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BASA on OTC

BASANITE, INC.

BASANITE, INC. is an American miscellaneous manufacturing industries company, incorporated in Nevada.1 It is headquartered in New Haven, Connecticut.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBASA on OTC1
  • IndustryMiscellaneous Manufacturing Industries1
  • HeadquartersNew Haven, Connecticut1
  • Incorporated inNV2
  • Business address216 Crown Street, Ste 502, New Haven, Ct 065102
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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(who provides consulting services within the construction industry) was recommended for appointment to our Board of Directors by Mr.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2018

-3.7%Gross margin4
-5045.2%Operating margin4
-6728.4%Net margin4
-$1.4MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2018

  • Interest100¢$107.0K

Out of $87.8K in revenue.54 The company lost money this year.

Financial statements

Fiscal year2018
Revenue$87.8K5
Cost of revenue
Gross profit-$3.2K4
Selling, general and admin
Operating expenses
Operating income-$4.4M4
Interest$107.0K4
Net income-$5.9M4
Earnings per share
Earnings per share (diluted)
Shares (weighted, basic)
Shares (weighted, diluted)

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What it owns

What BASANITE, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$785.7K9 Dec 31, 2024$931.4K9 Dec 31, 2023−15.7%
Accumulated depreciation$652.9K9 Dec 31, 2024$529.2K9 Dec 31, 2023+23.4%
Property and equipment, net$132.7K9 Dec 31, 2024$402.3K9 Dec 31, 2023−67.0%
Finance-lease assets$56.9K9 Dec 31, 2023$153.3K10 Dec 31, 2022−62.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$82.2K9 Dec 31, 2024$55.2K9 Dec 31, 2023+48.8%

Properties, in its own words

Our principal office is leased and located at 2660 N.W. 15th Court, Unit 108, Pompano Beach, FL 33069. The lease is for approximately 1,500 square feet of space, which includes our corporate office and our production floor. We do not believe the facility is adequate to support our current operations, although we have and may continue to explore securing alternative or additional manufacturing or corporate facilities. As of this filing the Company

Item 2 of the 10-K filed Mar 31, 2025.3

Leadership

Who has led BASANITE, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Edward A. Cespedes2011–2018
  2. Richard Michael Krolewski2019
  3. Simon Richard Kay2020
  4. Thomas Richmond2023
  5. Ali Manav2024

President

  1. Edward A. Cespedes2011

Chief financial officer

  1. Isabella Barbera2019
  2. Lisa H. Gainsborg2022
201520202025
Board members and other officers (12)

Former names

  • PayMeOn, Inc.Jun 27, 2013 to Dec 18, 20182
  • MMAX MEDIA, INC.Apr 26, 2010 to May 15, 20132
  • Nevada Processing SolutionsNov 4, 2008 to Mar 2, 20102

Timeline

  1. Jun 5, 20268-K Change of auditor29
  2. Oct 16, 20258-K Executive or director change30
  3. Aug 19, 20258-K Executive or director change31
  4. Aug 15, 20258-K Executive or director change32
  5. Apr 23, 20258-K Executive or director change33
  6. Mar 21, 20258-K Entered a material agreement; Unregistered sale of shares; Executive or director change34
  7. Mar 19, 20258-K Executive or director change35
  8. Oct 8, 2024New chief executive Ali Manav becomes CEO11
  9. Oct 7, 20248-K Entered a material agreement; Unregistered sale of shares; Executive or director change36
  10. Aug 2, 20248-K Listing notice or transfer37
  11. Apr 12, 20248-K Executive or director change38
  12. Jan 5, 20248-K Executive or director change39
  13. Aug 4, 20238-K Entered a material agreement40
  14. Apr 14, 2023New chief executive Thomas Richmond becomes CEO12
  15. Mar 16, 2020New chief executive Simon Richard Kay becomes CEO13
  16. May 9, 2019New chief executive Richard Michael Krolewski becomes CEO14
  17. Mar 18, 2011New chief executive Edward A. Cespedes becomes CEO15

Filings

86 filings to the SEC since October 2021: 6 annual reports, 13 quarterly reports, 28 major events, 18 insider forms, 21 other. The latest 20:

  1. Jun 25, 202615-12G EDGAR
  2. Jun 5, 20268-K EDGAR
  3. Mar 31, 2026NT 10-K NOTIFICATION OF LATE FILING EDGAR
  4. Nov 25, 202510-Q EDGAR
  5. Nov 17, 2025NT 10-Q NOTIFICTION OF LATE FILING EDGAR
  6. Oct 16, 20258-K EDGAR
  7. Aug 19, 20258-K EDGAR
  8. Aug 19, 202510-Q EDGAR
  9. Aug 15, 20258-K EDGAR
  10. Aug 14, 2025NT 10-Q NOTIFICTION OF LATE FILING EDGAR
  11. May 15, 202510-Q EDGAR
  12. Apr 23, 20258-K EDGAR
  13. Mar 31, 202510-K EDGAR
  14. Mar 21, 20258-K EDGAR
  15. Mar 19, 20258-K EDGAR
  16. Nov 18, 202410-Q EDGAR
  17. Nov 14, 2024NT 10-Q NOTIFICTION OF LATE FILING EDGAR
  18. Oct 8, 20243 EDGAR
  19. Oct 7, 20248-K EDGAR
  20. Aug 14, 202410-Q EDGAR

