2022 Q4 Form 10-K Financial Statement

#000121390023002427 Filed on January 12, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022
Revenue $606.2K $943.4K $2.466M
YoY Change 50.74% 142.73% 1.78%
Cost Of Revenue $511.2K $789.8K $2.048M
YoY Change 66.36% 143.64% 31.84%
Gross Profit $94.95K $153.6K $418.0K
YoY Change 0.14% 138.17% -51.92%
Gross Profit Margin 15.66% 16.28% 16.95%
Selling, General & Admin $514.3K $507.9K $2.180M
YoY Change -21.4% -8.9% -23.09%
% of Gross Profit 541.64% 330.59% 521.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.930K $8.931K
YoY Change 21.18%
% of Gross Profit 5.81% 2.14%
Operating Expenses $514.3K $516.8K $2.225M
YoY Change -21.4% -7.29% -21.72%
Operating Profit -$419.3K -$363.2K -$1.807M
YoY Change -25.05% -26.33% -8.41%
Interest Expense -$362.3K -$376.3K -$1.229M
YoY Change 23.46% -7.51% -14.98%
% of Operating Profit
Other Income/Expense, Net -$362.3K -$370.00 $866.4K
YoY Change 23.46% -1055.49%
Pretax Income -$781.7K -$640.4K -$2.673M
YoY Change -8.36% -12.15% 42.04%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$781.7K -$1.224M -$2.673M
YoY Change -8.36% 67.98% 42.04%
Net Earnings / Revenue -128.95% -129.79% -108.4%
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 5.864B shares 4.317B shares 3.425B shares
Diluted Shares Outstanding 5.327B shares 3.425B shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.94K $186.4K $186.4K
YoY Change -87.86% -81.1% -81.1%
Cash & Equivalents $94.94K $186.4K
Short-Term Investments
Other Short-Term Assets $4.660K $4.660K $4.660K
YoY Change -34.55% -83.86% -83.86%
Inventory $92.37K $92.92K $92.92K
Prepaid Expenses
Receivables $116.5K $420.0K $420.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $308.5K $703.9K $703.9K
YoY Change -68.43% -41.59% -41.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.461K $1.461K $35.03K
YoY Change -98.03% 0.0% -59.83%
Goodwill
YoY Change
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $22.01K $35.03K $35.03K
YoY Change -90.77% -86.07% -86.07%
TOTAL ASSETS
Total Short-Term Assets $308.5K $703.9K $703.9K
Total Long-Term Assets $22.01K $35.03K $35.03K
Total Assets $330.5K $738.9K $739.0K
YoY Change -72.82% -49.27% -49.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.611M $2.730M $2.730M
YoY Change -3.54% 2.37% 2.37%
Accrued Expenses $5.355M $5.094M $5.129M
YoY Change 15.94% 18.03% 17.41%
Deferred Revenue
YoY Change
Short-Term Debt $834.0K $837.0K $837.0K
YoY Change -3.47% -4.66% -4.66%
Long-Term Debt Due $7.715M $7.654M $7.654M
YoY Change 0.04% -2.28% -2.28%
Total Short-Term Liabilities $16.68M $16.50M $16.50M
YoY Change 3.78% 3.71% 3.71%
LONG-TERM LIABILITIES
Long-Term Debt $126.7K $127.5K $127.5K
YoY Change -58.1% -57.94% -57.94%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $126.7K $127.5K $127.5K
YoY Change -60.92% -62.27% -62.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.68M $16.50M $16.50M
Total Long-Term Liabilities $126.7K $127.5K $127.5K
Total Liabilities $16.80M $16.63M $16.63M
YoY Change 2.5% 2.33% 2.33%
SHAREHOLDERS EQUITY
Retained Earnings -$36.41M -$35.63M
YoY Change 8.11%
Common Stock $586.4K $440.7K
YoY Change 78.4%
Preferred Stock $13.44K
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.20M -$16.58M -$15.89M
YoY Change
Total Liabilities & Shareholders Equity $330.5K $738.9K $739.0K
YoY Change -72.82% -49.27% -49.27%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022
OPERATING ACTIVITIES
Net Income -$781.7K -$1.224M -$2.673M
YoY Change -8.36% 67.98% 42.04%
Depreciation, Depletion And Amortization $8.930K $8.931K
YoY Change 21.18%
Cash From Operating Activities -$133.5K -$403.6K -$1.644M
YoY Change -61.81% -39.36% 4.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $42.06K 346.9K $844.6K
YoY Change -71.07% -77.92% -65.43%
NET CHANGE
Cash From Operating Activities -$133.5K -403.6K -$1.644M
Cash From Investing Activities 0.000
Cash From Financing Activities $42.06K 346.9K $844.6K
Net Change In Cash -$91.45K -56.73K -$799.6K
YoY Change -55.22% -106.59% -197.28%
FREE CASH FLOW
Cash From Operating Activities -$133.5K -$403.6K -$1.644M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$133.5K -$403.6K -$1.644M
YoY Change -35.0% 7.32%

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CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 bant Increase Decrease In Settlement Payable
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CY2022 bant Share Based Compensation Arrangement By Share Based Payment Award Options Aggregate Intrinsic Value Exercisable Number
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CY2021 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2022 bant Proceeds From Note Payable Related Party Net
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CY2021 bant Proceeds From Note Payable Related Party Net
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CY2022 us-gaap Payments Of Financing Costs
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CY2021 us-gaap Payments Of Financing Costs
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CY2022 bant Net Proceeds From Ppp Loan Payable
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CY2021 bant Net Proceeds From Ppp Loan Payable
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CY2022 bant Repayment Of Factoring Notes
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CY2021 bant Repayment Of Factoring Notes
