Bion Environmental Technologies Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bion Environmental Technologies Inc. filed its Q3 2024 10-Q report on May 15, 2024.</b>

AI Summary

BION ENVIRONMENTAL TECHNOLOGIES INC (BNET) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Bion Environmental Technologies Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on June 30th. The filing was made on May 15, 2024. The company's SIC code is 2870 (Agriculture Chemicals).

Why It Matters

For investors and stakeholders tracking BION ENVIRONMENTAL TECHNOLOGIES INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Bion Environmental Technologies Inc. Understanding the quarterly results is crucial for assessing the company's financial health and future prospects.

Risk Assessment

Risk Level: low — BION ENVIRONMENTAL TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial events or disclosures that would elevate the risk level.

Analyst Insight

Monitor future filings for revenue growth and profitability trends in the agriculture chemicals sector.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2024-06-30 — Fiscal Year End (Fiscal year end)
• 2870 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• BION ENVIRONMENTAL TECHNOLOGIES INC (company) — Filer name
• BNET (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• 0000875729 (company) — Central Index Key
• 2870 (industry) — Standard Industrial Classification
• OLD BETHPAGE (location) — Business address city
• NY (location) — Business address state

FAQ

Industry Context

Bion Environmental Technologies Inc. operates within the agriculture chemicals industry, focusing on environmental technologies.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze revenue and profitability trends in subsequent filings.
3. Research the company's specific environmental technologies and market position.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2024-06-30: Fiscal Year End — Indicates the end of the company's annual fiscal cycle.

Year-Over-Year Comparison

This is the 10-Q filing for the quarter ending March 31, 2024. Specific comparative financial data from the previous quarter or year is not detailed in this header information.

Filing Documents

• bion_10q-033124.htm (10-Q) — 1122KB
• ex31x1.htm (EX-31.1) — 7KB
• ex31x2.htm (EX-31.2) — 6KB
• ex32x1.htm (EX-32.1) — 4KB
• ex32x2.htm (EX-32.2) — 5KB
• 0001079973-24-000724.txt (&nbsp;) — 6052KB
• bnet-20240331.xsd (EX-101.SCH) — 50KB
• bnet-20240331_cal.xml (EX-101.CAL) — 38KB
• bnet-20240331_def.xml (EX-101.DEF) — 227KB
• bnet-20240331_lab.xml (EX-101.LAB) — 368KB
• bnet-20240331_pre.xml (EX-101.PRE) — 335KB
• bion_10q-033124_htm.xml (XML) — 755KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Item 1. Condensed Consolidated Financial Statements 1 Balance sheets 1 2 3 4 Notes to unaudited condensed consolidated financial statements 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 33 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 FORWARD-LOOKING This Quarterly Report on Form 10-Q contains 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 "intend," "estimate," "anticipate," "project," "predict," "plan," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. The expectations reflected in forward-looking ii BION ENVIRONMENTAL TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31 June 30, 2024 2023 (unaudited) ASSETS Current assets: Cash $ 49,735 $ 625,964 Prepaid expenses 121,282 16,785 Deposits and other assets 6,000 6,000 Total current assets 177,017 648,749 Operating lease right-of-use asset 51,572 93,875 Property and equipment, net (Note 3) 9,341,637 6,851,009 Total assets $ 9,570,226 $ 7,593,633 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $ 2,718,841 $ 677,136 Deferred compensation (Note 4) 1,432,678 864,781 Convertible Bridge Note Payable (Note 6) 261,064 — Operating lease liability, current (Note 9) 53,977 75,000 Total current liabilities 4,466,560 1,616,917 Operating lease liability, long term (Note 9) — 29,068 Convertible notes payable - affiliates (Note 6) 1,711,224 1,715,970 Total Liabilities 6,177,784 3,361,955 Equity (deficit): Common stock, no par value, 250,000,000 shares authorized, 57,219,930 and 48,044,790 shares issued, respectively; 56,515,621 and 47,340,480 shares outstanding, respectively — — Additional paid-in capital 133,098,463 131,935,418 Subscription receivable - affiliates (Note 8) ( 504,650

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NINE MONTHS ENDED MARCH 31, 2024 AND 2023 1. ORGANIZATION, NATURE OF BUSINESS, GOING CONCERN AND MANAGEMENT'S PLANS: Organization and nature of business: THE COMPANY HAS BEEN UNDER SUBSTANTIAL FINANCIAL AND MANAGEMENT STRESS OVER THE PAST NINE TO TWELVE (9-12) MONTHS (AND THE CURRENT QUARTER TO DATE) DUE TO EXTREME DIFFICULTIES IN RAISING NEEDED FUNDS (WHICH RE-EMERGED LATE IN THE 2023 FISCAL YEAR AND HAS CONTINUED) WHICH HAVE BEEN 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). THESE PROPBLEMS HAVE OCCURRED DURING A PERIOD IN WHICH THE COMPANY IS FACING INCREASED CAPITAL NEEDS AND THE NEED TO TRANSITION TO A YOUNGER MANAGEMENT TEAM (MARK A. SMITH, THE COMPANY'S PRESIDENT, GENERAL COUNSEL AND CHIEF FINANCIAL OFFICER, IS RETIRING AND HAS AGREEDTO PHASE OUT HIS MANAGEMENT ROLES WHICH WILL NEED TO BE FILLED BY OTHERS). THESE ITEMS AND THE FOLLOWING MATTERS HAVE BEEN PREVIOUSLY DISCLOSED BUT THE COMPANY BELIEVES IT IS IMPORTANT TO FEATURE THEM UPFRONT' AT THIS POINT. PLEASE NOTE: A: The Company is not currently generating any significant revenues. Further, the Company's anticipated revenues, if any, from existing Projects, JVs and proposed Projects will not be sufficient to meet the Company's anticipated operational and capital expenditure needs for many years. Current liabilities were approximately $ 4.5 million at March 31, 2024 which represents an increase of approximately $ 2.8 million from June 30, 2023 (largely due to an increase in accounts payable and accrued expenses' totaling approximately $ 2 .0 million and an increase in deferred compensation' of approximately $.6 million as a result of the Company's limited success in raising new financing (equity and/or debt) during the recent period combined with continued expenses (including those related to the Initial Project). Similarly, the

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