The 86 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Kendall Capital Management31,000$5550.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BASANITE, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBASANITE, INC.1
  • CIK0001448705
  • Employer ID (EIN)20-49592073
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3990 Miscellaneous Manufacturing Industries1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address216 Crown Street, Ste 502, New Haven, CT 065101
  • Phone888-501-11761
  • Shares outstanding267,560,840 as of Nov 25, 20257
  • Public float$2.9M as of Jun 30, 20243
  • AuditorHudgens CPA, PLLC, Houston, Texas PCAOB ID 6849; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceNov 4, 20081
  • Filings350 in all: 8-K (89), 4 (57), 10-Q (51), NT 10-Q (27), 3 (20), 10-K (17), NT 10-K (11), SC 13D/A (10)1
    All 32 form types

    UPLOAD (8), CORRESP (7), 8-K/A (6), SC 13D (6), 10-Q/A (5), D (4), EFFECT (4), S-1/A (4), 10-K/A (3), S-1 (3), 4/A (2), 424B3 (2), DEF 14C (2), PRE 14C (2), 15-12G (1), 424B4 (1), 5 (1), 8-A12G (1), DEF 14A (1), NTN 10Q (1), POS AM (1), PRE 14A (1), SC 13G (1), SC 14F1 (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2025
    Quarterly report (10-Q) Nov 25, 2025
    Proxy statement (DEF 14A) Mar 19, 2013
    Latest 8-K (8-K) Jun 5, 2026

Risk factors and legal proceedings

The risks BASANITE, INC. names in Item 1A of its 10-K filed Mar 31, 2025: 61 risks under these headings, as written.3

