10-Q Filing

BLUE BIOFUELS, INC. CIK: 1549145 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-012820`
Period End Date	20220331
Filing Date	20220511
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 52 Stockholders Equity 26

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation and amortization on property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$288.48K	USD	Point-in-time
Accumulated depreciation and amortization on property and equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$273.85K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$620.26K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$82.89K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$45.05K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$703.15K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$1.21M	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $288,483 and $273,852 at March 31, 2022 and December 31,2021, respectively	`PropertyPlantAndEquipmentNet`	$377.64K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $288,483 and $273,852 at March 31, 2022 and December 31,2021, respectively	`PropertyPlantAndEquipmentNet`	$363.94K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Security deposits	`SecurityDeposit`	$30.28K	USD	Point-in-time
Security deposits	`SecurityDeposit`	$30.28K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	274.60M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	274.00M	shares	Point-in-time
Right of Use Assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$65.85K	USD	Point-in-time
Right of Use Assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$46.10K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	274.60M	shares	Point-in-time
Patents	`FiniteLivedPatentsGross`	$173.03K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	274.00M	shares	Point-in-time
Patents	`FiniteLivedPatentsGross`	$154.76K	USD	Point-in-time
TOTAL OTHER ASSETS	`AssetsNoncurrent`	$628.53K	USD	Point-in-time
TOTAL OTHER ASSETS	`AssetsNoncurrent`	$613.34K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.84M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.06K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.46K	USD	Point-in-time
Accounts payable - Related Party	`AccountsPayableRelatedPartiesCurrent`	$72.67K	USD	Point-in-time
Accounts payable - Related Party	`AccountsPayableRelatedPartiesCurrent`	$72.67K	USD	Point-in-time
Deferred wages and directors fees - Related party	`DueToEmployeesCurrent`	$240.79K	USD	Point-in-time
Deferred wages and directors fees - Related party	`DueToEmployeesCurrent`	$371.13K	USD	Point-in-time
Lease Liability - Current	`OperatingLeaseLiabilityCurrent`	$72.35K	USD	Point-in-time
Lease Liability - Current	`OperatingLeaseLiabilityCurrent`	$51.02K	USD	Point-in-time
Chapter 11 Settlement	`NotesPayableToBankCurrent`	$50.00K	USD	Point-in-time
Chapter 11 Settlement	`NotesPayableToBankCurrent`	$50.00K	USD	Point-in-time
Interest Payable - Related Party	`InterestPayableCurrent`	$49.29K	USD	Point-in-time
Interest Payable - Related Party	`InterestPayableCurrent`	$56.00K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$620.28K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$496.16K	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Right of Use Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Notes Payable Related Party	`NotesPayableRelatedPartiesNoncurrent`	$2.52M	USD	Point-in-time
Notes Payable Related Party	`NotesPayableRelatedPartiesNoncurrent`	$2.52M	USD	Point-in-time
Notes Payable Other	`OtherLongTermNotesPayable`	$216.57K	USD	Point-in-time
Notes Payable Other	`OtherLongTermNotesPayable`	$216.57K	USD	Point-in-time
TOTAL LONG TERM LIABILITIES	`LiabilitiesNoncurrent`	$2.74M	USD	Point-in-time
TOTAL LONG TERM LIABILITIES	`LiabilitiesNoncurrent`	$2.74M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.36M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.23M	USD	Point-in-time
Preferred stock; $0.001 par value; 10,000,000 shares authorized; zero shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock; $0.001 par value; 10,000,000 shares authorized; zero shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock; $0.001 par value; 1,000,000,000 shares authorized; 274,601,664 issued and outstanding at March 31, 2022, and 274,003,883 shares issued and outstanding at December 31, 2021.	`CommonStockValue`	$274.60K	USD	Point-in-time
Common stock; $0.001 par value; 1,000,000,000 shares authorized; 274,601,664 issued and outstanding at March 31, 2022, and 274,003,883 shares issued and outstanding at December 31, 2021.	`CommonStockValue`	$274.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$47.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$48.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-48.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-50.86M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-1.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-3.34M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-2.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$-299.65K	USD	Point-in-time
TOTAL EQUITY (DEFICIT)	`StockholdersEquityDeficit`	$-1.40M	USD	Point-in-time
TOTAL EQUITY (DEFICIT)	`StockholdersEquityDeficit`	$-2.04M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.84M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.32M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$306.28K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$803.06K	USD	1 Quarter
Research & Development	`ResearchAndDevelopmentExpense`	$1.23M	USD	1 Quarter
Research & Development	`ResearchAndDevelopmentExpense`	$265.07K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-33.48K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$604.84K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.03M	USD	1 Quarter
Loss from operations:	`OperatingIncomeLoss`	$-2.03M	USD	1 Quarter
Loss from operations:	`OperatingIncomeLoss`	$-604.84K	USD	1 Quarter
Interest expense - related party	`InterestExpenseRelatedParty`	$6.71K	USD	1 Quarter
Interest expense - related party	`InterestExpenseRelatedParty`	$6.85K	USD	1 Quarter
Interest expense - other	`InterestExpenseOther`	$1.90K	USD	1 Quarter
Interest expense - other	`InterestExpenseOther`	$1.03K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$-7.74K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$-8.75K	USD	1 Quarter
Income (Loss) before provisions for income taxes	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-2.04M	USD	1 Quarter
Income (Loss) before provisions for income taxes	`IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest`	$-613.58K	USD	1 Quarter
Provisions for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provisions for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Income / (Loss):	`NetIncomeLoss`	$-2.04M	USD	1 Quarter
Net Income / (Loss):	`NetIncomeLoss`	$-613.58K	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	$-0.00	USD	1 Quarter
Net income (loss) per share	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	274.26M	shares	1 Quarter
Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	260.66M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$-2.04M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-613.58K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$31.22K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$17.29K	USD	1 Quarter
Stock based compensation for services	`AllocatedShareBasedCompensationExpense`	$71.30K	USD	1 Quarter
Stock based compensation for services	`AllocatedShareBasedCompensationExpense`	$46.93K	USD	1 Quarter
Net Issuance of options and warrants for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$73.31K	USD	1 Quarter
Net Issuance of options and warrants for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$1.32M	USD	1 Quarter
Loss on Disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Loss on Disposal of assets	`GainLossOnDispositionOfAssets1`	$-33.48K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$37.84K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$33.09K	USD	1 Quarter
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	$-49.30K	USD	1 Quarter
Accrued interest - related party	`IncreaseDecreaseInInterestPayableNet`	$6.71K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-521.68K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$138.74K	USD	1 Quarter
Right of use lease	`IncreaseDecreaseInRightOfUseLease`	$-1.57K	USD	1 Quarter
Right of use lease	`IncreaseDecreaseInRightOfUseLease`	$-19.47K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-530.05K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.05M	USD	1 Quarter
Purchase of property and equipment	`PaymentsForProceedsFromProductiveAssets`	$3.58K	USD	1 Quarter
Purchase of property and equipment	`PaymentsForProceedsFromProductiveAssets`	$40.62K	USD	1 Quarter
Security deposits	`PaymentsForOtherDeposits`	-	USD	1 Quarter
Security deposits	`PaymentsForOtherDeposits`	-	USD	1 Quarter
Patent Costs	`PaymentsForPatentCosts`	$4.84K	USD	1 Quarter
Patent Costs	`PaymentsForPatentCosts`	$18.27K	USD	1 Quarter
Net cash from (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-45.46K	USD	1 Quarter
Net cash from (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.86K	USD	1 Quarter
Proceeds from exercise of warrants and options	`ProceedsFromWarrantExercises`	$1.32M	USD	1 Quarter
Proceeds from exercise of warrants and options	`ProceedsFromWarrantExercises`	$7.50K	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.94M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.25M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.50K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-544.40K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.15M	USD	1 Quarter
Cash and cash equivalent at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.44M	USD	Point-in-time
Cash and cash equivalent at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.16M	USD	Point-in-time
Cash and cash equivalent at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$620.26K	USD	Point-in-time
Cash and cash equivalent at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$286.58K	USD	Point-in-time
Cash and cash equivalent at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.44M	USD	Point-in-time
Cash and cash equivalent at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.16M	USD	Point-in-time
Cash and cash equivalent at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$620.26K	USD	Point-in-time
Cash and cash equivalent at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$286.58K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cashless conversion of warrants/options	`CashlessConversionOfWarrants`	-	USD	1 Quarter
Cashless conversion of warrants/options	`CashlessConversionOfWarrants`	-	USD	1 Quarter
Conversion of convertible debenture to common stock	`ConversionOfConvertibleDebentureToCommonStock`	$279.00K	USD	1 Quarter
Conversion of convertible debenture to common stock	`ConversionOfConvertibleDebentureToCommonStock`	-	USD	1 Quarter

