$BANT
Bantec, Inc.

2023 Q3 Form 10-Q Financial Statement

#000121390023073536 Filed on September 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $504.7K $590.3K $750.8K
YoY Change -46.5% -21.37% 20.62%
Cost Of Revenue $428.8K $489.8K $629.0K
YoY Change -45.71% -22.13% 27.31%
Gross Profit $75.90K $100.5K $121.7K
YoY Change -50.59% -17.43% -5.13%
Gross Profit Margin 15.04% 17.03% 16.21%
Selling, General & Admin $492.0K $397.4K $470.6K
YoY Change -3.13% -15.57% -40.47%
% of Gross Profit 648.16% 395.34% 386.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.460K $0.00 $6.698K
YoY Change -83.65% -100.0% 172.5%
% of Gross Profit 1.92% 0.0% 5.5%
Operating Expenses $493.4K $397.4K $477.3K
YoY Change -4.52% -16.75% -39.81%
Operating Profit -$417.5K -$296.8K -$355.6K
YoY Change 14.97% -16.52% -44.84%
Interest Expense -$239.8K -$346.5K -$261.5K
YoY Change -36.28% 32.5% -12.53%
% of Operating Profit
Other Income/Expense, Net $0.00 -$346.5K -$101.7K
YoY Change -100.0% 240.81% -65.99%
Pretax Income $30.39K -$643.4K -$457.3K
YoY Change -104.75% 40.7% -52.55%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$3.970K -$643.4K -$457.3K
YoY Change -99.68% 40.7% -52.55%
Net Earnings / Revenue -0.79% -108.99% -60.91%
Basic Earnings Per Share -$0.10 $0.00
Diluted Earnings Per Share $0.00 -$0.10 $0.00
COMMON SHARES
Basic Shares Outstanding 6.994M shares 6.994B shares 3.762B shares
Diluted Shares Outstanding 6.994M shares 3.762M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.44K $43.77K $243.1K
YoY Change -80.99% -82.0% 94.66%
Cash & Equivalents $35.44K $43.77K $243.1K
Short-Term Investments
Other Short-Term Assets $15.00K $34.53K $4.660K
YoY Change 221.89% 640.99% 1.53%
Inventory $178.1K $55.12K $103.1K
Prepaid Expenses
Receivables $138.6K $268.2K $281.8K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $367.1K $401.6K $632.6K
YoY Change -47.85% -36.52% 57.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.542K $1.461K $1.461K
YoY Change 5.54% 0.0% -98.54%
Goodwill
YoY Change
Intangibles $37.95K
YoY Change
Long-Term Investments
YoY Change
Other Assets $119.7K
YoY Change
Total Long-Term Assets $128.8K $142.0K $205.7K
YoY Change 267.75% -30.95% 105.12%
TOTAL ASSETS
Total Short-Term Assets $367.1K $401.6K $632.6K
Total Long-Term Assets $128.8K $142.0K $205.7K
Total Assets $495.9K $543.6K $838.3K
YoY Change -32.89% -35.15% 67.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.215M $2.668M $2.703M
YoY Change -18.86% -1.31% 0.71%
Accrued Expenses $3.530M $6.258M $5.003M
YoY Change -30.7% 25.08% 14.54%
Deferred Revenue
YoY Change
Short-Term Debt $1.360M $8.591M $846.0K
YoY Change 62.51% 915.52% -7.91%
Long-Term Debt Due $863.9K $523.9K $7.519M
YoY Change -88.71% -93.03% -7.79%
Total Short-Term Liabilities $8.352M $18.47M $16.30M
YoY Change -49.39% 13.37% 0.02%
LONG-TERM LIABILITIES
Long-Term Debt $8.850M $150.0K $130.0K
YoY Change 6839.2% 15.35% -57.33%
Other Long-Term Liabilities $85.88K $100.3K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $8.936M $250.3K $130.0K
YoY Change 6906.59% 92.44% -63.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.352M $18.47M $16.30M
Total Long-Term Liabilities $8.936M $250.3K $130.0K
Total Liabilities $17.29M $18.73M $16.43M
YoY Change 3.95% 13.99% -1.32%
SHAREHOLDERS EQUITY
Retained Earnings -$37.86M -$37.89M -$34.99M
YoY Change 6.25% 8.28%
Common Stock $930.00 $699.00 $397.3K
YoY Change -99.79% -99.82%
Preferred Stock $141.4K $111.6K
YoY Change 952.17%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.26M -$18.64M -$15.59M
YoY Change
Total Liabilities & Shareholders Equity $495.9K $543.6K $838.3K
YoY Change -32.89% -35.15% 67.14%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$3.970K -$643.4K -$457.3K
YoY Change -99.68% 40.7% -52.55%
Depreciation, Depletion And Amortization $1.460K $0.00 $6.698K
YoY Change -83.65% -100.0% 172.5%
Cash From Operating Activities -$159.6K -$159.1K -$255.3K
YoY Change -60.46% -37.68% -20.09%
INVESTING ACTIVITIES
Capital Expenditures $1.540K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.540K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 152.8K 192.7K 110.6K
YoY Change -55.95% 74.26% -48.07%
NET CHANGE
Cash From Operating Activities -159.6K -159.1K -255.3K
Cash From Investing Activities -1.540K
Cash From Financing Activities 152.8K 192.7K 110.6K
Net Change In Cash -8.330K 33.62K -144.7K
YoY Change -85.32% -123.23% 35.86%
FREE CASH FLOW
Cash From Operating Activities -$159.6K -$159.1K -$255.3K
Capital Expenditures $1.540K
Free Cash Flow -$161.1K
YoY Change -60.08%

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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Accretion Expense
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us-gaap Accretion Expense
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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bant Gain Loss On Fee Notes Issued
