Nevada
|
2860
|
20-4590982
|
||
(State or jurisdiction of incorporation or
organization)
|
(Primary Standard Industrial Classification
Code Number)
|
(I.R.S. Employer Identification number)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
x
|
|
(Do not check if a smaller reporting company)
|
Title of Each Class of
Securities to be Registered
|
Amount to
be
Registered
|
Proposed
Maximum
Offering
Price Per
Share (1)
|
Proposed
Maximum
Aggregate
Offering
Price (1)
|
Amount of
Registration
Fee
|
||||||||||||
Common
Stock, $0.001 par value per share
|
2,500,000 | $ | 0.245 | $ | 612,500 | $ | 36.81 | |||||||||
TOTAL
|
2,500,000 | 0.245 | 612,500 | $ | 36.81 | (2) |
(1)
|
Estimated
solely for purposes of calculating the registration fee in accordance with
Rule 457(c) under the Securities Act of 1933 based on the average
of the high and low price of the common stock as reported on the
Over-the-Counter Bulletin Board on May 20,
2010.
|
(2)
|
Previously
paid as part of the Company’s Registration Statement on Form S-1 filed
with the SEC on September 4,
2009.
|
PROSPECTUS
SUMMARY
|
1 | ||
SUMMARY
FINANCIAL DATA
|
3 | ||
RISK
FACTORS
|
4 | ||
FORWARD-LOOKING
STATEMENTS
|
8 | ||
USE
OF PROCEEDS
|
8 | ||
DETERMINATION
OF OFFERING PRICE
|
9 | ||
MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
|
9 | ||
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF
OPERATIONS
|
11 | ||
DESCRIPTION
OF BUSINESS
|
17 | ||
LEGAL
PROCEEDINGS
|
24 | ||
MANAGEMENT
|
24 | ||
EXECUTIVE
COMPENSATION
|
26 | ||
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS
|
33 | ||
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|
34 | ||
DESCRIPTION
OF SECURITIES
|
36 | ||
DISCLOSURE
OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT
LIABILITIES
|
37 | ||
SELLING
STOCKHOLDERS
|
37 | ||
PLAN
OF DISTRIBUTION
|
39 | ||
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS
|
40 | ||
LEGAL
MATTERS
|
40 | ||
EXPERTS
|
41 | ||
ADDITIONAL
INFORMATION
|
41 |
FEL-1
|
FEL-2
|
FEL-3
|
||
*
Material Balance
|
*
Preliminary Equipment Design
|
*
Purchase Ready Major Equipment Specifications
|
||
*
Energy Balance
|
*
Preliminary Layout
|
*
Definitive Estimate
|
||
*
Project Charter
|
*
Preliminary Schedule
|
*
Project Execution Plan
|
||
*
Preliminary Estimate
|
*
Preliminary 3D Model
|
|||
*
Electrical Equipment List
|
||||
*
Line List
|
||||
*
Instrument Index
|
Common
Stock Being Offered By Selling Stockholders
|
2,500,000
shares of Common Stock.
|
|
Initial
Offering Price
|
The
initial offering price for shares of our Common Stock will be determined
by prevailing prices established on the OTCBB or as negotiated in private
transactions, or as otherwise described in “Plan of
Distribution.”
|
Terms
of the Offering
|
The
Selling Stockholders will determine when and how they will sell the Common
Stock offered in this prospectus.
|
|
Termination
of the Offering
|
The
offering will conclude upon the earliest of (i) such time as all of
the Common Stock has been sold pursuant to the registration statement,
(ii) two years or (iii) such time as all of the Common Stock become
eligible for resale without volume limitations pursuant to Rule 144 under
the Securities Act of 1933, as amended (the “Securities Act”), or any
other rule of similar effect.
|
|
Use
of Proceeds
|
We
are not selling any shares of Common Stock in this offering and, as a
result, will not receive any proceeds from this
offering.
|
|
OTCBB
Trading Symbol
|
“BFRE.OB”
|
|
Risk
Factors
|
The
Common Stock offered hereby involves a high degree of risk and should not
be purchased by investors who cannot afford the loss of their entire
investment. See “Risk Factors” beginning on page
4.
|
STATEMENT OF OPERATIONS :
|
For
the year ended
December
31,
|
For the Three Months
Ended March 31,
|
Period from
March 28,
2006
(Inception)
to
March,
31
|
|||||||||||||||||
2009
|
2008
|
2010
|
2009
|
2010
|
||||||||||||||||
Revenues
|
$ | 4,318,213 | $ | 1,075,508 | $ | 288,062 | $ | 58,165 | $ | 5,730,783 | ||||||||||
Total
operating expenses
|
3,527,258 | 15,671,513 | 896,453 | 886,889 | 32,170,285 | |||||||||||||||
Operating
income (loss)
|
790,955 | (14,596,005 | ) | (608,391 | ) | (828,724 | ) | (26,439,502 | ) | |||||||||||
Net
Income (loss)
|
$ | 1,136,092 | $ | (14,370,594 | ) | $ | 1,279,754 | $ | (626,039 | ) | $ | (27,786,663 | ) | |||||||
Basic
and diluted earnings (loss) per common
share
|
$ | 0.04 | $ | (0.51 | ) | 0.05 | $ | (0.02 | ) | |||||||||||
Weighted
average common shares outstanding basic and
diluted
|
28,159,629 | 28,064,572 | 28,264,793 | 28,100,881 |
BALANCE SHEET :
|
At March
31,
2010
|
At December
31,
2009
|
||||||
Cash
and cash equivalents
|
$ | 2,010,237 | $ | 2,844,711 | ||||
Current
assets
|
$ | 2,353,043 | $ | 3,102,881 | ||||
Total
assets
|
$ | 2,690,593 | $ | 3,420,876 | ||||
Current
liabilities
|
$ | 445,095 | $ | 580,941 | ||||
Total
liabilities
|
$ | 831,797 | $ | 2,855,334 | ||||
Total
stockholders’ equity
|
$ | 1,858,796 | $ | 565,542 |
·
|
the availability and adequacy of
our cash flow to meet our
requirements,
|
·
|
economic, competitive,
demographic, business and other conditions in our local and regional
markets,
|
·
|
changes or developments in laws,
regulations or taxes in the ethanol or energy
industries,
|
·
|
actions taken or not taken by
third-parties, including our suppliers and competitors, as well as
legislative, regulatory, judicial and other governmental
authorities,
|
·
|
competition in the ethanol
industry,
|
·
|
the failure to obtain or loss of
any license or permit,
|
·
|
success of the Arkenol
Technology,
|
·
|
changes in our business and
growth strategy (including our plant building strategy and co-location
strategy), capital improvements or development
plans,
|
·
|
the availability of additional
capital to support capital improvements and development,
and
|
·
|
other factors discussed under the
section entitled “Risk Factors” or elsewhere in this registration
statement.
|
Quarter ended
|
Low Price
|
High Price
|
||||||
September
30, 2006
|
$
|
1.35
|
$
|
6.80
|
||||
December
31, 2006
|
$
|
1.47
|
$
|
4.00
|
||||
March
31, 2007
|
$
|
3.99
|
$
|
7.70
|
||||
June
30, 2007
|
$
|
5.40
|
$
|
7.15
|
||||
September
30, 2007
|
$
|
3.30
|
$
|
6.40
|
||||
December
31, 2007
|
$
|
3.15
|
$
|
5.01
|
||||
March
31, 2008
|
$
|
3.00
|
$
|
4.15
|
||||
June
30, 2008
|
$
|
3.05
|
$
|
4.40
|
||||
September
30, 2008
|
$
|
2.05
|
$
|
4.15
|
||||
December
31, 2008
|
$
|
0.55
|
$
|
2.15
|
||||
March
31, 2009
|
$
|
0.51
|
$
|
1.00
|
||||
June
30, 2009
|
$
|
0.55
|
$
|
1.60
|
||||
September
30, 2009
|
$
|
0.80
|
$
|
1.20
|
||||
December
31, 2009
|
$
|
0.85
|
$
|
1.25
|
||||
March
31, 2010
|
$
|
0.34
|
$
|
1.00
|
Plan category
|
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights and
number of shares of
restricted stock
|
Weighted average
exercise price
of outstanding
options, warrants
and rights (2)
|
Number of securities
remaining available for
future issuance
|
|||||||||
Equity
compensation plans approved by security holders under the Amended and
Restated Plan
|
3,630,571 | (1) | $ | 2.48 | 6,349,429 | |||||||
Equity
compensation not pursuant to a plan
|
845,203 | (3) | $ | 3.80 | ||||||||
Total
|
4,475,774 |
Period
|
Total
number of
shares
purchased
|
Average
price paid
per share
|
Total number of
shares
purchased as
part of publicly
announced
plans or
programs
|
Maximum
number (or
approximate
dollar value)
of shares that
may yet be
purchased
under the plans
or programs
|
||||||||||||
4/1/08
– 4/30/08
|
9,901 | $ | 3.48 | 0 | 0 | |||||||||||
5/1/08
– 5/31/08
|
0 | 0 | 0 | |||||||||||||
6/1/08
– 6/30/08
|
0 | 0 | 0 | |||||||||||||
7/1/08
– 7/31/08
|
7,525 | $ | 3.60 | 0 | 0 | |||||||||||
8/1/08
– 8/31/08
|
3,000 | $ | 2.64 | 0 | 0 | |||||||||||
9/1/08
– 9/30/08
|
11,746 | $ | 2.73 | 0 | 0 | |||||||||||
Total
|
32,172 | $ | 3.16 | 0 | 0 |
(1)
|
The Company implemented a stock
repurchase program effective April 1, 2008 with the intent to repurchase
BlueFire shares in accordance with SEC Rule 10b-18. As of May 20,
2010, the Company repurchased a total of 32,172 shares at a cost of
approximately $101,581. Under the stock repurchase program, the Company is
not obligated to repurchase any additional shares of common
stock.
|
FEL-1
|
FEL-2
|
FEL-3
|
||
*
Material Balance
|
*
Preliminary Equipment Design
|
*
Purchase Ready Major Equipment Specifications
|
||
*
Energy Balance
|
*
Preliminary Layout
|
*
Definitive Estimate
|
||
*
Project Charter
|
*
Preliminary Schedule
|
*
Project Execution Plan
|
||
*
Preliminary Estimate
|
*
Preliminary 3D Model
|
|||
*
Electrical Equipment List
|
||||
*
Line List
|
||||
|
|
*
Instrument Index
|
·
|
Obtain additional operating
capital from joint venture partnerships, Federal or State grants or loan
guarantees, debt financing or equity financing to fund our ongoing
operations and the development of initial biorefineries in North
America. Although the Company is in discussions with potential
financial and strategic sources of financing for their planned
biorefineries no definitive agreements are in
place.
|
·
|
The Energy Policy Act of 2005
(“EPAct 2005”) provides for grants and loan guarantee programs to
incentivize the growth of the cellulosic ethanol market. These programs
include a Cellulosic Biomass Ethanol and Municipal Solid Waste Guarantee
Program under which the U.S. Department of Energy (“DOE”) could provide
loan guarantees up to $250 million per qualified project. BlueFire
plans to pursue all available opportunities within EPAct
2005.
|
·
|
The 2008 Farm Bill, Title IX
(Energy Title) provides grants for demonstration scale Biorefineries, and
loan guarantees for commercial scale Biorefineries that produce
advanced Biofuels (i.e., any fuel that is not corn-based). Section 9003
includes a Loan Guarantee Program under which the U.S.D.A. could
provide loan guarantees up to $250 million to fund development,
construction, and retrofitting of commercial-scale refineries.
Section 9003 also includes a grant program to assist in paying the
costs of the development and construction of demonstration-scale
biorefineries to demonstrate the commercial viability which can
potentially fund up to 50% of project costs. BlueFire plans to pursue all
available opportunities within the Farm
Bill.
|
·
|
Utilize proceeds from
reimbursements under the Department of Energy
contract.
|
·
|
As available and as applicable to
our business plans, applications for public funding will be submitted to
leverage private capital raised by
us.
|
·
|
A biorefinery that will process
approximately 190 tons of green waste material annually to produce roughly
3.9 million gallons of ethanol annually. On November 9, 2007, we
purchased the facility site which is located in Lancaster, California for
the BlueFire Ethanol Lancaster project (“Lancaster Biorefinery”).
Permit applications were filed on June 24, 2007 to allow for construction
of the Lancaster Biorefinery. On or around July 23, 2008, the Los
Angeles Planning Commission approved the use permit for construction of
the plant. However, a subsequent appeal of the county decision,
which BlueFire overcame, combined with the waiting period under the
California Environmental Quality Act, pushed the effective date of the now
nonappealable permit approval to December 12, 2008. On February 12,
2009 we were issued our Authority to Construct permit by the Antelope
Valley Air Quality Management District. We have completed the
detailed engineering and design on the project and are seeking funding in
order to build the facility. We estimate the total cost including
contingencies to be in the range of approximately $100 million to $125
million for this first plant. This amount is significantly greater
than our previous estimations communicated to the public. This is due in
part to a combination of significant increases in materials costs on
the world market from the last estimate until now, and the complexity of
our first commercial deployment. At the end of 2008 and early
2009, prices for materials have declined, and we expect, that items
like structural and specialty steel may continue to decline in price in
2010 with other materials of construction following suit. The cost
approximations above do not reflect any decrease in raw materials or any
savings in construction cost. We are currently in discussions with
potential sources of financing for this facility but no definitive
agreements are in place.
|
·
|
A biorefinery proposed for
development and construction in conjunction with the U.S. DOE , previously
located in Southern California, and now located in Fulton
Mississippi, which will process approximately 700 metric dry tons of woody
biomass, mill residue, and other cellulosic waste annually to produce
approximately 19 million gallons of ethanol annually ("DOE Biorefinery").
We have received an Award from the DOE of up to $40 million for the
Facility. On or around October 4, 2007, we finalized Award 1 for a total
approved budget of just under $10,000,000 with the DOE. This award is
a 60%/40% cost share, whereby 40% of approve costs may be reimbursed
by the DOE pursuant to the total $40 million award announced in February
2007. December 4, 2009, the DOE announced that the award for this
project has been increased to a maximum of $88 million under the American
Recovery and Reinvestment Act of 2009 (“ARRA”) and the Energy Policy
Act of 2005. As of March 31, 2010, BlueFire has been reimbursed
approximately $5,700,000 from the DOE under this award. On or around
February 23, 2010, we announced that we submitted an application for a
$250 million dollar loan guarantee for this planned biorefinery. The
application, filed under the DOE Program DE-FOA-0000140, which provides
federal loan guarantees for projects that employ innovative energy
efficiency, renewable energy, and advanced transmission and distribution
technologies, was submitted on February 15th, 2010 and serves as a
phase one application in a two phase approval process. If approved, the
loan guarantee will secure the financing for the remainder of the
costs to construct the facility. We are in the detailed engineering phase
for this project and expect to have all necessary permits for this
facility by this summer, putting the Company on a path to commence
construction by the end of 2010. The remainder of financing for this
project is yet to be
determined.
|
·
|
Several other opportunities are
being evaluated by us in North America but no definitive plans have been
made. Discussions with various landfill owners are underway to
duplicate our proposed facility throughout North America although no
definitive agreements have been
reached.
|
For the
Three
Months
ended
March
31,
|
For
the
Three
Months
ended
March
31,
|
For the
Twelve
Months
ended
December
31,
|
For the
Twelve
Months
ended
December
31,
|
|||||||||||||
2010
|
2009
|
2009
|
2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
Consulting
Fees
|
$ | 13,071 | $ | 14,570 | $ | 19,570 | $ | - | ||||||||
Department
of Energy Grant
|
274,991 | 43,595 | 4,298,643 | 1,075,508 | ||||||||||||
Total
revenues
|
288,062 | 58,165 | 4,318,213 | 1,075,508 | ||||||||||||
Operating
expenses:
|
||||||||||||||||
Project
development, including stock based compensation of $0, $0, $0,
and $2,078,356, respectively
|
482,739 | 309,905 | 1,307,185 | 10,535,278 | ||||||||||||
General
and administrative, including stock based compensation
of $13,500, $0, $232,292, and $1,690,921,
respectively
|
413,714 | 576,984 | 2,220,073 | 4,136,235 | ||||||||||||
Related
party license fee
|
- | - | - | 1,000,000 | ||||||||||||
Total
operating expenses
|
896,453 | 886,889 | 3,527,258 | 15,671,513 | ||||||||||||
Operating
loss
|
(608,391 | ) | (828,724 | ) | 790,955 | (14,596,005 | ) | |||||||||
Other
income and (expense):
|
||||||||||||||||
Other
income
|
1,888,145 | 202,685 | 8,059 | 225,411 | ||||||||||||
Financing
related charge
|
- | - | - | - | ||||||||||||
Amortization
of debt discount
|
- | - | - | - | ||||||||||||
Interest
expense
|
- | - | - | - | ||||||||||||
Related
party interest expense
|
- | - | (518 | ) | - | |||||||||||
Loss
on extinguishment of debt
|
- | - | ||||||||||||||
Net
Income (loss)
|
$ | 1,279,754 | $ | (626,039 | ) | $ | 1,136,092 | $ | (14,370,594 | ) | ||||||
Basic
and diluted loss per common share
|
$ | 0.05 | $ | (0.02 | ) | $ | 0.04 | $ | (0.51 | ) | ||||||
Weighted
average common shares outstanding, basic and diluted
|
28,264,793 | 28,100,881 | 28,159,629 | 28,064,572 |
FEL-1
|
FEL-2
|
FEL-3
|
||
*
Material Balance
|
*
Preliminary Equipment Design
|
*
Purchase Ready Major Equipment Specifications
|
||
*
Energy Balance
|
*
Preliminary Layout
|
*
Definitive Estimate
|
||
*
Project Charter
|
*
Preliminary Schedule
|
*
Project Execution Plan
|
||
*
Preliminary Estimate
|
*
Preliminary 3D Model
|
|||
*
Electrical Equipment List
|
||||
*
Line List
|
||||
|
|
*
Instrument Index
|
·
|
Create new jobs and save existing
ones
|
·
|
Spur economic activity and invest
in long-term growth
|
·
|
Foster unprecedented levels of
accountability and transparency in government
spending
|
·
|
Providing $288 billion in tax
cuts and benefits for millions of working families and
businesses
|
·
|
Increasing federal funds for
education and health care as well as entitlement programs (such as
extending unemployment benefits) by $224
billion
|
·
|
Making $275 billion available for
federal contracts, grants and
loans
|
·
|
Requiring recipients of Recovery
funds to report quarterly on how they are using the money. All the
data is posted on Recovery.gov so the public can track the
Recovery funds.
