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JBI is about producing processors - not processing fuel?
SEC responses due today, April 5th, by John Bordynuik and Ron Baldwin.
Please tell us. And can you tell us which quarter of what year?
did the auditors happen to mention who else wont be around very long after jbi reports 500k in sales in a quarter?++
Do you have a picture of the truck actually inside the P2O fence?
Based on this picture it looks like he's turning around or coming from the location across the street. Judging from the angle of the cab and the tank, it looks like there is no way he could have come from inside the fence.
So it's OK to hack banks in Canada?
Volume hasn't been this low since last fall.
Or that liquid was sloshing around in this window in 2010. Just because it was a youtube video and it's liquid, doesn't mean it's real. Mountain Dew?
Amazing how there are no police reports, no fire runs, nothing to support "all sorts of UnHoly stuff".
http://www.bpdny.org/home/search?SearchKeywords=death+threat&btnSearch=Go
http://www.nfpolice.com/records.php
I'm thinking excuses are going to continue and the financials, even if on time, will be vague.
Nah. I'm thinking financials will be on time...you?....btw what are your thoughts on JBI's first full quarter of commercial P2O production with 2 machines running?
Full of what? The picture below has no trailer attached. Full of the engine? Overweight truck drivers?
That truck carrying JBII Liquid GOLD is FULL:
You can see the obvious deflection of the tires where they meet the road.
Also, judging from the height of the fenders above the tires, that truck is loaded to the gills:
[Suppressed Image]
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There are people running cars without gasoline:
http://www.fuelchoicenow.com/fuelchoicenow_action_center.html
Or with very little gasoline:
http://www.watertogas.com/water-gas-green-machine.html
I can't find anyone running cars on P2O.
There are thousands of non-bio alternative fuel stations in the US alone. Here is a list of states and the type of fuels they offer:
http://www.afdc.energy.gov/afdc/fuels/stations_counts.html
Name one non-bio alternative fuel to hit the retail gas pump in North America, out of thousands and thousands of attempts, before JBII's plastic2oil fuel got blessed by XTR Energy.
Here is a link that you can enter a zip code to find a nearby station:
http://www.afdc.energy.gov/afdc/locator/stations/
While I did find many alternative fuel stations, I didn't find ANY that listed P2O. Does anyone have any links to a P2O station?
And here's a video of fuel shipping.
But could those numbers be believed?
7. Management’s purposeful deception of the investing public has persisted as JBI has continued to artificially inflate its worth through the use of misleading and untruthful statements.
Tomorrow is the last trading day in this quarter...
im just glad i have my shares, it would not be a good feeling if jb decided to update us on the quarterly sales before the 10q and not be long jbi. of course thats my opinion
Progress Update?
Can someone update the progress using Q4 numbers please? These numbers are over 6 months old and there have been many changes. Is it possible to break out the fuel revenue from the overall P2O revenue (cardboard, etc.)?
1. Shareholder Equity: $5M
2. P20 Revenues
Q2: $81K
Q3: $141K Revenue Gain: +73%
3. Net Loss:
Q2: $4.5M
Q3: $3.3M: Losses Down 27%
4. Cash On Hand: $2.4M
5. For the three and nine month period ending September 30, 2011, P2O gross margin performance was approximately 83.6% and 77.2% respectively (2010: N/A).
Even the website cautions not to believe everything you read.
Some of the information on this Site may contain projections or other forward-looking statements regarding future events or the future financial performance of JBI, Inc.. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We refer you to the documents that JBI, Inc. files from time to time with the Securities and Exchange Commission, specifically, JBI, Inc.'s most recent Form 10-K, Form 10-Q, and Form 10-Q/A. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
Last updated on: September 22, 2011
http://www.plastic2oil.com/site/terms-conditions
Not completely true. Read the 8K. The air permit has been modified but the solid waste permit has not. They don't have permission to store the plastic needed for the 4000lbs per hour they claim.
"On February 9, 2012, we received approval from the New York State Department of Environmental Conservation of an amendment to our air permit which allows us to operate Plastic2Oil® P2O processors at our Niagara Falls, NY facility at an increased rate of 4,000 lbs per hour. This rate is two times the rate at which we were previously authorized to supply feedstock to the P2O processor. The approval of the increased rate of operation now permits us to amend our Part 360 Waste Permit to reflect the storage of similar plastic volumes and is a key component to our plans for long-term growth."
The P2O process is permitted by the NYSDEC for up to 4,000 lbs. of plastic feedstock per hour at the Company's Niagara Falls, NY facility."
http://www.plastic2oil.com/site/advantage
From the article:
"Both JBI processors can handle around 2000 pounds per hour at present, although it is expected that they will be able to process 4000 pounds per hour once JBI’s recently-revised solid waste permit is approved by the New York Department of Environmental Conservation."