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CY2022 us-gaap Repayments Of Lines Of Credit
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CY2021 us-gaap Repayments Of Lines Of Credit
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CY2022 us-gaap Proceeds From Related Party Debt
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CY2021 us-gaap Proceeds From Related Party Debt
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CY2022 bant Repayment Note Payable Related Party
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CY2021 bant Repayment Note Payable Related Party
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CY2021 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2021 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Interest Paid Net
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 bant Original Issue Discounts Notes
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CY2021 bant Original Issue Discounts Notes
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CY2022 bant Issuance Of Common Stock For Note Conversions
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CY2021 bant Issuance Of Common Stock For Note Conversions
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CY2022 us-gaap Debt Conversion Converted Instrument Amount1
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18744 usd
CY2021 us-gaap Debt Conversion Converted Instrument Amount1
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CY2022 bant Reclassification Of Debt Premium Upon Conversion
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CY2021 bant Reclassification Of Debt Premium Upon Conversion
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CY2021 bant Issuance Of Common Stock For Accrued Salary
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57000 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
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CY2022 bant Issuance Of Convertible Preferred Stock Charged To Debt Discounts
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CY2022 bant Dividend On Convertible Preferred Stock
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CY2022 us-gaap Issuance Of Stock And Warrants For Services Or Claims
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CY2022 bant Proceeds From Stock Option Exercised
ProceedsFromStockOptionExercised
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CY2021 bant Proceeds From Stock Option Exercised
ProceedsFromStockOptionExercised
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CY2022 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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CY2022 us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1 – <span style="font-variant: small-caps"><span style="text-decoration:underline">NATURE OF OPERATIONS</span></span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bantec, Inc. is a product and service company targeting the U.S. Government, state governments, municipalities, hospitals, universities, manufacturers and other building owners. Bantec also provides product procurement, distribution, and logistics services through its wholly-owned subsidiary, Howco Distributing Co., (“Howco”) (collectively, the “Company”) to the United States Department of Defense and Defense Logistics Agency. The Company established Bantec Sanitizing in fiscal 2021, which offers sanitizing products and equipment through its new store bantec.store. Bantec Sanitizing is currently offering Bantec Sanitizing franchises for sale. The Company has operations based in Little Falls, New Jersey and Vancouver, Washington. The Company continues to seek strategic acquisitions and partnerships that offer us an opportunity to grow sales and profit.</p>
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q3 us-gaap Cash Including Discontinued Operations
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CY2022 bant Working Capital Deficit
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CY2022 us-gaap Stockholders Equity Other
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the allowance for bad debt on accounts receivable, reserves on inventory, valuation of intangible assets for impairment analysis, valuation of the lease liability and related right-of-use asset, valuation of stock-based compensation, the valuation of derivative liabilities, valuation of redeemable preferred stock and the valuation allowance on deferred tax assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
CY2022 us-gaap Repayments Of Notes Payable
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CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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128628 usd
CY2021 bant Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Losses Included In Other Comprehensive Income
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CY2021 bant Derivative Losses On Derivative
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5916 usd
CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022 us-gaap Fair Value Adjustment Of Warrants
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8710 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
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134403 usd
CY2022 us-gaap Recapitalization Costs
RecapitalizationCosts
2000 usd