|
NAME
|
|
AGE
|
|
POSITION
|
|
OFFICER AND/OR DIRECTOR
SINCE
|
Arnold
Klann
|
58
|
President,
CEO and Director
|
June
2006
|
|||
Necitas
Sumait
|
50
|
Secretary,
SVP and Director
|
June
2006
|
|||
Christopher
Scott
|
35
|
Chief
Financial Officer
|
March
2007
|
|||
John
Cuzens
|
58
|
SVP,
Chief Technology Officer
|
June
2006
|
|||
Chris
Nichols
|
44
|
Director
|
June
2006
|
|||
Victor
Doolan
|
69
|
Director
|
July
2007
|
NAME
AND
PRINCIPAL
POSITION
|
YEAR
|
SALARY
($)
|
BONUS
($)
|
STOCK
AWARDS
($)
|
OPTIONS
AWARDS
($) (2)
|
NON-
EQUITY
INCENTIVE
PLAN
COMPENSATION
($)
|
CHANGE
IN PENSION
VALUE AND
NONQUALIFIED
DEFERRED
COMPENSATION
EARNINGS
($)
|
ALL OTHER
COMPENSATION
($)
|
TOTAL
($)
|
||||||||||||||||
Arnold
Klann Director and President
|
2009
|
226,000 | - | 5,250 | (1) | - | 231,250 | ||||||||||||||||||
2008
|
226,000 | 24,600 | (1) | 250,600 | |||||||||||||||||||||
Necitas
Sumait Director, Secretary and VP
|
2009
|
180,000 | - | 5,250 | (1) | 185,250 | |||||||||||||||||||
2008
|
176,500 | 24,600 | (1) | 201,100 | |||||||||||||||||||||
John
Cuzens Treasurer and VP
|
2009
|
180,000 | - | - | 180,000 | ||||||||||||||||||||
2008
|
175,250 | 175,250 | |||||||||||||||||||||||
Christopher
Scott Chief Financial Officer
|
2009
|
155,833 | - | - | 155,833 | ||||||||||||||||||||
2008
|
163,750 | - | 163,750 | ||||||||||||||||||||||
Chris
Nichols Director
|
2009
|
5,000 | 5,250 | (1) | 10,250 | ||||||||||||||||||||
2008
|
5,000 | 24,600 | (1) | 29,600 | |||||||||||||||||||||
Joseph
Emas Director
|
2009
|
5,000 | 5,250 | (1) | 10,250 | ||||||||||||||||||||
2008
|
5,000 | 24,600 | (1) | 29,600 | |||||||||||||||||||||
Victor
Doolan Director
|
2009
|
5,000 | 5,250 | (1) | 10,250 | ||||||||||||||||||||
2008
|
5,000 | 24,600 | (1) | 29,600 |
(1)
|
Reflects value of shares of
restricted common stock received as compensation as Director. See notes to
consolidated financial statements for
valuation.
|
(2)
|
Valued based on the Black-Scholes
valuation model at the date of grant, see note to the consolidated
financial statements.
|
ESTIMATED
FUTURE PAYOUTS
UNDER
NON-EQUITY
INCENTIVE
PLAN AWARDS
|
ESTIMATED
FUTURE PAYOUTS
UNDER
EQUITY INCENTIVE
PLAN
AWARDS
|
||||||||||||||||||||||||||
Name
|
Grant
Date
|
Approval
Date
|
Number
of Non-
Equity
Incentive
Plan
Units
Granted
(#)
|
Threshold
($)
|
Target
($)
|
Maximum
($)
|
Threshold
(#)
|
Target
(#)
|
Maximum
(#)
|
All
Other
Stock
Awards:
Number
of
Shares
of
Stock
or
Units
(#)
|
All
Other
Option
Awards:
Number
of
Securities
Underlying
Options
(#)
|
Exercise
or
Base
Price
of
Option
Awards
($ /
SH)
|
Closing
Price
on
Grant
Date
($
/SH)
|
||||||||||||||
Arnold
Klann
|
None
|
||||||||||||||||||||||||||
Necitas
Sumait
|
None
|
||||||||||||||||||||||||||
Christopher
Scott
|
None
|
||||||||||||||||||||||||||
John
Cuzens
|
None
|
||||||||||||||||||||||||||
Chris
Nichols
|
None
|
||||||||||||||||||||||||||
Joseph
Emas
|
None
|
||||||||||||||||||||||||||
Victor
Doolan
|
None
|
OPTION
AWARDS
|
STOCK
AWARDS
|
||||||||||||||||||||||
NAME
|
NUMBER
OF
SECURITIES
UNDERLYING
UNEXERCISED
OPTIONS
(#)
EXERCISABLE
|
NUMBER
OF
SECURITIES
UNDERLYING
UNEXERCISED
OPTIONS
(#)
UNEXERCISABLE
|
EQUITY
INCENTIVE
PLAN
AWARDS:
NUMBER
OF
SECURITIES
UNDERLYING
UNEXERCISED
UNEARNED
OPTIONS
(#)
|
OPTION
EXERCISE
PRICE
($)
|
OPTION
EXPIRATION
DATE
|
NUMBER
OF
SHARES
OR
UNITS
OF
STOCK
THAT
HAVE
NOT
VESTED
(#)
|
MARKET
VALUE
OF
SHARES
OR
UNITS
OF
STOCK
THAT
HAVE
NOT
VESTED
($)
|
EQUITY
INCENTIVE
PLAN
AWARDS:
NUMBER
OF
UNEARNED
SHARES,
UNITS
OR
OTHER
RIGHTS
THAT
HAVE
NOT
VESTED
(#)
|
EQUITY
INCENTIVE
PLAN
AWARDS:
MARKET
OR
PAYOUT
VALUE
OF
UNEARNED
SHARES,
UNITS
OR
OTHER
RIGHTS
THAT
HAVE
NOT
VESTED
($)
|
||||||||||||||
Arnold
Klann
|
1,000,000
|
-
|
2.00
|
12/14/11
|
|||||||||||||||||||
28,409
|
-
|
3.52
|
12/20/12
|
||||||||||||||||||||
125,000
|
(1)
|
125,000
|
(1)
|
3.20
|
12/20/12
|
||||||||||||||||||
Necitas
Sumait
|
450,000
|
-
|
2.00
|
12/14/11
|
|||||||||||||||||||
118,750
|
(1)
|
87,500
|
(1)
|
3.20
|
12/20/12
|
||||||||||||||||||
John
Cuzens
|
450,000
|
-
|
2.00
|
12/14/11
|
|||||||||||||||||||
118,750
|
(1)
|
87,500
|
(1)
|
3.20
|
12/20/12
|
||||||||||||||||||
Christopher
Scott
|
118,750
|
(1)
|
87,500
|
(1)
|
3.20
|
12/20/12
|
|||||||||||||||||
Chris
Nichols
|
|||||||||||||||||||||||
Joseph
Emas
|
|||||||||||||||||||||||
Victor
Doolan
|
|
OPTION AWARDS
|
STOCK AWARDS
|
||||||||||||||
|
Number of Shares
Acquired on Exercise
(#)
|
Value Realized
on Exercise
($)
|
Number of Shares
Acquired on Vesting
(#)
|
Value Realized
on Vesting
($)
|
||||||||||||
Arnold
Klann
|
||||||||||||||||
Necitas
Sumait
|
||||||||||||||||
Christopher
Scott
|
||||||||||||||||
John
Cuzens
|
||||||||||||||||
Chris
Nichols
|
||||||||||||||||
Joseph
Emas
|
||||||||||||||||
Victor
Doolan
|
NAME
|
PLAN NAME
|
NUMBER OF YEARS
CREDITED SERVICE
(#)
|
PRESENT VALUE OF
ACCUMULATED BENEFIT
($)
|
PAYMENTS DURING
LAST FISCAL YEAR
($)
|
||||||||||||
Arnold
Klann
|
||||||||||||||||
Necitas
Sumait
|
||||||||||||||||
Christopher
Scott
|
||||||||||||||||
John
Cuzens
|
||||||||||||||||
Chris
Nichols
|
||||||||||||||||
Joseph
Emas
|
||||||||||||||||
Victor
Doolan
|
NAME
|
EXECUTIVE
CONTRIBUTION IN
LAST FISCAL
YEAR
($)
|
REGISTRANT
CONTRIBUTIONS IN
LAST FISCAL YEARS
($)
|
AGGREGATE
EARNINGS IN
LAST
FISCAL YEAR
($)
|
AGGREGATE
WITHDRAWALS /
DISTRIBUTIONS
($)
|
AGGREGATE
BALANCE AT
LAST
FISCAL
YEAR-END
($)
|
|||||||||||||||
Arnold
Klann
|
||||||||||||||||||||
Necitas
Sumait
|
||||||||||||||||||||
Christopher
Scott
|
||||||||||||||||||||
John
Cuzens
|
||||||||||||||||||||
Chris
Nichols
|
||||||||||||||||||||
Joseph
Emas
|
||||||||||||||||||||
Victor
Doolan
|
NAME
|
Year
|
FEES
EARNED
OR PAID
IN CASH
($)
|
STOCK
AWARDS
($) (1)
|
OPTION
AWARDS
($)
|
NON-EQUITY
INCENTIVE
PLAN
COMPENSATION
($)
|
CHANGE IN
PENSION
VALUE AND
NONQUALIFIED
DEFERRED
COMPENSATION
EARNINGS
($)
|
ALL OTHER
COMPENSATION
($)
|
TOTAL
($)
|
|||||||||
Necitas
Sumait
|
2009
|
5,250 | 5,250 | ||||||||||||||
Chris
Nichols
|
2009
|
5,000 | 5,250 | 10,250 | |||||||||||||
Joseph
Emas
|
2009
|
5,000 | 5,250 | 10,250 | |||||||||||||
Victor
Doolan
|
2009
|
5,000 | 5,250 | 10,250 | |||||||||||||
Arnold
Klann
|
2009
|
5,250 | 5,250 |
(1)
|
Reflects value of shares of
restricted common stock received as compensation as Director. See notes to
consolidated financial statements for
valuation.
