Bion Environmental Technologies Files 2024 10-K

TL;DR

BION filed its 2024 10-K. All systems go.

AI Summary

Bion Environmental Technologies Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, formerly RSTS Corp, is in the agriculture chemicals sector. Its principal executive offices are located at PO BOX 323, Old Bethpage, NY 11804.

Why It Matters

This filing provides a comprehensive overview of Bion Environmental Technologies Inc.'s financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

• BION ENVIRONMENTAL TECHNOLOGIES INC (company) — Filer
• RSTS CORP (company) — Former Company Name
• PO BOX 323, OLD BETHPAGE, NY 11804 (location) — Business and Mail Address
• 20240630 (date) — Conformed Period of Report
• 20240930 (date) — Filed as of Date

FAQ

Key Financial Figures

• $5.8 million — Current liabilities were approximately $5.8 million at June 30, 2024 which represents an in
• $4.2 million — represents an increase of approximately $4.2 million from June 30, 2023 (largely due to an i
• $2.1 million — ccrued expenses' totaling approximately $2.1 million and an increase in current debt' of app
• $626,000 — sh on hand decreased from approximately $626,000 to approximately $52,000 over the same
• $52,000 — approximately $626,000 to approximately $52,000 over the same period. The Company extre
• $0 — Project, as of that date, be reduced to $0 on the Company balance sheet, in order
• $9,460,425 — time/non-recurring' non-cash' charge of $9,460,425 has been taken by the Company, at that
• $5,808,501 — ed the Company shareholders' equity to ($5,808,501) and resulted in a loss of $11,691,115
• $11,691,115 — ($5,808,501) and resulted in a loss of $11,691,115 for the 2024 fiscal year. 2 C: On Se
• $1,500,000 b — Company entered into an agreement for a $1,500,000 bridge loan and executed documents includ
• $1,500,000 — require the Lender to loan the Company $1,500,000 in six monthly tranches of $250,000 com
• $250,000 — y $1,500,000 in six monthly tranches of $250,000 commencing October 2023. All sums advan
• $1.00 — the Company. The Note is convertible at $1.00 per unit, at the sole election of the L
• $150,000 — . On May 10, 2024, the Company received $150,000 from affiliates of the Bridge Loan Lend
• $56,250 — im (2,425,000, in aggregate) and waived $56,250 of accrued deferred compensation (conve

Filing Documents

• bion_10k-063024.htm (10-K) — 1448KB
• image_001.jpg (GRAPHIC) — 30KB
• bion_ex31x1.htm (EX-31.1) — 8KB
• bion_ex31x2.htm (EX-31.2) — 5KB
• bion_ex32x1.htm (EX-32.1) — 5KB
• bion_ex32x2.htm (EX-32.2) — 5KB
• 0001553350-24-000141.txt ( ) — 6004KB
• bnet-20240630.xsd (EX-101.SCH) — 49KB
• bnet-20240630_cal.xml (EX-101.CAL) — 44KB
• bnet-20240630_def.xml (EX-101.DEF) — 186KB
• bnet-20240630_lab.xml (EX-101.LAB) — 361KB
• bnet-20240630_pre.xml (EX-101.PRE) — 314KB
• bion_10k-063024_htm.xml (XML) — 668KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (and the documents incorporated herein by reference) contain forward-looking statements, within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will,"

Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "project," "predict," "plan," "believe," or "continue," or the negative thereof or variations thereon and/or references to goals, targets, projections or similar terminology. The expectations reflected in forward-looking statements may prove to be incorrect. These forward-looking statements include, but are not limited to, predictions regarding: our business plan; the commercial viability of our technology and products produced by our technology; the effects of competitive factors on our technology and products produced by our technology; expenses we will incur in operating our business; our liquidity and sufficiency of existing cash; the success of our financing plans; and the outcome of pending or threatened litigation. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that the expectations underlying our forward-looking Therefore, you should not place undue reliance on our forward-looking statements. We have included important risks and uncertainties in the cautionary statements included in this Annual Report; particularly, the section titled "Risk Factors" incorporated in Item 1.A of this report. These risks and uncertainties could cause actual results or events to differ materially from the forward-looking or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Our forward-looking statements do not reflect the potential imp

BUSINESS

ITEM 1. BUSINESS. GENERAL The Company has been under substantial financial and management stress over the past eighteen (18) months. Covid-related delays during technology pilot development at Buflovak in New York, followed by post-Covid supply chain disruptions during construction of our demonstration facility at Fair Oaks, have led to extreme difficulties in raising needed funds. These delays prevented us from meeting our project development and related capital timelines, and were further compounded by the death (following extended illness) of Dominic Bassani, who most recently served as our COO from May 2022 after serving as our CEO for the prior decade, the subsequent resignation of Bill O'Neill, Dominic's replacement at the CEO position, effective May 31, 2024, followed by the anticipated retirement of Mark A. Smith, the Company's President, General Counsel and Chief Financial Officer, effective July 31, 2024. Since the end of May 2024, a new core leadership team has been installed (see H and I, below) and a short-term funding facility has been implemented (see J, below) while longer term capital solutions are evaluated. Our new leadership team believes the financial and management difficulties Bion has faced are outweighed by the success of our technology demonstration and optimization initiatives at our Fair Oaks facility. This success coincides with clear and growing trends in both sustainable agriculture and clean fuels technology and policy that favor Bion's technology and business opportunities. Bion leadership believes this confluence of events positions the Company, assuming it aligns with appropriate strategic partners and obtains sufficient financing, to exploit a unique opportunity to participate in transformational change at the intersection of agriculture, renewable energy and clean fuels, clean air and water, and evolving consumer demand. PLEASE NOTE: A: The Company is not currently generating any significant revenues. Further, the Company

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View this 10-K filing on SEC EDGAR