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Pristine Auditor Report? hardly
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm
Page 64
"....A material weakness is a control deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
As described in Management’s Annual Report on Internal Control over Financial Reporting, the Company did not maintain effective control over financial reporting as of December 31, 2011 due to pervasive control deficiencies and material weaknesses. The existence of pervasive control deficiencies and material weaknesses impair the effectiveness of other controls by rendering their design ineffective or by keeping them from operating effectively. The Company’s material weaknesses are a result of a lack of policies and procedures, with the associated internal controls, to appropriately address entity level matters. Management concluded that the lack of adherence to the Board of Directors’ policies and more specifically, the Audit Committee Charter, which requires a three member committee with one member qualified as a “financial expert”, caused a failure at the entity level for proper governance over the Company’s financial reporting environment. The lack of oversight on the Company’s routine transactions, as well as a sufficient number of qualified personnel to timely account for such transactions in accordance with U.S. GAAP resulted in the recording of numerous post-closing and late adjusting journal entries during the quarterly reviews and delayed the financial statement closing process for the fiscal year ended 2011.
These material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2011 consolidated financial statements, and this report does not affect our report dated March 15, 2012, on those consolidated financial statements.
In our opinion, because of the effect of the material weaknesses described above on the achievement of the objectives of the control criteria, The Company has not maintained effective internal control over financial reporting as of December 31, 2011 based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)...."
the auditor agreed 100% with jbi's financials are absolutely pristine actually:
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of JBI, Inc. as of December 31, 2011 and 2010 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
JBII is losing at least $1,250,000 per month
according to the latest 10K.
Each of the thousands of barrels you cite has historically been sold at a huge overall loss
2011 Plastic to Oil Sales $ 288,442 (inc sales of waste paper)
2011 Net (Loss) from Continuing Operations -$15,119,658
NET LOSS -$18,259,363
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm
JBII is making and selling thousands of barrels of fuel as I type to you.
I personally find that quite annoying. :)
Anyway, I don't know why some funds invested in Agilyx. Maybe they like toxic fumes and gas masks, I don't know, but none of them invested very much and perhaps they got venture capitalist size stakes that gives them majority of the company if they ever go public and for less than $2 million a piece. However, what I do know is that JBII has at least "3 very high net worth individuals" and at least one of them, a world famous billionaire, was at the last annual shareholder meeting with around 500 witnesses. It was also mentioned at that same shareholder meeting that JBII had "billion dollar conglomerates" invested. Now I have no idea what the heaven that means, but it sure sounds like institutional support to me, and clearly not doing it for publicity (aka greenwashing as Waste Management are known to do) but are doing so for actual investment purposes without the benefit of being venture capital.
But what do I know? I'm the dummy who thought waste plastic was free even though you can find a bucket of it for $650/ton in Iceland through alibaba.com even though over 12 million tons of argiculutral plastic alone are landfilled annually in the USA alone because there's no viable way to recycle it.
They were repeated for each defendant.
There are legal language requirements that must be followed.
It's pretty standard.
Third Oak effectively manages the value of client's reputations with all stakeholders. Clients are principally in the energy, chemicals and plastics sectors in the U.S. and Canada.
Communication
Third Oak Associates offers reputation management and communication services across organizations: communication planning, brand development, marketing, corporate, community and PR communications, media relations, crisis and issues media training. We offer capability from program management to executive coaching. Here are a few of our beliefs about communications:
This is not easy. Look how much truly dreadful communication there is in the world despite how important we all say it is. Interpersonal, professional, corporate, public — all forms of communication are challenging. Acknowledging the challenge means you will apply an appropriate level of resources.
Anyone can do it well. Professional communicators cringe when they hear this, but although it is a challenge, the process behind communicating well is simple and anyone and any organization can improve their communication dramatically and in a hurry. Not everyone can write a compelling op-ed column, but everyone can communicate a lot better with a little bit of thought and the right tools.
Communication rewards the communicator. Good communication is not its own reward (although it can be gratifying indeed). Communicating well delivers real, meaningful results.
Listening is the foundation. Here's the secret to all great communications; at some point in the process, somebody listened well. Great communications have the audience in mind.
Advocacy
There are many ways to fail when an organization advocates for policy or regulatory change or in favor of the status quo, and there are some foundations for success. The cost of poor quality is extremely high in the advocacy arena, so it is worth doing right. These are some of the fundamentals that drive successful advocacy:
Be honest. If you aren't, stop right now. (And don't call Third Oak Associates. Thank you.)
