Blue Biofuels (BIOF) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-54942
Entity Registrant Name	BLUE BIOFUELS, INC.
Entity Central Index Key	0001549145
Entity Tax Identification Number	45-4944960
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	3710 Buckeye Street
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33410
City Area Code	(888)
Local Phone Number	607-3555
Trading Symbol	BIOF
Title of 12(g) Security	Common Stock par value $0.001
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		303,178,008
Entity Listing, Par Value Per Share	$ 0.001

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and Cash Equivalents	$ 407,806	$ 41,008
Prepaid Expenses	32,489	35,750
TOTAL CURRENT ASSETS	440,295	76,758
Other Assets
Property and equipment, net of accumulated depreciation and amortization of $302,562 and $243,089 at June 30, 2024 and December 31, 2023, respectively	527,835	587,308
Security deposits	30,276	30,276
Right of Use Assets, net of accumulated amortization	32,436	81,091
Patents and Trademarks	274,611	254,786
TOTAL OTHER ASSETS	865,158	953,461
TOTAL ASSETS	1,305,453	1,030,219
Current Liabilities
Right of Use Lease Liability – Current	34,909	85,983
Interest Payable - Related Party	185,703	143,406
TOTAL CURRENT LIABILITIES	1,989,874	1,503,169
Long Term Liabilities
Legacy Notes Payable — Other	216,570	216,570
TOTAL LONG TERM LIABILITIES	4,068,132	3,088,132
TOTAL LIABILITIES	6,058,006	4,591,301
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS’ DEFICIT
Preferred stock; $0.001 par value; 10,000,000 shares authorized; zero shares issued and outstanding
Common stock; $0.001 par value; 1,000,000,000 shares authorized; 302,865,508 issued and outstanding at June 30, 2024, and 302,750,963 shares issued and outstanding at December 31, 2023.	302,865	302,751
Additional paid-in capital	52,277,057	51,972,947
Accumulated deficit	(57,332,475)	(55,836,780)
TOTAL STOCKHOLDERS’ DEFICIT	(4,752,553)	(3,561,082)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	1,305,453	1,030,219
Nonrelated Party [Member]
Current Liabilities
Accounts Payable	20,280	22,798
Convertible Notes Payable	300,000
Long Term Liabilities
Convertible Notes Payable		50,000
Related Party [Member]
Current Liabilities
Accounts Payable	72,670	72,670
Deferred Wages and Directors Fees - Related Party	1,376,312	828,312
Convertible Notes Payable		350,000
Long Term Liabilities
Convertible Notes Payable	1,330,000	300,000
Legacy Notes Payable — Related Party	$ 2,521,562	$ 2,521,562

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property and equipment, net of accumulated depreciation and amortization	$ 302,562	$ 243,089
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	302,865,508	302,750,963
Common stock, shares outstanding	302,865,508	302,750,963

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Revenues
Operating expense:
General and administrative	249,755	355,324	545,736	725,169
Research and development	291,389	762,714	899,025	1,447,276
Loss on disposal of assets				369
Total operating expenses	541,144	1,118,038	1,444,761	2,172,814
Loss from operations:	(541,144)	(1,118,038)	(1,444,761)	(2,172,814)
Other (income) expense:
Interest expense - other	956	2,377	2,119	4,979
Total other (income) expense	7,679	36,160	50,934	45,474
Income (Loss) before provisions for income taxes	(548,823)	(1,154,198)	(1,495,695)	(2,218,288)
Provisions for income taxes
Net Income (Loss):	$ (548,823)	$ (1,154,198)	$ (1,495,695)	$ (2,218,288)
Net income (loss) per share basic	$ (0.002)	$ (0.004)	$ (0.005)	$ (0.007)
Net income (loss) per share diluted	$ (0.002)	$ (0.004)	$ (0.005)	$ (0.007)
Weighted average common shares outstanding
Basic	302,848,463	300,242,905	302,818,436	297,808,705
Diluted	302,848,463	300,242,905	302,818,436	297,808,705
Related Party [Member]
Other (income) expense:
Interest expense - related party	$ 6,723	$ 33,783	$ 48,815	$ 40,495

