Basanite, Inc. Files Q3 2024 10-Q
Ticker: BASA · Form: 10-Q · Filed: Nov 18, 2024 · CIK: 1448705
| Field | Detail |
|---|---|
| Company | Basanite, INC. (BASA) |
| Form Type | 10-Q |
| Filed Date | Nov 18, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
Related Tickers: BASN
TL;DR
BASANITE INC (BASN) filed their Q3 10-Q. Check financials.
AI Summary
Basanite, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as PayMeOn, Inc., is incorporated in Nevada and operates in the miscellaneous manufacturing industries. Their business address is in Pompano Beach, Florida.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Basanite, Inc. during the third quarter of 2024.
Risk Assessment
Risk Level: low — This filing is a standard quarterly report and does not contain immediate high-risk indicators.
Key Players & Entities
- BASANITE, INC. (company) — Filer
- PayMeOn, Inc. (company) — Former company name
- 20240930 (date) — Reporting period end date
- 20241118 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 18, 2024.
What is Basanite, Inc.'s Standard Industrial Classification code?
Basanite, Inc.'s Standard Industrial Classification code is 3990, Miscellaneous Manufacturing Industries.
What were Basanite, Inc.'s former company names?
Basanite, Inc. was formerly known as PayMeOn, Inc., MMAX MEDIA, INC., and Nevada Processing Solutions.
In which state is Basanite, Inc. incorporated?
Basanite, Inc. is incorporated in Nevada (NV).
Filing Stats: 4,679 words · 19 min read · ~16 pages · Grade level 14.2 · Accepted 2024-11-18 16:12:07
Key Financial Figures
- $0.001 — as of November 15, 2024 Common Stock, $0.001 par value per share 260,156,796 BAS
Filing Documents
- basa_10q.htm (10-Q) — 857KB
- ex31x1.htm (EX-31.1) — 7KB
- ex31x2.htm (EX-31.2) — 7KB
- ex32x1.htm (EX-32.1) — 5KB
- ex32x2.htm (EX-32.2) — 5KB
- 0001079973-24-001566.txt ( ) — 4208KB
- basa-20240930.xsd (EX-101.SCH) — 33KB
- basa-20240930_cal.xml (EX-101.CAL) — 37KB
- basa-20240930_def.xml (EX-101.DEF) — 99KB
- basa-20240930_lab.xml (EX-101.LAB) — 254KB
- basa-20240930_pre.xml (EX-101.PRE) — 217KB
- basa_10q_htm.xml (XML) — 695KB
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholder's (Deficit) Equity (Unaudited) for Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3. Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.
Controls and Procedures
Controls and Procedures 20 PART II. – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 21 Item 1A.
Risk Factors
Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 21
Signatures
Signatures 22 PART I. – FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS BASANITE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS Cash $ 2,326 $ 55,248 Accounts receivable, net 39,532 40,222 Prepaid Expenses — — TOTAL CURRENT ASSETS 41,858 95,470 Lease right-of-use asset, operating — 56,915 Fixed assets, net 175,881 402,271 TOTAL NON–CURRENT ASSETS 175,881 459,186 TOTAL ASSETS $ 217,739 $ 554,656 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,624,188 $ 1,762,390 Accrued expenses 1,857,875 1,207,545 Due to shareholders 475,000 475,000 Notes payable 270,000 270,000 Notes payable - related party 2,028,000 1,750,000 Notes payable - convertible - related party, net 2,144,357 2,144,357 Lease liability - current portion — 56,915 TOTAL CURRENT LIABILITIES 8,399,421 7,666,207 TOTAL LIABILITIES 8,399,421 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 September 30, 2024 and December 31, 2023, respectively 260,157 259,157 Additional paid-in capital 48,905,681 48,891,681 Accumulated deficit ( 57,347,520 ) ( 56,262,389 ) TOTAL STOCKHOLDERS' (DEFICIT) EQUITY ( 8,181,682 ) ( 7,111,551 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 217,739 $ 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 nine months ended For the three months ended September 30, September 30, 2024 2023 2024 2023 Revenue Products sales – rebar $ 209,176 $ 317,664 $ 62,836 $ 49,140 Total cost of goods sold 65,579 167,223 31,127 53,640 Gro