UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Judiciary Plaza, 100 F Street, N.E., Room 1580,
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) - November 14, 2007
Commission File Number: 0001370489
BLUEFIRE ETHANOL FUELS, INC.
(Exact name of registrant as specific in its charter)
NEVADA 20-4590982
(State of Incorporation) (I.R.S. Employer I.D. No.)
31 MUSICK
IRVINE, CALIFORNIA 92618
(Address of principal executive offices, including zip code)
(949) 588-3767
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Precommencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Precommencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 4.02 Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
On November 14, 2007, the Company's Board of Directors, in consultation with
management, concluded that the Company's condensed consolidated financial
statements included in the Company's Quarterly Reports on Form 10-QSB for the
quarter ended June 30, 2007 should be restated.
The restatement is related to the manner in which the Company had accounted for
the costs related to the construction of their ethanol plant. The Company
determined that the costs incurred related to engineering costs were more
indicative of research and development activities as defined by Statements of
Financial Accounting Standards No. 2 "Accounting for Research and Development
Costs". Thus, the expenditures related to the development of the Company's
ethanol plant should have been expensed on the consolidated statement of
operations. The Company had previously capitalized these costs.
In light of this, the Company's previously filed financial statements and other
financial information for the quarter ended June 30, 2007 should no longer be
relied upon. Restated financial data for the quarter ended June 30, 2007 is
being filed on an amended Form 10-QSB/A. The expected impact on the Company's
financial statements at June 30, 3007 is a reduction of assets of $290,900. In
addition, the operating loss for the three and six months ended June 30, 2007 is
expected to increase to $2,045,445 and $4,182,688 respectively.
The Board of Directors discussed the matters disclosed in this filing with the
Company's independent registered public accountants.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
Date: November 19, 2007 BLUEFIRE ETHANOL FUELS, INC.
By: /s/ Arnold Klann
--------------------------------
Arnold Klann
Chief Executive Officer, Director