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bant Gain Loss On Fee Notes Issued
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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bant Increase Decrease Right Of Use Lease Asset
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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us-gaap Increase Decrease In Notes Payable Current
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Notes Payable
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us-gaap Repayments Of Notes Payable
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us-gaap Proceeds From Convertible Debt
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us-gaap Repayments Of Convertible Debt
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us-gaap Proceeds From Repayments Of Related Party Debt
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us-gaap Repayments Of Related Party Debt
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us-gaap Repayments Of Related Party Debt
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us-gaap Repayments Of Other Debt
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us-gaap Repayments Of Other Debt
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us-gaap Repayments Of Lines Of Credit
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bant Repayments Of Factoring Notes
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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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
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43772 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
243126 usd
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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bant Issuance Of Common Stock For Conversion Of Convertible Notes And Accrued Interest
IssuanceOfCommonStockForConversionOfConvertibleNotesAndAccruedInterest
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bant Issuance Of Common Stock For Conversion Of Convertible Notes And Accrued Interest
IssuanceOfCommonStockForConversionOfConvertibleNotesAndAccruedInterest
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bant Reclassification Of Debt Premium Upon Conversion
ReclassificationOfDebtPremiumUponConversion
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bant Reclassification Of Debt Premium Upon Conversion
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us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
38000 usd
us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Liabilities Assumed1
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bant Value Of Series C Preferred Stock In Connection With An Exchange Agreement
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bant Purchase Of Convertible Note By Related Party
PurchaseOfConvertibleNoteByRelatedParty
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bant Transfer Of Debt Premium Upon Purchase By Related Party
TransferOfDebtPremiumUponPurchaseByRelatedParty
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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 company providing products and services (“Bantec” or the “Company”), targeting the U.S. Government, state governments, municipalities, hospitals, universities, manufacturers and other building owners. Bantec provides product procurement, distribution, and logistics services through its wholly-owned subsidiary, Howco Distributing Co. (“Howco”) to the U.S. Department of Defense and Defense Logistics Agency. The Company established Bantec Sanitizing, LLC in fiscal 2021, which offers sanitizing products and equipment through its online store - bantec.store. The Company has operations based in Sparta, New Jersey and Vancouver, Washington. Howco operates in Vancouver, Washington and all other operations are in Sparta, New Jersey. The Company continues to seek strategic acquisitions and partnerships that would offer it an opportunity to grow sales and profit.</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">On July 11, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand (1:1,000) Reverse Stock Split (the “Reverse Stock Split”). Proportional adjustments for the Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans. All share and per-share data and amounts have been retroactively adjusted as of the earliest period presented in the consolidated financial statements to reflect the Reverse Stock Split. </p>
CY2023Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On July 11, 2023, the Company filed a certificate of amendment to its certificate of incorporation, as amended, to effect a one-for-one thousand (1:1,000) Reverse Stock Split (the “Reverse Stock Split”). Proportional adjustments for the Reverse Stock Split were made to the Company’s outstanding stock options, warrants and equity incentive plans.
