Basanite Inc. filings document the SEC reporting status, governance events, and officer changes of a public manufacturer of basalt fiber composite construction products. Recent Form 12b-25 notices address delayed annual and quarterly reports and state that the company required additional time to complete Form 10-K and Form 10-Q reporting.
Material-event filings record changes in interim finance and executive roles, along with registrant information such as jurisdiction and SEC file number. The filing record centers on reporting deadlines, governance continuity, and corporate administration for BASA.
Basanite, Inc. (BASA) filed its Q3 2025 10-Q showing severe liquidity pressure and ongoing losses. Revenue from product sales fell sharply to $1,513 for the quarter and $67,459 for the nine months ended September 30, 2025, compared with $62,836 and $209,176 in the prior-year periods. The company generated a quarterly net loss of $206,538 and a nine‑month net loss of $1,373,529.
Total assets were only $125,239 at September 30, 2025 against total liabilities of $10,080,382, resulting in a shareholders’ deficit of $9,955,143. Cash and cash equivalents were reported as zero, and the company disclosed substantial doubt about its ability to continue as a going concern.
Basanite is funding operations largely through high‑interest related‑party notes and convertible debt, with significant interest expense and large amounts of options, warrants and convertible securities outstanding. Manufacturing is paused, with plans to restart in 2026, and management reports material weaknesses in internal controls and several ongoing legal and contractual obligations.
Basanite, Inc. reported that on October 15, 2025, Ronald LoRicco, Sr. resigned from his role as Acting Interim Chief Financial Officer. He continues to serve as Acting Interim Chief Executive Officer and Chairman of the Board. The update reflects a change in finance leadership while maintaining continuity at the top executive and board levels.