Bion Environmental Technologies, Inc. reported significant financial challenges in its quarterly filing for the period ending September 30, 2024. The company recorded a net loss of $1,171,636 for the three months, an increase from a loss of $745,547 in the same period of the previous year. This loss includes $659,000 in non-cash compensation expenses, reflecting the company's ongoing financial strain.
As of September 30, 2024, Bion's total assets increased to $124,957,000 from $112,252,000 as of June 30, 2024, while total current liabilities rose to approximately $6.1 million, up from $5.8 million. The accumulated deficit also widened to $(140,099,414) from $(138,927,778) in the prior quarter, and total stockholders' equity decreased to $(6,134,604) from $(5,808,501). The company has not generated significant revenue and anticipates that revenues from existing projects will not meet operational and capital expenditure needs for several years.
Operating expenses for the quarter increased to $966,062, compared to $675,015 in Q3 2023, primarily driven by higher general and administrative costs, which rose to $959,403 from $666,255. The company’s cash position deteriorated, with cash decreasing from $52,212 at the end of June 2024 to $35,970 by September 30, 2024.
Strategically, Bion formed a joint venture with Stovall Ranching Companies in June 2024 to develop a sustainable beef project in Montana, with construction expected to begin before the end of 2024. The company is also seeking to raise between $3 million to $10 million in debt and/or equity over the next twelve months to fund operations and technology development. Additionally, Bion and its partners need to secure over $60 million for the Stovall JV beef project.
The company has faced significant cash flow management challenges, prompting senior management to defer cash compensation or accept securities as compensation. A loan group, BION BLG, LLC, was formed to provide short-term funding, advancing $336,957 under a secured promissory note. The company is also exploring financing options with potential strategic partners in renewable energy and clean fuels sectors.
Bion's leadership has undergone changes, with Craig Scott appointed as interim CEO following the resignation of Bill O’Neill. The company is focused on optimizing its technology and establishing a flagship project to demonstrate feasibility, while also addressing creditor obligations and ongoing financial difficulties.
About BION ENVIRONMENTAL TECHNOLOGIES INC
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