CY2022 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2022 us-gaap Depreciation Expense On Reclassified Assets
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0 usd
CY2021 us-gaap Depreciation Expense On Reclassified Assets
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7374 usd
CY2022 bant Salvageable Value
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1461 usd
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LegalFees
44650 usd
CY2022Q3 us-gaap Capitalized Contract Cost Amortization Period
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P5Y
CY2022 us-gaap Related Parties Amount In Cost Of Sales
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61032 usd
CY2021 us-gaap Related Parties Amount In Cost Of Sales
RelatedPartiesAmountInCostOfSales
47716 usd
CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
42777527 shares
CY2022 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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4480000000 shares
CY2022 bant Incremental Common Shares Attributable To Sharebased Payment Arrangements Senior Convertible Debt
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31756035787 shares
CY2021 bant Incremental Common Shares Attributable To Sharebased Payment Arrangements Senior Convertible Debt
IncrementalCommonSharesAttributableToSharebasedPaymentArrangementsSeniorConvertibleDebt
2549848072 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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38476052210 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2592642822 shares
CY2020Q3 us-gaap Operating Lease Liability
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156554 usd
CY2022Q3 bant Options Outstanding And Exercisable
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16423 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
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2240000000 shares
CY2022 us-gaap Debt Instrument Periodic Payment Interest
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8405055 usd
CY2022 us-gaap Common Stock Dividends Shares
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31756035787 shares
CY2022 us-gaap Earnings Per Share Potentially Dilutive Securities
EarningsPerSharePotentiallyDilutiveSecurities
38,476,052,210
CY2022 bant Shares Converted Percentage
SharesConvertedPercentage
0.0499 pure
CY2022 bant Outstanding Shares Percentage
OutstandingSharesPercentage
0.0999 pure
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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16423 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
17223 shares
CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2240000000 shares
CY2022 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
the Company filed Form PRE 14C to effect a reverse split of between 1:500 and 1:1,000 shares of common stock. The Company expects approval in January 2023. The table below shows the Losses Per Share prior to the reverse split and following the reverse split. A key assumption to the earnings per share calculation is that post-reverse split price is equal to the pre-reverse split times the number of shares from the ratio. For example: pre-reverse split price of $0.003 times the reverse split of 1,000 is equal to $0.30.
CY2022 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
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3257418 usd
CY2021 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
1882071 usd
CY2022 bant Current Weighted Average Shares Outstanding
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3424570305 shares
CY2021 bant Current Weighted Average Shares Outstanding
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1425249598 shares
CY2022 us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
0.0009
CY2021 us-gaap Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
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CY2022Q3 us-gaap Shares Outstanding
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3424570 shares
CY2021Q3 us-gaap Shares Outstanding
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1425250 shares
CY2022 bant Loss Per Share
LossPerShare
0.958
CY2021 bant Loss Per Share
LossPerShare
1.32
CY2022 us-gaap Number Of Operating Segments
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3 pure
CY2021Q3 us-gaap Inventory Finished Goods
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61837 usd
CY2020Q2 bant Accrued Interests
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17000 usd
CY2020Q2 bant Accrued Interests
AccruedInterests
17000 usd
CY2020Q2 bant Accrued Interests
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17000 usd
CY2022 us-gaap Segment Reporting Description Of All Other Segments
SegmentReportingDescriptionOfAllOtherSegments
Howco generates 94% of the consolidated sales which are primarily from department of defense. Drone LLC generated 6% of sales primarily to state and municipal government purchases of drones and accessories. Bantec Sanitizing Inc. had less than 1% of consolidated sales of its sanitizing products. Howco has 68% of the consolidated tangible assets, Drone has no allocated assets and Bantec Sanitizing Inc. has 4% of consolidated asset. The parent company has 29% of the consolidated tangible assets. and Additionally, there are no formal cost allocations to Howco or the other subsidiaries.
