Blue Biofuels, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Blue Biofuels, Inc. has submitted its Q1 2024 10-Q filing, detailing financial positions and recent warrant issuances.</b>

AI Summary

BLUE BIOFUELS, INC. (BIOF) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Blue Biofuels, Inc. filed its Q1 2024 10-Q report on May 6, 2024. The report covers the period ending March 31, 2024. The company was formerly known as ALLIANCE BIOENERGY PLUS, INC. and Alliance Media Group Holdings, Inc. The filing includes details on common stock, preferred stock, additional paid-in capital, and retained earnings as of March 31, 2024. Information regarding related party transactions and warrants issued in January and March 2024 is also present.

Why It Matters

For investors and stakeholders tracking BLUE BIOFUELS, INC., this filing contains several important signals. This filing provides investors with the latest quarterly financial snapshot, crucial for understanding the company's performance and financial health. The inclusion of details on warrant issuances in early 2024 may indicate ongoing financing activities or strategic partnerships that could impact future share structure and dilution.

Risk Assessment

Risk Level: low — BLUE BIOFUELS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative financial disclosures that would suggest high risk based solely on the header information.

Analyst Insight

Monitor future filings for detailed financial performance and the impact of the mentioned warrant issuances on the company's capital structure.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 2014-12-04 — Date of Name Change (Former company name change date)
• 2012-05-04 — Date of Name Change (Former company name change date)

Key Players & Entities

• BLUE BIOFUELS, INC. (company) — Filer name
• ALLIANCE BIOENERGY PLUS, INC. (company) — Former company name
• Alliance Media Group Holdings, Inc. (company) — Former company name
• NV (jurisdiction) — State of incorporation
• FL (location) — State of business address
• PALM BEACH GARDENS (location) — City of business address
• VertiBlue Fuels LLC (company) — Related party member
• 2024-01-01 (date) — Start date for Q1 2024 period

FAQ

Industry Context

Blue Biofuels, Inc. operates in the industrial organic chemicals sector, focusing on biofuels. This sector is subject to evolving environmental regulations and market demand for sustainable energy sources.

Regulatory Implications

As a company in the biofuels industry, Blue Biofuels, Inc. is subject to various environmental regulations and potential government incentives or mandates related to renewable energy production and consumption.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including revenue, expenses, and balance sheet information.
2. Analyze the notes to the financial statements for specific details on related party transactions and warrant agreements.
3. Track future SEC filings to assess the operational and financial impact of the company's activities and market conditions.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing. A comparison to the previous filing (likely Q4 2023 or Q1 2023) would be necessary to identify changes in financial position and performance.

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
• $3.27 — as of this filing, it is approximately $3.27 per gallon of ethanol. For comparison,
• $0.44 — parison, the D6 RIN for corn ethanol is $0.44. 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

Filing Documents

• form10-q.htm (10-Q) — 581KB
• 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
• 0001493152-24-017780.txt (&nbsp;) — 3517KB
• biof-20240331.xsd (EX-101.SCH) — 30KB
• biof-20240331_cal.xml (EX-101.CAL) — 44KB
• biof-20240331_def.xml (EX-101.DEF) — 123KB
• biof-20240331_lab.xml (EX-101.LAB) — 241KB
• biof-20240331_pre.xml (EX-101.PRE) — 189KB
• form10-q_htm.xml (XML) — 404KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM 1. 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 19 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 ITEM 4.

Controls and Procedures

Controls and Procedures 24

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 25 ITEM 1A.

Risk Factors

Risk Factors 25 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 ITEM 3. Defaults Upon Senior Securities 26 ITEM 4. Mine Safety Disclosures 26 ITEM 5. Other Information 26 ITEM 6. Exhibits 26

Signatures

Signatures 27 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' Equity 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 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 director's 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 Right of Use Lease Liability, net of current portion $ - - Notes Payable — Related Party $ 2,861,562 $ 2,821,562 Notes Payable — Other $ 266,570 $ 266,570 TOTAL LONG TERM LIABILITIES $ 3,128,132 $ 3,088,132 TOTAL LIABILITIES $ 5,196,231 $ 4,591,301 STOCKHOLDERS' EQUITY 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 December 31, 2023. $ 302,803 302,751 Additional paid-in capital $ 51,934,897

View Full Filing

View this 10-Q filing on SEC EDGAR