Wed, Mar 19, 10:16 AM (38 days ago)
**Blue Biofuels, Inc. (BIOF) - Annual Report Summary** **Financial Performance:** - **Revenue:** $0 for both 2024 and 2023. - **Net Income:** $(1,418,981) for 2024, $(3,055,194) for 2023. - **Operating Expenses:** $4,056,879 for 2024, $3,190,915 for 2023. - **Earnings per Share:** $(0.005) for 2024, $(0.010) for 2023. **Strategic Overview:** - Focus on renewable energy, biofuels, and lignin technologies. - Key technology: Cellulose-to-Sugar (CTS) process, patented and granted in multiple jurisdictions. - Partnerships: K.R. Komarek for CTS machines, Vertimass for converting ethanol to sustainable aviation fuel (SAF). - Joint Venture: VertiBlue Fuels, LLC, aiming to produce SAF and expand production. **Future Outlook:** - Plans to grow with additional plants in the U.S. and explore international growth. - Anticipates needing $15 million to $100 million for the first plant and commercial production. - Seeking project financing and government permits for new biofuels plants. **Risk Factors:** - Dependence on successful capital raises and government incentives. - Competition in the ethanol industry. - Regulatory and compliance requirements. **Financial Condition:** - **Cash:** $48,797 in 2024, $41,008 in 2023. - **Stockholders' Deficit:** $(2,845,903) in 2024, $(3,561,082) in 2023. - **Current Liabilities:** $2,212,115 in 2024, $1,503,169 in 2023. - **Long-term Liabilities:** $2,023,375 in 2024, $3,088,132 in 2023. **Market Position Changes:** - Trading on OTCQB under the symbol BIOF. - Market capitalization impacted by stock price and outstanding shares. **Government Incentives:** - Eligible for D3 RIN credits, Clean Fuel Production Credits, and Low Carbon Fuel Standard Credits. - Mandates and incentives under the Energy Policy Act of 2005 and Inflation Reduction Act. **Operational Highlights:** - Completed build-out of a pilot plant based on modified Komarek machine. - Upscaling and optimizing pre and post-processing elements. - Awarded a $1.15 million SBIR Phase II grant from the Department of Energy. **Management and Governance:** - Board of directors with diverse expertise in technology, finance, and renewable energy. - Executive compensation tied to performance and stock-based incentives. **Subsequent Events:** - Issued additional shares and warrants in 2025. - Borrowed additional funds from a board member. **Going Concern:** - Substantial doubt about the ability to continue as a going concern due to recurring operating losses and need for additional financing.