On April 15, 2008, Biodiesel Solutions, Inc. (BSI) ceased its development operations of factory-built biodiesel processing equipment called BiodieselMaster® due to rising input costs and the development of more efficient means of converting vegetable oil into biodiesel fuel. The Company sold productive and shop equipment previously used in BSI operations for $13,264 on July 9, 2008. The Company wrote off $396,806 of intangibles, goodwill, and remainder of the fixed assets at June 30, 2008.
BSI was a development stage company established to manufacture a factory-built biodiesel processing plant that is designed to produce 350,000 gallons of biodiesel per year, appropriately scaled for a variety of customers, including small communities, farms, farm co-ops and trucking fleets. The design was to provide a biodiesel production system that is continuous, flexible, efficient, affordable, and fully-automated. The automated control system will minimize labor costs and facilitates remote diagnostics.
BSI’s manufacturing facilities were located in Sparks, Nevada, adjacent to the manufacturing facilities for Renewal Biodiesel.