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Blue Biofuels Inc (BIOF-1.36%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details of the company's financial performance, showing a net loss of $1,418,981 for the year, compared to a net loss of $3,055,194 in the previous year. The decrease in net loss is primarily due to a gain on extinguishment of debt amounting to $2,417,502.
The company reported no revenue for the year 2024, consistent with the previous year. General and administrative expenses increased to $1,726,106 from $1,339,789, primarily due to higher stock-based compensation.
Research and development expenses rose to $2,329,413 from $1,849,967, largely due to the vesting and expensing of options.
The company received a grant from the Department of Energy valued at $1,150,000, with $285,000 recognized as grant income in 2024.
Blue Biofuels completed the build-out of a pilot plant in 2023 and is working on upscaling and optimizing processes to finalize design and operational parameters for a full-scale commercial system.
The company formed a joint venture, VertiBlue Fuels, LLC, with Vertimass in January 2024 to build an ethanol-to-SAF facility in Florida.
The company has a working capital deficit of $2,130,829 as of December 31, 2024, and has raised $930,000 through convertible notes and $197,000 from the issuance of common stock during the year.
Blue Biofuels plans to apply for various renewable fuel credits, including Clean Fuel Production Credits and Low Carbon Fuel Standard Credits, as it progresses towards commercial production.
The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring operating losses and its need for additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Biofuels Inc annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.