us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2023Q2 us-gaap Cash Including Discontinued Operations
CashIncludingDiscontinuedOperations
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bant Working Capital Deficit
WorkingCapitalDeficit
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us-gaap Stockholders Equity Other
StockholdersEquityOther
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RetainedEarningsAccumulatedDeficit
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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; 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, valuation of redeemable preferred stock, valuation of derivative liabilities, and the valuation allowance on deferred tax assets.</p>
CY2022Q2 us-gaap Proceeds From Collection Of Policy Loans
ProceedsFromCollectionOfPolicyLoans
7042 usd
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CY2023Q1 us-gaap Compensation And Benefits Trust
CompensationAndBenefitsTrust
130400 usd
CY2023Q1 us-gaap Cash
Cash
2222 usd
us-gaap Recapitalization Costs
RecapitalizationCosts
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P3Y
bant Salvageable Value
SalvageableValue
1461 usd
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us-gaap Related Parties Amount In Cost Of Sales
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CY2023Q2 us-gaap Legal Fees
LegalFees
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OtherPaymentsToAcquireBusinesses
60000 usd
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OtherPaymentsToAcquireBusinesses
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us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
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CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
140561 usd
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PaymentsForLegalSettlements
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CY2022 bant Frondeur Notes
FrondeurNotes
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bant Deposit Liabilitie Accrued Interest1
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
16 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
2240000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
399257 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
922128000 shares
bant Incremental Common Shares Attributable To Sharebased Payment Arrangements Senior Convertible Debt
IncrementalCommonSharesAttributableToSharebasedPaymentArrangementsSeniorConvertibleDebt
1108244329 shares
bant Incremental Common Shares Attributable To Sharebased Payment Arrangements Senior Convertible Debt
IncrementalCommonSharesAttributableToSharebasedPaymentArrangementsSeniorConvertibleDebt
18643854 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2032612345 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
19043127 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 pure
us-gaap Segment Reporting Description Of All Other Segments
SegmentReportingDescriptionOfAllOtherSegments
Howco generated 99.78% of the consolidated sales which are primarily from department of defense. Drone LLC generated less than 0.22% of sales primarily due to state and municipal government purchases of drones and accessories. Bantec Sanitizing Inc. had no contribution to consolidated sales of its sanitizing products for the nine months ended June 30, 2023. Howco had 87% of the consolidated tangible assets, Drone had no allocated assets and Bantec Sanitizing Inc. had 4% of consolidated assets and the parent company had 9% of the consolidated tangible assets as of June 30, 2023 and additionally, there are no formal cost allocations to Howco or the other subsidiaries.