Be an expert. If you aren't, you can rent one. There are experts available no matter what the subject area.
Be informed about the process. If you aren't, lots of people are. They can help you get your message into the right channels at the right time.
Be creative. Help is available. Advocacy is all about the art of the possible. Imagination and diverse thinking are your friends. Find a win for the other side too.
Be reasonable. Audacious targets and timelines are for your marketing program.
Be empathetic. Your story is important and you believe it and care about it. But those group you are trying to influence have jobs to do and stakeholders other than you. People ultimately make the choices. Relationships are key so really listen to understand the perspective and drivers of others.
http://www.thirdoakassociates.com/services/
A SEC attorney used the word 'purported' in a Federal Fraud case
The company's own auditor used the words 'adverse opinion' in their audit.
The company management used the words 'We have not performed an in-depth analysis to determine if in the past undiscovered failures of internal controls exist'
Those are strong words
LoL. I'm in complete agreement. I went thru it carefully to see how many "infractions" were repeated.
BTW any info on your complaint to the OIG?
Darn IPad auto correct...lol
If they have courted IB's they sure have done a poor job of it. As obviously they could not even hook any. I guess the IBs are mostly wise enough to see the too good to be true story and laughable antics.
That is something that should make anyone think. Why do companies like Agylix get money from institutional investors and JBII does not? With the claims by JBII being to be so much better in every aspect? Are all those fund managers and large companies stupid or do they understand something that people who believe the JBII story don't?
i have a tough time believing that
that sec complaint was actually
*authored* by a *purported* sec employee
it's easy to DD prior complaints within the
boston office and do some comparisons
there aren't any quite as >> er >> wordy
essentially stating the same *info* 20 times over
it struck me as odd from the git go >> almost as if
compensated by the word written
just another oddity in amongst a few others where
the sec and jbi and domark are concerned
==
4kids
all jmo
Good point , maybe JBI no longer is interested in courting the big investment bankers.
Perhaps the funding issues are already in process.
I re-read the complaint today. What I find odd is that the complaint uses the word purported when describing p2O. Maybe, Martin Healy needs to visit the plant and check out the processor running and producing spec fuels. There is nothing purported about the machines. They are real.
This is not a stock selling scam as many wish to believe, but an industry and company about to become large.
JBI is in current commercial fuel production. They have 2 processors operating. We will find out at what rate over the next coming quarters.
There is evidence that both processors are converting 2000 pounds of plastic each hour at an 86.7% conversion rate.
How many days has JBII traded in the pennies in the last 52 weeks? In case you don't know JBI takes unwashed waste plastic and converts it into spec fuels.
I would call the estimation of future oil prices useful information pertaining to a fuel company.
Define the output and duration of JBI's 'commercial operation'
When did commercial operation start?
How much fuel has been produced?
No, I'm thinking more along these lines in regards to potential SEC penalties for JBI & JB
"...realizing illicit profits of approximately $270,000 in two personal trading accounts.
To settle the SEC’s charges, Kimelman consented to the entry of a final judgment that: (i) permanently enjoins him from violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; and (ii) orders him to pay disgorgement of $273,255, plus prejudgment interest of $54,582. In a related SEC administrative proceeding, Kimelman consented to the entry of an SEC order barring him from association with any broker or dealer, investment adviser, municipal securities dealer or transfer agent, and barring him from participating in any offering of a penny stock. Kimelman previously was found guilty of securities fraud and conspiracy to commit securities fraud in a related criminal case, United States v. Michael Kimelman, 10-CR-0056 (S.D.N.Y.), and was sentenced to 30 months in prison and ordered to pay a criminal forfeiture of $289,079.
http://www.sec.gov/litigation/litreleases/2012/lr22299.htm
Notice the 1) Forfeiture : 2) Disgorgement : 3) prejudgement interest : 4) the penny stock bar and : 5) his consent rather a trial
And, before you go all technical on me I understand that the cases are somewhat different, but so is the Xerox case you cited.
Thanks for the report... Always appreciate our locals giving us updates. Jbi lookin real good!
I dunno, what would you call it to post how oil is gonna hit $200 a barrel on a penny stock board, huh.
JBI continues to convert plastic to fuel. More trucks left the plant today. Another day in the life of a progressive company making a difference. Get rid of the plastic waste and convert it to re-usable fuel. Now that's what I call a win/win for all!
Can you disprove the URS contract? By all means ask him your question. (Hint: leave the Honest and Juicy part out you m get an answer!)