How's that modified permit coming?
Precisely. It would be reflected in the filings.
Did i miss something? How could JBI be giving away fuel in any way shape or form from a process that doesn't work in the first place?
Can you update the progress using Q4 numbers please? These numbers are over 6 months old and there have been many changes. Is it possible to break out the fuel revenue from the overall P2O revenue (cardboard, etc.)?
1. Shareholder Equity: $5M
2. P20 Revenues
Q2: $81K
Q3: $141K Revenue Gain: +73%
3. Net Loss:
Q2: $4.5M
Q3: $3.3M: Losses Down 27%
4. Cash On Hand: $2.4M
5. For the three and nine month period ending September 30, 2011, P2O gross margin performance was approximately 83.6% and 77.2% respectively (2010: N/A).
Anything new on the modified Solid Waste Permit? I'm not finding any modifications filed.
http://www.dec.ny.gov/cfmx/extapps/envapps/index.cfm?district_id=626391&county_swis_code=29&stimulus=0
Are you intimating there may be more delays?
Do we have information as to when revenue is actually booked on the income statement?
Is it as soon as it is produced,... shipped,... or received?
What if the fuel is produced in March, stored at build up to a certain point over say a week or two, then shipped in bulk. Would this then mean that, even if the fuel was produced in March, that (some) it would not be accounted for on the income statement?[/b I seriously don't know, just wondering.
Second, are we sure processor 3 installation will not interfere with processors 1 and 2 in March. I know this is probably not the case in March, but it will be in later months - right?
Data tapes have everything do with JBI. The company originally was a data migration tape reading company reading 700 tapes a day at $22.00 per tape 24/7 ($5,621,000 annually). They even had a mobile data tape reading trailer. After migrating the data from the plastic data tapes, JBI was going to melt the old tapes and mix the melted plastic with an inexpensive catalyst formula John Bordynuik found while reading the old tapes. Thus turning old data tapes into oil. JBI bought Pak-it, a cleaning chemical company, to package the catalyst in little sachets that they could drop into a processor they had shipped in from China to melt the tapes.
What do data tapes have to do with P2O?
Here is an article about the process.
John Bordynuik has spent years downloading data. Old data. His company, 310 Holdings Inc. (Niagara Falls, Ont.), has technology that can reclaim information from spools of tape from 40 and 50 years ago.
One of its most loyal customers is the US National Aeronautics & Space Administration (NASA), with which his firm has an exclusive agreement, but its technology is used by both scientists trying to reclaim old information and large corporations concerned about archival data.
Now, he is adding hydrocarbon technology to his field of operations, and is about to launch a commercial plant in his home town that will produce oil from scrap plastics. The company he runs, Plastic2Oil, employs a proprietary catalyst used on molten polymers to extract about a litre of oil from each kilogram of plastic scrap.
According to Bordynuik, the catalyst technology was developed many years ago, but no way to commercialise it was found until now. How it works exactly is being kept under wraps, but the catalyst is put into a liquid form, then melted plastic is introduced to it.
“We check over the data we retrieve,” he says, “and that was essentially how we found out about the catalyst, which is used in a different field than plastics. It’s quite a complex molecule, but it’s not too expensive.”
And price is a key factor here. Other methods to break down scrap, such as plasma-based approaches or microwaves, need considerable energy to power them, and have not proven economical. With this system, enough gas is produced as a by-product that the process becomes essentially self-powering once it’s under way. Oil can then be extracted for about $10 a barrel.
The initial plant is expected to get through up to 20 tons of scrap per day. The process, Bordynuik adds, can be highly automated, and if all goes well, other plants will be set up in other communities.
Primarily, 310 Holdings is working with polyolefins – PP, PS and several version of PE. It is not working right now on PET, and while it can handle PVC, reprocessing that would require a system to capture the hydrogen chloride gas that would be given off.
These polyolefins tend not to have much in the way of additives or fillers, so that there is little residue to be removed. Bordynuik estimates such residue to be around one percent of the total output from the system.
“We are taking plastics from both post-industrial and post-consumer sources,” he says. “The municipalities right now are paying up to $80 a ton to landfill scrap plastics, so they like the idea of shipping them to us for recycling.”
For initial feedstock, the company didn’t have to look for. It has now worked through about 50 tons of magnetic tape and casings that it stockpiled, and with the data extracted and safely stored again, the tape can be reduced back to basic hydrocarbon molecules.
“NASA use to specify destruction of the tapes, then it mandated recycling,” Bordynuik says. “That was what got us into this in the first place.”