CY2021Q3 us-gaap Lines Of Credit Current
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4885 usd
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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419951 usd
CY2021Q3 us-gaap Accounts Receivable Gross Current
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128386 usd
CY2022Q3 us-gaap Accounts Receivable Net Current
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419951 usd
CY2021Q3 us-gaap Accounts Receivable Net Current
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128386 usd
CY2022 bant Bad Debt Expense
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0 usd
CY2021 bant Bad Debt Expense
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0 usd
CY2022Q3 us-gaap Inventory Finished Goods
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LegalFees
44650 usd
CY2022 us-gaap Amortization Of Intangible Assets
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8931 usd
CY2022 bant Net Carrying Value
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35719 usd
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50000 usd
CY2021 bant Extinguieshment Of Debt Amount
ExtinguieshmentOfDebtAmount
377194 usd
CY2020Q2 bant Principal And Interest Balance
PrincipalAndInterestBalance
the Company amended the note with a principal and interest balance of $195,000, and $17,947
CY2018Q3 bant Settlement Agreement Relating To Past Due Charges Amount
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127056 usd
CY2020Q1 bant Initial Payment Amount
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12706 usd
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DebtInstrumentPeriodicPayment
6500 usd
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3850 usd
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7042 usd
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5000 usd
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119670 usd
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36821330 shares
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154562 usd
CY2021 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
42850 usd
CY2022 bant Debt Instrument Interest Rates During Period
DebtInstrumentInterestRatesDuringPeriod
0.055 pure
CY2022 bant Debt Instrument Default Interest Rate
DebtInstrumentDefaultInterestRate
0.08 pure
us-gaap Proceeds From Convertible Debt
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17000 usd
CY2020Q1 bant Nonconvertible Note
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17000 usd
CY2020Q1 bant Accrued Interests
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17000 usd
CY2020Q1 bant Accrued Interests
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17000 usd
CY2022 bant Interest Annual Rate
InterestAnnualRate
0.07 pure
CY2020Q2 us-gaap Convertible Debt
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840000 usd
CY2020Q2 bant Debt Instrument Increase Accrued Interests
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CY2020Q2 bant Debt Instrument Increases Accrued Interest
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CY2020Q2 bant Common Stock Percentage
CommonStockPercentage
0.50 pure
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DebtInstrumentInterestRateDuringPeriod
0.10 pure
CY2020Q2 us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
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688444 usd
CY2020Q3 us-gaap Debt Instrument Face Amount
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377194 usd
CY2020 bant Debt Instrument Increases Accrued Interest
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221323 usd
CY2021 bant Converted Or Paid In Cash Long With Accrued Interest
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224370 usd
CY2021 bant Debt Instrument Increase Accrued Interests
DebtInstrumentIncreaseAccruedInterests
0 usd
CY2020Q4 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
180750 usd
CY2021Q3 bant Shortterm Advances Total
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60400 usd
CY2022 us-gaap Capitalized Exploratory Well Cost Charged To Expense1
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18945 usd
CY2022 bant Amortization Of Debt Discounts Premium
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21940 usd
CY2021 bant Amortization Of Debt Discounts Premium
AmortizationOfDebtDiscountsPremium
30533 usd
CY2016Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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7000 shares
CY2017Q2 bant Debt Instrument Embedded Conversion Amount
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617647 usd
CY2017Q2 us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.25 pure
CY2019Q3 bant Securities Shares Issued
SecuritiesSharesIssued
1273261 shares
CY2018Q3 bant Securities Shares Issued
SecuritiesSharesIssued
101624 shares
CY2019Q4 bant Shares Cancelled
SharesCancelled
194520 shares
CY2018 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
308100 usd
CY2019 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
270320 usd
CY2021Q3 bant Convertible Debt Balance Amount
ConvertibleDebtBalanceAmount
421587 usd
CY2021Q3 us-gaap Debt Instrument Unamortized Premium Current
DebtInstrumentUnamortizedPremiumCurrent
281054 usd
CY2020Q1 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2020Q1 us-gaap Receivable With Imputed Interest Premium
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93850 usd
CY2022 us-gaap Conversion Of Stock Amount Converted1
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2200 usd
CY2020 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
5277 usd
CY2021Q3 us-gaap Investment Owned Balance Principal Amount
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0 usd
CY2020Q3 us-gaap Investment Owned Balance Principal Amount
