IsBannonStealing
5 hours ago
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."
Victa
1 week ago
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
3 weeks ago
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."
Victa
3 months ago
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.......
horst
5 months ago
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.