SEC Form 4 · accession 0001140361-17-045250
BION ENVIRONMENTAL TECHNOLOGIES INC · BNET
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Mark A Smith
Officer — President · Director · 10% Owner
Period of report
Oct 24, 2017
Accepted (ET)
Dec 7, 2017 · 10:00 am EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000875729
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Oct 24, 2017 | G | 177,591 | $0.00 | D | 0 | I | Joint with Wife |
| Common Stock | Oct 24, 2017 | G | 71,933 | $0.00 | D | 208,629 | D | |
| Common Stock | Nov 20, 2017 | P | 10,100 | $0.60 | A | 218,729 | D | |
| Common Stock | holding | — | — | — | 12,681 | I | Lotaylingkyur Fdn | |
| Common Stock | holding | — | — | — | 53,756 | I | By Wife (IRA) | |
| Common StockF5 | holding | — | — | — | 62,535 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Warrants Class CAP2017-1F1 | $0.75 | Nov 7, 2017 | A | 670,000 | A | Nov 7, 2017 | Dec 31, 2020 | Common Stock | 670,000 | 670,000 | D |
| Warrants Class CAP2017-1F1 | $0.75 | Nov 7, 2017 | G | 370,000 | D | Nov 7, 2017 | Dec 31, 2020 | Common Stock | 300,000 | 300,000 | D |
| Convertible Deferred CompensationF2 | $0.72 | Nov 7, 2017 | J | 538,876 | D | — | — | Common Stock | 538,876 | 0 | D |
| January 2015 Convertible Note warrantsF4 | $1.00 | Nov 7, 2017 | A | 423,464 | A | — | — | Common Stock | 846,928 | 0 | D |
| January 2015 Convertible NoteF4,F5,F3 | $0.50 | Nov 30, 2017 | J | 12,779 | A | — | — | Common Stock | 1,693,856 | 1,693,856 | D |
| January 2015 Convertible NoteF4,F5,F3 | $0.50 | Nov 30, 2017 | J | 426,776 | A | — | — | Warrants | 846,928 | 846,928 | D |
Explanation of responses
- F1Each of which warrants includes a potential future 90% 'exercise bonus' (See Notes 9 & 10, Financial Statements, Form 10-Q for quarter ended 9/30/17).
- F2This report reflects the cancellation (effective November 7, 2017) (per agreements reached between October 14-Nov 6, 2017) of $416,656 of accrued convertible deferred compensation (including November 2017 accrual) which was convertible into 538,876 shares of common stock at November 7, 2017 (See Notes 5 & 10, Financial Statements, Form 10-Q for quarter ended 9/30/17) (Note that, per Item 12, Form 10-K (for year ended June 30, 2017) $358,934 of convertible deferred compensation was convertible into 464,763 shares at August 15, 2017). This category of security had been previously reported on Form 4 dated February 3, 2015. Since that date its amount has varied with the addition of accrued deferred compensation , has been reduced when conversions have taken place and has fluctuated in number as the market-based conversion price has varied by formula. New accruals will commence during December 2017 with the same variables in place.
- F3The number of warrants included in Units to be received in conversion of existing 'January 2015 Convertible Note' (as defined in Form 10-Q, Financial Statements, Note 7 and other SEC filings) has increased from from ? to ? per Unit which change increased potential warrants to be received in the event of conversion of Mr. Smith's 'January 2015 Convertible Note' by 423,464 at November 7, 2017 including interest accruals through November 30, 2017 (with future increase due to subsequent interest accruals). The potential future 'exercise bonus' for these warrants (and all other options and warrants owned by Mr. Smith (and his donees/assignees) was increased to 75% from 50%. (See Notes 7, 9 & 10, Financial Statements, Form 10-Q for quarter ended 9/30/17).
- F4Outstanding 'January 2015 Convertible Note' (as defined in Form 10-Q, Financial Statements, Note 7 and other SEC filings) has a balance (principal plus accrued interest) of approximately $846,928 as of November 30, 2017. The note is convertible at $.50 per Unit into Units consisting of 1 share of common stock and ? warrant (1,693,856 Units consisting of 1,693,856 shares of common stock and 846,928 warrants, in aggregate). See Note 3 above. (See Notes 7, 9 & 10, Financial Statements, Form 10-Q for quarter ended 9/30/17). The number of Units will increase as interest accrues.
- F5IRA account