Basanite, Inc. Files Q2 2025 10-Q
Ticker: BASA · Form: 10-Q · Filed: Aug 19, 2025 · CIK: 1448705
| Field | Detail |
|---|---|
| Company | Basanite, INC. (BASA) |
| Form Type | 10-Q |
| Filed Date | Aug 19, 2025 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001, $3,850 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, manufacturing
TL;DR
BASANITE INC (BASN) filed its Q2 2025 10-Q. Financials are in.
AI Summary
Basanite, Inc. filed its 10-Q for the period ending June 30, 2025, reporting on its financial performance. The company, formerly known as PayMeOn, Inc., is incorporated in Nevada and operates in the miscellaneous manufacturing industries. Key financial data points and historical company name changes are part of this filing.
Why It Matters
This filing provides investors and stakeholders with an update on Basanite, Inc.'s financial health and operational status for the second quarter of 2025.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information which can reveal both positive and negative trends, impacting investment decisions.
Key Numbers
- 20250630 — Period End Date (Indicates the end of the financial reporting quarter.)
- 20250819 — Filing Date (Shows when the report was officially submitted to the SEC.)
Key Players & Entities
- BASANITE, INC. (company) — Filer of the 10-Q
- PayMeOn, Inc. (company) — Former company name
- 20250630 (date) — End of reporting period
- 20250819 (date) — Filing date
FAQ
What is the primary business of Basanite, Inc.?
Basanite, Inc. operates in the Miscellaneous Manufacturing Industries, SIC code [3990].
When did Basanite, Inc. change its name from PayMeOn, Inc.?
The company changed its name from PayMeOn, Inc. on June 27, 2013.
What is the fiscal year end for Basanite, Inc.?
Basanite, Inc.'s fiscal year ends on December 31.
In which state is Basanite, Inc. incorporated?
Basanite, Inc. is incorporated in Nevada (NV).
What is the SEC file number for Basanite, Inc.?
The SEC file number for Basanite, Inc. is 000-53574.
Filing Stats: 4,757 words · 19 min read · ~16 pages · Grade level 13.8 · Accepted 2025-08-19 13:38:21
Key Financial Figures
- $0.001 — g as of August 14, 2025 Common Stock, $0.001 par value per share 267,560,840 BAS
- $3,850 — . The Company's base rent obligation is $3,850 per month for the storage space, based
Filing Documents
- basa_10q-063025.htm (10-Q) — 657KB
- ex31x1.htm (EX-31.1) — 7KB
- ex31x2.htm (EX-31.2) — 7KB
- ex32x1.htm (EX-32.1) — 5KB
- ex32x2.htm (EX-32.2) — 4KB
- 0001079973-25-001343.txt ( ) — 3375KB
- basa-20250630.xsd (EX-101.SCH) — 30KB
- basa-20250630_cal.xml (EX-101.CAL) — 34KB
- basa-20250630_def.xml (EX-101.DEF) — 94KB
- basa-20250630_lab.xml (EX-101.LAB) — 206KB
- basa-20250630_pre.xml (EX-101.PRE) — 173KB
- basa_10q-063025_htm.xml (XML) — 514KB
– FINANCIAL INFORMATION
PART I. – FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2025 (Unaudited) and December 31, 2024 1 C ondensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024 2 Condensed Consolidated Statements of Stockholder's (Deficit) Equity (Unaudited) for Three and Six Months Ended June 30, 2025 and 2024 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three and Six Months Ended June 30, 2025 and 2024 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 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 15 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 INFORMATION
PART I. – FINANCIAL INFORMATION ITEM 1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS BASANITE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, December 31, 2025 2024 ASSETS CURRENT ASSETS Cash $ 109,171 $ 82,222 Accounts receivable, net — 50,759 Prepaid Expenses — — TOTAL CURRENT ASSETS 109,171 132,981 Lease right-of-use asset, operating — — Fixed assets, net 75,020 132,728 TOTAL NON–CURRENT ASSETS 75,020 132,728 TOTAL ASSETS $ 184,191 $ 265,709 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,711,371 $ 1,733,422 Accrued expenses 2,649,068 2,290,877 Due to shareholders 475,000 475,000 Notes payable 270,000 270,000 Notes payable - related party 2,683,000 2,178,000 Notes payable - convertible - related party, net 2,144,357 2,144,357 Lease liability - current portion — — TOTAL CURRENT LIABILITIES 9,932,796 9,091,656 TOTAL LIABILITIES 9,932,796 9,091,656 STOCKHOLDERS' (DEFICIT) EQUITY Preferred stock, $ 0.001 par value, 5,000,000 shares authorized, none issued and outstanding, respectively — — Common stock, $ 0.001 par value, 1,000,000,000 shares authorized, 267,560,840 and 260,156,796 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 267,561 260,157 Additional paid-in capital 49,142,610 48,905,681 Accumulated deficit ( 59,158,776 ) ( 57,991,785 ) TOTAL STOCKHOLDERS' (DEFICIT) EQUITY ( 9,748,605 ) ( 8,825,947 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 184,191 $ 265,709 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 six months ended For the three months ended June 30, June 30, 2025 2024 2025 2024 Revenue Products sales – rebar $ 65,946 $ 146,340 $ 37,972 $ 86,891 Total cost of goods sold 38,307 34,453 $ 23,548 30,194 Gross profit 27,639 11