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 289,942	$ 50,134,727	$ (52,781,586)	$ (2,356,917)
Balance, shares at Dec. 31, 2022	289,941,623
Issuance of common stock for services	$ 140	23,860		24,000
Issuance of common stock for services, shares	140,000
Issuance of common stock and warrants for cash through PPM	$ 3,885	578,865		582,750
Issuance of common stock and warrants for cash through PPM, shares	3,884,998
Warrants exercised	$ 5,450	66,800		72,250
Warrants exercised, shares	5,450,148
Vesting of options and repricing of options under the employee, director plan		391,297		391,297
Net Income (Loss)			(1,064,090)	(1,064,090)
Balance at Mar. 31, 2023	$ 299,417	51,195,549	(53,845,676)	(2,350,710)
Balance, shares at Mar. 31, 2023	299,416,769
Balance at Dec. 31, 2022	$ 289,942	50,134,727	(52,781,586)	(2,356,917)
Balance, shares at Dec. 31, 2022	289,941,623
Issuance of common stock for services				$ 29,300
Issuance of common stock for services, shares				174,194
Net Income (Loss)				$ (2,218,288)
Balance at Jun. 30, 2023	$ 300,584	51,608,070	(54,999,874)	(3,091,220)
Balance, shares at Jun. 30, 2023	300,584,297
Balance at Mar. 31, 2023	$ 299,417	51,195,549	(53,845,676)	(2,350,710)
Balance, shares at Mar. 31, 2023	299,416,769
Issuance of common stock for services	$ 34	5,266		5,300
Issuance of common stock for services, shares	34,194
Issuance of common stock and warrants for cash through PPM	$ 633	94,389		95,022
Issuance of common stock and warrants for cash through PPM, shares	633,334
Warrants exercised	$ 500	24,500		25,000
Warrants exercised, shares	500,000
Vesting of options and repricing of options under the employee, director plan		245,732		245,732
Net Income (Loss)			(1,154,198)	(1,154,198)
Issuance of warrants for services		42,634		42,634
Balance at Jun. 30, 2023	$ 300,584	51,608,070	(54,999,874)	(3,091,220)
Balance, shares at Jun. 30, 2023	300,584,297
Balance at Dec. 31, 2023	$ 302,751	51,972,947	(55,836,780)	(3,561,082)
Balance, shares at Dec. 31, 2023	302,750,963
Issuance of common stock for services	$ 52	4,148		4,200
Issuance of common stock for services, shares	52,500
Vesting of options and repricing of options under the employee, director plan		279,248		279,248
Net Income (Loss)			(946,872)	(946,872)
Issuance of warrants for services		5,494		5,494
Balance at Mar. 31, 2024	$ 302,803	52,261,837	(56,783,652)	(4,219,012)
Balance, shares at Mar. 31, 2024	302,803,463
Balance at Dec. 31, 2023	$ 302,751	51,972,947	(55,836,780)	(3,561,082)
Balance, shares at Dec. 31, 2023	302,750,963
Issuance of common stock for services				$ 10,094
Issuance of common stock for services, shares				114,545
Net Income (Loss)				$ (1,495,695)
Balance at Jun. 30, 2024	$ 302,865	52,277,057	(57,332,475)	(4,752,553)
Balance, shares at Jun. 30, 2024	302,865,508
Balance at Mar. 31, 2024	$ 302,803	52,261,837	(56,783,652)	(4,219,012)
Balance, shares at Mar. 31, 2024	302,803,463
Issuance of common stock for services	$ 62	5,832		5,894
Issuance of common stock for services, shares	62,045
Vesting of options and repricing of options under the employee, director plan		29,767		29,767
Net Income (Loss)			(548,823)	(548,823)
Issuance of warrants for services		3,094		3,094
Issuance of warrants for interest		6,518		6,518
Cancelling warrants for services		(29,991)		(29,991)
Balance at Jun. 30, 2024	$ 302,865	$ 52,277,057	$ (57,332,475)	$ (4,752,553)
Balance, shares at Jun. 30, 2024	302,865,508

