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Bion Environmental Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that Bion is not currently generating significant revenues and faces substantial financial challenges. The company reported a net loss of $1,171,636 for the quarter, with a significant portion attributed to non-cash compensation expenses.
Total operating expenses for the quarter were $966,062, with general and administrative expenses totaling $959,403. Stock-based compensation increased significantly to $659,000 due to stock option and warrant extensions.
Research and development expenses were reported at $6,374, a slight decrease from the previous year. Depreciation expenses also decreased to $285.
The company has faced difficulties in raising funds, with current liabilities increasing to $6,094,530 and cash on hand decreasing to $35,970. Bion has engaged in discussions with creditors but has not reached agreements regarding payments.
Bion's management plans include exploring additional financing sources and strategic partnerships to address cash flow challenges. The company aims to raise between $3,000,000 and $10,000,000 through various financial instruments.
The filing highlights the company's ongoing efforts to develop a sustainable beef project in partnership with Stovall Ranching Companies in Montana. This project is part of Bion's strategy to focus on a flagship project to prove concept feasibility.
Bion has launched a secured promissory note offering to raise capital, with a focus on covering critical payables and advancing key projects. However, there is no assurance of success in these efforts.
The company's financial statements have been prepared on a going concern basis, with substantial doubt about its ability to continue without additional funding. Management is actively seeking solutions to address these challenges.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bion Environmental Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.