Basanite (BASA) Form 4 BASANITE / Ronald Joseph Sr. LoRicco ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LoRicco Ronald Joseph Sr.

(Last) (First) (Middle)

216 CROWN STREET

SUITE 502

(Street)

NEW HAVEN CT 06510

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BASANITE, INC. [ BASA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/13/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Convertible Promissory Note	(1)	04/13/2020		J(2)		$150,000		06/05/2020	(1)(2)	Common Stock	(1)	$150,000	$150,000(1)	I	See footnote(5)
Demand Note	(1)	04/13/2020		J(4)		$50,000		06/05/2020	(3)(4)	Common Stock	(3)	$50,000	$50,000(3)	I	See footnote(6)

Explanation of Responses:

1. After June 5, 2020, the Reporting Person may convert all or a portion of this Convertible Promissory Note (including interest) into shares of the Issuer's common stock at a conversion rate equal to 80% of the closing price of the Issuer's common stock at such time. The Issuer may force a conversion upon the maturity at a conversion rate equal to 80% of the closing price of the Issuer's common stock on June 5, 2020. If the Reporting Person elects to convert or if the Issuer forces a conversion at maturity, the Reporting Person will be issued a warrant to purchase the same number of shares of the Issuer's common stock for which the Reporting Person converted at an exercise price equal to three times the conversion price. In the event the warrants are issued, the Issuer shall have the right to require the Reporting Person to exercise if the Issuer's trading price exceeds 150% of the exercise price for twenty consecutive days.

2. This Convertible Promissory Note accrues interest at 12% per annum and has a maturity date of October 13, 2020.

3. After June 5, 2020, the Reporting Person may convert all or a portion of this Demand Note (including interest) into shares of the Issuer's common stock at a conversion rate equal to 80% of the closing price of the Issuer's common stock at such time. The Issuer may force a conversion upon the maturity at a conversion rate equal to 80% of the closing price of the Issuer's common stock on June 5, 2020. If the Reporting Person elects to convert or if the Issuer forces a conversion at maturity, the Reporting Person will be issued a warrant to purchase the same number of shares of the Issuer's common stock for which the Reporting Person converted at an exercise price equal to three times the conversion price. In the event the warrants are issued, the Issuer shall have the right to require the Reporting Person to exercise if the Issuer's trading price exceeds 150% of the exercise price for twenty consecutive days.

4. This Demand Note was originally issued on January 16, 2020 without a conversion feature but was amended on April 13, 2020 to include the conversion feature described in Footnote 3 above. This Demand Note accrues interest at 10% per annum and has a maturity date of July 16, 2020.

5. The Convertible Promissory Note is held in the name of RVRM Holdings LLC, which is controlled by the Reporting Person.

6. The Demand Note is held in the name of First New Haven Mortgage Company, which is controlled by the Reporting Person.

	/s/ Ronald J. LoRicco Sr.	04/15/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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