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PrincipalOfAggregateAmount
135000 usd
CY2023Q2 bant Debt Instrument Principal Amount
DebtInstrumentPrincipalAmount
135000 usd
bant Frondeur Notes
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AccountsReceivableGrossCurrent
268180 usd
CY2022Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
419951 usd
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CY2022Q3 us-gaap Accounts Receivable Net Current
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BadDebtExpense
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BadDebtExpense
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CY2023Q2 us-gaap Inventory Finished Goods
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CY2022Q3 us-gaap Inventory Finished Goods
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CY2023Q2 us-gaap Long Term Line Of Credit
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CY2023Q2 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
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SettlementAgreementRelatingToPastDueChargesAmount
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DebtInstrumentPeriodicPayment
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us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2017-09-09
bant Debt Instrument Interest Rates During Period
DebtInstrumentInterestRatesDuringPeriod
0.055 pure
bant Debt Instrument Default Interest Rate
DebtInstrumentDefaultInterestRate
0.08 pure
us-gaap Premiums Earned Net
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1220986 usd
CY2023Q1 us-gaap Investment Interest Rate
InvestmentInterestRate
0.26 pure
CY2023Q2 us-gaap Debt Instrument Redemption Price Percentage
DebtInstrumentRedemptionPricePercentage
1 pure
CY2023Q2 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
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bant Amortization Of Debt Discounts Premium
AmortizationOfDebtDiscountsPremium
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bant Amortization Of Debt Discounts Premium
AmortizationOfDebtDiscountsPremium
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CY2016Q3 us-gaap Assets
Assets
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DebtInstrumentEmbeddedConversionAmount
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DebtInstrumentInterestRateIncreaseDecrease
0.25 pure
CY2019Q4 bant Securities Shares Issued
SecuritiesSharesIssued
1273 shares
CY2018Q4 bant Securities Shares Issued
SecuritiesSharesIssued
102 shares
CY2019Q4 bant Shares Cancelled
SharesCancelled
195 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
CY2022Q3 bant Convertible Debt Balance Amount
ConvertibleDebtBalanceAmount
421587 usd
CY2023Q2 bant Ekimnel Strategies Llc
EkimnelStrategiesLLC
1 pure
CY2023Q2 us-gaap Securities Loaned Or Sold Under Agreements To Repurchase Fair Value Disclosure
SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure
8546334 usd
CY2021Q4 bant Debt Instrument Principal Amount
DebtInstrumentPrincipalAmount
15000 usd
CY2021Q4 bant Notes Bears Interest
NotesBearsInterest
0.10 pure
CY2023Q4 bant Conversion Discount
ConversionDiscount
0.50 pure
CY2023Q2 bant Conversion Discount
ConversionDiscount
0.50 pure
us-gaap Debt Instrument Issued Principal
DebtInstrumentIssuedPrincipal
2090007 usd
CY2022Q3 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
5388 usd
CY2022Q3 us-gaap Common Stocks Including Additional Paid In Capital
CommonStocksIncludingAdditionalPaidInCapital
90000 usd
CY2022 bant Deposit Liabilitie Accrued Interest1
DepositLiabilitieAccruedInterest1
3631 usd
CY2023Q2 bant Conversion Shares Of Common Stock1
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4000 shares
CY2023Q2 bant Debt Instrument Annual Principal Payments
DebtInstrumentAnnualPrincipalPayments
10 usd
CY2023Q2 bant Conversion Discount
ConversionDiscount
0.50 pure
bant Agreement Owned Amount
AgreementOwnedAmount
56000 usd
CY2022 bant Agreement Owned Amount
AgreementOwnedAmount
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CY2018Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
90000 usd
CY2018Q4 bant Vendor Settlement
VendorSettlement
161700 usd
CY2018Q4 us-gaap Debt Conversion Description
DebtConversionDescription
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
DebtPremiumChargeToInterestExpense
90000 usd
CY2023Q2 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
90000 usd
CY2022Q3 us-gaap Deposit Liabilities Accrued Interest
DepositLiabilitiesAccruedInterest
90000 usd
us-gaap Debt Securities Held To Maturity Accrued Interest Writeoff
DebtSecuritiesHeldToMaturityAccruedInterestWriteoff
44692 usd
CY2022 us-gaap Debt Securities Held To Maturity Accrued Interest Writeoff