|
NAME
|
YEAR
|
PERQUISITES
AND
OTHER
PERSONAL
BENEFITS
($)
|
TAX
REIMBURSEMENTS
($)
|
INSURANCE
PREMIUMS
($)
|
COMPANY
CONTRIBUTIONS
TO
RETIREMENT
AND 401(K)
PLANS
($)
|
SEVERANCE
PAYMENTS/
ACCRUALS
($)
|
CHANGE IN
CONTROL
PAYMENTS
/
ACCRUALS
($)
|
TOTAL
($)
|
||||||||||||||||||||||||
Arnold
Klann
|
||||||||||||||||||||||||||||||||
Necitas
Sumait
|
||||||||||||||||||||||||||||||||
Christopher
Scott
|
||||||||||||||||||||||||||||||||
John
Cuzens
|
||||||||||||||||||||||||||||||||
Chris
Nichols
|
||||||||||||||||||||||||||||||||
Joseph
Emas
|
||||||||||||||||||||||||||||||||
Victor
Doolan
|
NAME
|
YEAR
|
PERSONAL USE OF
COMPANY
CAR/PARKING
|
FINANCIAL
PLANNING
LEGAL
FEES
|
CLUB DUES
|
EXECUTIVE
RELOCATION
|
TOTAL PERQUISITES
AND OTHER
PERSONAL
BENEFITS
|
||||||||||||||||||
Arnold
Klann
|
||||||||||||||||||||||||
Necitas
Sumait
|
||||||||||||||||||||||||
Christopher
Scott
|
||||||||||||||||||||||||
John
Cuzens
|
||||||||||||||||||||||||
Chris
Nichols
|
||||||||||||||||||||||||
Joseph
Emas
|
||||||||||||||||||||||||
Victor
Doolan
|
NAME
|
BENEFIT
|
BEFORE CHANGE
IN CONTROL
TERMINATION
W/O
CAUSE OR FOR
GOOD REASON
|
AFTER CHANGE
IN
CONTROL
TERMINATION
W/O
CAUSE OR
GOOD
REASON
|
VOLUNTARY
TERMINATION
|
DEATH
|
DISABILITY
|
CHANGE
IN
CONTROL
|
||||||||||||||||||||
Arnold
Klann
|
Full
comp. first 2 months, 50%
of
comp. next 4 months
|
||||||||||||||||||||||||||
Necitas
Sumait
|
Full
comp. first 2 months, 50%
of
comp. next 4 months
|
||||||||||||||||||||||||||
Christopher
Scott (1)
|
Full
comp. first 2 months, 50%
of
comp. next 4 months
|
||||||||||||||||||||||||||
John
Cuzens
|
Full
comp. first 2 months, 50%
of
comp. next 4 months
|
||||||||||||||||||||||||||
Chris
Nichols
|
N/A
|
||||||||||||||||||||||||||
Joseph
Emas
|
N/A
|
||||||||||||||||||||||||||
Victor
Doolan
|
N/A
|
Title of
Class
|
Name of Beneficial Owner (1)
|
Number of
shares
|
Percent of
Class (2)
|
|||||||
Common
|
Arnold
Klann, Chairman and Chief Executive Officer
|
14,073,909 | (4) | 47.60 | % | |||||
Common
|
Necitas
Sumait, Senior Vice President and Director
|
1,786,750 | (5) | 6.16 | % | |||||
Common
|
John
Cuzens, Chief Technology Officer and Senior Vice President
|
1,752,250 | (6) | 6.05 | % | |||||
Common
|
Chris
Scott, Chief Financial Officer
|
128,750 | (7) | * | ||||||
Common
|
Chris
Nichols, Director
|
10,000 | * | |||||||
Common
|
Victor
Doolan, Director
|
17,000 | * | |||||||
Common
|
Quercus
Trust (3)
|
8,611,210 | (8) | 25.35 | % | |||||
|
||||||||||
|
All officers and directors as a
group (6 persons)
|
17,768,659 | 57.63 | % | ||||||
|
All officers, directors and 5%
holders as a group (7 persons)
|
26,379,870 | 72.49 | % |
(1)
|
Beneficial ownership is
determined in accordance with Rule 13d-3(a) of the Exchange Act and
generally includes voting or investment power with respect to
securities.
|
(2)
|
Figures may not add up due to
rounding of percentages.
|
(3)
|
David Gelbaum and Monica Chavez
Gelbaum are co-trustees of The Quercus Trust. Each of David
Gelbaum and Monica Chavez Gelbaum, acting alone, has the power to exercise
voting and investment control over the shares of common stock owned by the
Trust.
|
(4)
|
Includes options to purchase
1,153,409 shares of common stock vested at May 20,
2010.
|
(5)
|
Includes options to purchase
568,750 shares of common stock vested at May 20,
2010.
|
(6)
|
Includes options to purchase
568,750 shares of common stock vested at May 20,
2010.
|
(7)
|
Includes options and warrants
to purchase 128,750 shares of common stock vested at May 20,
2010.
|
(8)
|
Includes a warrant to purchase
5,555,555 shares of common
stock.
|
DATE ISSUED:
|
OPTIONEE NAME
|
NUMBER
OF OPTIONS
|
TYPE
|
PRICE
|
EXPIRATON
DATE
|
||||||||
December
20, 2007
|
28,409 |
ISO
|
(1)
|
$ | 3.52 |
December
20, 2012
|
|||||||
December
20, 2007
|
Arnold
Klann, Officer and Director
|
250,000 |
NSO
|
(2)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
31,250 |
ISO
|
(1)
|
$ | 3.20 |
December
20, 2012
|
|||||||
December
20, 2007
|
Necitas
Sumait, Officer and Director
|
175,000 |
NSO
|
(2)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
|
31,250 |
ISO
|
(1)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
John
Cuzens, Officer
|
175,000 |
NSO
|
(2)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
31,250 |
ISO
|
(1)
|
$ | 3.20 |
December
20, 2012
|
|||||||
December
20, 2007
|
Chris
Scott, Officer
|
175,000 |
NSO
|
(2)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
31,250 |
ISO
|
(1)
|
$ | 3.20 |
December
20, 2012
|
|||||||
December
20, 2007
|
Bill
Davis, Employee
|
175,000 |
NSO
|
(2)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
31,250 |
ISO
|
(1)
|
$ | 3.20 |
December
20, 2012
|
|||||||
December
20, 2007
|
Rigel
Stone, Employee
|
150,000 |
NSO
|
(2)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
Barbi
Rios, Employee
|
5,000 |
ISO
|
(1)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
Scott
Olson, Outside Consultant
|
10,000 |
NSO
|
(3)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
Aleshia
Knickerbocker, Outside Consultant
|
2,500 |
NSO
|
(3)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
Bill
Orr, Outside Consultant
|
10,000 |
NSO
|
(3)
|
$ | 3.20 |
December
20, 2012
|
||||||
December
20, 2007
|
Elsa
Ebro, Outside Consultant
|
5,000 |
NSO
|
(3)
|
$ | 3.20 |
December
20, 2012
|
||||||
Totals
|
1,317,159 |
(1)
|
These Incentive Stock Options
(“ISO”) vested immediately
|
(2)
|
These Non-Qualified Stock Options
(“NSO”) vest as follows:
|
|
a.
|
50%
vested immediately
|
b.
|
25%
vest on BlueFire closing remainder of funding for Lancaster
Project
|
|
c.
|
25%
vest at start of construction of Lancaster
Project
|
(3)
|
These NSO’s vested monthly over
12 months (1/12th monthly
vesting)
|
No. of Shares
owned
prior to the
|
No. of Shares
included in
|
Shares Owned After
The
Offering
|
||||||||||||||
Selling Stockholder
|
Offering (1)
|
Prospectus
|
Number
|
Percentage
|
||||||||||||
RCR
Trust I (5)
|
14,073,909 | 2,000,000 | 12,073,909 | 42.50 | % | |||||||||||
Necitas Sumait (6) | 1,786,750 | 250,000 | 1,536,750 | 5.41 | % | |||||||||||
John
Cuzens (7)
|
1,752,250 | 250,000 | 1,502,250 | 5.29 | % | |||||||||||
|
||||||||||||||||
Total
|
2,500,000 |
|
●
|
ordinary brokerage transactions
and transactions in which the broker-dealer solicits
purchasers;
|
|
●
|
block trades in which the
broker-dealer will attempt to sell the shares as agent, but may position
and resell a portion of the block as principal to facilitate the
transaction;
|
|
●
|
purchases by a broker-dealer as
principal and resale by the broker-dealer for its
account;
|
|
●
|
an exchange distribution in
accordance with the rules of the applicable
exchange;
|
|
●
|
privately negotiated
transactions;
|
|
●
|
short sales after this
registration statement becomes
effective;
|
|
●
|
broker-dealers may agree with the
Selling Stockholders to sell a specified number of such shares at a
stipulated price per share;
|
|
●
|
through the writing of options on
the shares;
|
|
●
|
a combination of any such methods
of sale; and
|
|
●
|
any other method permitted
pursuant to applicable law.
