TECHNOLOGY FOCUS - BIOLOGY - Preferred Components: The second biomass component is a group consisting of a protein, a carbohydrate, a nucleic acid, DNA or RNA. The biomass source is microalgae, yeast, an oil seed or a plant matter.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Process: The contacting process further comprises contacting the biomass source with a catalyst. The contacting and mixing steps results in extraction of: a second biomass component, which is extracted into a second phase comprising the cosolvent composition, and a protein from the biomass source into the second phase comprising the cosolvent composition. The method further comprises removing the first phase comprising the bio-oil from the multiple-phase composition; facilitating a separation of the multiple-phase composition into the first phase comprising the bio-oil, the second phase comprising the cosolvent composition, and the third phase comprising the treated biomass; and separating the extracted protein from the multiple-phase composition. The facilitating separation comprises centrifuging the multiple-phase composition; and passing the multiple-phase composition through at least one filter. The method of direct transesterification of a biomass source comprises the contacting step and the mixing step, which results in formation of a fatty acid ester product and the multiple-phase composition, where the first phase comprises the fatty acid ester product. Preferred Components: The polar covalent molecule is an alcohol, ketone, organic acid, alkyl halide, sulfoxides, aldehydes, amides or amines. The first biomass component consists of: a bio-oil (preferred), a bio-polymer and a fat-soluble pigment. The first biomass component is a fatty acid ester product. At least one ionic liquid comprises a cation and an anion, where the cation is an ammonium ion of formula (N+(R1)(R2)(R3)(R4)), phosphonium ion of formula (P+(R1)(R2)(R3)(R4)), pyridinium ion of formula (a), pyridazinium ion of formula (b), pyramidinium ion of formula (c), pyrazinium ion of formula (d), imidazolium ion of formula (e) (preferred), pyrazolium ion of formula (f), oxazolium ion of formula (g), 1,2,3-triazolium ion of formula (h), 1,2,4-triazolium ion of formula (i), thiazolium ion of formula (j), piperdinium ion of formula (k), pyrolidinium ion of formula (l), isoquinolinium ion of formula (m), or quinolinium ion of formula (n); and the anion is a halide, a 1-6C-carboxylate, a mono- or di-1-10C-alkyl sulfosuccinate, a mono- or di-1-10C-ester sulfosuccinate, a nitrate, a sulfate, an alkyl sulfate, a phosphate, an alkyl phosphate, an acetate, a halo acetate, a tetrafluoroborate, a tetrachloroborate, a hexafluorophosphate, a trifluoro-tris-(pentafluoroethyl)phosphate, a hexafluoroantimonate, a fluorosulfonate, an alkylsulfonate, a perfluoroalkylsulfonate, a bis(perfluoroalkylsulfony)amide, a tris-trifluoromethylsulfonyl methylide, a bistrifluoromethylsulfonyl methylide, an arenesulfonate optionally substituted with halo or halo alkyl groups, a tetraphenylborate, a tetraphenylborate (whose aromatic rings are substituted), a tetra-(trifluoroacetoxy)-borate, a bis-(oxalato)-borate, a dicyanamide, a tricyanomethylide, a tetrachloroaluminate and/or a chlorozincate, preferably methyl sulfate. The ionic liquid is a liquid salt at room temperature. The ionic liquid is 1-ethyl-3-methylimidazolium methyl sulfate (preferred), 1-methylimidazolium tetrafluoroborate, 1-alkyl-3-methylimidazolium hydrogensulfonate, 1-butylpyridinium chloride/aluminum chloride, 1-octyl-3-methylimidazolium tetrafluoroborate, 1-ethyl-3-methylimidazolium tetrafluoroborate, 1-butyl-3-methylimidazolium tetrafluoroborate, 3-methylimidazolium tetrafluoroborate, 1-butyl-3-methylimidazolium hydrogen sulfate, N-1-butylpyridinium chloride/tetrafluoroborate, a dialkylimidaxolium salt and/or a quaternary ammonium salt.R1-R6 = 0-6C-alkyl, alkenyl, hydroxyalkyl, halo alkyl, alkoxylalkyl, 6-10C-aryl and/or 8-16C-alkyl aryl, where group with zero carbon denotes hydrogen. EXAMPLE - Dried pulverized yeast (250 mg) was added to a cosolvent composition (6.5 g) containing 46 wt./wt.% of 1-ethyl-3-methylimidazolium methyl sulfate (3 g) and 54 wt./wt.% of methanol (3.5 g). The extraction was carried out for 18 hours at 65 degrees C. A top layer containing biomass components that are immiscible with the cosolvent composition was removed from the multiple-phase composition, and an assay was conducted on the remaining cosolvent solution, which indicated the presence of carbohydrates and sugars in the phase containing the cosolvent composition.