secwatch.observer — SEC 8-K summary
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Issuer:     BASANITE, INC. (BASA)
CIK:        0001448705
Form:       8-K
Filed at:   2022-05-03T23:59:59+00:00
Accession:  0001553350-22-000388
Event type: other
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Basanite leases $450k manufacturing machine from affiliate; purchase required at term end
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- Leased a BasaMax Tetrad basalt rebar pultrusion machine from affiliate First New Haven Mortgage Co.
- Monthly rent of $8,250 deferred until $2M equity raise; purchase price at end: $450k plus accrued rent.
- First amendment corrected quantity from three machines to one machine.
- Transaction approved by disinterested directors; Ronald J. LoRicco (co-manager of lessor) recused.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1448705/000155335022000388/0001553350-22-000388-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1448705/000155335022000388/basa_8k.htm
  HTML page:      https://secwatch.observer/filing/0001553350-22-000388

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer