Boon Industries Announces Filing of Annual Report on Form 10-K with the Securities and Exchange Commission
SACRAMENTO, CA, May 03, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Boon Industries, Inc. (OTC PINK: BNOW) (“Boon” or the “Company”), an innovative bioscience company delivering solutions that benefit people and the planet, is pleased to announce that it has filed its Annual Report on Form 10-K with the Securities and Exchange Commission (SEC) for the year ended December 31, 2021. This is the first periodic report filed by the Company with the SEC since becoming subject to the reporting requirements of the Securities Exchange Act of 1934. The Company previously filed a Registration Statement with the SEC that became effective on February 14, 2022.
The full report is available at:
Highlights of the filing include:
- A twenty-five percent increase in revenue in 2021 as compared to 2020.
- A reduction in stockholders’ deficit from $197,700,000 to $69,387,000 as a result of retiring of Series A Preferred Stock.
- Net loss in 2021 increased by 20%.
During 2021, the Company generated $607,000 from financing activities from the issuance of convertible debt and used the proceeds primarily to market the Company’s flagship product line, build a production facility, and pay professional fees in connection with becoming a fully reporting company.
“We are pleased to have filed our first 10-K with the SEC,” stated Justin Gonzalez, CEO, Boon Industries. “Taking this step in reporting and transparency has been an important goal of management. While 2021 was a challenging year in which shareholders experienced dilution due to our necessary fundraising efforts, we look forward to growing the Company’s revenue in 2022 which would reduce our need to engage in dilutive financings.
“I believe we have made great progress in establishing a sturdy foundation, from financial and organizational, to product development, to sales and marketing. We are clear that there remains much to do to further strengthen our foundation. To that end, we were able to retire stock last year and will continue to evaluate what is best for our shareholders and our brands in unison,” added Gonzalez.
The company is working on updates to marketing deliverables, including communication to our valued investors and anticipates announcing these efforts early in Q2. Additionally, the Company is working to secure additional clients and the launching of market driven scientific research designed to support the specific value propositions that Boon products provide.
Gonzalez explained the importance of completing Boon’s expanded co-manufacturing facility as integral to future revenue growth. “With our expanded footprint we are pursuing larger distribution opportunities for our core brands and have the production capacity to create new product offerings. We now have the ability and capacity to build additional revenue streams for the business and we are finally in the market ready position that we have worked so diligently to place ourselves,” said Gonzalez.
About Boon Industries
Boon Industries, Inc. (OTC:BNOW) is an innovative bioscience company delivering solutions that benefit people and the planet. At the core of Boon’s product offering is DiOx+™ and BioDox™ , a chlorine dioxide disinfectant sterilizer. Chlorine dioxide has been approved by OSHA, FDA, EPA, and DOT. DiOx+ kills harmful pathogens without dangerous toxic exposure to the user or the environment. The proprietary chemical formulas and processes behind Boon’s products make it ideal for sterilization of mission critical, high value medical equipment and disinfecting air and surfaces in laboratory and hospital environments. BioDox™ helps prevent agricultural crops from disease. Diox+™ is used in water treatment plants, and helps reduce operational costs in warehousing, distribution centers and ecommerce support facilities. The introduction of DiOx+ to the U.S. market follows 12 years of chlorine dioxide usage in global markets driven by Boon’s CEO Justin Gonzalez. DiOx+ delivers on Boon’s promise to provide the most effective, affordable solutions without sacrificing health and safety. DiOx+ is produced at Boon’s manufacturing facility and corporate headquarters in Grass Valley, California
Safe Harbor for Forward-Looking Statements: This news release contains forward-looking statements which are not statements of historical fact. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include but are not limited to changes in general economic and financial market conditions. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law
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The Company’s most current Investor Presentation is available at the following link: www.BoonIndustries.com/deck