Blue Biofuels Inc (BIOF)

[LTE]

The losses are staggering and the general and administrative expenses
are through the roof. This phony company post science project on
Facebook to extract money from the suckers who were born every minute!

<<Going Concern

The Company has incurred losses since inception, has a working capital deficiency, and may be unable to raise further equity. At June 30, 2016 the Company had a working capital deficiency of $1,936,451 and had incurred accumulated losses of $19,189,898 since its inception. The Company expects to incur significant additional losses in connection with its continued start-up activities. As a result, the report of the Company’s independent registered public accounting firm on the Company’s financial statements for the period ended December 31, 2015 contains an emphasis of matter paragraph regarding the Company’s ability to continue as a going concern based upon recurring operating losses and its need to obtain additional financing to sustain operations. The Company’s ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses. Furthermore, these Financial Statements do not include any adjustments related to the recoverability and classifications of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

18


Through its private offerings, the Company raised $1,162,209 for the year ended December 31, 2015 and an additional $2,216,994 in the six months ended June 30, 2016.>>

<<Operating expenses:
General and administrative 1,461,881>>

And so much went out the door this quarter but so very little went
into property, plant AND EQUIPMENT!!!!!!!!!!!!!>>

Cash flows from investing activities
Purchase of property and equipment (18,037 )

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11542171

The reason why G&A is so high is because they're paying themselves!!

They lined their pockets with this - page 20:

<< During the six months ended June 30, 2016, the Company’s continuing operating activities used $1,412,959 in cash. This use can be attributed to the sale of Carbolosic Plant 1 which resulted in an aggregate net amount of $1,163,609.

During the six months ended June 30, 2016 the Company’s investing activities used $170,204 in cash, which $94,662 was advanced to Carbolosic, LLC mainly for payment of the minimum annual royalty and $58,476 was used towards capitalized engineering and development plans.>>

It's just a damn shell AND it's not EK Labs!

Page 5:

<<? Carbolosic Plant 1 was created in October 2014 for the purpose of being a full scale facility for converting cellulose material into sugar for use in the biofuels industry as well as other fine chemical manufacturing located in Palm Beach County, FL. In March 2016, Carbolosic Plant 1 was sold to Carbolosic Energy 1, LLLP, a non-related third party, in exchange for satisfaction of the outstanding $1,250,000 loan and accrued interest between Carbolosic Plant 1 and Carbolosic Energy 1, LLLP.


? EK, was created in December 2014 under the name Central Florida Institute of Science and Technology, Inc. and changed its name to Ek Laboratories, Inc. on June 05, 2015. EK was formed as a wholly owned subsidiary of AMG Energy, to serve as a demonstration and research facility to further develop the CTS process, its uses, and develop new technologies.>>

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11542171