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91300 usd
CY2021 us-gaap Debt Instrument Increase Accrued Interest
DebtInstrumentIncreaseAccruedInterest
0 usd
CY2021Q3 us-gaap Other Additional Capital
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91300 usd
CY2019Q3 bant Receivable Amount
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20000 usd
CY2020Q3 bant Accrued Interests
AccruedInterests
17000 usd
CY2020Q3 bant Accrued Interests
AccruedInterests
17000 usd
CY2020Q3 us-gaap Business Combination Contingent Consideration Liability
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15000 usd
CY2020Q3 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2021 bant Principal Balance Amounted
PrincipalBalanceAmounted
45000 usd
CY2022 bant Principal Balance Amounted
PrincipalBalanceAmounted
752 usd
CY2021Q3 bant Convertible Promissory Notes
ConvertiblePromissoryNotes
15000 usd
CY2021Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
15000 usd
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
CY2021Q3 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.10 pure
CY2021Q3 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2022 bant Debt Premium
DebtPremium
15000 usd
CY2021 bant Deposit Liabilities Accrued Interest1
DepositLiabilitiesAccruedInterest1
378 usd
CY2021Q3 bant Convertible Notes Payables
ConvertibleNotesPayables
15000 usd
CY2022 bant Notes Bears Interest
NotesBearsInterest
0.10 pure
CY2022Q3 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2021Q3 bant Debt Premium
DebtPremium
15000 usd
CY2021Q3 bant Convertible Notes Payables
ConvertibleNotesPayables
15000 usd
CY2021Q3 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2021Q3 bant Debt Premium
DebtPremium
15000 usd
CY2021Q4 bant Convertible Notes Payables
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15000 usd
CY2021Q4 bant Notes Bears Interest
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0.10 pure
CY2021Q4 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2021Q4 bant Debt Premium
DebtPremium
15000 usd
CY2022 bant Deposit Liabilities Accrued Interest1
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0 usd
CY2021Q4 bant Convertible Notes Payables
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15000 usd
CY2021Q4 bant Notes Bears Interest
NotesBearsInterest
0.10 pure
CY2021Q4 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2021Q4 bant Debt Premium
DebtPremium
15000 usd
CY2022Q1 us-gaap Cash
Cash
85000 usd
CY2021Q4 bant Debt Instrument Principal Amount
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15000 usd
CY2021Q4 bant Notes Bears Interest
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0.10 pure
CY2021Q4 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2022 us-gaap-sup Debt Instrument Issued Principal
DebtInstrumentIssuedPrincipal
105000 usd
CY2022Q1 bant Debt Instrument Principal Amount
DebtInstrumentPrincipalAmount
15000 usd
CY2022Q1 bant Notes Bears Interest
NotesBearsInterest
0.10 pure
CY2022Q1 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2022Q1 bant Debt Premium
DebtPremium
15000 usd
CY2022 bant Principal And Accrued Interest
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744 usd
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CY2022Q1 bant Conversion Discount
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0.50 pure
CY2022Q1 bant Debt Premium
DebtPremium
15000 usd
CY2022Q1 bant Debt Instrument Principal Amount
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15000 usd
CY2022Q1 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2022Q2 bant Debt Premium
DebtPremium
15000 usd
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15000 usd
CY2022Q2 bant Notes Bears Interest
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0.10 pure
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0.50 pure
CY2022Q2 bant Debt Premium
DebtPremium
15000 usd
CY2022Q2 bant Debt Instrument Principal Amount
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15000 usd
CY2022Q2 bant Debt Instrument Principal Amount
DebtInstrumentPrincipalAmount
15000 usd
CY2022Q3 bant Debt Instrument Principal Amount
DebtInstrumentPrincipalAmount
15000 usd
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ConversionDiscount
0.50 pure
CY2022Q3 bant Debt Instrument Principal Amount
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15000 usd
CY2022Q3 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2022Q3 bant Debt Instrument Principal Amount
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15000 usd
CY2022Q3 bant Notes Bears Interest
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0.10 pure
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ConversionDiscount
0.50 pure
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15000 usd
CY2022 bant Frondeur Notes
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105000 usd
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45000 usd
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3631 usd
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752 usd
CY2018Q3 bant Debt Issuance
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6000 usd
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0.12 pure
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The conversion feature allows for conversion into common shares at the lesser of: a) 70% of the share price on the date of the note; or b) 50% of the lowest bid price during the 30 trading days preceding the date of the notice of conversion. In connection with the issuance of this Note, the Company determined that the terms of the Note contain a conversion formula that caused variations in the conversion price resulting in the treatment of the conversion option as a bifurcated derivative to be accounted for at fair value.