DebtSecuritiesHeldToMaturityAccruedInterestWriteoff
36614 usd
CY2023Q2 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
704967 usd
CY2022Q3 us-gaap Short Term Non Bank Loans And Notes Payable
ShortTermNonBankLoansAndNotesPayable
615500 usd
CY2023Q2 bant Debt Instrument Discount Amount
DebtInstrumentDiscountAmount
31091 usd
CY2022Q3 bant Debt Instrument Discount Amount
DebtInstrumentDiscountAmount
270064 usd
CY2023Q2 bant Debt Instrument Total
DebtInstrumentTotal
673876 usd
CY2022Q3 bant Debt Instrument Total
DebtInstrumentTotal
345436 usd
CY2023Q2 bant Less Current Portions
LessCurrentPortions
523876 usd
CY2022Q3 bant Less Current Portions
LessCurrentPortions
217897 usd
CY2023Q2 bant Noncurrent
Noncurrent
150000 usd
CY2022Q3 bant Noncurrent
Noncurrent
127539 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
276972 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
45816 usd
CY2020Q2 us-gaap Debt Instrument Term
DebtInstrumentTerm
P1Y
CY2022Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
150000 usd
bant Classified Current Interest
ClassifiedCurrentInterest
0 usd
CY2022Q3 bant Classified Current Interest
ClassifiedCurrentInterest
22461 usd
CY2021Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
17500 usd
CY2021 bant Service Vendor Fee
ServiceVendorFee
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CY2021 us-gaap Debt Instrument Term
DebtInstrumentTerm
P1Y
bant Service Arrangement
ServiceArrangement
17500 usd
CY2022 bant Service Arrangement
ServiceArrangement
17500 usd
CY2023Q3 us-gaap Other Receivables
OtherReceivables
125000 usd
CY2023Q2 us-gaap Payments For Fees
PaymentsForFees
6750 usd
CY2023Q2 bant Net Payment
NetPayment
118250 usd
CY2023Q2 us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
3255.21 usd
CY2023Q2 us-gaap Repayments Of Debt
RepaymentsOfDebt
156250 usd
CY2023Q2 us-gaap Interest Expense Other
InterestExpenseOther
31250 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
38000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
26042 usd
CY2023Q2 us-gaap Compensating Balance Amount
CompensatingBalanceAmount
99117 usd
CY2023Q2 bant Debt Instrument Discount Amount
DebtInstrumentDiscountAmount
31091 usd
us-gaap Preferred Stock Convertible Conversion Price Increase
PreferredStockConvertibleConversionPriceIncrease
0.2
bant Debt Instrument Convertible Conversion Price
DebtInstrumentConvertibleConversionPrice
0.50 pure
us-gaap Debt Conversion Converted Instrument Rate
DebtConversionConvertedInstrumentRate
0.50 pure
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
101368 usd
CY2023Q2 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
461440 usd
CY2022Q3 bant Additional Paid In Capital Including Dividends
AdditionalPaidInCapitalIncludingDividends
360072 usd
CY2022 us-gaap Investment Income Dividend
InvestmentIncomeDividend
13440 usd
CY2023Q2 us-gaap Preferred Stock Redemption Price Per Share
PreferredStockRedemptionPricePerShare
1.5
CY2023Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.2
us-gaap Debt Instrument Convertible Threshold Percentage Of Stock Price Trigger
DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger
0.50 pure
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.22 pure
us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
the Company and the Holder of 224,000 Series B Preferred Stock (the “Holder”) entered into an Exchange Agreement whereby the Holder exchanged (the “Exchange”) 224,000 Series B Preferred Stock of the Company for 224,000 Series C Preferred Stock of the Company which shall have the rights and preferences in the Certificate of Designation of the Series C Preferred Stock as discussed below and for no other consideration.
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
922128000 shares
CY2023Q2 us-gaap Additional Paid In Capital Preferred Stock
AdditionalPaidInCapitalPreferredStock
111623 usd
CY2023Q2 us-gaap Preferred Stock Redemption Amount
PreferredStockRedemptionAmount
461064 usd
us-gaap Dividends Stock
DividendsStock
125063 usd
bant Preferred Stock Dividend Percentage
PreferredStockDividendPercentage
0.03 pure
bant Preferred Stock Issued And Outstanding
PreferredStockIssuedAndOutstanding
224000 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
2999750 shares
bant Common Stock Dividend
CommonStockDividend
0.99
CY2023Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
6994378 shares
CY2022Q3 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
4407321 shares
CY2022Q3 bant Issuance Settled Amount Due Description
IssuanceSettledAmountDueDescription
The offering provided for the issuance of up to 5,000,000 shares of common stock at a price of $0.20, under subscriptions.
