Blue Biofuels Files Q1 2024 10-Q Amendment

TL;DR

Blue Biofuels amended its Q1 2024 10-Q. Check financials.

AI Summary

Blue Biofuels, Inc. filed an amended 10-Q for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024 and comparative periods. The company, formerly known as Alliance Bioenergy Plus, Inc., is involved in industrial organic chemicals.

Why It Matters

This amended filing provides updated financial information for Blue Biofuels, Inc., crucial for investors and stakeholders to assess the company's performance and financial health.

Risk Assessment

Risk Level: medium — As a company that has undergone name changes and operates in the industrial organic chemicals sector, its financial filings require careful review for potential risks.

Key Numbers

• Q1 2024 — Reporting Period (Financials for the first quarter of 2024 are updated.)
• 2024-03-31 — Period End Date (The filing covers financial data up to this date.)
• 2023-12-31 — Previous Year End (Comparative financial data from the end of 2023 is included.)

Key Players & Entities

• BLUE BIOFUELS, INC. (company) — Filer and company name
• 20240331 (date) — Conformed period of report
• 20240520 (date) — Filed as of date
• ALLIANCE BIOENERGY PLUS, INC. (company) — Former company name
• 20141204 (date) — Date of former company name change

FAQ

Key Financial Figures

• $0.001 B — ich registered Common Stock par value $0.001 BIOF OTCQB Indicate by check mark if t
• $29,189,366 — tly completed second fiscal quarter was $29,189,366. State the number of shares outstandi
• $5 million — to be repaid when the Company receives $5 million in equity investment. The Notes carry a
• $3 million — ceives an equity investment of at least $3 million. Otherwise, they accrued warrants, with
• $1.5 million — ceives an equity investment of at least $1.5 million. Otherwise, it accrued warrants, with a

Filing Documents

• form10-qa.htm (10-Q/A) — 505KB
• ex31-1.htm (EX-31.1) — 22KB
• ex31-2.htm (EX-31.2) — 22KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-020621.txt ( ) — 3052KB
• biof-20240331.xsd (EX-101.SCH) — 29KB
• biof-20240331_cal.xml (EX-101.CAL) — 41KB
• biof-20240331_def.xml (EX-101.DEF) — 114KB
• biof-20240331_lab.xml (EX-101.LAB) — 225KB
• biof-20240331_pre.xml (EX-101.PRE) — 170KB
• form10-qa_htm.xml (XML) — 303KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM 1. Condensed and Consolidated Financial Statements (unaudited) 4 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 ITEM 4.

Controls and Procedures

Controls and Procedures 20

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 21 ITEM 1A.

Risk Factors

Risk Factors 21 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 ITEM 3. Defaults Upon Senior Securities 22 ITEM 4. Mine Safety Disclosures 22 ITEM 5. Other Information 22 ITEM 6. Exhibits 22

Signatures

Signatures 23 2 PART I – FINANCIAL INFORMATION TABLE OF CONTENTS Index to Financial Statements Page Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Stockholders' Deficit for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8 3 Blue Biofuels, Inc. Financial Period Ended March 31, 2024 UNAUDITED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS OF BLUE BIOFUELS, INC. Blue Biofuels, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 24,319 $ 41,008 Prepaid expenses 32,751 35,750 TOTAL CURRENT ASSETS $ 57,070 $ 76,758 Other assets Property and equipment, net of accumulated depreciation and amortization of $ 272,899 and $ 243,089 at March 31, 2024 and December 31,2023, respectively $ 557,498 587,308 Security deposits 30,276 30,276 Right of Use Assets, net of accumulated amortization 56,764 81,091 Patents 275,611 254,786 TOTAL OTHER ASSETS $ 920,149 $ 953,461 TOTAL ASSETS $ 977,219 $ 1,030,219 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable 25,282 22,798 Accounts payable - Related Party 72,670 72,670 Accounts payable $ 72,670 $ 72,670 Deferred wages and directors fees - Related party 1,154,012 828,312 Right of Use Lease Liability - Current 60,637 85,983 Convertible Notes Payable — Other 200,000 - Convertible Notes Payable — Related Party 370,000 350,000 Convertible Notes Payable $ 370,000 $ 350,000 Interest Payable - Related Party 185,498 143,406 TOTAL CURRENT LIABILITIES $ 2,068,099 $ 1,503,169 Long term liabilities Convertible Notes Payable – Related Party 340,000 300,000 Convertible Notes Payable – Other 50,000 50,000 Legacy Notes Payable — Related Party 2,521,562 2,521,562 Legacy Notes Payable — Other 216,570 216,570 TOTAL LONG TERM LIABILITIES $ 3,128,132 $ 3,088,132 TOTAL LIABILITIES $ 5,196,231 $ 4,591,301 COMMITMENTS AND CONTINGENCIES (Note 8) - STOCKHOLDERS' DEFICIT Preferred stock; $ 0.001 par value; 10,000,000 shares authorized; zero shares issued and outstanding - - Common stock; $ 0.001 par value; 1,000,000,000 shares authorized; 302,803,463 issued and outstanding at March 31, 2024, and 302,750,963 shares issued and outstanding at

View Full Filing

View this 10-Q/A filing on SEC EDGAR