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - shares	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]
Vesting of options previously issued under employee director plan	1,050,000	1,875,000	2,000,000	30,980,000
Warrants issued for services	40,000	87,500	314,000
Warrants issued for interest	100,000
Warrants cancelling for services	350,000			350,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net Income (Loss)	$ (1,495,695)	$ (2,218,288)
Reconciliation of net loss to net cash used in operating activities
Depreciation and amortization	59,473	59,684
Stock based compensation for services	297,706	708,963
Issuance of warrants for interest	6,518
Extinguishment of debt		(50,000)
Loss on disposal of assets		369
Changes in operating assets and liabilities
Prepaid expenses	3,261	(17,998)
Interest payable - related party	42,297	26,580
Accounts payable	(4,937)	(20,367)
Net cash used in operating activities	(543,377)	(1,180,587)
Cash flows from investing activities
Net purchase of property and equipment		(282,038)
Patent and trademark costs	(19,825)	(12,621)
Net cash used in investing activities	(19,825)	(294,659)
Cash flows from financing activities
Proceeds from exercise of warrants and options		97,250
Proceeds from the issuance of convertible notes - RP	680,000	550,000
Proceeds from the issuance of convertible notes - other	250,000
Proceeds from issuance of common stock		677,772
Net cash provided by financing activities	930,000	1,325,022
Net increase (decrease) in cash and cash equivalents	366,798	(150,224)
Cash and cash equivalents at beginning of the period	41,008	211,901
Cash and cash equivalents at end of the period	407,806	61,677
Related Party [Member]
Changes in operating assets and liabilities
Deferred wages and directors fees - related party	$ 548,000	$ 330,470

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION Blue Biofuels, Inc., was incorporated in Nevada on March 28, 2012, as Alliance Media Group Holdings, Inc. Since December 2013, Blue Biofuels, Inc. (the “Company”) has been a technology company focused on emerging technologies in renewable energy, biofuels, and lignin.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern, which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any significant revenue since inception and has incurred losses since inception. As of June 30, 2024, the Company has incurred accumulated losses of $ 57,332,475 Management believes that the Company’s future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities, and obtain additional financing. There is no assurance that the Company will be able to generate sufficient cash from operations, or sell additional shares of stock or borrow additional funds. The Company’s inability to obtain additional cash could have a material adverse effect on its financial position, results of operations, and its ability to continue in existence. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for the six months ended June 30, 2024, may not be indicative of full year 2024 results. In management’s opinion, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair statement of our financial position as of June 30, 2024, and our results of operations, changes in stockholders’ deficit and cash flows for the six months ended June 30, 2024 and 2023. Stock Based Compensation The Company recognizes the cost of all share-based payments under the relevant authoritative accounting guidance. Share-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For share-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation”. Share-based payments to consultants, service providers and other non-employees are accounted for in accordance with ASC Topic 718. Forfeitures are recognized as they occur. Stock-based compensation resulting from the issuance of common stock is calculated by reference to the valuation of the stock on the date of issuance, the expense being recognized as the compensation is earned. Stock-based compensation expenses related to employee options and warrants granted to non-employees are recognized as the stock options and warrants are earned. The fair value of the stock options or warrants granted is estimated at the grant date, using the Black-Scholes option-pricing model, and the expense is recognized on a straight-line basis over the shorter of the period over which services are to be received or the life of the option or warrant. The grant date fair value of employee share options and similar instruments is estimated using the Black-Scholes option-pricing model on the basis of the fair value of the underlying common stock on the measurement date, adjusted for the unique characteristics of those equity instrument. The fair value of the common stock is determined by the then-prevailing closing market price. Expected volatility was based on the historical volatility of the Company’s closing day market price per share. The expected term of options and warrants was based upon the life of the option, and the risk-free rate used was based on the U.S. Treasury Daily Yield Curve Rate. Research and Development The Company expenses all research and development costs as incurred. For the six months ended June 30, 2024, and June 30, 2023, the amounts charged to research and development expenses were $ 899,025 1,447,276 Net Income (Loss) per Common Share Basic Net income (loss) per share amounts have been calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share has been calculated using the weighted-average number of common shares plus the potentially dilutive effect of securities such as common stock that potentially could be issued upon the conversion of convertible notes or upon the exercise of outstanding options and warrants. The computation of potential common shares has been performed using the treasury stock method. Due to net losses, all potential dilutive securities are antidilutive for all periods presented. When net loss is reported, diluted and basic net loss per share amounts are the same as the impact of potential common shares is antidilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT SCHEDULE OF PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT Life June 30, 2024 December 31, 2023 Building and Improvements 15 $ 9,370 $ 9,370 Machinery and Equipment 10 795,606 795,606 Furniture and Fixtures 5 13,596 13,596 Computer Equipment 3 11,825 11,825 Property and Equipment, gross $ 830,397 $ 830,397 Less Accumulated Depreciation (302,562 ) (243,089 ) Property and Equipment $ 527,835 $ 587,308 Total depreciation expense was $ 59,473 59,684

PATENTS AND TRADEMARKS

PATENTS AND TRADEMARKS	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
PATENTS AND TRADEMARKS	NOTE 5 – PATENTS AND TRADEMARKS The Company has been granted one patent on its technology and one continuation patent, has filed for three others that are pending, and has also applied for international patents. The Company has capitalized the legal and filing fees of $ 274,611 254,786