|
Consolidated
Balance Sheets
|
F-1
|
Consolidated
Statements of Operations
|
F-2
|
Consolidated
Statements of Cash Flows
|
F-3
|
Notes
to Consolidated Financial Statements
|
F-4
|
March 31,
2010
|
December 31,
2009
|
|||||||
(unaudited)
|
(audited)
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 2,010,237 | $ | 2,844,711 | ||||
Accounts
receivable
|
13,071 | - | ||||||
Department
of Energy grant receivable
|
274,991 | 207,380 | ||||||
Prepaid
expenses
|
54,744 | 50,790 | ||||||
Total
current assets
|
2,353,043 | 3,102,881 | ||||||
Debt
issuance costs
|
175,000 | 150,000 | ||||||
Property,
plant and equipment, net of accumulated depreciation of $50,359 and
$44,130 respectively
|
162,550 | 167,995 | ||||||
Total
assets
|
$ | 2,690,593 | $ | 3,420,876 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 270,208 | $ | 335,547 | ||||
Accrued
liabilities
|
174,887 | 245,394 | ||||||
Total
current liabilities
|
445,095 | 580,941 | ||||||
Long
term stock warrant liability
|
386,702 | 2,274,393 | ||||||
Total
liabilities
|
831,797 | 2,855,334 | ||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, no par value, 1,000,000 shares authorized; none issued and
outstanding
|
- | - | ||||||
Common
stock, $0.001 par value; 100,000,000 shares authorized; 28,334,465
and 28,296,965 shares issued; and 28,302,293 and 28,264,793
outstanding, as of March 31, 2010 and December 31, 2009,
respectively
|
28,334 | 28,296 | ||||||
Additional
paid-in capital
|
14,047,254 | 14,033,792 | ||||||
Treasury
stock at cost, 32,172 shares at March 31, 2010
|
(101,581 | ) | (101,581 | ) | ||||
Deficit
accumulated during the development stage
|
(12,115,211 | ) | (13,394,965 | ) | ||||
Total
stockholders’ equity
|
1,858,796 | 565,542 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 2,690,593 | $ | 3,420,876 |
|
For the
Three
Months
Ended
March 31,
|
|
|
For the
Three
Months
Ended
March 31,
|
|
|
From
March 28,
2006
(inception)
Through
March 31,
|
|
||||
|
2010
|
|
|
2009
|
|
|
2010
|
|
||||
Revenues:
|
||||||||||||
Consulting
fees
|
$
|
13,071
|
$
|
14,570
|
$
|
81,641
|
||||||
Department
of Energy grant
|
274,991
|
43,595
|
5,649,142
|
|||||||||
Total
revenues
|
288,062
|
58,165
|
5,730,783
|
|||||||||
Operating
expenses:
|
||||||||||||
Project
development including stock based compensation of $-0-, $-0-, and
$4,468,490, respectively
|
482,739
|
309,905
|
17,721,941
|
|||||||||
General
and administrative including stock based compensation of $13,500, $-0- and
$6,097,332
|
413,714
|
576,984
|
13,448,344
|
|||||||||
Related
party license fee
|
-
|
-
|
1,000,000
|
|||||||||
Total
operating expenses
|
896,453
|
886,889
|
32,170,285
|
|||||||||
Operating
loss
|
(608,391
|
)
|
(828,724
|
)
|
(26,439,502
|
)
|
||||||
Other
income and (expense):
|
||||||||||||
Gain
from change in fair value of warrant liability
|
1,887,691
|
196,983
|
2,455,152
|
|||||||||
Other
income
|
454
|
5,702
|
255,627
|
|||||||||
Financing
related charge
|
-
|
-
|
(211,660
|
)
|
||||||||
Amortization
of debt discount
|
-
|
-
|
(676,982
|
)
|
||||||||
Interest
expense
|
-
|
-
|
(56,097
|
)
|
||||||||
Related
party interest expense
|
-
|
-
|
(64,966
|
)
|
||||||||
Loss
on extinguishment of debt
|
-
|
-
|
(2,818,370
|
)
|
||||||||
Loss
on the retirement of warrants
|
-
|
-
|
(146,718
|
)
|
||||||||
Total
Other income or (expense)
|
1,888,145
|
202,685
|
(1,264,014
|
)
|
||||||||
Income
(loss) before income taxes
|
1,279,754
|
(626,039
|
)
|
(27,703,516
|
)
|
|||||||
Provision
for income taxes
|
-
|
-
|
83,147
|
|||||||||
Net
Income (loss)
|
$
|
1,279,754
|
$
|
(626,039
|
)
|
$
|
(27,786,663
|
)
|
||||
Basic
and diluted loss per common share
|
0.05
|
(0.02
|
)
|
|||||||||
Weighted
average common shares outstanding, basic and diluted
|
28,264,793
|
28,100,881
|
|
For the Three
Months Ended
March 31,
|
For the Three
Months Ended
March 31,
|
From March 28,
2006 (inception)
Through March 31,
|
|||||||||
2010
|
2009
|
2010
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income (loss)
|
$
|
1,279,754
|
$
|
(626,039
|
)
|
$
|
(27,786,663
|
)
|
||||
Adjustments
to reconcile net income (loss) to net cash used in operating
activities:
|
||||||||||||
Founders’
shares
|
-
|
-
|
17,000
|
|||||||||
Costs
associated with purchase of Sucre Agricultural Corp
|
-
|
-
|
(3,550
|
)
|
||||||||
Interest
expense on beneficial conversion feature of convertible
notes
|
-
|
-
|
676,983
|
|||||||||
Loss
on extinguishment of convertible debt
|
-
|
-
|
2,718,370
|
|||||||||
Loss
on retirement of warrants
|
-
|
146,718
|
||||||||||
Gain
from change in the fair value of warrant liability
|
(1,887,691
|
)
|
(196,983
|
)
|
(2,455,152
|
)
|
||||||
Common
stock issued for interest on Convertible notes
|
-
|
-
|
55,585
|
|||||||||
Discount
on sale of stock associated with private placement
|
-
|
-
|
211,660
|
|||||||||
Share-based
compensation
|
13,500
|
-
|
11,351,629
|
|||||||||
Depreciation
|
6,229
|
5,789
|
50,363
|
|||||||||
Changes
in operating assets and liabilities:
|
-
|
|||||||||||
Accounts
receivable
|
(13,071
|
)
|
(14,570
|
)
|
(13,071
|
)
|
||||||
Department
of Energy grant receivable
|
(67,611
|
)
|
648,419
|
(274,991
|
)
|
|||||||
Prepaid
fees to related party
|
-
|
-
|
-
|
|||||||||
Prepaid
expenses and other current assets
|
(3,954
|
)
|
18,562
|
(54,746
|
)
|
|||||||
Accounts
payable
|
(65,339
|
)
|
(1,257,608
|
)
|
270,206
|
|||||||
Accrued
liabilities
|
(70,507
|
)
|
(925
|
)
|
174,889
|
|||||||
Net
cash used in operating activities
|
(808,690
|
)
|
(1,423,355
|
)
|
(14,914,770
|
)
|
||||||
Cash
flows from investing activities:
|
||||||||||||
Acquisition
of property and equipment
|
(784
|
)
|
-
|
(212,912
|
)
|
|||||||
Cash
flows from financing activities:
|
||||||||||||
Repurchases
of common stock held in treasury
|
-
|
-
|
(101,581
|
)
|
||||||||
Cash
received in acquisition of Sucre Agricultural Corp.
