Sec Form 4 Filing - LoRicco Ronald Joseph Sr. @ BASANITE, INC. - 2020-04-13

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person LoRicco Ronald Joseph Sr. 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) (Last) (First) (Middle) 216 CROWN STREET, SUITE 502 3. Date of Earliest Transaction (MM/DD/YY) 04/13/2020 (Street) NEW HAVEN, CT06510 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 ) 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 ) 06/05/2020 ( 3 )( 4 ) Common Stock ( 3 ) $ 50,000 $ 50,000 ( 3 ) I See footnote ( 6 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other LoRicco Ronald Joseph Sr. 216 CROWN STREET SUITE 502 NEW HAVEN, CT06510 X X Signatures /s/ Ronald J. LoRicco Sr. 04/15/2020 Signature of Reporting Person Date

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.

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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