Blue Biofuels, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Blue Biofuels, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

BLUE BIOFUELS, INC. (BIOF) filed a Annual Report (10-K) with the SEC on March 26, 2024. Blue Biofuels, Inc. (formerly Alliance Bioenergy Plus, Inc.) filed its 2023 10-K report on March 26, 2024. The company's fiscal year ends on December 31st. Blue Biofuels, Inc. is incorporated in Nevada and operates in the Industrial Organic Chemicals sector. The company's business address is located in Palm Beach Gardens, Florida. The filing includes financial data for the fiscal years ending December 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking BLUE BIOFUELS, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Blue Biofuels' financial health and operational status for the fiscal year 2023, crucial for investors to assess the company's performance and future prospects. The report's detailed financial statements and risk factors offer insights into the company's challenges and opportunities within the industrial organic chemicals market.

Risk Assessment

Risk Level: medium — BLUE BIOFUELS, INC. shows moderate risk based on this filing. The company's financial performance and operational details are not fully available in the provided header information, making a definitive risk assessment challenging.

Analyst Insight

Investors should review the full 10-K filing to understand Blue Biofuels' financial statements, management discussion, and risk factors for a complete picture.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-03-26 — Filing Date (Date the 10-K was filed)
• 2023 — Reporting Period (Conformed period of report)
• 2022 — Previous Reporting Period (Previous fiscal year end)

Key Players & Entities

• BLUE BIOFUELS, INC. (company) — Filer name
• BIOF (company) — Ticker symbol
• 10-K (document) — Filing type
• 2024-03-26 (date) — Filing date
• 2023-12-31 (date) — Period of report
• 2024-03-26 (date) — As of date
• 0001549145 (company) — Central Index Key
• INDUSTRIAL ORGANIC CHEMICALS (industry) — Standard Industrial Classification

FAQ

Industry Context

Blue Biofuels, Inc. operates within the Industrial Organic Chemicals sector, focusing on the production and development of biofuels.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Blue Biofuels.
3. Compare the 2023 financial results with previous years to identify trends and assess performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-26: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

The provided header information indicates a 10-K filing for the period ending December 31, 2023, which is a standard annual report.

Key Financial Figures

• $0.001 B — ich registered Common Stock par value $0.001 BIOF OTCQB Indicate by check mark if
• $3.06 — as of this filing, it is approximately $3.06 per gallon of ethanol. For comparison,
• $0.43 — parison, the D6 RIN for corn ethanol is $0.43. To profit from these incentives, the C
• $1 — amount of 20 cents per gallon or up to $1 per gallon for a qualified facility (de
• $1.75 — on fuel, those figures are 35 cents and $1.75 per gallon respectively. The Company pl
• $66 — California is currently offering around $66 per metric ton of CO2 reduction. When i
• $0.001 — 00,000 Shares of Common Stock par value $0.001 and 10,000,000 shares of Preferred Stoc
• $102,950 — se extension commenced at approximately $102,950 per annum and increases on a year-to-ye
• $0.05 — ciated with these agreements range from $0.05 to $0.30 and terms range from twenty fo
• $0.30 — th these agreements range from $0.05 to $0.30 and terms range from twenty four months
• $0.20 — The exercise prices range from $0.05 to $0.20 and terms range from five (5) to ten (1
• $0.15 — 3/23 Common Stock 200,000 Purchase @ $0.15 per share James Cherwin 01/30/23 Co

Filing Documents

• form10-k.htm (10-K) — 1682KB
• ex14.htm (EX-14) — 20KB
• ex31-1.htm (EX-31.1) — 23KB
• ex31-2.htm (EX-31.2) — 23KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-011318.txt (&nbsp;) — 7525KB
• biof-20231231.xsd (EX-101.SCH) — 48KB
• biof-20231231_cal.xml (EX-101.CAL) — 56KB
• biof-20231231_def.xml (EX-101.DEF) — 199KB
• biof-20231231_lab.xml (EX-101.LAB) — 407KB
• biof-20231231_pre.xml (EX-101.PRE) — 299KB
• form10-k_htm.xml (XML) — 1375KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 5 ITEM 1B. Unresolved Staff Comments 5 ITEM 2.

Properties

Properties 5 ITEM 3.

Legal Proceedings

Legal Proceedings 5 ITEM 4. (Removed and reserved) 5 ITEM 5. Market For Registrant's Common Equity; Related Stockholder Matters and Issuer Purchases of Equity Securities 6 ITEM 6. (Removed and reserved) 9 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 9 ITEM 7A. Quantitative and Qualitative Disclosure About Market Risk 13 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 13 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 14 ITEM 9A.

Controls and Procedures

Controls and Procedures 14 ITEM 10 Directors, Executive Officers and Corporate Governance 15 ITEM 11.

Executive Compensation

Executive Compensation 19 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 23 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 24 ITEM 14. Principal Accountant Fees and Services 25 ITEM 15. Exhibits and Financial Statement Schedules 26

SIGNATURES

SIGNATURES 28 2 FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (the "Report"), including "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 contains forward-looking statements regarding future events and the future results of Blue Biofuels, Inc. and its consolidated subsidiaries (the "Company") that are based on management's current expectations, estimates, projections and assumptions about the Company's business. Words such as "expects," "anticipates," "intends," "plans," "believes," "sees," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including, but not limited to, those discussed in the "Risk Factors" section in Item 1A, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item 7 and elsewhere in this Report as well as those discussed from time to time in the Company's other Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions. Such forward-looking statements speak only as of the date of this Report or, in the case of any document incorporated by reference, the date of that document, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this Report. If we update or correct one or more forward-looking statements, investors and others should not conclude that we will make additional updates or corrections with respect to other forward-looking statements. ITEM 1. BUSINESS Background

Business

Business Overview Blue Biofuels, Inc., was incorporated in Nevada on March 28, 2012, as Alliance Media Group Holdings, Inc. Since December 2013, Blue Biofuels, Inc. (the "Company") has been a technology company focused on emerging technologies in renewable energy, biofuels, and lignin. In early 2018, the Company's chief executive officer ("CEO") Ben Slager invented a new reactor technology with a higher yield and a continuous throughput in the Cellulose-to-Sugar process, or CTS, and the Company filed a process patent application for this technology. Mr. Slager has since further developed the system with the technical staff of the Company. The CTS patent was awarded in 2021 in the United States (U.S. Patent No. 10,994,255) and has subsequently been granted in Japan and El Salvador. The Company also filed this patent in other major jurisdictions of the world including the European Patent Organization, Australia, Brazil, China, the African Regional Intellectual Property Organization, and the Russian Federation. The patent applications are currently pending in all of these international jurisdictions. In addition to this patent, the Company has received one additional patent in the United States (U.S. Patent No. 11,484,858B2), for which it has also applied in all the above-mentioned jurisdictions. Further, the company has filed for 6 other patents in the United States which are currently pending. Mr. Slager has since further developed the system with the technical staff of the Company. The patented CTS process is a continuous mechanical/chemical dry process for breaking down cellulosic material for conversion into biofuels. CTS can break down any cellulosic material – including grasses and agricultural waste. The CTS mechanical/chemical process allows for exact process control to ensure that all the material passing through it does so on the optimum reaction parameters through which optimal efficiency is achieved. The new technology made it worthwhile to financi

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View this 10-K filing on SEC EDGAR