You seem to have mis-understood part of my question: "What companies..." not "What type of companies...". I was hoping that you could cite an example or two of companies that publish URS type audits.
our baby is finally making it on t.v
so exciting...this yr is gonna mark the turning point for the company....need some patience here....good things are slowly happening
"(H)ere's to proc no 3 8k'd by JBI's mgmt." AMEN!
Take those pathetically weak allegations to Court and see where you come out....LOL....!!!!!....Not going to happen.....Those items are of no significance from here on out, where JBI is concerned.
Everyone already knows that JBI's P2O process is proven, viable, and certified to every possible, immaginable standard....There's been no "hold-up"......LOL!!!!!!!.....AND NOW,,,,,,producing that same certified fuel at astounding rates....!!!!......Just ratein'...
agreed jbi is a stock short selling scam since my buys at 60 cents per share. how's that working out for them?
These are valid questions. You should stand up at the AGM and ask them. Will you do that? If not, why not? As a shareholder, you have that right.
I don't think the AGM has been scheduled yet, but a date should be forthcoming shortly.
Did anyone notice on the video John was standing along side a processor that had insulation wrapped around it?
That had to have been #1 spitting out fuel.
For we know that #2 has no insulation.
Here's some TRUTH...JBI has 2 machines in full commercial production spewing out fuel....that's all the truth i need to know....times have changed and the past is unchangeable and irrelevant....just truthin'
So we should ask the CEO if his comments are "Honest John" or "Juicy John" in nature. The CEO said he will release them. Did he not tell the truth in 2010 about production? In answer to your question, I'd say any public company wanting investor dollars and more importantly any company who promises to do something should keep their word and fulfill his obligations. If JBII was not producing "fuel" at the time of the presentation then ....
He said he signed a contract with URS. Shouldn't that be the truth?
absolutely an understatement :)
just watched the discovery channel segment
loved the terms used >> loved the interest
and exposure noted by greg wilkinson
http://www.linkedin.com/pub/greg-wilkinson/5/1b6/677
http://www.thirdoakassociates.com/about/
and this site :)
http://www.plastics.ca/AboutCPIA/index.php
which must mean *plastics* is a scam ..
be interesting watching this segment percolate
over the coming weeks
here's to proc no 3 8k'd by JBI's mgmt
==
4kids
all jmo
Reverse order: 1. For all practical purposes comercial production has just begun. We may see URS audit numbers yet.
2. I have owned and followed JBI since before the spike to $7. I likely did see the presentation, but I am not going to spend much time hunting something down from 2010. A link would help.
3. You did not answer my question: What companies make that type of audit public?
Proof that JBI is a stock selling scam? Sure.
Well, since Juicy Johnny has a bad habit of lying in his SEC filings, I hate to use this as "proof" of anything.
But until the SEC and the DOJ get done with their investigations, this is the best I can do:
They issued 20 million shares in just the past 12 months or so.
03/19/2012 - 73,049,709 shares outstanding
03/31/2011 - 54,611,184 shares outstanding
12/10/2010 - 51,241,926 shares outstanding
----
JBI, INC. (Filer) CIK: 0001381105
Form 10-K - 2011 Annual report - Filing Date 2012-03-19
"As of March 14, 2012, there were 73,049,709 shares of the Registrant’s $0.001 par value common stock outstanding..."
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/0001213900-12-001206-index.htm
--
JBI, INC. (Filer) CIK: 0001381105
Form 10-K/A - 2010 Annual report (amended) - Filing Date 2011-07-18
"As of March 31, 2011, there were 54,611,184 shares of Common Stock, $0.001 par value per share issued and outstanding..."
http://www.sec.gov/Archives/edgar/data/1381105/000121390011003733/f10k2010a1_jbi.htm
--
JBI, INC. (Filer) CIK: 0001381105
Form 10-K/A - 2009 Annual report (amended) - Filing Date 2010-12-16
As at December 10, 2010, there were 51,241,926 shares of Common Stock, $0.001 par value per share issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1381105/000121390010005258/f10k2009a2_jbi.htm
======
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001381105&type=10-K&dateb=&owner=exclude&count=40
Have you had a chance to listen to the presentation? He said he will be releasing audited production numbers. I doubt very much if he even has a contract with URS . I've seen nothing in any filing to substantiate his claim. Why wouldn't "Honest John" release the numbers so everyone would know the process is viable? I can only think of one reason and it's not good. He seems to know that investors want to see the numbers and "What the machine can do" before they invest so what's the hold-up?