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Vested options issued under employee director plan	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares`	10,000.00	shares	1 Quarter
Vested options issued under employee director plan	`SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares`	10.56M	shares	1 Quarter
Warrants issued for services	`WarrantsIssuedForService`	1.17M	shares	1 Quarter
Balance	`StockholdersEquity`	$-1.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$-2.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$-299.65K	USD	Point-in-time
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$46.93K	USD	1 Quarter
Issuance of common stock for services	`StockIssuedDuringPeriodValueIssuedForServices`	$71.30K	USD	1 Quarter
Issuance of common stock for services, shares	`StockIssuedDuringPeriodSharesIssuedForServices`	447,781.00	shares	1 Quarter
Employee stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised1`	$12.90K	USD	1 Quarter
Employee stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised1`	$7.50K	USD	1 Quarter
Employee stock options exercised, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised1`	150,000.00	shares	1 Quarter
Issuance of vested options under the employee, director plan	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.32M	USD	1 Quarter
Issuance of vested options under the employee, director plan	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.22K	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-2.04M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$-613.58K	USD	1 Quarter
Issuance of 1,166,667 warrants for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$72.09K	USD	1 Quarter
Warrants exercised	`WarrantsExercised`	$1.30M	USD	1 Quarter
Issuance of common stock and warrants for cash through PPM	`IssuanceOfCommonStockAndWarrantsForCashThroughPpm`	$1.94M	USD	1 Quarter
Issuance of common stock in exchange for debt	`StockIssuedDuringPeriodValueConversionOfUnits`	$279.00K	USD	1 Quarter
Cashless exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$-1.40M	USD	Point-in-time
Balance	`StockholdersEquity`	$-3.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$-2.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$-299.65K	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.