LoRicco Ronald Joseph Sr. 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)
06/25/2020

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
Common Stock	06/25/2020		C(1)		1,163,201	A	$0.132	30,471,534	I	See footnote(2)
Common Stock	06/25/2020		C(3)		397,269	A	$0.132	4,397,269	I	See footnote(4)
Common Stock								1,566,667	I	See footnote(5)
Common Stock								1,566,667	I	See footnote(6)
Common Stock								500,000	I	See footnote(7)

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	$0.132	06/25/2020		C(1)			1,163,201	06/06/2020	07/16/2020	Common Stock	1,163,201	$0.132	0	I	See footnote(2)
Convertible Promissory Note	$0.132	06/25/2020		C(3)			397,269	06/06/2020	10/13/2020	Common Stock	397,269	$0.132	0	I	See footnote(4)
Warrant	$0.396	06/25/2020		J(8)		1,163,201		06/25/2020	06/25/2025	Common Stock	1,163,201	$0(8)	1,163,201	I	See footnote(2)
Warrant	$0.396	06/25/2020		J(9)		397,269		06/25/2020	06/25/2025	Common Stock	397,269	$0(9)	397,269	I	See footnote(4)

Explanation of Responses:

1. On June 25, 2020, the Reporting Person converted a previously disclosed $150,000 12% Convertible Promissory Note (including $3,542.47 of accrued, unpaid interest) initially issued on January 16, 2020 (the "January Note") at a conversion price of $0.132. Pursuant to the terms of the January Note, the conversion price was calculated at 80% of the Issuer's closing trading price on June 5, 2020, which was $0.165. All such shares are "restricted securities" as defined by the Securities Act of 1933, as amended (the "Securities Act").

2. All of these shares are held in the name of RVRM Holdings LLC, which is controlled by the Reporting Person.

3. On June 25, 2020, the Reporting Person converted a previously disclosed $50,000 12% Convertible Promissory Note (including $2,439.52 of accrued, unpaid interest) initially issued on April 13, 2020 (the "April Note") at a conversion price of $0.132. Pursuant to the terms of the April Note, the conversion price was calculated at 80% of the Issuer's closing trading price on June 5, 2020, which was $0.165. All such shares are "restricted securities" as defined by the Securities Act.

4. All of these shares are held in the name of First New Haven Mortgage Company, which is controlled by the Reporting Person.

5. All of these shares are held in the name of ARGJ, LLC ("ARGJ"). The Reporting Person's brother, Richard LoRicco, Jr., is the manager of ARGJ. The Reporting Person is neither a manager nor a member of ARGJ. The Reporting Person disclaims beneficial ownership of all of the securities that are beneficially owned by ARGJ, except to the extent, if any, of his pecuniary interest therein.

6. All of these shares are held in the name of RJC3, LLC ("RJC3"). The Reporting Person's brother, Richard LoRicco, Jr., is the manager of RJC3. The Reporting Person is neither a manager nor a member of RJC3. The Reporting Person disclaims beneficial ownership of all of the securities that are beneficially owned by RJC3, except to the extent, if any, of his pecuniary interest therein.

7. All of these shares are held in the name of LoRi Co., which is controlled by the Reporting Person.

8. Pursuant to the terms of the January Note, as of the conversion date the Reporting Person was issued a five-year Warrant to Purchase Common Stock for up to 1,163,201 shares of the Issuer's common stock with an exercise price of $0.396, or three times the conversion price of the January Note.

9. Pursuant to the terms of the April Note, as of the conversion date the Reporting Person was issued a five-year Warrant to Purchase Common Stock for up to 397,269 shares of the Issuer's common stock with an exercise price of $0.396, or three times the conversion price of the April Note.

	/s/ Ronald J. LoRicco Sr.	08/12/2020
	** Signature of Reporting Person	Date
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