|
-
|
-
|
690,000
|
|||||||||
Proceeds
from sale of stock through private placement
|
-
|
-
|
544,500
|
|||||||||
Proceeds
from exercise of stock options
|
-
|
-
|
40,000
|
|||||||||
Proceeds
from issuance of common stock
|
-
|
-
|
14,360,000
|
|||||||||
Proceeds
from Convertible notes payable
|
-
|
-
|
2,500,000
|
|||||||||
Repayment
of notes payable
|
-
|
-
|
(500,000
|
)
|
||||||||
Proceeds
from related party notes payable
|
-
|
-
|
116,000
|
|||||||||
Repayment
of related party notes payable
|
-
|
-
|
(116,000
|
)
|
||||||||
Debt
issuance costs
|
(25,000
|
)
|
-
|
(175,000
|
)
|
|||||||
Retirement
of Aurarian warrants
|
-
|
-
|
(220,000
|
)
|
||||||||
Net
cash provided by financing activities
|
(25,000
|
)
|
-
|
17,137,919
|
||||||||
Net
decrease in cash and cash equivalents
|
(834,474
|
)
|
(1,423,355
|
)
|
2,010,237
|
|||||||
Cash
and cash equivalents beginning of period
|
2,844,711
|
2,999,599
|
-
|
|||||||||
Cash
and cash equivalents end of period
|
$
|
2,010,237
|
$
|
1,576,244
|
$
|
2,010,237
|
||||||
Supplemental
disclosures of cash flow information
|
||||||||||||
Cash
paid during the period for:
|
||||||||||||
Interest
|
$
|
518
|
$
|
13,700
|
$
|
57,411
|
||||||
Income
taxes
|
$
|
-
|
$
|
-
|
$
|
18,096
|
||||||
Supplemental
schedule of non-cash investing and financing activities:
|
||||||||||||
Conversion
of senior secured convertible notes payable
|
$
|
-
|
$
|
-
|
$
|
2,000,000
|
||||||
Interest
converted to common stock
|
$
|
-
|
$
|
-
|
$
|
55,569
|
||||||
Fair
Value of warrants issued to placement agents
|
$
|
-
|
$
|
-
|
$
|
725,591
|
|
March 31,
|
December 31,
|
||||||
2010
|
2009
|
|||||||
Annual
dividend yield
|
-
|
-
|
||||||
Expected
life (years) of August 2007 issuance
|
0.39
|
0.64
|
||||||
Expected
life (years) of December 2007 issuance
|
2.75
|
3.0
|
||||||
Risk-free
interest rate
|
1.82
|
%
|
2.69
|
%
|
||||
Expected
volatility of August 2007 issuance
|
117
|
%
|
101
|
%
|
||||
Expected
volatility of December 2007 issuance
|
98
|
%
|
95
|
%
|
|
Additional Paid-
in Capital
|
Deficit
Accumulated
During the
Development
Stage
|
||||||
Balances
at December 31, 2009
|
$
|
14,033,792
|
$
|
(13,394,965
|
)
|
|||
Stock
issued for services
|
13,462
|
-
|
||||||
Net
Loss
|
-
|
1,279,754
|
||||||
Balances
at March 31, 2010
|
$
|
14,047,254
|
$
|
(12,115,211
|
)
|
Report
of Independent Registered Public Accounting Firms
|
F-11
and F-12
|
|
Consolidated
Balance Sheets as of December 31, 2009 and December 31,
2008
|
F-13
|
|
Consolidated
Statements of Operations for the years ended December 31, 2009, December
31, 2008 and for the period from March 28, 2006 (Inception) to December
31, 2009
|
F-14
|
|
Consolidated
Statements of Stockholders’ Equity from March 28, 2006 (inception) to
December 31, 2009
|
F-15
-F-18
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2009
and December 31, 2008, and for the period from March 28, 2006
(Inception) to December 31, 2009
|
F-19
- F-20
|
|
Notes
to Consolidated Financial Statements
|
|
F-21
|
|
December 31,
2009
|
|
|
December 31,
2008
|
|
|||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
2,844,711
|
$
|
2,999,599
|
||||
Department
of Energy grant receivable
|
207,380
|
692,014
|
||||||
Prepaid
expenses
|
50,790
|
89,871
|
||||||
Total
current assets
|
3,102,881
|
3,781,484
|
||||||
Debt
issuance costs
|
150,000
|
-
|
||||||
Property
and equipment, net of accumulated depreciation of $44,130 and $20,761,
respectively
|
167,995
|
186,112
|
||||||
Total
assets
|
$
|
3,420,876
|
$
|
3,967,596
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$
|
335,547
|
$
|
711,884
|
||||
License
fee payable to related party
|
-
|
970,000
|
||||||
Accrued
liabilities
|
245,394
|
173,618
|
||||||
Total
current liabilities
|
580,941
|
1,855,502
|
||||||
Outstanding
warrant liability
|
2,274,393
|
-
|
||||||
Total
liabilities
|
2,855,334
|
1,855,502
|
||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, no par value, 1,000,000 shares authorized; none issued and
outstanding
|
-
|
-
|
||||||
Common
stock, $0.001 par value; 100,000,000 shares authorized; 28,296,965 and
28,133,053 shares issued and 28,264,793 and
28,100,881 outstanding, respectively
|
28,296
|
28,132
|
||||||
Additional
paid-in capital
|
14,033,792
|
32,388,052
|
||||||
Treasury
stock at cost, 32,172 shares
|
(101,581
|
)
|
(101,581
|
|||||
Deficit
accumulated during the development stage
|
(13,394,965
|
)
|
(30,202,509
|
)
|
||||
Total
stockholders’ equity
|
565,542
|
2,112,094
|
||||||
Total
liabilities and stockholders’ equity
|
$
|
3,420,876
|
$
|
3,967,596
|
For the year
ended
|
For the year
ended
|
From
March 28, 2006
(inception)
Through
|
||||||||||
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
|||||||||
Revenues:
|
||||||||||||
Consulting
fees
|
$
|
19,570
|
$
|
-
|
$
|
68,570
|
||||||
Department
of Energy grant
|
4,298,643
|
1,075,508
|
5,374,151
|
|||||||||
Total
revenues
|
4,318,213
|
1,075,508
|
5,442,721
|
|||||||||
Operating
expenses:
|
||||||||||||
Project
development, including stock based compensation of $0, $2,078,356, and
$4,468,490, respectively
|
1,307,185
|
10,535,278
|
17,239,202
|
|||||||||
General
and administrative, including stock based compensation of $232,292,
$1,690,921, and $6,097,332 respectively
|
2,220,073
|
4,136,235
|
13,034,630
|
|||||||||
Related
party license fee
|
-
|
1,000,000
|
1,000,000
|
|||||||||
Total
operating expenses
|
3,527,258
|
15,671,513
|
31,273,832
|
|||||||||
Operating
income (loss)
|
790,955
|
(14,596,005
|
)
|
(25,831,111
|
)
|
|||||||
Other
income and (expense):
|
||||||||||||
Other
income
|
8,059
|
225,411
|
255,173
|
|||||||||
Financing
related charge
|
-
|
-
|
(211,660
|
)
|
||||||||
Amortization
of debt discount
|
-
|
-
|
(676,982
|
)
|
||||||||
Interest
expense
|
-
|
-
|
(56,097
|
)
|
||||||||
Related
party interest expense
|
(518
|
)
|
-
|
(64,966
|
)
|
|||||||
Loss
on extinguishment of debt
|
-
|
-
|
(2,818,370
|
)
|
||||||||
Gain
from change in fair value of warrant liability
|
567,461
|
-
|
567,461
|
|||||||||
Loss
on the retirement of warrants
|
(146,718)
|
(146,718)
|
||||||||||
Total
other income and (expense)
|
428,284
|
225,411
|
(3,152,159)
|
|||||||||
Income
(loss) before income taxes
|
1,219,239
|
(14,370,594)
|
(28,983,270)
|
|||||||||
Provision
for income taxes
|
83,147
|
-
|
83,147
|
|||||||||
Net
income (loss)
|
$
|
1,136,092
|
$
|
(14,370,594
|
)
|
$
|
(29,066,417
|
)
|
||||
Basic
and diluted income (loss) per common share
|
$
|
0.04
|
$
|
(0.51
|
)
|
|||||||
Weighted
average common shares outstanding, basic and diluted
|
28,159,629
|
28,064,572
|
Common Stock
|
Additional
Paid-in
|
Deficit
Accumulated
During
Development
|
Stockholders'
Equity
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
(Deficit)
|
||||||||||||||||
Balance
at March 28, 2006 (inception)
|
- | $ | - | $ | - | $ | - | $ | - | |||||||||||
Issuance
of founder’s share at $.001 per share
|
17,000,000 | 17,000 | 17,000 | |||||||||||||||||
Common
shares retained by Sucre Agricultural Corp., Shareholders
|
4,028,264 | 4,028 | 685,972 | - | 690,000 | |||||||||||||||
Costs
associated with the acquisition of Sucre Agricultural
Corp.