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
496667 shares
bant Offering And Recieved
OfferingAndRecieved
99333 usd
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
2090007 shares
CY2023Q2 us-gaap Convertible Debt
ConvertibleDebt
90000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
69108 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2019Q3 bant Annual Salary
AnnualSalary
624000 usd
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
220000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y11M19D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
220000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y2M19D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2240000 shares
CY2021Q3 bant Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Optionsoutstanding Weighted Average Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherOptionsoutstandingWeightedAverageExercisePrices
0.2
CY2022 bant Weighted Average Remaining Contractual Term Years Outstanding And Exercisable Begining
WeightedAverageRemainingContractualTermYearsOutstandingAndExercisableBegining
P6Y9M
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
0.2
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
448000000000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2240000 shares
CY2023Q2 bant Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Optionsoutstanding Weighted Average Exercise Prices
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherOptionsoutstandingWeightedAverageExercisePrices
0.2
bant Weighted Average Remaining Contractual Term Years Outstanding And Exercisable Ending
WeightedAverageRemainingContractualTermYearsOutstandingAndExercisableEnding
P6Y
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.2
bant Employees Contribution Plans Term
EmployeesContributionPlansTerm
P1Y
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
3126 usd
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
4502 usd
CY2016Q4 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
370000 usd
CY2016Q4 us-gaap Loss On Contract Termination
LossOnContractTermination
2500000 usd
us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
$3,000
bant Payment No Longer To Pay Amount
PaymentNoLongerToPayAmount
3000 usd
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
3000 usd
CY2021Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
36821 shares
CY2022 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
119670 shares
us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
90000 pure
CY2023Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
30000 usd
CY2019Q2 us-gaap Valuation Allowance For Impairment Of Recognized Servicing Assets Provisions
ValuationAllowanceForImpairmentOfRecognizedServicingAssetsProvisions
218637 usd
CY2023Q2 us-gaap Liabilities Average Amount Outstanding
LiabilitiesAverageAmountOutstanding
219613 usd
CY2023Q2 us-gaap Other Notes Payable
OtherNotesPayable
110000 usd
CY2023Q2 bant Cash Payment
CashPayment
25000 usd
CY2023Q2 us-gaap Notes Payable
NotesPayable
85000 usd
bant Annual Interest
AnnualInterest
0.03 pure
CY2023Q2 us-gaap Loss Contingency Accrual Product Liability Due In Rolling Year Three
LossContingencyAccrualProductLiabilityDueInRollingYearThree
2472 usd
CY2019Q3 bant Past Due Amounts
PastDueAmounts
59000 usd
CY2020Q4 bant Lawsuit Seeking Payment
lawsuitSeekingPayment
276430 usd
CY2020Q4 bant Finance Charge
FinanceCharge
40212 usd
CY2023Q2 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
16500 usd
CY2023Q2 bant Initial Settlement
InitialSettlement
2000 usd
CY2023Q2 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
2900 usd
us-gaap Other Commitments Description
OtherCommitmentsDescription
The agreement has an initial term of three years with one year renewals.
CY2017Q3 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
360000 usd
CY2020Q2 us-gaap Lessor Operating Lease Description
LessorOperatingLeaseDescription
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.