CY2018Q3 bant Derivative Liability
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6000 usd
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4035 usd
CY2018Q3 us-gaap Amortization Of Debt Discount Premium
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6000 usd
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5000 usd
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During the year ended September 30, 2021 the note principal was fully repaid in cash and the derivative liability was recognized as gain on extinguishment of debt. The following notes have been issued to the law firm, each having six-month term to maturity and 12% annual interest but a change in the conversion terms such that a fixed discount of 50% of the lowest bid price in the 30 trading days immediately preceding the notice of conversion. The notes have cross default provisions. The Company has accounted for the convertible promissory notes as stock settled debt under ASC 480 and recorded debt premiums equal to the face value of the notes with a charge to interest expense. The note principal amount was charged to professional fees during the month the note was issued.
CY2019Q2 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q2 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q2 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q3 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q3 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q3 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q4 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q4 us-gaap Convertible Notes Payable
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6000 usd
CY2019Q4 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q1 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q1 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q2 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
6000 usd
CY2020Q2 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q3 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q3 us-gaap Convertible Notes Payable
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6000 usd
CY2020Q3 us-gaap Convertible Notes Payable
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6000 usd
CY2022Q2 bant Convertible Note Issuance
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4000 usd
CY2022Q2 bant Convertible Note Issuance
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4000 usd
CY2022Q3 bant Convertible Note Issuance
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4000 usd
CY2022Q3 bant Convertible Note Issuance
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4000 usd
CY2022Q3 bant Convertible Note Issuance
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4000 usd
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20000 usd
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90000 usd
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161700 usd
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The note bears interest at 5%, matures on June 30, 2019 and is convertible into the Company’s common stock at 50% of the lowest closing bid price during the 20 trading days immediately preceding the notice of conversion.
CY2018Q4 bant Debt Premium Charge To Interest Expense
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90000 usd
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53750 usd
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2688 usd
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28942 usd
CY2022Q3 us-gaap Short Term Non Bank Loans And Notes Payable
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615500 usd
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519054 usd
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270064 usd
CY2021Q3 bant Debt Instrument Discount Amount
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45816 usd
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345436 usd
CY2021Q3 bant Debt Instrument Total
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473238 usd
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303202 usd
CY2022 us-gaap Amortization Of Financing Costs
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135506 usd
CY2021 us-gaap Amortization Of Financing Costs
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149614 usd
CY2019Q4 bant Note Principal And Accrued Interest Related Description
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Conversion terms were reinstated and the note and accrued interest of $1,770 were fully converted into common stock during the year ended September 30, 2021. $17,000 was charged to loss on debt extinguishment due to reinstatement of conversion feature treated as stock settled debt in accordance with ASC 480.
CY2021Q3 us-gaap Debt Instrument Face Amount
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22461 usd
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30000 usd
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$2,260
CY2022 us-gaap Amortization Of Debt Discount Premium
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0 usd
CY2021Q3 us-gaap Debt Instrument Unamortized Discount
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9674 usd
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0 usd
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seven
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17500 usd
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P1Y
CY2022 bant Service Arrangement
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CY2021 bant Service Arrangement
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17500 usd
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0.0002
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0.50 pure
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461440 usd
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360072 usd
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13440 usd
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1.5
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0.0002
CY2022 us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
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0.50 pure
CY2022Q3 us-gaap Preferred Stock Redemption Amount
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224000 usd
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0.22 pure
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5000000 shares
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0.0001
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3999750 shares
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250 shares
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0.99
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2470510585 shares
CY2020Q3 bant Issuance Settled Amount Due Description
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The offering provided for the issuance of up to 1,500,000,000 shares of common stock at a price of $.00175, under subscriptions.
CY2021Q1 bant Issuance Settled Amount Due Description
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The offering provides for the issuance of up to 1,250,000,000 shares of common stock at a price of $.0175, under subscriptions.
CY2021Q2 bant Issuance Settled Amount Due Description
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The offering provides for the issuance of up to 1,500,000,000 shares of common stock at a price of $.0025, under subscriptions.
CY2022Q1 bant Issuance Settled Amount Due Description
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The offering provides for the issuance of up to 1,800,000,000 shares of common stock at a price of $.0006, under subscriptions.
