Blockchain For Energy Inc
- Assets
- $624.5k
- Revenue
- $850.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Houston, TX
- Founding
- Data as of
- 12/2022
- EIN
- 85-2400134
Organization Overview
Blockchain For Energy Inc is located in Houston, TX. According to its NTEE Classification (C35) the organization is classified as: Energy Resources Conservation & Development, under the broad grouping of Environment and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Blockchain For Energy Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Blockchain For Energy Inc generated $850.0k in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $882.7k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP TRANSITION THE ENERGY INDUSTRY INTO THE NEXT GENERATION OF THE INTERNET (WEB3) THROUGH DEVELOPING AND DEPLOYING INNOVATIVE AND VALUE-ADDED DIGITAL SOLUTIONS IN A COLLABORATIVE, NON-COMPETITIVE ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMODITY TRANSPORT: IN COLLABORATION WITH MEMBER COMPANIES, BLOCKCHAIN FOR ENERGY (B4E) HAS DEVELOPED THE USE OF IOT SENSORS AND BLOCKCHAIN TECHNOLOGY TO PROVIDE SECURE DATA IN THE COMMODITY TRANSPORT SUPPLY CHAIN. THIS SOLUTION CREATES A SINGLE SOURCE OF TRUTH BETWEEN TRUCKING COMPANIES AND OPERATORS WITH NO SINGLE POINT OF FAILURE.
SEISMIC ENTITLEMENTS: THE MANAGEMENT OF OWNERSHIP AND ENTITLEMENTS OF SEISMIC DATA BETWEEN JOINT VENTURE PARTNERS IS PREDOMINANTLY DONE MANUALLY TODAY. B4E IS WORKING TO CREATE AUTOMATED TRACKING OF THESE DIGITAL RIGHTS TO SEISMIC DATA, THROUGHOUT THE LIFECYCLE OF THE DATA. AUTOMATION WILL PROVIDE AN ACCESSIBLE DIGITAL LIBRARY OF SEISMIC DATA AND OWNERSHIP, ACCELERATED ACCESS TO THE "FAMILY TREE" OF DATA WHILE ADMINISTERING RIGHTS MANAGEMENT, AND AUTOMATED UPDATES FOR MERGERS AND ACQUISITIONS ACTIVITY. SUPPLY CHAIN SMART CONTRACTS: CURRENT PAPER CONTRACTS CAN LACK CONSISTENCY BETWEEN TERMS. ANOTHER PROJECT FOR B4E INVOLVES TAKING TERMS FROM PAPER CONTRACTS THEN AUTOMATING AND EXECUTING CERTAIN TERMS AND CONDITIONS TO A DIGITAL SMART CONTRACT. THIS ALLOWS FOR TRANSPARENCY AND UPFRONT AGREEMENT WITH ONE SOURCE OF TRUTH BETWEEN CONTRACTING PARTIES. DIGITAL IDENTITY: B4E IS WORKING TO PROVIDE DIGITAL IDENTITY WALLETS FOR INDIVIDUALS AND CORPORATIONS.
ENVIRONMENTAL, SOCIAL, AND CORPORATE GOVERNANCE (ESG) IS AN ASSESSMENT OF A COMPANY'S APPROACH TO SOCIAL AND ENVIRONMENTAL FACTORS AND A MEASURE OF THEIR OVERALL CORPORATE RESPONSIBILITY. B4E IS BUILDING ESG BASED SOLUTIONS WHICH WILL BENEFIT THE ENTIRE INDUSTRY. CURRENTLY, B4E IS WORKING ON AN EMISSION DISCLOSURE REGISTRY PILOT. THIS PILOT WILL ENABLE DEEP LEARNING TO ESTABLISH AND CREATE A DIGITAL REPRESENTATION OF CARBON EMISSION TO HELP PREVENT DOUBLE COUNTING, ENABLE OFFSET, AND BRING OVERALL VISIBILITY INTO CORPORATE REPORTING.
IJVM-AFE BALLOTING & JIB EXCHANGE INTEGRATED JOINT VENTURE MANAGEMENT (IJVM): B4E IS BUILDING NEW PROCESSES THAT MANAGE JOINT OWNERSHIP DIGITALLY IN THE FINANCE AND LAND ADMINISTRATION RESPONSIBILITIES OF THE ENERGY SECTOR. B4E IS CURRENTLY RUNNING TWO PROJECTS: AUTHORIZATION FOR EXPENDITURE (AFE) BALLOTING AND JOINT INTEREST BILLING (JIB).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Hofmann President/ce | OfficerTrustee | 50 | $0 |
Raquel Clement Chairperson | OfficerTrustee | 6.5 | $0 |
Rashi Gajula Vice Chairpe | OfficerTrustee | 6.5 | $0 |
Jason Jones Treasurer | Officer | 0.5 | $0 |
Alexa Rucks Secretary 10 | Officer | 0.5 | $0 |
Nuria Avalos Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hofman Advisors Llc Ceo Services | 12/30/22 | $235,499 |
Net 2 Communications Project Manager | 12/30/22 | $130,357 |
Ganas Consulting Inc Cfo Services | 12/30/22 | $113,900 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $850,000 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $850,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $235,499 |
| Fees for services: Legal | $40,796 |
| Fees for services: Accounting | $5,347 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $521,578 |
| Advertising and promotion | $18,296 |
| Office expenses | $31,839 |
| Information technology | $26,952 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $401 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,024 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $882,732 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $524,493 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $100,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $624,493 |
| Accounts payable and accrued expenses | $10,000 |
| Grants payable | $0 |
| Deferred revenue | $250,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $260,000 |
| Net assets without donor restrictions | $364,493 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $624,493 |