  • Risks Related to Our Business and Company
  • We have a history of operating losses and may never achieve significant revenues, positive cash flow, or profitable results of operations.
  • We have extremely limited cash resources with which to operate our business, and we may have difficulty in raising capital and may consume resources faster than expected.
  • There is substantial doubt about our ability to continue as a going concern.
  • We have a limited operating history, and we have incurred net losses in the past and expect to incur additional losses in the future.
  • We have a short operating history and a new business model in an emerging market. This makes it difficult to evaluate our future and increases the risk of your investment.
  • We currently have very limited cash resources and need substantial additional capital to fund our operations, which, even if obtained, could result in substantial dilution or significant debt service obligations. We may not be able to obtain additional capital on commercially reasonable terms, which could adversely affect our liquidity and financial position.
  • We have identified material weaknesses in our internal control over financial reporting.
  • We may be unable to repay our outstanding secured indebtedness, which is past due, which could further strain our allocation of limited cash resources or force us to declare bankruptcy.
  • Inflationary pressures have and may continue to hamper our business.
  • We expect to derive a substantial portion of our future revenue from sales of BasaFlex and other BFRP products, which leaves us reliant on the commercial viability of such products.
  • We may be unable to derive the benefits that we currently anticipate from the Supplier Agreement with CPPB and the Distributor Agreement with USS, and Manuel A. Rodriguez, an affiliate of CPPB and USS, may become subject to conflicts of interest because of these agreements.
The other 50 risks
  • Our operating results may fluctuate in unanticipated ways and for reasons beyond our control.
  • We may be unable to develop the manufacturing capability and infrastructure necessary to achieve potential sales growth.
  • Our relationships with our channel partners may be terminated or may not continue to be beneficial in generating new clients, which could adversely affect our ability to increase our client base.
  • Our sales and marketing efforts may not be successful.
  • We may not be able to respond in a timely and cost-effective manner to changes in consumer preferences.
  • Competition for employees in our industry is significant, and we may not be able to attract and retain the highly skilled employees whom we need to support our business.
  • We may be unable to protect our intellectual property rights, and any inability to protect them could reduce the value of our products and brand.
  • We may be unable to create new proprietary technology and related intellectual property, which could harm our business.
  • Our patents and other intellectual property are subject to challenges by third parties, and if our intellectual property is successfully challenged or invalidated, our business could be harmed.
  • Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information and disclosure of our trade secrets or proprietary information could compromise any competitive advantage that we have, which could have a materially adverse effect on our business.
  • Damage to our reputation or our brand could negatively impact our business, financial condition, and results of operations.
  • We depend on certain key personnel and need to attract and retain additional personnel.
  • Our independent directors and executive officers have limited experience in the management of public companies, which poses a risk for us from a corporate governance perspective.
  • Risks Related to Our Industry
  • We compete with larger, more established companies, and our size and stage of development creates a significant risk for us in our ability to compete.
  • Our inability to comply with numerous regulatory requirements that govern our industry could harm our business.
  • We are dependent on the availability of basalt fiber and other raw materials.
  • Volatility in prices for raw materials may materially, adversely impact on our prices.
  • Government contracts generally are subject to a variety of government regulations, requirements and statutes, the violation or alleged violation of which could have a material adverse effect on our business.
  • If we do not comply with certain federal or state laws, we could be suspended or debarred from government contracts, which could have a material adverse effect on our business.
  • Our industry is seasonal and subject to adverse weather conditions, which can adversely impact our business.
  • Changes in the global, national, and local economic environment impacting the construction industry may lead to declines in the construction industry and the demand for our products from our customers.
  • Changes to accepted trade practices, trade agreements, or imposition of tariffs may adversely impact the supply and pricing of certain raw materials.
  • General Business Risks Associated with Our Company
  • There may be legacy issues (including potential liabilities) arising from or is associated with prior management and prior business operations, including potential litigation.
  • If we fail to manage our anticipated growth, our business and operating results could be harmed.
  • We are subject to risks relating to our information technology systems, and any failure to adequately protect our critical information technology systems could materially affect our operations.
  • We will not be insured against all potential losses and could be seriously harmed by natural disasters, catastrophes, pandemics, theft, or sabotage.
  • We could face potential product liability and warranty claims, we may not accurately estimate costs related to such claims, and we may not have sufficient insurance coverage available to cover such claims.
  • Risks Related to Our Securities
  • There is a risk that we may not be able to consummate our contemplated Re-IPO.
  • Future sales of our common stock on the public market could lower the price of our common stock and impair our ability to raise funds in future securities offerings.
  • Because the market for our common stock is limited, persons who purchase our common stock may not be able to resell their shares at or above the purchase price paid for them.
  • Trading in our common stock is subject to special sales practices and may be difficult to sell.
  • Because we may not be able to attract the attention of major brokerage firms, it could have a material impact upon the price of our common stock.
  • The conversion of our outstanding secured convertible promissory note will result in dilution to existing stockholders and could negatively affect the market price of our common stock.
  • The principal holder of our outstanding secured convertible promissory note (which holder is associated with one of our directors) has rights which are senior to the rights of our common stockholders, and which may impair our financing efforts.
  • The interests of our principal stockholders, officers, and directors, who collectively and beneficially own approximately 39% of our stock, may not coincide with yours and such stockholders will have the ability to substantially influence decisions with which you may disagree.
  • Certain accredited investors control large blocks of restricted common stock. The sale of large blocks of common stock could materially impact our stock price.
  • The issuance of preferred stock could grant rights to investors that are not enjoyed by the holders of our common stock.
  • Our inability to remain current on our required securities filings may impact liquidity for certain shareholders and our ability to raise funds.
  • The number of shares of our common stock issuable upon the exercise outstanding warrants is substantial.
  • Adjustments to the conversion price for certain of our warrants will dilute the ownership interests of our existing stockholders.
  • Even if a market for our common stock develops, the market price of our common stock may be significantly volatile, which could result in substantial losses for purchasers.
  • Future sales of our common stock in the public market could lower the price of our common stock and impair our ability to raise funds in future securities offerings.
  • You may face significant restrictions on the resale of your shares due to state “blue sky” laws.
  • Actions of activist shareholders could be disruptive and potentially costly and the possibility that activist shareholders may seek changes that conflict with our strategic direction could cause uncertainty about the strategic direction of our business.
  • Our ability to use our net operating losses and research and development credit carryforwards to offset future taxable income may be subject to certain limitations.
  • If securities or industry analysts do not publish research or reports about our business, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
  • Anti-takeover provisions in our charter documents and Nevada law could discourage, delay, or prevent a change in control of our company and may affect the trading price of our common stock.
  • The financial and operational projections that we may make from time to time are subject to inherent risks.
  • We do not intend to pay dividends on our common stock.

Legal proceedings

In the ordinary course of operations, the Company may become a party to legal proceedings which could have a material adverse effect on our business, financial condition, cash flows, or results of operations.

From time to time, we may become involved in legal proceedings that, individually or in the aggregate, could have a material adverse effect on our business, financial condition, cash flows, or results of operations.

As of the date of this report, the Company has filed a lawsuit in the state of Florida against Upstate Custom Products, LLC. The lawsuit is based on the contract entered into by both parties in August 2021 in relation to the manufacturing of the protrusion machines exclusively manufactured by Upstate Custom Products, LLC. As of this filing the lawsuit and claim for relief is ongoing. As of this filing the lawsuit remains ongoing, and more information can be located via the South District of Florida’s website or registration via PACER.

On or about October 2023, the Company was served notice of a pending matter of litigation with GS Capital Partners of New York regarding the liquidated damages fees from the 2021 PIPE investment. As of this filing, the matter remains unresolved.

The opening of Item 3, Legal Proceedings.3

Sources

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