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Rolling Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextRollingTwelveMonths
4542 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Two
LessorOperatingLeasePaymentsToBeReceivedRollingYearTwo
4679 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Rolling Year Three
LessorOperatingLeasePaymentsToBeReceivedRollingYearThree
4819 usd
CY2023Q2 us-gaap Payments For Rent
PaymentsForRent
1481 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
140561 usd
CY2023Q2 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.12 pure
CY2023Q2 bant Operating Lease At Inception
OperatingLeaseAtInception
140561 usd
CY2022Q3 bant Operating Lease At Inception
OperatingLeaseAtInception
156554 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
122986 usd
CY2023Q2 bant Right Of Use Asset
RightOfUseAsset
140561 usd
CY2022Q3 bant Right Of Use Asset
RightOfUseAsset
33568 usd
CY2023Q2 bant Operating Lease Liabilities At Inception
OperatingLeaseLiabilitiesAtInception
140561 usd
CY2022Q3 bant Operating Lease Liabilities At Inception
OperatingLeaseLiabilitiesAtInception
156554 usd
CY2022Q3 bant Reduction Of Lease Liabilities
ReductionOfLeaseLiabilities
122079 usd
CY2023Q2 bant Total Lease Liabilities Related To Rou
TotalLeaseLiabilitiesRelatedToRou
140561 usd
CY2022Q3 bant Total Lease Liabilities Related To Rou
TotalLeaseLiabilitiesRelatedToRou
34475 usd
CY2023Q2 bant Less Current Portion
LessCurrentPortion
40311 usd
CY2023Q2 bant Lease Liabilities Noncurrent
LeaseLiabilitiesNoncurrent
100250 usd
CY2023Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
167061 usd
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
42929 usd
CY2023Q2 bant Discount To Fair Value
DiscountToFairValue
26500 usd
CY2022Q3 bant Discount To Fair Value
DiscountToFairValue
8454 usd
CY2023Q2 bant Total Lease Liability Rou
TotalLeaseLiabilityROU
140561 usd
CY2022Q3 bant Total Lease Liability Rou
TotalLeaseLiabilityROU
34475 usd
CY2023Q2 us-gaap Other Commitment Due In Next Twelve Months
OtherCommitmentDueInNextTwelveMonths
31277 usd
CY2023Q2 us-gaap Other Commitment Due In Second Year
OtherCommitmentDueInSecondYear
56279 usd
CY2023Q2 us-gaap Other Commitment Due In Third Year
OtherCommitmentDueInThirdYear
53005 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
140561 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y11M1D
CY2019Q4 us-gaap Lessor Operating Lease Description
LessorOperatingLeaseDescription
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.
CY2023Q2 us-gaap Advance Rent
AdvanceRent
700 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
57356 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
53855 usd
bant Federally Insured Limit Amount
FederallyInsuredLimitAmount
250000 usd
bant Concentrations Of Foreign Sales
ConcentrationsOfForeignSales
4509 usd
bant Concentrations Of Foreign Sales
ConcentrationsOfForeignSales
0 usd
us-gaap Investment Company Fee Paid Indirectly
InvestmentCompanyFeePaidIndirectly
10305.6 usd
bant Interest Charge Percentage
InterestChargePercentage
0.14 pure
CY2023Q2 us-gaap Deferred Discounts Finance Charges And Interest Included In Receivables
DeferredDiscountsFinanceChargesAndInterestIncludedInReceivables
12565 usd
CY2023Q2 srt Financing Receivable Nonaccrual To Outstanding Percent
FinancingReceivableNonaccrualToOutstandingPercent
1.50 pure
CY2023Q2 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.22 pure
us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.39 pure
CY2023Q2 us-gaap Investment Owned Percent Of Net Assets
InvestmentOwnedPercentOfNetAssets
0.0499 pure
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3761575 shares
CY2023Q2 bant Fractional Shares Issued From Reverse Split
FractionalSharesIssuedFromReverseSplit
usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
usd
bant Gain Loss On Derivative Change In Fair Market Value
GainLossOnDerivativeChangeInFairMarketValue
usd
us-gaap Other Noncash Expense
OtherNoncashExpense
usd
bant Increase Decrease Right Of Use Lease Asset
IncreaseDecreaseRightOfUseLeaseAsset
usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
usd
us-gaap Repayments Of Medium Term Notes
RepaymentsOfMediumTermNotes
usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
usd
bant Repayments Of Factoring Notes
RepaymentsOfFactoringNotes
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
usd
bant Value Of Series C Preferred Stock In Connection With An Exchange Agreement
ValueOfSeriesCPreferredStockInConnectionWithAnExchangeAgreement
usd
bant Purchase Of Convertible Note By Related Party
PurchaseOfConvertibleNoteByRelatedParty
usd
bant Transfer Of Debt Premium Upon Purchase By Related Party
TransferOfDebtPremiumUponPurchaseByRelatedParty
usd
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
shares
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
usd
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
usd
CY2022 us-gaap Premiums Earned Net
PremiumsEarnedNet
usd
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
usd
CY2023Q2 bant Reduction Of Lease Liabilities
ReductionOfLeaseLiabilities
usd
CY2022Q3 bant Less Current Portion
LessCurrentPortion
usd
CY2022Q3 bant Lease Liabilities Noncurrent
LeaseLiabilitiesNoncurrent
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001704795

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