Bantek Inc (BANT)

[IsBannonStealing]

Looks like the printing press is slowly but surely coming to an end, and this one is swirling into bankruptcy. Will be interesting to see what lawsuits emerge.

1800 Diagonal Lending, BANT's money-printing lender who is under investigation by the SEC, is suing Bantec in Virginia court: insert-text-here

The Company also breached a settlement agreement from 2023 that ended a court case in New Haven, CT:

"On April 10, 2019, a former service provider filed a complaint with three charges with the Superior Court Judicial District of New Haven, CT seeking payment for professional services. The Company has previously recognized expenses of $218,637, which remain unpaid in accounts payable. On May 2, 2023, the Company reached a settlement agreement with a former vendor which had a pending legal action against the Company concerning services rendered having outstanding amounts owed of $219,613. The Company agreed to pay a total of $110,000, consisting of a cash payment of $25,000 and a note payable of $85,000 (having a 3% annual interest). The Company will pay $2,472 for 36 months. The Company did not make payments during the six months ended March 31, 2024 and the balance remains accrued at March 31, 2024."

Lastly, the Company is selling their Howco receivables for $0.70 on the dollar - when your profit margin is 3-10% on government contracts, anyone can tell you that's not good business and reeks of desperation.

"On April 8, 2024, the Company’s subsidiary, Howco, executed a sale of future receipt agreement with Samson MCA LLC. Under the agreement, the Company sold $310,500 in future receipt or receivables for a purchase amount of $225,000. The principal amount is payable in weekly installments of $11,942.31 until such time that the obligation is fully satisfied for approximately six months. The Company received $56,425 after paying-off the remaining balance of the two Samson MCA, LLC loans (see Note 9) dated in August 2023 and January 2024 for $164,000 (net of origination fee of $4,500 which will be amortized over term of this agreement and $75 processing fee). The Company has the option to repurchase the receipts it sold to Samson during the first month to the sixth month from the date of this agreement ranging from $258,750 to $279,000."

[Stock_Barber]

Bought this morning, wished I had bought more!

Still wishing that?

🤣

[Stock_Barber]

Still liking it?

🤣

[Stock_Barber]

Then CLEARLY you don't understand BANT!

☠️

[Filterthenoise]

Like it $BANT

[IsBannonStealing]

This Kramer/SEC thing could lead to an investigation or more for BANT and Bannon - pubco’s can’t just issue securities without registering them and doing diligence on the purchasers. It wouldn’t shock me if BANT were actively under SEC investigation for their dealings. 🍿

[Victa]

I have posted many times on this Board. I know that everyone will always do what they feel is correct. If you don't want to listen to me, please listen to Stock_Barber. He has been correct on everything about this company, whether you believe it or not. I am personally an individual that has filled out, and turned in the "SEC Whistle Blower" form on this company at least a couple of years back. I didn't get much of a response, but have found out that they have been on the RADAR. It has recently come to my attention from a reliable source, that they purposely was working with Mr. Kramer, willfully knowing his past. I cannot go into all the details, but sometime this year, people (the shareholders that have lost thousands) are finally going to get some satisfaction with BANT. The writing is on the wall, as they say. Many, many paper trails will end this company.......

[Stock_Barber]

You won't wish that for long!

Today's news was meaningless! They LOSE money on every contract... and always have! The bigger the contract, the greater the losses!

👜

[Lottoplay]

$BANT market cap of $74k as of 5/7/2024 with a government contract worth $4 MILLION DOLLARS, you know I had to take a stake in this!

[Stock_Barber]

You won't wish that for long!

👜

[Lottoplay]

Bought this morning, wished I had bought more!

[Hereitcomes]

Great find! Would not surprise me IMO if Bannon (CEO of BANT) was getting kickbacks from these lenders to facilitate these stock profit windfalls with this lender. There was just too much money changing hands.

[Filterthenoise]

Lets GO $BANT !!

[Stock_Barber]

Read page 17 on to learn about BANT and Kramer

I warned the board what was coming when they got in bed with Kramer!

https://www.sec.gov/files/litigation/complaints/2024/comp25995.pdf

☠️

[rbtree]

I have no idea as I don't follow the company anymore.

[rbtree]

Go check OTC Markets.

[Stock_Barber]

Yes indeed! You need not phrase that as a question!

This IS a piggy bank for the CEO

BANT has Reverse Split its shares 4 times since 2016! 1 : 1,800,000,000 shares!

[Nighthawk_1]

Should have been done already.

[Nighthawk_1]

Hopefully OTC and Bantek will get off their butts and update the OTC site and keep it updated.

[bluechipjohn]

Not impressed with their defaults, but I do like the low float.

[Nighthawk_1]

Look at latest 10Q

https://www.otcmarkets.com/filing/html?id=17365258&guid=nJQ-kqF2LQZXfhh

[bluechipjohn]

Is this a piggy bank for the CEO and other insiders? Do you think this is a restructured company making an attemt to bring retail share holder value?

[bluechipjohn]

Can you post a link to the Authorized, outstanding and float. Since the 1:1000 how much dilution has taken place.

[rbtree]

Dunno...don't much care.

[gitreal]

Aha, I remember those two......what does this new version claim to do? Something entertaining?

[rbtree]

TWDL, then DRUS...

[gitreal]

What ticker was this company previously?

[rbtree]

Was just reminiscing a tiny bit, and ran into your post. Since then, this has had two 1:1000 reverse splits.....yikes

[Hereitcomes]

What an empty PR. No details, no facts, no reality. Just trying to get more suckers to buy into the scam.

[Stock_Barber]

No one believes or cares Bannon:

Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023
April 25 2024 - 10:00AM
InvestorsHub NewsWire

Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023.

Sparta, NJ -- April 25, 2024 -- InvestorsHub NewsWire -- Bantec, Inc. (OTCPINK: BANT) ("Bantec" or the "Company"), a product and services company, increased sales, and profits, through its Howco Distributing Co. subsidiary ("Howco"), from first quarter 2023 to first quarter 2024.

Michael Bannon, Bantec's Chairman and CEO stated: "Howco is currently in a growth spurt as demand continues to grow for our products and services. Additional purchase orders are coming in almost daily."

[TradeForProfits]

no idea

[Stock_Barber]

Oh oh... is he doing paid awareness again?

🤡

[TradeForProfits]

Bannon is on the new website

[Stock_Barber]

Great call there Sparky! Still holding??? I hope so!

Still waiting for that apology acknowledging that you were wrong... AS ALWAYS! DRUS was a scam... became BANT which was also a scam!

DRUS is a scam RIIIIIIIGHT??-lol-WELL WRONG AGAIN

Sleazy...


🤣

[Stock_Barber]

Hopefully this becomes a CRIMINAL case soon...

[Hereitcomes]

BANT has not been profitable since Bannon took ownership over five years ago. Bannon does not pay his suppliers as can be seen by the innumerable "monthly payment plan" settlements in place. He even owes the former owners over $1.5 million from the purchase of the company from them over five years ago....not even attempting to make any payments to them. Over the past five years revenue has plummeted from very profitable $25 million down to $2 miillion and huge losses today. This company and management are a disaster and clearly have no integrity. Don't question me, just review all the quarterly and annual SEC filings from the last 5 years. Shocking this has gone on this long.

[Stock_Barber]

Good DD! As long as there are people like ourselves to warn others, he will have very limited success trying to fleece OTC traders!

I wonder why he doesn't fear a lawsuit from shareholders since he does apparently have money? He clearly has broken laws with false press releases!

[Victa]

I am writing to let everyone know, if you don't already, that BANT has a new website. It is no longer a .COM site. https://bantec.co/ , which removes him from normal searches. He has completely removed his name, and his top 2 Officials. No names taking ownership of the company listed on the site. No more information pertaining to any future Shareholder Meetings. It's a disgrace to the Military also, and has him in a Military Tank on the Main Page. How long is this abuse going to go on ?? I would say for some time yet, for his company was established in 1972. During that time the S.E.C. has been unable to proof any wrong doings. It sounds a lot like Bernie Madoff. As everyone know, he scammed Billions of Dollars out of Shareholders for over 30 years. It took a valiant effort by his competitors, begging and pleading to investigate him. It took nearly 1 year of constant persistence with the S.E.C. to finally get him Indicted, and as everyone knows, finally sent to prison where he died. The S.E.C. was badly ridiculed on how long it took to do an investigation on him. Let's see what happens to Bernie Bannon.......

[Victa]

***************

[Victa]

Everything going on here is not new. Just the same old stock here for the last 20 years sucking in new investors, and spitting them out. Use to have a lot of BANT promoters here on the board until Mike stopped using them. That's the only thing he's good at....Using his shareholders.

[Dynk]

what is suddenly going on here?

[Stock_Barber]

Go away BANT!

☠️

[Filterthenoise]

Go $BANT

[Hereitcomes]

Can you elaborate please?

[Victa]

A sad day for bag holders today. Mike's Cronies cashed in on those .0001 shares today. They all made big money, while all the saps still live and learn. Stock is down 800% since the RS. Mike must have a real smile on his face with the kickback agreements.

[Stock_Barber]

Management... where?

☠️

[Hereitcomes]

Delays for filing annual results again. Terrible management.

[Stock_Barber]

Thanks Horst!

Everything that you posted is dead on!

BANT is 100% a scam.

If anyone shows up and pumps it, know for sure that it is paid for!

☠️

[horst]

FYI, to all the current and future bagholders, BANT put out a late November S-1 for another 250m shares. He'll do a little pump to get some volume at some point, but along with all the defaulted convertible notes that will be turning into shares by the hundreds of millions on conversions, this should be back to trips and another reverse split very, very soon. BANT is always on a trajectory towards 0001 and the black hole of another reverse split, and there are always much better plays out there. Every PR is a lie, there are no business operations other than Howco, which always hemorrhages money no matter how many government contracts they get. In fact, more contracts just mean more losses. This company exists to print shares - that's it. Howco is a money-losing window dressing for the scam, as are the assorted imaginary fronts that he calls subsidiaries. You can make money on this a few times a year for a few minutes, but the odds are not in anyone's favor except toxic lenders and Bannon. Listen to Stock Barber - he's always been 100% correct about BANT, for years and years now. He's trying to do y'all a favor.

[IsBannonStealing]

Gotta give Mikey credit!!

-he's been able to extract a salary for 8 years
-he's paid himself back with interest on his startup capital
-he avoided major litigation when TCA folded (he indeed would have been sued) and then ended up buying the loan for pennies on the dollar from the receiver!
-he stiffed the owners of Howco $900K + interest on an acquisition and got away with it; because he owns the TCA loan which is senior-secured, he doesn't have to pay the owners a penny until his loan is paid (he decides when that is lol) because the Howco loan is subordinated to the TCA loan
-he waged 2 unsuccessful lawsuits against former employees that I'm sure were meant to harass them and cause financial/reputational harm. The company paid for legal fees and settlement proceeds!
-he's found the ultimate cash printing loophole - convertible debt and there's nothing the SEC can or will do.

All of this while shrinking sales from $25M--> sub $3M and running an extremely unprofitable company.

Congrats Mikey Boy! Credit where credit is due. This Thanksgiving Michael should be thankful for his shareholders who keep funding his wins!!