|
(3,550 | ) | (3,550 | ) | ||||||||||||||||
Common
shares issued for services in November 2006 at $2.99 per
share
|
37,500 | 38 | 111,962 | - | 112,000 | |||||||||||||||
Common
shares issued for services in November 2006 at $3.35 per
share
|
20,000 | 20 | 66,981 | - | 67,001 | |||||||||||||||
Common
shares issued for services in December 2006 at $3.65 per
share
|
20,000 | 20 | 72,980 | - | 73,000 | |||||||||||||||
Common
shares issued for services in December 2006 at $3.65 per
share
|
20,000 | 20 | 72,980 | - | 73,000 | |||||||||||||||
Estimated
value of common shares at $3.99 per share and warrants at $2.90 issuable
for services upon vesting in February 2007
|
- | - | 160,000 | - | 160,000 | |||||||||||||||
Share-based
compensation related to options
|
- | - | 114,811 | - | 114,811 | |||||||||||||||
Share-based
compensation related to warrants
|
- | - | 100,254 | - | 100,254 | |||||||||||||||
Net
Loss
|
- | - | - | (1,555,497 | ) | (1,555,497 | ) | |||||||||||||
Balances
at December 31, 2006
|
21,125,764 | $ | 21,126 | $ | 1,382,390 | $ | (1,555,497 | ) | $ | (151,981 | ) |
Common Stock
|
Additional
Paid-in
|
Deficit
Accumulated
During
Development
|
Stockholders’
|
|||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Equity
|
||||||||||||||||
Balances
at December 31, 2006
|
21,125,764 | $ | 21,126 | $ | 1,382,390 | $ | (1,555,497 | ) | $ | (151,981 | ) | |||||||||
Common
shares issued for cash in January 2007, at $2.00 per share to unrelated
individuals, including costs associated with private placement of 6,250
shares and $12,500 cash paid
|
284,750 | 285 | 755,875 | - | 756,160 | |||||||||||||||
Amortization
of share based compensation related to employment agreement in January
2007 $3.99 per share
|
10,000 | 10 | 39,890 | - | 39,900 | |||||||||||||||
Common
shares issued for services in February 2007 at $5.92 per
share
|
37,500 | 38 | 138,837 | - | 138,875 | |||||||||||||||
Adjustment
to record remaining value of warrants at $4.70 per share issued for
services in February 2007
|
- | - | 158,118 | - | 158,118 | |||||||||||||||
Common
shares issued for services in March 2007 at $7.18 per
share
|
37,500 | 37 | 269,213 | - | 269,250 | |||||||||||||||
Fair
value of warrants at $6.11 for services vested in March
2007
|
- | - | 305,307 | - | 305,307 | |||||||||||||||
Fair
value of warrants at $5.40 for services vested in June
2007
|
- | - | 269,839 | - | 269,839 | |||||||||||||||
Common
shares issued for services in June 2007 at $6.25 per share
|
37,500 | 37 | 234,338 | - | 234,375 | |||||||||||||||
Share
based compensation related to employment agreement in February 2007 $5.50
per share
|
50,000 | 50 | 274,951 | - | 275,001 | |||||||||||||||
Common
Shares issued for services in August 2007 at $5.07 per
share
|
13,000 | 13 | 65,901 | 65,914 | ||||||||||||||||
Share
based compensation related to options
|
- | - | 4,692,863 | - | 4,692,863 | |||||||||||||||
Value
of warrants issued in August, 2007 for debt replacement services valued at
$4.18 per share
|
- | - | 107,459 | - | 107,459 | |||||||||||||||
Relative
fair value of warrants associated with July 2007 convertible note
agreement
|
- | - | 332,255 | - | 332,255 | |||||||||||||||
Exercise
of stock options in July 2007 at $2.00 per share
|
20,000 | 20 | 39,980 | - | 40,000 | |||||||||||||||
Relative
fair value of warrants and beneficial conversion feature in connection
with the $2,000,000 convertible note payable in August
2007
|
- | - | 2,000,000 | - | 2,000,000 | |||||||||||||||
Stock
issued in lieu of interest payments on the senior secured convertible note
at $4.48 and $2.96 per share in October and December 2007
|
15,143 | 15 | 55,569 | - | 55,584 | |||||||||||||||
Conversion
of $2,000,000 note payable in August 2007 at $2.90 per
share
|
689,655 | 689 | 1,999,311 | - | 2,000,000 | |||||||||||||||
Common
shares issued for cash at $2.70 per share, December 2007, net of legal
costs of $90,000 and placement agent cost of $1,050,000
|
5,740,741 | 5,741 | 14,354,259 | - | 14,360,000 | |||||||||||||||
Loss
on Extinguishment of debt in December 2007
|
- | - | 955,637 | - | 955,637 | |||||||||||||||
Net
loss
|
- | - | - | (14,276,418 | ) | (14,276,418 | ) | |||||||||||||
Balances
at December 31, 2007
|
28,061,553 | $ | 28,061 | $ | 28,431,992 | $ | (15,831,915 | ) | $ | 12,628,138 |
|
Common Stock
|
Additional
Paid-in
|
Deficit
Accumulated
During
Development
|
Treasury
|
Stockholders’
|
|
||||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Stage
|
Stock
|
Equity
|
|
|||||||||||||||||
Balances
at December 31, 2007
|
28,061,553
|
$
|
28,061
|
$
|
28,431,992
|
$
|
(15,831,915
|
)
|
$
|
-
|
$
|
12,628,138
|
||||||||||||
Share
based compensation relating to options
|
-
|
-
|
3,769,276
|
-
|
-
|
3,769,276
|
||||||||||||||||||
Common
shares issued for services in July 2008 at $4.10 per share
|
30,000
|
30
|
122,970
|
-
|
-
|
123,000
|
||||||||||||||||||
Common
shares issued for services in July, September, and December 2008 at $3.75,
$2.75, and $.57 per share, respectively
|
41,500
|
41
|
63,814
|
-
|
-
|
63,855
|
||||||||||||||||||
Purchase
of treasury shares between April to September 2008 at an average of
$3.12
|
(32,172
|
)
|
-
|
-
|
-
|
(101,581
|
)
|
(101,581
|
)
|
|||||||||||||||
Net
loss
|
-
|
-
|
-
|
(14,370,594
|
)
|
-
|
(14,370,594
|
)
|
||||||||||||||||
Balances
at December 31, 2008
|
28,100,881
|
$
|
28,132
|
$
|
32,388,052
|
$
|
(30,202,509
|
)
|
$
|
(101,581
|
)
|
$
|
2,112,094
|
Common Stock
|
Additional
Paid-in
|
Deficit
Accumulated
During
Development
|
Treasury
|
Stockholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Stock
|
Equity
|
|||||||||||||||||||
Balances
at December 31, 2008
|
28,100,881
|
$
|
28,132
|
$
|
32,388,052
|
$
|
(30,202,509
|
)
|
$
|
(101,581
|
)
|
$
|
2,112,094
|
|||||||||||
Cumulative
effect of warrants reclassified
|
-
|
-
|
(18,586,588
|
)
|
18,586,588
|
-
|
-
|
|||||||||||||||||
Reclassification
of long term warrant liability
|
-
|
-
|
-
|
(2,915,136
|
)
|
-
|
(2,915,136
|
)
|
||||||||||||||||
Common
shares issued for services in June 2009 at $1.50 per share
|
11,412
|
11
|
17,107
|
-
|
-
|
17,118
|
||||||||||||||||||
Common
shares issued for services in July 2009 at $0.88 per share
|
30,000
|
30
|
26,370
|
-
|
-
|
26,400
|
||||||||||||||||||
Common
shares issued for services in August 2009 at $0.80 per
share
|
100,000
|
100
|
79,900
|
-
|
-
|
80,000
|
||||||||||||||||||
Option
to purchase Common shares for services in August 2009 at an option
price of $3.00 for 100,000 shares
|
-
|
-
|
8,273
|
-
|
-
|
8,273
|
||||||||||||||||||
Common
shares issued for services in September and October 2009 at $0.89 and
$0.95 per share respectively
|
22,500
|
23
|
20,678
|
-
|
-
|
20,701
|
||||||||||||||||||
Common
shares to be issued for services in August 2009 at $0.80 per
share
|
-
|
-
|
80,000
|
-
|
-
|
80,000
|
||||||||||||||||||
Net
income
|
-
|
-
|
-
|
1,136,092
|
-
|
1,136,092
|
||||||||||||||||||
Balances
at December 31, 2009
|
28,264,793
|
$
|
28,296
|
$
|
14,033,792
|
$
|
(13,394,965
|
)
|
$
|
(101,581
|
)
|
$
|
565,542
|
|
For the
year ended
|
For the
year ended to
|
From
March 28,
2006
(Inception) to
|
|||||||||
|
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
|
|||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income (loss)
|
$
|
1,136,092
|
$
|
(14,370,594
|
)
|
$
|
(29,066,417
|
)
|
||||
Adjustments
to reconcile net income (loss) to net cash used in operating
activities:
|
||||||||||||
Founders
shares
|
-
|
-
|
17,000
|
|||||||||
Costs
associated with purchase of Sucre Agricultural Corp
|
-
|
-
|
(3,550
|
)
|
||||||||
Interest
expense on beneficial conversion feature of convertible
notes
|
-
|
-
|
676,983
|
|||||||||
Loss
on extinguishment of convertible debt
|
-
|
-
|
2,718,370
|
|||||||||
Loss
on retirement of warrants
|
146,718
|
-
|
146,718
|
|||||||||
Gain
from change in fair value of warrant liability
|
(567,461
|
)
|
-
|
(567,461
|
)
|
|||||||
Common
stock issued for interest on convertible notes
|
-
|
-
|
55,585
|
|||||||||
Discount
on sale of stock associated with private placement
|
-
|
-
|
211,660
|
|||||||||
Share-based
compensation
|
232,491
|
3,956,131
|
11,338,129
|
|||||||||
Depreciation
|
23,373
|
20,352
|
44,134
|
|||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Accounts
receivable
|
-
|
49,000
|
-
|
|||||||||
Department
of energy grant receivable
|
484,634
|
(692,014
|
)
|
(207,380
|
)
|
|||||||
Prepaid
fees to related party
|
-
|
30,000
|
-
|
|||||||||
Prepaid
expenses and other current assets
|
39,080
|
(73,329
|
)
|
(50,792
|
)
|
|||||||
Accounts
payable
|
(376,338
|
)
|
329,205
|
335,545
|
||||||||
License
fee payable to related party
|
(970,000
|
)
|
970,000
|
-
|
||||||||
Accrued
liabilities
|
71,778
|
(94,053
|
)
|
245,396
|
||||||||
Net
cash provided by (used in) operating activities
|
220,367
|
(
9,875,302
|
)
|
(14,106,080
|
)
|
|||||||
Cash
flows from investing activities:
|
||||||||||||
Acquisition
of property and equipment
|
(5,255
|
)
|
(55,457
|
)
|
(212,128
|
)
|
For the
year ended
|
For the
year ended to
|
From
March 28,
2006
(Inception) to
|
||||||||||
|
December 31,
2009
|
December 31,
2008
|
December 31,
2009
|
|
||||||||
Cash
flows from financing activities:
|
||||||||||||
Cash
paid for treasury stock
|
-
|
(101,581
|
)
|
(101,581
|
)
|
|||||||
Cash
received in acquisition of Sucre Agricultural Corp.
