2024 Q1 Form 10-Q Financial Statement

#000121390024022084 Filed on March 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $771.7K $955.7K $606.2K
YoY Change 23.84% 57.67% 50.74%
Cost Of Revenue $675.0K $808.2K $511.2K
YoY Change 31.08% 58.09% 66.36%
Gross Profit $96.65K $147.5K $94.95K
YoY Change -10.65% 55.39% 0.14%
Gross Profit Margin 12.53% 15.44% 15.66%
Selling, General & Admin $510.6K $454.8K $514.3K
YoY Change 6.05% -11.57% -21.4%
% of Gross Profit 528.29% 308.23% 541.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $250.00 $220.00
YoY Change
% of Gross Profit 0.26% 0.15%
Operating Expenses $510.6K $454.8K $514.3K
YoY Change 6.05% -11.57% -21.4%
Operating Profit -$413.9K -$307.2K -$419.3K
YoY Change 10.89% -26.73% -25.05%
Interest Expense -$532.3K -$169.1K -$362.3K
YoY Change 16.38% -53.32% 23.46%
% of Operating Profit
Other Income/Expense, Net $5.000K -$169.1K -$362.3K
YoY Change -101.09% -53.32% 23.46%
Pretax Income -$946.2K -$476.4K -$781.7K
YoY Change 13.91% -39.06% -8.36%
Income Tax
% Of Pretax Income
Net Earnings -$946.2K -$476.4K -$781.7K
YoY Change 13.91% -39.06% -8.36%
Net Earnings / Revenue -122.62% -49.84% -128.95%
Basic Earnings Per Share -$0.10 -$0.05 $0.00
Diluted Earnings Per Share -$0.10 -$0.05 $0.00
COMMON SHARES
Basic Shares Outstanding 10.28M shares 9.543M shares 5.864B shares
Diluted Shares Outstanding 10.26M shares 9.543M shares 5.327B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.97K $101.2K $94.94K
YoY Change 343.05% 6.63% -87.86%
Cash & Equivalents $44.97K $101.2K $94.94K
Short-Term Investments
Other Short-Term Assets $20.00K $0.00 $4.660K
YoY Change 329.18% -100.0% -34.55%
Inventory $234.6K $132.8K $92.37K
Prepaid Expenses
Receivables $196.3K $291.4K $116.5K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $495.8K $525.4K $308.5K
YoY Change 24.58% 70.3% -68.43%
LONG-TERM ASSETS
Property, Plant & Equipment $2.627K $2.885K $1.461K
YoY Change 79.81% 97.47% -98.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $109.0K $119.9K $22.01K
YoY Change 1124.15% 444.69% -90.77%
TOTAL ASSETS
Total Short-Term Assets $495.8K $525.4K $308.5K
Total Long-Term Assets $109.0K $119.9K $22.01K
Total Assets $604.8K $645.3K $330.5K
YoY Change 48.64% 95.23% -72.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.535M $2.337M $2.611M
YoY Change -6.69% -10.49% -3.54%
Accrued Expenses $4.083M $3.834M $5.355M
YoY Change -30.58% -28.41% 15.94%
Deferred Revenue
YoY Change
Short-Term Debt $1.800M $1.467M $834.0K
YoY Change -78.59% 75.85% -3.47%
Long-Term Debt Due $898.5K $923.8K $7.715M
YoY Change 176.96% -88.03% 0.04%
Total Short-Term Liabilities $9.837M $8.948M $16.68M
YoY Change -43.66% -46.34% 3.78%
LONG-TERM LIABILITIES
Long-Term Debt $8.938M $8.894M $126.7K
YoY Change 5858.59% 6917.67% -58.1%
Other Long-Term Liabilities $62.38K $74.31K
YoY Change
Total Long-Term Liabilities $9.000M $8.969M $126.7K
YoY Change 5900.17% 6976.3% -60.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.837M $8.948M $16.68M
Total Long-Term Liabilities $9.000M $8.969M $126.7K
Total Liabilities $18.84M $17.92M $16.80M
YoY Change 6.98% 6.63% 2.5%
SHAREHOLDERS EQUITY
Retained Earnings -$39.28M -$38.33M -$36.41M
YoY Change 5.47% 5.27%
Common Stock $1.073K $1.023K $586.4K
YoY Change -99.85% -99.83%
Preferred Stock $45.95K $22.70K
YoY Change -40.08%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.74M -$17.75M -$17.20M
YoY Change
Total Liabilities & Shareholders Equity $604.8K $645.3K $330.5K
YoY Change 48.64% 95.23% -72.82%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$946.2K -$476.4K -$781.7K
YoY Change 13.91% -39.06% -8.36%
Depreciation, Depletion And Amortization $250.00 $220.00
YoY Change
Cash From Operating Activities -$29.24K -$28.14K -$133.5K
YoY Change -84.38% -78.93% -61.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.558K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$1.558K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.02K $95.48K $42.06K
YoY Change -126.38% 127.04% -71.07%
NET CHANGE
Cash From Operating Activities -29.24K -$28.14K -$133.5K
Cash From Investing Activities 0.000 -$1.558K
Cash From Financing Activities -27.02K $95.48K $42.06K
Net Change In Cash -56.26K $65.79K -$91.45K
YoY Change -33.65% -171.94% -55.22%
FREE CASH FLOW
Cash From Operating Activities -$29.24K -$28.14K -$133.5K
Capital Expenditures $0.00 $1.558K
Free Cash Flow -$29.24K -$29.69K -$133.5K
YoY Change -77.76%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - <span style="font-variant: small-caps"><span style="text-decoration:underline">NATURE OF OPERATIONS</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use of Estimates</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
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Howco generated 100% of the consolidated sales which are primarily from department of defense. Bantec Sanitizing Inc. had no contribution to consolidated sales of its sanitizing products for the three months ended December 31, 2023.
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The note bears interest at 5%, matured 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.
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ProceedsFromLinesOfCredit
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CY2022Q4 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
CY2022Q4 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
CY2023Q4 bant Issuance Of Common Stock For Conversion Of Convertible Notes And Accrued Interest
IssuanceOfCommonStockForConversionOfConvertibleNotesAndAccruedInterest
usd
CY2022Q4 bant Value Of Series C Preferred Stock In Connection With An Exchange Agreement
ValueOfSeriesCPreferredStockInConnectionWithAnExchangeAgreement
usd
CY2023Q4 bant Transfer Of Debt Premium Upon Purchase By Related Party
TransferOfDebtPremiumUponPurchaseByRelatedParty
usd
CY2022Q4 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
usd
CY2022Q4 us-gaap Stock Issued1
StockIssued1
usd
CY2022Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
usd
CY2023Q4 dei Amendment Flag
AmendmentFlag
false
CY2023Q4 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2023Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
CY2023Q4 dei Entity Central Index Key
EntityCentralIndexKey
0001704795

Files In Submission

Name View Source Status
0001213900-24-022084-index-headers.html Edgar Link pending
0001213900-24-022084-index.html Edgar Link pending
0001213900-24-022084.txt Edgar Link pending
0001213900-24-022084-xbrl.zip Edgar Link pending
bant-20231231.xsd Edgar Link pending
ea0201405-10q_bantec.htm Edgar Link pending
ea020140501ex31-1_bantec.htm Edgar Link pending
ea020140501ex31-2_bantec.htm Edgar Link pending
ea020140501ex32-1_bantec.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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ea0201405-10q_bantec_htm.xml Edgar Link completed
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