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	NOTE 6 – DEBT Convertible Notes Payable – Related Parties During 2023, the Company entered into several convertible note agreements with Chris Kneppers, a director of the Company, that had a combined balance of $460,000 as of December 31, 2023. These notes bore interest at 10% and were convertible into shares of the Company’s comment stock at rates that ranged from $0.13 to $0.25 per share. A portion of the notes were due to be paid or automatically converted in 2024. The remaining were to be paid when the Company completes a capital raise of at least $5.0 million. During the six months ended June 30, 2024, the Company borrowed an additional $680,000 from Mr. Kneppers. These notes were non-interest bearing and were initially due 13 months after issuance. On June 22, 2024, the terms of all of the convertible notes due to Mr. Kneppers were modified. Under the modification, the notes are now payable on the earliest of the date on which the Company (1) uplists to the Nasdaq or NYSE; (2) receives $5 million in equity financing; or (3) begins generating revenue from its first facility. Accrued interest on Mr. Kneppers notes was $35,151 at December 31, 2023. An additional $11,500 was recognized during the three months ended March 31, 2024 and the payable balance is $46,651 at June 30, 2024. In connection with modification of the terms of all of Mr. Kneppers notes, interest stopped accruing on March 31, 2024. In lieu of interest, the Company will pay Mr. Kneppers 100% of the outstanding loan balance due him contingent upon the financing of the first plant. All interest and loan amounts automatically come due upon a change of control of the Company or if the Company files for bankruptcy under Chapter 11 or Chapter 7. On November 11, 2023, and also on July 7, 2023, the Company entered into two long-term convertible notes with board member Edmund Burke, with a total principal balance of $15,000 and $25,000, respectively, that are to be repaid when the Company receives an equity investment of at least $3 million. Otherwise, they accrued warrants, with a strike price of 15 cents and an expiration of 5 years, at the rate of 50,000 and 30,000 respectively every 12 months instead of interest, with a minimum of 80,000 warrants. The notes may convert into common stock at $0.13/share at the option of the holder for a total of 307,692 shares. In April 2023, the Company entered into a long-term convertible note with board member Edmund Burke, with a principal balance of $150,000, that is to be repaid when the Company receives an equity investment of at least $1.5 million. Otherwise, it accrued warrants, with a strike price of 15 cents and an expiration of 5 years, at the rate of 100,000 every 6 months instead of interest. It may convert into common stock at $0.13/share at the option of the holder for a total of 1,153,846 shares. Legacy Notes Payable – Related Party On May 31, 2019, the Company entered into an agreement with Chris and Pamela Jemapete such that its debt of $100,630 shall be repaid by the Company out of future gross revenues, subject to the bankruptcy court’s acceptance of the Company’s plan of reorganization, which was confirmed by the Court on September 18, 2019. The debt bears no interest. On May 20, 2019, the Company entered into an agreement with Steven Sadaka such that the $100,000 owed to him shall be repaid out of future gross revenues, subject to the bankruptcy court’s acceptance of the Company’s plan of reorganization. The Plan was confirmed on September 18, 2019. Between November 30, 2018 and December 14, 2018, the Company entered into agreements to renegotiate various debts owed to founders and related parties. These agreements were subject to the bankruptcy Court’s plan confirmation. The Plan, which was confirmed by the Court on September 18, 2019, indicated that the debt to Mark Koch shall be $240,990; the debt to Animated Family Films $579,942; and the debt to Steven Dunkle, CTWC, & Wellington Asset Holdings $1.5 million. All these notes are to be paid from future profits and discharged to the extent unpaid five years after Plan effective date, which was September 18, 2019. Convertible Notes Payable – Other During the six-months ended June 30, 2024, the Company issued convertible notes to 4 different individuals totaling $250,000. These notes carry no interest and may be prepaid at anytime, but are convertible, at the option of the lender, into common shares of the Company at 8 cents per share plus a warrant with a strike price of 10 cents per share and a 5-year expiration for a total of 3,125,000 shares and warrants. These are due 13 months after issuance, and automatically convert if not paid. In December 2023, the Company issued a convertible note to one individual for $50,000. This note carries no interest and may be prepaid at anytime, but are convertible, at the option of the lender, into common shares of the Company at 8 cents per shares plus a warrant with a strike price of 10 cents per share and a 5-year expiration for a total of 625,000 