|
-
|
-
|
690,000
|
|||||||||
Proceeds
from sale of stock through private placement
|
-
|
-
|
544,500
|
|||||||||
Proceeds
from exercise of stock options
|
-
|
-
|
40,000
|
|||||||||
Proceeds
from issuance of common stock
|
-
|
-
|
14,360,000
|
|||||||||
Proceeds
from convertible notes payable
|
-
|
-
|
2,500,000
|
|||||||||
Repayment
of notes payable
|
-
|
-
|
(500,000
|
)
|
||||||||
Proceeds
from related party line of credit/notes payable
|
-
|
-
|
116,000
|
|||||||||
Repayment
from related party line of credit/notes payable
|
-
|
-
|
(116,000
|
)
|
||||||||
Debt
issuance costs
|
(150,000
|
)
|
-
|
(150,000
|
)
|
|||||||
Retirement
of warrants
|
(220,000
|
)
|
-
|
(220,000
|
)
|
|||||||
Net
cash provided by (used in) financing activities
|
(370,000
|
)
|
(101,581
|
)
|
17,162,919
|
|||||||
Net
increase (decrease) in cash and cash equivalents
|
(154,888
|
)
|
(10,032,340
|
)
|
2,844,711
|
|||||||
Cash
and cash equivalents beginning of period
|
2,999,599
|
13,031,939
|
-
|
|||||||||
Cash
and cash equivalents end of period
|
$
|
2,844,711
|
$
|
2,999,599
|
$
|
2,844,711
|
||||||
Supplemental
disclosures of cash flow information Cash paid during the period
for:
|
||||||||||||
Interest
|
$
|
518
|
$
|
-
|
$
|
56,893
|
||||||
Income
taxes
|
$
|
14,896
|
$
|
2,400
|
$
|
18,096
|
||||||
Supplemental
schedule of non-cash investing and financing activities:
|
||||||||||||
Conversion
of senior secured convertible notes payable
|
$
|
-
|
$
|
-
|
$
|
2,000,000
|
||||||
Interest
converted to common stock
|
$
|
-
|
$
|
-
|
$
|
55,569
|
||||||
Fair
value of warrants issued to placement agents
|
$
|
-
|
$
|
-
|
$
|
725,591
|
December
31,
2009
|
December
31,
2008
|
|||||||
Land
|
$
|
109,108
|
$
|
109,108
|
||||
Office
equipment
|
60,341
|
55,089
|
||||||
Furniture
and fixtures
|
42,676
|
42,676
|
||||||
212,125
|
206,873
|
|||||||
Accumulated
depreciation
|
(44,130
|
)
|
(20,761
|
)
|
||||
$
|
167,995
|
$
|
186,112
|
December
31,
|
January
1,
|
|||||||
2009
|
2009
|
|||||||
Annual
dividend yield
|
-
|
-
|
||||||
Expected
life (years) of August 2007 issuance
|
.64
|
1.6
|
||||||
Expected
life (years) of December 2007 issuance
|
3.0
|
4.0
|
||||||
Risk-free
interest rate
|
2.69
|
%
|
1.55
|
%
|
||||
Expected
volatility of August 2007 issuance
|
101
|
%
|
150
|
%
|
||||
Expected
volatility of December 2007 issuance
|
95
|
%
|
150
|
%
|
|
|
Options
|
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
(Years)
|
||
Outstanding
January 1, 2007
|
1,990,000
|
$
|
2.00
|
||||||
Granted
during the year
|
1,317,159
|
3.21
|
|||||||
Exercised
during the year
|
(20,000
|
)
|
2.00
|
||||||
Outstanding
December 31, 2007
|
3,287,159
|
$
|
2.48
|
4.40
|
|||||
Granted
during the year
|
-
|
-
|
|||||||
Exercised
during the year
|
-
|
-
|
|||||||
Outstanding
December 31, 2008
|
3,287,159
|
$
|
2.48
|
3.40
|
|||||
Granted
during the year
|
-
|
-
|
|||||||
Exercised
during the year
|
-
|
-
|
|||||||
Outstanding
December 31, 2009
|
3,287,159
|
$
|
2.48
|
2.40
|
|||||
Options
exercisable at December 31, 2009
|
2,737,159
|
$
|
2.34
|
2.40
|
|
|
Warrants
|
|
|
Weighted
Average
Exercise
Price
|
|
|
Weighted
Average
Remaining
Contractual
Term
(Years)
|
|
|||
Outstanding
January 1, 2007 (with 50,000 warrants exercisable)
|
200,000
|
$
|
5.00
|
|||||||||
Issued
during the year
|
7,186,694
|
2.96
|
||||||||||
Outstanding
and exercisable at December 31, 2007
|
7,386,694
|
$
|
3.02
|
4.60
|
||||||||
Issued
during the year
|
-
|
-
|
||||||||||
Outstanding
and exercisable at December 31, 2008
|
7,386,694
|
$
|
3.02
|
3.60
|
||||||||
Issued
during the year
|
100,000
|
3.00
|
||||||||||
Cancelled
during the year
|
(673,200
|
)
|
(2.90
|
)
|
||||||||
Outstanding
and exercisable at December 31, 2009
|
6,813,494
|
$
|
3.03
|
2.76
|
SEC
Registration
|
$
|
2,500
|
||
Accounting
Fees and Expenses
|
$
|
5,000
|
||
Legal
Fees and Expenses
|
$
|
20,000
|
||
Printing
Costs
|
$
|
2,500
|
||
Miscellaneous
Expenses
|
$
|
10,000
|
||
Total
|
$
|
40,000
|
Exhibit
No.
|
Description
|
|
2.1
|
Stock
Purchase Agreement and Plan of Reorganization dated May 31, 2006, filed
December 13, 2006 (1)
|
|
3.1
|
Amended
and Restated Articles of Incorporation dated July 2, 2006, filed December
13, 2006 (1)
|
|
3.2
|
Amended
and Restated Bylaws dated May 27, 2006, filed December 13, 2006
(1)
|
|
3.3
|
Second
Amended and Restated Bylaws dated April 24, 2008, filed April 29, 2008
(11)
|
|
4.1
|
Form
of Promissory Note (2)
|
|
4.2
|
Form
of Subscription Agreement (2)
|
|
4.3
|
Description
of Promissory Note dated July 13, 2007 (4)
|
|
4.4
|
Form
of Convertible Promissory Note dated August 22, 2007
(5)
|
|
4.5
|
Form
of Warrant Agreement dated August 22, 2007 (5)
|
|
4.6
|
Stock
Purchase Agreement dated December 3, 2007 (7)
|
|
4.7
|
Securities
Purchase Agreement dated December 14, 2007 (7)
|
|
4.8
|
Form
of Warrant dated December 14, 2007 (7)
|
|
5.1
|
Opinion
of Anslow & Jaclin, LLP as to the validity of the common stock
(8)
|
|
10.1
|
Form
Directors Agreement, filed December 13, 2006 (1)
|
|
10.2
|
Form
Executive Employment Agreement, filed December 13, 2006
(1)
|
|
10.3
|
Arkenol
Technology License Agreement, dated March 1, 2006, filed December 13, 2006
(1)
|
|
10.4
|
ARK
Energy Asset Transfer and Acquisition Agreement, dated March 1, 2006,
filed December 13, 2006 (1)
|
|
10.5
|
Form
of the Consulting Agreement (2)
|
|
10.6
|
Amended
and Restated 2006 Incentive and Nonstatutory Stock Option Plan, dated
December 13, 2006 (6)
|
|
10.7
|
CFO
Employment Agreement (12)
|
|
10.8
|
Employment
Agreement, dated March 31, 2008, issued by the Company
(13)
|
|
10.9
|
Revolving
Line of Credit Agreement, dated February 24, 2009
(14)
|
14.1
|
Code
of Ethics (10)
|
|
21.1
|
List
of Subsidiaries (3)
|
|
23.1
|
Consent
of McKennon Wilson & Morgan LLP (8)
|
|
23.2
|
Consent
of dbbmckennon (8)
|
|
24.1
|
Power
of Attorney (9)
|
|
99.1
|
Audit
Committee Charter (2)
|
|
99.2
|
Compensation
Committee Charter (2)
|
BLUEFIRE
ETHANOL FUELS, INC.
|
|||
By:
|
/s/
Arnold R. Klann
|
||
Arnold
R. Klann,
|
|||
President
and Chief Executive Officer (Principal
|
|||
Executive Officer) | |||
By:
|
/s/Christopher
Scott
|
||
Christopher
Scott
|
|||
Chief
Financial Officer (Principal Financial Officer
|
|||
and Principal Accounting Officer) |
Signature
|
Title
|
Date
|
||
/s/
Arnold R. Klann
|
Director
and Chairman of the Board;
|
May
27, 2010
|
||
Arnold
R. Klann
|
President
and Chief Executive Officer
|
|||
/s/
Necitas Sumait
|
Director,
Secretary
|
May
27, 2010
|
||
and
Senior Vice President
|
||||
/s/
Christopher Scott
|
Chief
Financial Officer
|
May
27, 2010
|
||
Christopher
Scott
|
||||
/s/
John Cuzens
|
Chief
Technology Officer
|
May
27, 2010
|
||
John
Cuzens
|
and
Senior Vice President
|
|||
/s/
Chris Nichols
|
Director
|
May
27, 2010
|
||
Chris
Nichols
|
||||
/s/
Victor H. Doolan
|
Director
|
May
27, 2010
|
||
Victor
H. Doolan
|