Bantec, Inc.

CIK:0001704795|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Sales	$ 751,035	$ 590,333	$ 2,478,432	$ 1,819,622
Cost of Goods Sold	643,511	489,822	2,126,709	1,515,984
Gross Profit	107,524	100,511	351,723	303,638
OPERATING EXPENSES
Selling, general, and administrative expenses	488,469	397,360	1,453,853	1,393,133
TOTAL OPERATING EXPENSES	488,469	397,360	1,453,853	1,393,133
LOSS FROM OPERATIONS	(380,945)	(296,849)	(1,102,130)	(1,089,495)
OTHER INCOME (EXPENSE)
Interest and financing costs	(193,924)	(346,534)	(895,331)	(1,166,231)
TOTAL OTHER EXPENSE, NET	(193,924)	(346,534)	(895,331)	(1,166,231)
LOSS BEFORE TAXES	(574,869)	(643,383)	(1,997,461)	(2,255,726)
Provision for Income tax
NET LOSS	(574,869)	(643,383)	(1,997,461)	(2,255,726)
Dividends Attributable to Series B and C Preferred Stock	(46,008)	(34,931)	(114,962)	(111,623)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS	$ (620,877)	$ (678,314)	$ (2,112,423)	$ (2,367,349)
BASIC NET LOSS PER SHARE AVAILABLE TO COMMON STOCKHOLDERS (in Dollars per share)	$ (0.03)	$ (0.1)	$ (0.16)	$ (0.38)
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING (in Shares)	19,784,717	6,993,995	13,194,565	6,281,211

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,997,461)	$ (2,255,726)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Amortization of debt discounts	167,460	276,972
Accretion of premium on convertible notes	165,396	156,000
Bad debt recovery	(2,011)
Depreciation expense	732
Share issued for conversion fees		18,704
Fee notes issued to service providers	42,000	156,000
Non-cash interest expense	216,292
Non-cash rent expense	1,103
Changes in Assets and Liabilities:
Accounts receivable	(15,003)	151,771
Inventory	81,056	37,794
Prepaid expenses and other assets	15,000	(29,864)
Accounts payable and accrued expenses	1,014,274	1,106,561
Right of use lease asset		(907)
Settlement payable		(97,114)
NET CASH USED IN OPERATING ACTIVITIES	(311,163)	(479,809)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(1,558)
NET CASH USED IN INVESTING ACTIVITIES	(1,558)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares		99,333
Proceeds from line of credit	15,000	20,000
Net proceeds from loans and notes payable	548,000
Net proceeds from merchant advances	438,750	118,250
Repayments of loans and notes payable	(170,807)	(40,741)
Repayments of merchant advances	(514,270)	(26,042)
Net proceeds from convertible notes payable	35,000
Repayments of convertible notes	(20,000)
Net proceeds from notes payable, related party	54,717	245,062
Repayments on notes payable, related party	(99,150)	(75,667)
Repayments on note payable - seller		(3,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES	287,240	337,195
NET DECREASE IN CASH	(25,481)	(142,614)
CASH AT BEGINNING OF PERIOD	35,443	186,386
CASH AT END OF PERIOD	9,962	43,772
Cash paid for:
Interest	4,017	26,067
Income Tax
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of common stock for conversion of convertible notes, accrued interest and reclassification of debt premium	79,015	185,388
Issuance of common stock for conversion of Series B preferred stock and dividends	40,846
Debt discount	196,900	38,000
Right-of-use asset and lease liability pursuant to ASC 842		140,561
Value of Series C preferred stock in connection with an Exchange Agreement		336,000
Purchase of convertible note by related party		5,747,872
Transfer of debt premium upon purchase by related party		1,220,986
Dividends on convertible preferred stock	114,962
Other receivable related to SBA loan refund	$ 39,679

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Sep. 30, 2023
CURRENT ASSETS:
Cash	$ 9,962	$ 35,443
Accounts receivable, net	155,623	138,609
Inventory	97,000	178,056
Prepaid expenses and other current assets	39,679	15,000
TOTAL CURRENT ASSETS	302,264	367,108
Property and equipment, net	2,368	1,542
Right of use asset	95,461	127,276
TOTAL ASSETS	400,093	495,926
CURRENT LIABILITIES:
Accounts payable	2,254,716	2,215,246
Accrued expenses and interest	4,352,080	3,530,406
Convertible notes, net of debt discount and premiums	763,110	386,180
Line of credit	50,000	35,000
Note payable – seller	834,000	834,000
Current portion notes and loans payable – net of discounts	1,084,341	728,092
Merchant advances – net of discounts	191,040	135,760
Mandatorily redeemable Preferred Stock Series C - 1,000,000 shares designated and authorized, 224,000 shares at $2.00 stated value and 224,000 shares at $1.50 stated value issued and outstanding at June 30, 2024 and September 30, 2023, respectively	496,915	340,572
Lease liability - current portion	47,156	41,946
TOTAL CURRENT LIABILITIES	10,133,987	8,352,264
LONG-TERM LIABILITIES:
Lease liability - long-term portion	49,958	85,880
Note payable including accrued interest – related party - long-term portion	8,831,767	8,700,254
Notes and loans payable – net of current portion	139,643	150,000
TOTAL LONG-TERM LIABILITIES	9,021,368	8,936,134
TOTAL LIABILITIES	19,155,355	17,288,398
Temporary Equity – Convertible Preferred Stock Series B - $1.50 stated value, 1,000,000 shares designated and authorized, 189,240 and 208,500 shares, issued and outstanding at June 30, 2024 and September 30, 2023, respectively	493,734	463,962
Commitments and Contingencies (See Note 13)
STOCKHOLDERS’ DEFICIT:
Preferred stock - $0.0001 par value, 5,000,000 shares authorized, Series A preferred stock – 250 shares designated, issued and outstanding at June 30, 2024 and September 30, 2023, respectively
Common stock - $0.0001 par value,12,000,000,000 shares authorized, 49,623,830 and 9,306,954 shares issued and outstanding at June 30, 2024 and September 30, 2023, respectively	4,961	930
Additional paid-in capital	20,599,024	20,598,156
Accumulated deficit	(39,852,981)	(37,855,520)
TOTAL STOCKHOLDERS’ DEFICIT	(19,248,996)	(17,256,434)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	400,093	495,926
Related Party
CURRENT LIABILITIES:
Notes payable – related party	$ 60,629	$ 105,062