shares and warrants. These are due 13 months after issuance and automatically convert if not paid. Legacy Notes Payable – Other On March 19, 2019, the Company entered into an agreement with Lucas Hoppel, such that its combined debt on two notes shall be reduced to $100,000 without interest. The sum shall be repaid by the Company out of 5% of future gross revenues, within 30 days after the end of the first calendar quarter in which the Company has revenue. This agreement was subject to the bankruptcy court’s acceptance of the Company’s plan of reorganization. The Plan was confirmed by the Court on September 18, 2019. On March 27, 2019, the Company entered into an agreement with another creditor, such that its debt will be reduced from $32,000 to $20,000 payable out of future gross revenues, upon the bankruptcy court’s acceptance of the Company’s plan of reorganization. The Plan was confirmed by the Court on September 18, 2019. On November 30, 2018, the Company entered into an agreement with a third party such that its debt will be reduced to $96,570 to be paid with no interest out of 50% of the future net profits of the Company. The Company’s Plan of reorganization confirmed by the bankruptcy Court on September 18, 2019, stipulated that this debt is discharged to the extent unpaid five years from the date of Plan confirmation, or on September 18, 2024. A summary of all debts indicated in the Notes above is as follows: SCHEDULE OF NOTES PAYABLE Notes Payable June 30, 2024 December 31, 2023 Short Term Convertible Note – Related Party $ - $ 350,000 Short Term Convertible Notes — Other 300,000 - Long Term Convertible Notes — Other - 50,000 Long Term Convertible Notes Payable – Related Party 1,330,000 300,000 Long Term Notes Payable from future revenue — Related Party 200,630 200,630 Long Term Notes Payable from future revenue — Other 120,000 120,000 Long-Term Notes Payable expiring on September 18, 2024 — Related Party 2,320,932 2,320,932 Long Term Notes Payable expiring on September 18, 2024 — Other 96,570 96,570 TOTAL NOTES $ 4,368,132 $ 3,438,132 Of the $4,368,132 payable as of June 30, 2024, none is payable in cash at a specific point in time. $1,330,000 is due only after achieving certain milestones. $320,630 is due out of future revenue with no specific due date. $2,417,502 will be discharged if not paid by September 18, 2024, which is 5 years after the Company exited bankruptcy. And $300,000 of short-term notes due to unrelated parties automatically converts into equity if not repaid within 13 months of issue. At June 30, 2024, $490,000 in convertible notes that, if converted, would convert into 5,211,538 shares and 3,750,000 warrants.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY The total number of shares of capital stock, which the Company has authority to issue, is 1,010 1 0.001 10 0.001 302,865,508 no Holders of shares of Common stock shall be entitled to cast one vote for each share held For the six months ended June 30, 2024 and 2023, the Company issued an aggregate of 114,545 174,194 10,094 29,300 Warrants At December 31, 2023, 24,015,976 warrants were outstanding. During the six-month period ended June 30, 2024 and 2023, 127,500 and 314,000 100,000 for interest. Using a Black-Scholes asset pricing model, these warrants had a total value of $ 15,106 42,634 . In addition, 1,236,938 warrants expired and 350,000 cancelled in the six-month period ended June 30, 2024. Remaining warrants outstanding are 22,656,538 0.22 3.0 . Stock Options: 309,015 and $ 637,029 of stock based compensation, respectively, in connection with stock options issued in prior periods. A portion of the of the expense recognized during the 2024 period was a result of modifications to outstanding stock options to reduce exercise prices. As of the end of June 30, 2024, the total number of options outstanding and vested is 61,430,000 and 30,980,000 0.12 0.12 6.7 5.9 42,000 . The stock compensation associated with warrants and options issued or modified during the six months ended June 30, 2024, were valued on the date of issuance or modification. The following assumptions were used in calculations of the Black-Scholes option pricing models for warrant- and option-based stock compensation in the six months ended June 30, 2024: SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANT-BASED STOCK COMPENSATION 1/2/24 1/8/24 3/28/24 4/25/24 4/26/24 Risk-free interest rate 3.93 % 4.01 % 4.20 % 4.70 % 4.68 % Expected life 5 5 5 5 5 Expected dividends 0 % 0 % 0 % 0 % 0 % Expected volatility 91.92 % 92.01 % 89.73 % 113.65 % 113.72 % BIOF common stock fair value $ 0.083 $ 0.095 $ 0.105 $ 0.095 $ 0.086 5/24/24 Risk-free interest rate 4.49 % Expected life 7 Expected dividends 0 % Expected volatility 113.10 % BIOF common stock fair value $ 0.061 At June 30, 2024, remaining compensation to be recognized future vesting of stock options is approximately $ 4.0 million of which approximately $0.1 million will vest over the next 0.6 years and approximately $3.9 million will vest upon the probability of achieving performance milestone criteria

