2024 Q2 Form 10-Q Financial Statement

#000121390024043442 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $751.0K $771.7K
YoY Change 27.22% 23.84%
Cost Of Revenue $643.5K $675.0K
YoY Change 31.38% 31.08%
Gross Profit $107.5K $96.65K
YoY Change 6.98% -10.65%
Gross Profit Margin 14.32% 12.53%
Selling, General & Admin $488.5K $510.6K
YoY Change 22.93% 6.05%
% of Gross Profit 454.29% 528.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $260.00 $250.00
YoY Change
% of Gross Profit 0.24% 0.26%
Operating Expenses $488.5K $510.6K
YoY Change 22.93% 6.05%
Operating Profit -$380.9K -$413.9K
YoY Change 28.33% 10.89%
Interest Expense -$193.9K -$532.3K
YoY Change -44.04% 16.38%
% of Operating Profit
Other Income/Expense, Net -$193.9K $5.000K
YoY Change -44.04% -101.09%
Pretax Income -$574.9K -$946.2K
YoY Change -10.65% 13.91%
Income Tax
% Of Pretax Income
Net Earnings -$574.9K -$946.2K
YoY Change -10.65% 13.91%
Net Earnings / Revenue -76.54% -122.62%
Basic Earnings Per Share -$0.03 -$0.10
Diluted Earnings Per Share -$0.03 -$0.10
COMMON SHARES
Basic Shares Outstanding 16.77M shares 10.28M shares
Diluted Shares Outstanding 19.78M shares 10.26M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.960K $44.97K
YoY Change -77.24% 343.05%
Cash & Equivalents $9.962K $44.97K
Short-Term Investments
Other Short-Term Assets $39.68K $20.00K
YoY Change 14.91% 329.18%
Inventory $97.00K $234.6K
Prepaid Expenses
Receivables $155.6K $196.3K
Other Receivables $0.00 $0.00
Total Short-Term Assets $302.3K $495.8K
YoY Change -24.74% 24.58%
LONG-TERM ASSETS
Property, Plant & Equipment $2.368K $2.627K
YoY Change 62.08% 79.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $97.83K $109.0K
YoY Change -31.12% 1124.15%
TOTAL ASSETS
Total Short-Term Assets $302.3K $495.8K
Total Long-Term Assets $97.83K $109.0K
Total Assets $400.1K $604.8K
YoY Change -26.4% 48.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.255M $2.535M
YoY Change -15.49% -6.69%
Accrued Expenses $4.399M $4.083M
YoY Change -29.7% -30.58%
Deferred Revenue
YoY Change
Short-Term Debt $1.899M $1.800M
YoY Change -77.9% -78.59%
Long-Term Debt Due $1.084M $898.5K
YoY Change 106.98% 176.96%
Total Short-Term Liabilities $10.13M $9.837M
YoY Change -45.15% -43.66%
LONG-TERM LIABILITIES
Long-Term Debt $8.971M $8.938M
YoY Change 5880.94% 5858.59%
Other Long-Term Liabilities $49.96K $62.38K
YoY Change -50.16%
Total Long-Term Liabilities $9.021M $9.000M
YoY Change 3504.94% 5900.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.13M $9.837M
Total Long-Term Liabilities $9.021M $9.000M
Total Liabilities $19.16M $18.84M
YoY Change 2.3% 6.98%
SHAREHOLDERS EQUITY
Retained Earnings -$39.85M -$39.28M
YoY Change 5.19% 5.47%
Common Stock $17.91K $1.073K
YoY Change 2461.8% -99.85%
Preferred Stock $70.62K $45.95K
YoY Change -36.73% -40.08%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.25M -$18.74M
YoY Change
Total Liabilities & Shareholders Equity $400.1K $604.8K
YoY Change -26.4% 48.64%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$574.9K -$946.2K
YoY Change -10.65% 13.91%
Depreciation, Depletion And Amortization $260.00 $250.00
YoY Change
Cash From Operating Activities -$253.8K -$29.24K
YoY Change 59.53% -84.38%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
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 218.8K -27.02K
YoY Change 13.53% -126.38%
NET CHANGE
Cash From Operating Activities -253.8K -29.24K
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 218.8K -27.02K
Net Change In Cash -35.00K -56.26K
YoY Change -204.1% -33.65%
FREE CASH FLOW
Cash From Operating Activities -$253.8K -$29.24K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$253.8K -$29.24K
YoY Change

Facts In Submission

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BANTEC, INC.
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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"><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"> </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">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"><i>Use of Estimates</i></span></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 credit losses on accounts receivable, reserves on inventory, valuation of the lease liability and related right-of-use asset, valuation of stock-based compensation, valuation of redeemable preferred stock, and the valuation allowance on deferred tax assets. </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 six months ended March 31, 2024.
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