# EDGAR Filing Document

**Accession Number:** 0001376093
**File Stem:** 0001079973-23-000266
**Filing Date:** 2023-2
**Character Count:** 8057
**Document Hash:** 79149d1e4a2615aaec82fd20d34dfa73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001079973-23-000266.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001079973-23-000266

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230201

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**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:** 23678100

**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:** PO BOX 323
- **CITY:** OLD BETHPAGE
- **STATE:** NY
- **ZIP:** 11804
- **BUSINESS PHONE:** (212) 758-6622

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 323
- **CITY:** OLD BETHPAGE
- **STATE:** NY
- **ZIP:** 11804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RSTS CORP
- **DATE OF NAME CHANGE:** 19930328

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Schafer Edward T<br><sub>(Last) (First) (Middle)</sub><br>9 EAST PARK CT.<br><sub>(Street)</sub><br>OLD BETHPAGE, NY 11804<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-02-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Executive Vice Chairman_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>BION ENVIRONMENTAL TECHNOLOGIES INC [ BNET ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 2020 Convertible Obligation | $0.50 | 2023-02-01 |  | D<sup>(1)</sup> |  |  |  | <sup>(1)</sup> | <sup>(1)</sup> | See footnote<sup>(1)</sup> |  | $0.00 |  | D |  |
| Adjust 2020 Convertible Obligation | $0.0953 | 2023-02-01 |  | A<sup>(2)</sup> |  |  |  | <sup>(2)</sup> | <sup>(2)</sup> | See footnote<sup>(2)</sup> |  | $0.00 |  | D |  |
| 2015 Convertible Note | $0.60 | 2023-02-01 |  | D<sup>(3)</sup> |  |  |  | <sup>(3)</sup> | <sup>(3)</sup> | See footntoe<sup>(3)</sup> |  | $0.00 |  | D |  |
| Adjusted 2015 Convertble Note | $0.115 | 2023-02-01 |  | A<sup>(4)</sup> |  |  |  | <sup>(4)</sup> | <sup>(4)</sup> | See footnote<sup>(4)</sup> |  | $0.00 |  | D |  |

---

### Footnotes:

(1) On February 1, 2023, the principal of most of the 2020 Convertible Obligation of $509,865.07 was adjusted down by 80%. At the end of the maturity date of July 1, 2024, the balance of the 2020 Convertible Obligation would be $535,585.27 and would be convertible into 1,071,171 units of BNET restricted securities consisting of 1,071,171 shares and 535,586 warrants @ $.75 each exercisable through three years after the conversion date. Each of these warrants carry an exercise bonus of 75%.

(2) The principal note balance 'Adjusted 2020 Convertible Obligation' will not accrue interest until the maturity date of July 1, 2024, with conversion terms of $.0953 replacing the prior conversion terms of $.50. This change will yield equity slightly less than the unadjusted 2020 Convertible Obligation would have received if converted on the maturity date. The balance of the Adjusted 2020 Convertible Obligation is $101,973.01 and is convertible into 1,070,021 units of BNET restricted securities consisting of 1,070,021 shares and 535,011 warrants @$.75 each exercisable through three years after the conversion date. Each of these warrants carry an exercise bonus of 75%.

(3) On February 1, 2023, the principal of most of the 2015 Convertible Note of $21,277.37 was adjusted down by 80 %. At the end of the maturity date of July 1, 2024, the balance of the unadjusted 2015 Convertible Note would be $22,155.68 and convertible @ $.60 into 36,927 BNET restricted shares of common stock.

(4) The note balance 'Adjusted 2015 Convertible Note' will not accrue interest until the maturity date of July 1, 2024, with conversion terms of $.115 replacing the prior conversion terms of $.60 per share that will yield equity slightly less than the unadjusted 2015 Convertible Note would have received if converted on the maturity date. The balance of the Adjusted 2015 Convertible Note is $4,245.47 and is convertible into 36,918 BNET restricted shares of common stock.

**Signature:** /s/ Edward Schafer  
**Date:** 2023-02-27

### Remarks:

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).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**