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 - COMMITMENTS AND CONTINGENCIES Litigation The Company is subject, from time to time, to litigation, claims and suits arising in the ordinary course of business. The Company is not in any litigation at this time. Leases The Company currently leases office and laboratory space in Palm Beach Gardens, FL, that is classified as operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s consolidated balance sheet. Rent expense for the six months ending June 30, 2024, and 2023, were $ 108,168 108,893 35,346

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS Related Party Transactions Related Party transactions with the Company are as follows: 1) Short-term notes payable, convertible notes, and legacy liabilities issued to related parties are described in NOTE 6. 2) A board resolution was passed on February 13, 2020, that pledged the patents and pending patents to secure the back pay claims of Ben Slager, CEO, Anthony Santelli, CFO, and Charles Sills, Director. This was done to ensure the continued involvement of management to build the Company while they receive less than full salaries. 3) During the six-month period ended June 30, 2024, the board approved an increase in salaries to two officers of the Company retroactive to August 1, 2023, in light of the fact that they are again accruing unpaid salaries. CEO Ben Slager is to receive $ 525,000 325,000 4) In June 2024, the board approved a partial anti-dilution compensation for CEO Ben Slager, CFO Anthony Santelli, and Director Chris Kneppers, to be paid in restricted stock units and options of 4 3 3 50 million in equity raised into the Company or its subsidiaries. This is compensation for their deferring salary or lending funds to the Company until such raise(s) is affected. These restricted share units will be issued as the Company raises capital through sale of its common stock. 5) As of 4/1/2024, interest is no longer accruing on back pay and directors fees. In lieu of interest, the Company will pay an additional $ 25,000 100

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued. Based on this evaluation, the Company has identified the following subsequent events: From July 1, 2024, to the date of this filing, the Company issued 312,500 312,500 25,000 5 0.10 The Company issued 50,000 5 0.15 3,431

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Operating results for the six months ended June 30, 2024, may not be indicative of full year 2024 results. In management’s opinion, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair statement of our financial position as of June 30, 2024, and our results of operations, changes in stockholders’ deficit and cash flows for the six months ended June 30, 2024 and 2023.
Stock Based Compensation	Stock Based Compensation The Company recognizes the cost of all share-based payments under the relevant authoritative accounting guidance. Share-based payments include any remuneration paid by the Company in shares of the Company’s common stock or financial instruments that grant the recipient the right to acquire shares of the Company’s common stock. For share-based payments to employees, which consist only of awards made under the stock option plan described below, the Company accounts for the payments in accordance with the provisions of ASC Topic 718, “Stock Compensation”. Share-based payments to consultants, service providers and other non-employees are accounted for in accordance with ASC Topic 718. Forfeitures are recognized as they occur. Stock-based compensation resulting from the issuance of common stock is calculated by reference to the valuation of the stock on the date of issuance, the expense being recognized as the compensation is earned. Stock-based compensation expenses related to employee options and warrants granted to non-employees are recognized as the stock options and warrants are earned. The fair value of the stock options or warrants granted is estimated at the grant date, using the Black-Scholes option-pricing model, and the expense is recognized on a straight-line basis over the shorter of the period over which services are to be received or the life of the option or warrant. The grant date fair value of employee share options and similar instruments is estimated using the Black-Scholes option-pricing model on the basis of the fair value of the underlying common stock on the measurement date, adjusted for the unique characteristics of those equity instrument. The fair value of the common stock is determined by the then-prevailing closing market price. Expected volatility was based on the historical volatility of the Company’s closing day market price per share. The expected term of options and warrants was based upon the life of the option, and the risk-free rate used was based on the U.S. Treasury Daily Yield Curve Rate.
Research and Development	Research and Development The Company expenses all research and development costs as incurred. For the six months ended June 30, 2024, and June 30, 2023, the amounts charged to research and development expenses were $ 899,025 1,447,276
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share Basic Net income (loss) per share amounts have been calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share has been calculated using the weighted-average number of common shares plus the potentially dilutive effect of securities such as common stock that potentially could be issued upon the conversion of convertible notes or upon the exercise of outstanding options and warrants. The computation of potential common shares has been performed using the treasury stock method. Due to net losses, all potential dilutive securities are antidilutive for all periods presented. When net loss is reported, diluted and basic net loss per share amounts are the same as the impact of potential common shares is antidilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	SCHEDULE OF PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT Life June 30, 2024 December 31, 2023 Building and Improvements 15 $ 9,370 $ 9,370 Machinery and Equipment 10 795,606 795,606 Furniture and Fixtures 5 13,596 13,596 Computer Equipment 3 11,825 11,825 Property and Equipment, gross $ 830,397 $ 830,397 Less Accumulated Depreciation (302,562 ) (243,089 ) Property and Equipment $ 527,835 $ 587,308

