Blue Biofuels Inc (BIOF)

[LTE]

ascanius, I disagree.

I think that highly unlikely to happen.

That's because ALLM has $2,414 in cash on their balance
sheet - check page 3:

https://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=12064192

Secondly, where's the money from their $10,000,000 offering?

I warned you guys that this offering is for accredited investors.
They're usually the smart ones with a net worth that exceeds
$1,000,000 - check here from ALLM's website:

https://www.transfer.ly/invest/alliance-bio-products

http://docs.transfer.ly/ACCREDITEDINVESTORQUESTIONNAIRE.pdf

So to get that type of net worth (and keep it), you can't
be stupid.

Lastly, I don't see any money from this offering coming in
on their cash flows from financing activities in their
latest 10-Q. If they were raising money, shouldn't cash
be more than ONLY two thousand four hundred dollars of
cash on their balance sheet as of March 31, 2017?

https://www.otcmarkets.com/stock/ALLM/news/Alliance-Bio-Products--Inc--Announces-Filing-of-506-c--to-Raise-Funds-for-New-Cellulosic-Ethanol-Production-Plant?id=154115&b=y

Here's the March 31, 10-Q - the balance sheet is on page 3:

https://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=12064192

Here's the subsequent events after 3/31/17:

NOTE 11 – SUBSEQUENT EVENTS  

The Company has evaluated subsequent events through the date the financial statements were available to be issued. Based on this evaluation, the Company has identified the following subsequent events:
  Since April 1, 2017, the Company has sold 150,000 units for aggregate proceeds of $30,000.
 
Since April 1, 2017, the Company has issued 131,175 shares of common stock for services valued at $17,995.
 
Since April 1, 2017, the Company has awarded an aggregate of 1,500,000 
options under its Employee, Director Plan. 500,000 options are fully 
vested and the remaining 1,000,000 options vest over the next two years. These option agreements have a term of five years (5) and an exercise price of thirteen cents ($0.13) per share. Using a Black Scholes asset pricing model, these options were valued at $47,862.

In April 2017, the Company entered into a convertible debenture with Auctus Fund, LLC, with a principal balance of $117,750 due and payable on December 22, 2017. The note carries an original issue discount of $17,750, accrues interest at a rate of twelve percent (12%) per annum and is convertible into the Company’s common stock at a 50% discount to the lowest trade price during the previous twenty-five trading days prior to the date of the note or prior to date of conversion, after 180 days, in whole or in part at the option of the holder. The note carries a prepayment penalty, adjusting every ninety days to a maximum of one hundred thirty-five percent (135%) of the then outstanding principal and interest balance due, if the note is paid back within the first one hundred eighty (180) days.  

In April 2017, the Company entered into a convertible debenture with EMA Financial, LLC, with a principal balance of $150,000 due and payable on March 15, 2018. The note carries an original issue discount of $24,000, accrues interest at a rate of 10% per annum and is convertible into the Company’s common stock at a 35% discount to the lowest trade price during the previous fifteen trading days prior to the date of conversion, after 180 days. The note carries a prepayment penalty, adjusting every ninety days to a maximum of one hundred thirty percent (130%) of the then outstanding principal and interest due, if the note is paid back within the first one hundred eighty (180) days