And I so love the fact of the folks that it is annoying!
What companies make that type of audit public?
JBII's tape for the most part is total crap today
but then what else is new
14,000 shares went off PM (trades will bypass daily reg sho)
i've watched a new round of signals go off >> loved STXG's
*relo* earlier to 2.32 (ask) .. then the uc >> then the relo
again on ask >> only this time to 2.33 (1 tick difference)
was the signal for the 1000 *feed* >> and i'm amused watching
auto's *placement* at 1.30 for the non stop *feeds* at ask for
5ks' (whose *combos* of is the trade du jour) >> i like the
earlier lod hit via a *targeted trade* done below bid >> and
the always requisite *hidden* trades
auto was conspicuous by their absence on monday >>> can't speak
for yesterday's tape >> which of course had *no volume* per se
2 hours left to go >> curious to see what *eod* volume shows
and what reg sho shows >>
JBII Volume 228,536
10-Day Average Volume 142,144
90-Day Average Volume 195,514
129/130 .. 2x1 .. nite aaba/auto
auto waiting on the balance of their 5k feed at ask :0
suspect we see more fun b4 too much longer
i've planned accordingly .. :)
==
4kids
all jmo
It's a party in the pipes!
Oil 107.03 and pesky JBI refuses to die....quite the annoying stock....fuel sales are rolling so count on the annoyance factor going up....just annoyin'
Do you have any proof jbi is a scam? There is tons of proof that it isnt...
Just what the U.S. needs. A few Canadians to help get there crumbling economy back on its feet and maybe as strong as Canada's one day! LOL!
How did you like the video? I really liked it... a lot!
Watched it with my own two Canadian eyes eh!
His nationality, and JB's nationality for that matter too are totally and completely insignificant compared to the technology JBII's got. This company is going to change the World for the better and make me rich in the process. FANTASTIC !
It's not because Bordynuik is Canadian.
It's because JBI is a crappy little OTC company with CAVEAT EMPTOR status because it and Bordynuik are getting their asses sued by the SEC for securities fraud and accounting fraud.
It's also because JBI loses +$1.5 MILLION/month with no end to the bleeding in site.
It's also because of Bordynuik's fairytale. The one about finding a magic catalyst on a 1970 magnetic tape that lets him convert plastic to oil at $10.00/bbl. It simply is too-good-to-be true and isn't consistent with JBI's miserable performance.
The above isn't a description of a real company, even if it got 5-minutes-of-fame on a Canadian television show, whose network has a similar name to "Discovery Channel".
Wow that was pretty impressive.
Well, then, he's an enthusiastic Canadian supporter of the plastics industry. I'm sure that's his job.
Who pays his salary, by the way? The Canadian government? Or the plastics industry?
The significance of Wilkinsons' presence did not escape my pocketbook lol.
An opinion I don't share with you.
And I don't think Mr. Greg Wilkinson does either.
"The third processor will be online 'in the near future'. That's pretty much any day now."--NewMoney
I hope you're right, but I've grown skeptical of such elastic phrases as "near future" as the relativity of the phrase allows for virtually anytime frame to elapse and still seem "accurate". I have no doubt they are working on it as fast as they can but ...
Anyway, I'm not sure what if any conclusions one can draw from it, but on the recent clip from the Discovery Channel at 2:19 there's a very brief moment where John is stepping over an array of black steel frames. Those look new and related to the 3rd processor. That is, if you look at the picture Rawnoc is currently using as a visual moniker--that great picture of the pre-melt used in the recent cc--the steel framework is not in that picture whereas John is stepping over it in the Discovery clip. If so, then they've got quite a ways to go yet to get #3 up. Obviously, this is very sketchy, but it caught my eye and "may" be something of an indicator. I realize, too, that the clip was necessarily shot some time before it aired.
Beyond this, given that the installation of #3 will inevitably necessitate shutting down the other two processors during some of the 8 weekish long timeframe needed to install it, John could easily have reasons to not want to shut down those other two processors. That is, he could have some potential clients who want to see the machines run continuously for X amount of time as a prerequisite for moving forward with their intentions of doing business with JBI. This, in my opinion, could justify temporarily putting a hold on the installation of #3. Similarly, they obviously could use more money. So temporarily postponing progress on #3 to fill up the coffers a bit more would likewise seem like a legitmate reason to delay progress on #3.
Obviously, these are just speculations on my part, but they don't seem far fetched and could legitimately cause delays on when #3 gets turned on.
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