0001140361-17-047228.txt : 20171222
0001140361-17-047228.hdr.sgml : 20171222
20171222171915
ACCESSION NUMBER: 0001140361-17-047228
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20171107
FILED AS OF DATE: 20171222
DATE AS OF CHANGE: 20171222
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Schafer Edward T
CENTRAL INDEX KEY: 0001376093
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-19333
FILM NUMBER: 171273325
MAIL ADDRESS:
STREET 1: 1400 31ST AVENUE SW, SUITE 60
CITY: MINOT
STATE: ND
ZIP: 58701
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: BION ENVIRONMENTAL TECHNOLOGIES INC
CENTRAL INDEX KEY: 0000875729
STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870]
IRS NUMBER: 841176672
STATE OF INCORPORATION: CO
FISCAL YEAR END: 0630
BUSINESS ADDRESS:
STREET 1: C/O BOX 566
STREET 2: 1774 SUMMITVIEW WAY
CITY: CRESTONE
STATE: CO
ZIP: 81131
BUSINESS PHONE: (212) 758-6622
MAIL ADDRESS:
STREET 1: C/O BOX 566
STREET 2: 1774 SUMMITVIEW WAY
CITY: CRESTONE
STATE: CO
ZIP: 81131
FORMER COMPANY:
FORMER CONFORMED NAME: RSTS CORP
DATE OF NAME CHANGE: 19930328
4
1
doc1.xml
FORM 4
X0306
4
2017-11-07
0
0000875729
BION ENVIRONMENTAL TECHNOLOGIES INC
BNET
0001376093
Schafer Edward T
1400 31ST AVENUE SW, SUITE 60
MINOT
ND
58701
1
1
0
0
Executive Vice Chairman
Options (Right to Buy)
0.75
2017-11-07
2017-11-07
4
A
0
190000
0.05
A
2017-11-17
2020-12-31
Common Stock
190000
190000
D
Convertible Deferred Compensation
0.72
2017-11-07
4
J
0
144507
D
Common Stock
144507
0
D
January 2015 Convertible Note Warrants
1.00
2017-11-07
4
A
0
210635
A
Common Stock
421270
421270
D
January 2015 Convertible Note
0.50
2017-11-30
4
J
0
2798
A
Common Stock
842540
835852
D
January 2015 Convertible Note
1.50
2017-11-30
4
J
0
211334
A
Warrants
421270
421270
D
Each of which options includes a potential future 90% exercise bonus "exercise bonus" (See Notes 9&10, Financial Statements, Form 10-Q for quarter ended 9/30/17
This report reflects the cancellation (effective November 7, 2017) (per agreements reached between October 14 - Nov 6, 2017) of $121,386 of accrued convertible deferred compensation (including November 2017 accrual) which was convertible into 144,507 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) $120,269 of convertible deferred compensation was convertible into 133,164 shares at August 15, 2017. This category of security's amount has varied with the addition of accrued deferred compensation 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.
The 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 1/4 to 1/2 per Unit which change increased potential warrants to be received in the event of conversion of Mr. Schafer's "January 2015 Convertible Note" by 210,635 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. Schafer (and his donees)/assignees) was increased to 75% from 50%. See Notes 7, 9 & 10 Financial Statements Form 10Q for quarter ended 9/30/17.
Outstanding "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 $421,270 as of November 30, 2017. The note is convertible at $.50 per unit into units consisting of 1 share of common stock and 1/2 warrant ((842,540 Units consisting of 842,540 shares of common stock and 421,270 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.
/s/ Edward T. Schafer
2017-12-22