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."