Bantec is a small holding company whose only meaningful operating business is Howco Distributing, a supplier of spare and replacement parts to U.S. federal government agencies, military prime contractors, and commercial customers worldwide. Howco, founded in 1990 and based in Vancouver, Washington, sources and distributes replacement parts for construction, transportation, mining, and heavy equipment, and handles the full contract lifecycle for government customers, including bid solicitation, contract management, packaging, and logistics. Howco generates revenue by procuring and reselling parts under Firm-Fixed-Price, IDIQ, Time-and-Materials, and Cost-Plus contracts. Core economics are straightforward: Howco earns a margin on parts it sources and distributes, with profitability driven by contract volume and task order flow. Customer concentration is extreme — a single customer accounted for roughly 85% of Howco's revenue in FY23. Bantec also operates Drone USA, a small unit that resells drones and accessories to law enforcement and government customers, but management has acknowledged limited competitiveness and is considering exiting the market. Bantec's stated growth strategy is acquisition-led, targeting manufacturing, distribution, and services businesses that can be cross-sold to Howco's government customer base. Bantec has outlined several intended business units, but none beyond Howco appear operational. In practice, Bantec is a micro-cap OTC-traded holding company with a single small operating subsidiary and seven full-time employees.