Mon, Sep 30, 8:37 PM (81 days ago)
Bion Environmental Technologies, Inc. reported significant financial challenges for the fiscal year ending June 30, 2024. The company recorded a net loss of $11,691,115, largely due to a one-time non-cash charge of $9,460,425 related to the write-down of its Initial Project, now deemed a research facility. Current liabilities surged to approximately $5.8 million, up from $1.6 million the previous year, driven by increased accounts payable and accrued expenses. Cash reserves dwindled to $52,000 from $626,000. Despite these setbacks, Bion's leadership is optimistic about future opportunities in sustainable beef production and ammonia recovery systems. A strategic joint venture with Turk Stovall aims to develop a 15,000-head sustainable beef project in Montana. However, the company faces substantial risks, including difficulties in raising funds, ongoing creditor negotiations, and potential litigation from creditors due to defaults. The company’s financial condition raises doubts about its ability to continue operations without significant external funding, estimated between $20 million and $80 million over the next year. Bion's focus will shift to proving its sustainable beef concept and securing strategic partnerships to enhance its market position.