CY2022Q3 bant Issuance Settled Amount Due Description
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The offering provides for the issuance of up to 5,000,000,000 shares of common stock at a price of $.0002, under subscriptions.
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1928898 usd
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120000000 shares
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300000 usd
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50000000 shares
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125000 usd
CY2021Q3 us-gaap Stock Issued During Period Shares New Issues
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100000000 shares
CY2021Q3 bant Offering And Recieved
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250000 usd
CY2020Q4 bant Agreement Description
AgreementDescription
On October 22, 2020, the Company issued 10,000,000 shares of common stock to a consultant for services rendered, which were valued at $0.0034, based on the stock price on the date of the grant. The cost of $34,000 was charged to consulting expense. 
CY2021Q2 bant Agreement Description
AgreementDescription
On April 13, 2021, the Company issued 10,000,000 shares of common stock to a consultant for services, which were valued at $0.0114, based on the stock price on the date of the grant. The cost of $114,000 was charged to consulting expense. 
CY2021Q3 us-gaap Excess Stock Shares Issued
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36821330 shares
CY2022 bant Weighted Average Exercise Price Anti Dilution Adjustment
WeightedAverageExercisePriceAntiDilutionAdjustment
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92723 usd
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26947 usd
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119670 usd
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518649906 shares
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630000 usd
CY2022 us-gaap Conversion Of Stock Shares Issued1
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1124318577 shares
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55000 usd
CY2022Q2 us-gaap Conversion Of Stock Amount Converted1
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55000 usd
CY2022Q2 us-gaap Debt Instrument Increase Accrued Interest
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2750 usd
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2750 usd
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CY2022Q2 bant Shares Of Common Stock
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15000 usd
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747 usd
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15000 usd
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744 usd
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222000 usd
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220
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P5Y3M14D
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230
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220
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0.0002
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448000 usd
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2240000000 shares
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0.0002
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P6Y6M
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.0002
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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224000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.21 pure
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0.90 pure
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0 usd
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0 usd
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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5541 usd
CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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9704 usd
CY2022Q3 bant Operating Lease Liabilities At Inception
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156554 usd
CY2021Q3 bant Operating Lease Liabilities At Inception
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156554 usd
CY2022 us-gaap Related Party Transaction Amounts Of Transaction
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370000 usd
CY2022 us-gaap Loss On Contract Termination
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2500000 usd
CY2019Q3 bant Annual Salary
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624000 usd
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0.10 pure
CY2017Q1 us-gaap Shares Issued
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250 shares
CY2017Q1 bant Employment Agreement Vesting Period
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P5Y
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275000 usd
CY2019Q3 bant Annual Bonus
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0.02 pure
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90866 usd
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5000000 shares
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0.0114
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57000 usd
CY2022 bant Net Operating Loss Carryforwards Description
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As of September 30, 2022, the Company has net operating loss carryforwards of approximately $17,382,000 to reduce future taxable income. Of the $17,382,000, approximately $14,604,000 can be used through 2039, and $2,778,000 may be carried forward indefinitely.
CY2021 us-gaap Asset Impairment Charges
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CY2022 bant Net Gain On Settlement Of Accounts Payable And Accrued Expenses
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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-561403 usd
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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-395235 usd
CY2022 bant Current State And Local Tax Expenses Benefit
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-225898 usd
CY2021 bant Current State And Local Tax Expenses Benefit
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-159035 usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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The agreement has an initial term of three years with one year renewals.
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On April 16, 2020 the Company’s subsidiary Howco renewed its office and warehouse lease in Vancouver, WA for a term commencing on June 1, 2020 extending through June 1, 2023 at an initial monthly rent of approximately $5,154.
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In December 2019, the Company relocated its primary office to 195 Paterson Avenue, Little Falls, New Jersey, under a one-year lease with a renewal option having monthly payments of $500. 
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CY2021 bant Employees Earned Salary
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ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedAverageExercisePriceForfeited
CY2022 bant Sharebased Compensation Arrangement By Sharebased Payment Award Weighted Average Remaining Contractual Term Years Forfeited
SharebasedCompensationArrangementBySharebasedPaymentAwardWeightedAverageRemainingContractualTermYearsForfeited
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CY2022 bant Issued Shares Of Common Stock
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CY2021Q3 us-gaap Common Stock Shares Authorized
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FY
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0001704795

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