash $ 3,791 $ 55,248 Accounts receivable, net 36,391 40,222 TOTAL CURRENT ASSETS 40,182 95,470 Lease right-of-use asset, operating 32,759 56,915 Fixed assets, net 370,309 402,271 TOTAL NON–CURRENT ASSETS 403,068 459,186 TOTAL ASSETS $ 443,250 $ 554,656 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,789,184 $ 1,762,390 Accrued expenses 1,288,459 1,207,545 Due to shareholders 475,000 475,000 Notes payable 270,000 270,000 Notes payable - related party 1,828,000 1,750,000 Notes payable - convertible - related party, net 2,144,357 2,144,357 Lease liability - current portion 32,759 56,915 TOTAL CURRENT LIABILITIES 7,827,759 7,666,207 TOTAL LIABILITIES 7,827,759 7,666,207 STOCKHOLDERS' (DEFICIT) EQUITY Preferred stock, $ 0.001 par value, 5,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.001 par value, 1,000,000,000 shares authorized, 260,156,796 and 259,156,796 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 260,157 259,157 Additional paid-in capital 48,905,681 48,891,681 Accumulated deficit ( 56,550,347 ) ( 56,262,389 ) TOTAL STOCKHOLDERS' (DEFICIT) EQUITY ( 7,384,509 ) ( 7,111,551 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 443,250 $ 554,656 The accompanying notes are an integral part of the condensed consolidated financial statements. 1 BASANITE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the three months ended March 31, 2024 2023 Revenue Products sales $ 59,449 $ 115,118 Total cost of goods sold 4,259 19,751 Gross (loss) profit 55,191 95,367 OPERATING EXPENSES Sales, general, and administrative 154,329 434,784 Total operating expenses