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 OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SMITH MARK A		 2. Issuer Name and Ticker or Trading Symbol

BION ENVIRONMENTAL TECHNOLOGIES INC [ BNET ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    __X__ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
President
(Last)          (First)          (Middle)

401 N. RIVERSIDE DRIVE #408		 3. Date of Earliest Transaction (MM/DD/YYYY)

3/31/2023
(Street)

POMPANO BEACH, FL 33062		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 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)
Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 3/31/2023  A(1)  315948 A$0.00 1062483 D  
Common Stock 3/31/2023  G(2)  170000 D$0.00 892483 D  
Common Stock         53756 I Wife IRA 
Common Stock         62535 I MAS IRA 
Common Stock         12681 I Lotaylingkyur Foundation 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Adjusted 2020 Convertable Obligation $0.50 3/31/2023  D (1)    $29888.64   (1) (1)Common Stock 0.00 $0.00 1876570 (1)D  
Class MARCON-2 Warrants $0.75 3/31/2023  A (1)  315948     (1) (1)Common Stock 315948 $0.00 315948 D  
Class MARCON-2 Warrants $0.75 3/31/2023  G (3)    295000   (1) (1)Common Stock 295000 $0.00 20948 D  
Various Other Classes Warrants  (4)           (4) (4)Common Stock 1351902  1351902 D  
Options (right to buy)  (5)           (5) (5)Common Stock 2425000  2425000 D  
Explanation of Responses:
(1) On March 31, 2023, Mr. Smith converted $29,888.64 of principal from his Adjusted 2020 Convertible note into 315,948 Units; each unit consisting of one share and one warrant with the exercise price of $.75 until 3/31/2026. Each of these warrants carry an exercise bonus of 75%.
(2) On March 31, 2023, Mr. Smith gifted/donated 170,000 shares to various nonprofit entities and/or family members. Of the 165,948 shares not gifted, 100,000 shares are registered to Mr. Smith's wife.
(3) On March 31, 2023, Mr. Smith gifted/donated 295,000 warrants to various nonprofit entities and/or family members. 20,948 of the warrants not gifted are registered to Mr. Smith's wife.
(4) As of March 31, 2023, Mr. Smith is the direct owner of 1,351,902 underlying other warrants in addition to those acquired in the March 31, 2023 conversion (see Note 1). These warrants are comprised of various classes and various prices with expiration dates ranging from 2024 to 2026 and exercise bonus terms ranging from 75% to 90%.
(5) As of March 31, 2023, Mr. Smith is the direct owner of 2,425,000 underlying options. These options are comprised of various classes and various prices with expiration dates ranging from 2024 to 2026 and exercise bonus terms ranging from 75% to 90%.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
SMITH MARK A
401 N. RIVERSIDE DRIVE #408
POMPANO BEACH, FL 33062		XXPresident
Signatures
/s/ Mark A. Smith4/4/2023
**Signature of Reporting PersonDate
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.
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