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Basanite Inc (BASA-6.12%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported revenues of $434,725 for the year, an increase from $376,096 in 2023. The increase was attributed to sales of BasaMix™ products.
Cost of goods sold was $172,191, resulting in a gross profit of $262,534, compared to $127,783 in the previous year.
Selling, general, and administrative expenses were $1,067,519, down from $1,730,733 in the previous year.
The company reported a net loss of $1,729,396 for the year, compared to a net loss of $2,169,379 in 2023.
Basanite ended the year with $82,222 in cash, up from $55,248 at the end of 2023.
The company has a working capital deficit of $8,825,947 and an accumulated deficit of $57,991,785 as of December 31, 2024.
Basanite continues to seek additional funding and is engaged in a search for a new manufacturing facility to support its operations.
The company has identified material weaknesses in its internal controls over financial reporting and is working on a remediation plan.
Basanite's management acknowledges the substantial doubt about the company's ability to continue as a going concern due to its financial condition.
The filing also details various legal proceedings, including a lawsuit against Upstate Custom Products, LLC and a pending litigation with GS Capital Partners.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Basanite Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.