$BANT
Bantec, Inc.

2024 Q3 Form 10-Q Financial Statement

#000121390024070760 Filed on August 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $751.0K
YoY Change 27.22%
Cost Of Revenue $643.5K
YoY Change 31.38%
Gross Profit $107.5K
YoY Change 6.98%
Gross Profit Margin 14.32%
Selling, General & Admin $488.5K
YoY Change 22.93%
% of Gross Profit 454.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $260.00
YoY Change
% of Gross Profit 0.24%
Operating Expenses $488.5K
YoY Change 22.93%
Operating Profit -$380.9K
YoY Change 28.33%
Interest Expense -$193.9K
YoY Change -44.04%
% of Operating Profit
Other Income/Expense, Net -$193.9K
YoY Change -44.04%
Pretax Income -$574.9K
YoY Change -10.65%
Income Tax
% Of Pretax Income
Net Earnings -$574.9K
YoY Change -10.65%
Net Earnings / Revenue -76.54%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.03
COMMON SHARES
Basic Shares Outstanding 53.51M shares 16.77M shares
Diluted Shares Outstanding 19.78M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.960K
YoY Change -77.24%
Cash & Equivalents $9.962K
Short-Term Investments
Other Short-Term Assets $39.68K
YoY Change 14.91%
Inventory $97.00K
Prepaid Expenses
Receivables $155.6K
Other Receivables $0.00
Total Short-Term Assets $302.3K
YoY Change -24.74%
LONG-TERM ASSETS
Property, Plant & Equipment $2.368K
YoY Change 62.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $97.83K
YoY Change -31.12%
TOTAL ASSETS
Total Short-Term Assets $302.3K
Total Long-Term Assets $97.83K
Total Assets $400.1K
YoY Change -26.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.255M
YoY Change -15.49%
Accrued Expenses $4.399M
YoY Change -29.7%
Deferred Revenue
YoY Change
Short-Term Debt $1.899M
YoY Change -77.9%
Long-Term Debt Due $1.084M
YoY Change 106.98%
Total Short-Term Liabilities $10.13M
YoY Change -45.15%
LONG-TERM LIABILITIES
Long-Term Debt $8.971M
YoY Change 5880.94%
Other Long-Term Liabilities $49.96K
YoY Change -50.16%
Total Long-Term Liabilities $9.021M
YoY Change 3504.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.13M
Total Long-Term Liabilities $9.021M
Total Liabilities $19.16M
YoY Change 2.3%
SHAREHOLDERS EQUITY
Retained Earnings -$39.85M
YoY Change 5.19%
Common Stock $17.91K
YoY Change 2461.8%
Preferred Stock $70.62K
YoY Change -36.73%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$19.25M
YoY Change
Total Liabilities & Shareholders Equity $400.1K
YoY Change -26.4%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$574.9K
YoY Change -10.65%
Depreciation, Depletion And Amortization $260.00
YoY Change
Cash From Operating Activities -$253.8K
YoY Change 59.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $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
YoY Change 13.53%
NET CHANGE
Cash From Operating Activities -253.8K
Cash From Investing Activities 0.000
Cash From Financing Activities 218.8K
Net Change In Cash -35.00K
YoY Change -204.1%
FREE CASH FLOW
Cash From Operating Activities -$253.8K
Capital Expenditures $0.00
Free Cash Flow -$253.8K
YoY Change

Facts In Submission

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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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2024-06-30
dei Document Fiscal Year Focus
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dei Entity File Number
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BANTEC, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
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dei City Area Code
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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>
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
usd
us-gaap Depreciation
Depreciation
usd
us-gaap Share Based Compensation
ShareBasedCompensation
usd
bant Nonc Cash Interest Expense
NoncCashInterestExpense
usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
usd
bant Increase Decrease Right Of Use Lease Asset
IncreaseDecreaseRightOfUseLeaseAsset
usd
us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
usd
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
bant Issuance Of Common Stock For Conversion Of Series B Preferred Stock And Dividends
IssuanceOfCommonStockForConversionOfSeriesBPreferredStockAndDividends
usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
usd
bant Value Of Series C Preferred Stock In Connection With An Exchange Agreements
ValueOfSeriesCPreferredStockInConnectionWithAnExchangeAgreements
usd
bant Purchase Of Convertible Notes By Related Party
PurchaseOfConvertibleNotesByRelatedParty
usd
bant Transfer Of Debts Premium Upon Purchase By Related Party
TransferOfDebtsPremiumUponPurchaseByRelatedParty
usd
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
usd
bant Other Receivable Related To Sba Loan Refund
OtherReceivableRelatedToSBALoanRefund
usd
us-gaap Depreciation
Depreciation
usd
us-gaap Provision For Doubtful Accounts
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usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
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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0001213900-24-070760-index.html Edgar Link pending
0001213900-24-070760.txt Edgar Link pending
0001213900-24-070760-xbrl.zip Edgar Link pending
bant-20240630.xsd Edgar Link pending
ea0211687-10q_bantecinc.htm Edgar Link pending
ea021168701ex31-1_bantecinc.htm Edgar Link pending
ea021168701ex31-2_bantecinc.htm Edgar Link pending
ea021168701ex32-1_bantecinc.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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bant-20240630_def.xml Edgar Link unprocessable
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report.css Edgar Link pending
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bant-20240630_cal.xml Edgar Link unprocessable
ea0211687-10q_bantecinc_htm.xml Edgar Link completed