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
SCHEDULE OF NOTES PAYABLE	A summary of all debts indicated in the Notes above is as follows: SCHEDULE OF NOTES PAYABLE Notes Payable June 30, 2024 December 31, 2023 Short Term Convertible Note – Related Party $ - $ 350,000 Short Term Convertible Notes — Other 300,000 - Long Term Convertible Notes — Other - 50,000 Long Term Convertible Notes Payable – Related Party 1,330,000 300,000 Long Term Notes Payable from future revenue — Related Party 200,630 200,630 Long Term Notes Payable from future revenue — Other 120,000 120,000 Long-Term Notes Payable expiring on September 18, 2024 — Related Party 2,320,932 2,320,932 Long Term Notes Payable expiring on September 18, 2024 — Other 96,570 96,570 TOTAL NOTES $ 4,368,132 $ 3,438,132

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANT-BASED STOCK COMPENSATION	The stock compensation associated with warrants and options issued or modified during the six months ended June 30, 2024, were valued on the date of issuance or modification. The following assumptions were used in calculations of the Black-Scholes option pricing models for warrant- and option-based stock compensation in the six months ended June 30, 2024: SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANT-BASED STOCK COMPENSATION 1/2/24 1/8/24 3/28/24 4/25/24 4/26/24 Risk-free interest rate 3.93 % 4.01 % 4.20 % 4.70 % 4.68 % Expected life 5 5 5 5 5 Expected dividends 0 % 0 % 0 % 0 % 0 % Expected volatility 91.92 % 92.01 % 89.73 % 113.65 % 113.72 % BIOF common stock fair value $ 0.083 $ 0.095 $ 0.105 $ 0.095 $ 0.086 5/24/24 Risk-free interest rate 4.49 % Expected life 7 Expected dividends 0 % Expected volatility 113.10 % BIOF common stock fair value $ 0.061

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated losses	$ 57,332,475	$ 55,836,780

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development expenses	$ 291,389	$ 762,714	$ 899,025	$ 1,447,276
Research and Development Expense [Member]
Research and development expenses			$ 899,025	$ 1,447,276

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 830,397	$ 830,397
Less Accumulated Depreciation	(302,562)	(243,089)
Property and Equipment	527,835	587,308
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 9,370	9,370
Estimated useful lives	15 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 795,606	795,606
Estimated useful lives	10 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 13,596	13,596
Estimated useful lives	5 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, gross	$ 11,825	$ 11,825
Estimated useful lives	3 years

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 59,473	$ 59,684

PATENTS AND TRADEMARKS (Details

PATENTS AND TRADEMARKS (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived patents	$ 274,611	$ 254,786

SCHEDULE OF NOTES PAYABLE (Deta

SCHEDULE OF NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Short Term Convertible Note – Related Party		$ 350,000
Short Term Convertible Notes — Other	300,000
Long Term Convertible Notes — Other		50,000
Long Term Convertible Notes Payable – Related Party	1,330,000	300,000
Long Term Notes Payable from future revenue — Related Party	200,630	200,630
Long Term Notes Payable from future revenue — Other	120,000	120,000
Long-Term Notes Payable expiring on September 18, 2024 — Related Party	2,320,932	2,320,932
Long Term Notes Payable expiring on September 18, 2024 — Other	96,570	96,570
TOTAL NOTES	$ 4,368,132	$ 3,438,132

SCHEDULE OF BLACK-SCHOLES OPTIO

SCHEDULE OF BLACK-SCHOLES OPTION PRICING MODELS FOR WARRANT-BASED STOCK COMPENSATION (Details) - Warrant [Member]	6 Months Ended
	Jun. 30, 2024 $ / shares
Issuance Date 01/02/24 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	3.93%
Expected life	5 years
Expected dividends	0%
Expected volatility	91.92%
BIOF common stock fair value	$ 0.083
Issuance Date 01/08/2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	4.01%
Expected life	5 years
Expected dividends	0%
Expected volatility	92.01%
BIOF common stock fair value	$ 0.095
Issuance Date 03/28/2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	4.20%
Expected life	5 years
Expected dividends	0%
Expected volatility	89.73%
BIOF common stock fair value	$ 0.105
Issuance Date 04/25/24 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	4.70%
Expected life	5 years
Expected dividends	0%
Expected volatility	113.65%
BIOF common stock fair value	$ 0.095
Issuance Date 04/26/2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	4.68%
Expected life	5 years
Expected dividends	0%
Expected volatility	113.72%
BIOF common stock fair value	$ 0.086
Issuance Date 05/24/2024 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Risk-free interest rate	4.49%
Expected life	7 years
Expected dividends	0%
Expected volatility	113.10%
BIOF common stock fair value	$ 0.061

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)		3 Months Ended				6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Capital units, authorized	1,010,000,000	1,010,000,000				1,010,000,000
Common stock, shares authorized	1,000,000,000	1,000,000,000				1,000,000,000		1,000,000,000
Common stock, par value	$ 0.001	$ 0.001				$ 0.001		$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000				10,000,000		10,000,000
Preferred stock, par value	$ 0.001	$ 0.001				$ 0.001		$ 0.001
Common stock, shares issued	302,865,508	302,865,508				302,865,508		302,750,963
Common stock, shares outstanding	302,865,508	302,865,508				302,865,508		302,750,963
Preferred stock, shares issued	0	0				0		0
Preferred stock, shares outstanding	0	0				0		0
Description of voting rights of common stock						Holders of shares of Common stock shall be entitled to cast one vote for each share held
Number of shares issued for services, shares						114,545	174,194
Number of shares issued for services, value		$ 5,894	$ 4,200	$ 5,300	$ 24,000	$ 10,094	$ 29,300
Number of warrants outstanding	22,656,538	22,656,538				22,656,538		24,015,976
Share based compensation						$ 309,015	$ 637,029
Number of options outstanding	61,430,000	61,430,000				61,430,000
Number of options vested		1,050,000	1,875,000	2,000,000	2,385,000	30,980,000
Weighted average exercise price of outstanding vested options	$ 0.12	$ 0.12		$ 0.12		$ 0.12	$ 0.12
Weighted average remaining life outstanding						6 years 8 months 12 days
Weighted average remaining life vested						5 years 10 months 24 days
Options outstanding intrinsic value	$ 42,000	$ 42,000				$ 42,000
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation vesting rights	4.0 million of which approximately $0.1 million will vest over the next 0.6 years and approximately $3.9 million will vest upon the probability of achieving performance milestone criteria
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued for services, shares						127,500	314,000
Number of shares issued for services, value						$ 15,106	$ 42,634
Number of shares issued for interest, shares						100,000
Stock Repurchased and Retired During Period, Shares						1,236,938
Shares Issued, Shares, Share-Based Payment Arrangement, Forfeited						350,000
Weighted average exercise price	$ 0.22	$ 0.22				$ 0.22
Weighted average remaining term						3 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 108,168	$ 108,893
Remainder of 2024	$ 35,346

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	6 Months Ended
	Jun. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Directors fees	$ 25,000
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Payment of salaries	$ 525,000
Antidilution compensation percentage	4%
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Payment of salaries	$ 325,000
Antidilution compensation percentage	3%
Director [Member]
Related Party Transaction [Line Items]
Antidilution compensation percentage	3%
Investee [Member]
Related Party Transaction [Line Items]
Shares Granted, Value, Share-Based Payment Arrangement, before Forfeiture	$ 50,000,000
Officer [Member]
Related Party Transaction [Line Items]
Percentage of performance bonus	100%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 08, 2024	Jun. 30, 2024
Nonrelated Party [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible notes	$ 25,000
Common Stock [Member] | Nonrelated Party [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Conversion of convertible securities, shares	312,500
Warrant [Member]
Subsequent Event [Line Items]
Number of shares issued for interest, shares		100,000
Warrant [Member] | Nonrelated Party [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Conversion of convertible securities, shares	312,500
Debt instrument, term	5 years
Strike price, per share	$ 0.10
Warrant [Member] | Related Party [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, term	5 years
Strike price, per share	$ 0.15
Number of shares issued for interest, shares	50,000
Number of shares issued, value	$ 3,431