At present, 310 Holdings is looking at 10 to 12 joint-venture situations. Most of these are in the north-eastern US, but Bordynuik plans to add Canadian facilities.
“It’s just that the approvals process in this country takes a little longer,” he says.
http://www.canadianmanufacturing.com/plasticsincanada/news/industry/article.jsp?content=20090924_110713_6584
Is there a plastic shortage that we aren't aware of? I haven't heard this theory before.
Lead plantiff? This isn't a class action suit. This is a derivative complaint.
Maybe an employee lawsuit will be next.
It must be some environment at head office to work under, heh.
The shareholder is suing on behalf of the company. He's suing management on behalf of the company and it's shareholders. Any recovery would go to the company(and legal costs).
https://viewer.zoho.com/docs/yebYdd
ERWIN GRAMPP, derivatively on behalf of JBI, Inc. Plaintiff
v
John Bordynuik, et al
WHEREFORE, Plaintiff demands judgment as follows:
A. Against all of the Individual Defendants and in favor of the Company for the amount of damages sustained by the Company as a result of the Individual Defendants’ breaches of fiduciary duties;
B. Awarding to JBI restitution from the Individual Defendants, and each of them, and ordering disgorgement of all profits, benefits and other compensation obtained by the Individual Defendants;
C. Awarding to Plaintiff the costs and disbursements of the action, includingreasonable attorneys’ fees, accountants’ and experts’ fees, costs, and expenses; and
D. Granting such other and further relief as the Court deems just and proper.
JURY TRIAL DEMANDED
Plaintiff hereby demands a trial by jury.
FACT Latest 10K
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s 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) and our report dated March 16, 2012 expressed an adverse opinion thereon
The auditor letters were clear. Are you saying they didn't express an adverse opinion? Will there be a 10K/A?
An adverse opinion is rare and usually results when the accountant has not been able to convince the client to amend the financial statements so that they reflect the auditor's estimate about the outcome of future events or that they otherwise adhere to GAAP Just Hubristic-ish.
Speaking of Audits - Garbage in/ Garbage Out (pun intended)
www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm
Latest 10K
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s 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) and our report dated March 16, 2012 expressed an adverse opinion thereon
Adverse Opinion refers to an professional opinion made by an outside auditor that a company's financial statements as a whole are not in conformity with the generally accepted accounting practices of the United States or do not accurately reflect the company's financial position. The auditor must provide the reasons for the adverse opinion in the audit report. An adverse opinion is rare and usually results when the accountant has not been able to convince the client to amend the financial statements so that they reflect the auditor's estimate about the outcome of future events or that they otherwise adhere to GAAP
http://definitions.uslegal.com/a/adverse-audit-opinion/
Not sure when the IPO will happen but they are filing sales of securities with the SEC. Keating Capital announced in December that the IPO would be soon.
http://www.sec.gov/cgi-bin/browse-edgar?company=agilyx&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
"The Series C was led by Keating Capital Inc., which will soon announce an initial public offering, joined by existing investors Kleiner Perkins Caulfield & Byers, Saffron Hill Ventures, Waste Management, Total Energy Ventures International, an affiliate of Total S.A., Chrysalix Energy Venture Capital, and Reference Capital."
http://marketplace.ecoseed.org/recycling-blog/recycling-and-materials-recovery/article/85-recycling-and-materials-recovery/12137-agilyx-secures-$25-million-in-series-c-funding
Agilyx can refine onsite. And they have permits to construct a facility in Riverbank, California.
What kinds of petroleum products are produced by your technology?
Primarily ultra-sweet, synthetic crude oil, which can subsequently be refined either onsite via standard microrefinery technology or at existing refineries. But other valuable ancillary petroleum products may be produced as well.
http://www.agilyx.com/our-technology/faq.html
The planned 50,000 square ft. facility will recycle difficult-to-recycle plastic waste starting with agricultural mulch film, fumigation film and irrigation drip tape (LDPE) into crude oil utilizing patented, proven and commercially viable technology from Agilyx. This will be the company's first facility in California and will utilize the Agilyx technology.
http://www.cbs8.com/story/17243056/green-envirotech-holdings-corp-sells-permit-to-construct-to-wm-riverbank-recovery-llc
And it can't even be refined as is even if its hot. It needs to be blended with real oil first. It's no wonder they've produced so little of this useless substance.
"Accordingly, our revenue sources presently include (i) income from reading archived tapes (including microfiche) from clients such as NASA, (ii) income from the recently acquired JAVACO, Inc., (iii) income from the sale of Pak-It products, and bulk chemical facility which we realize beginning October 1, 2009, and (iv) from the anticipated commencement of operations in the first quarter of 2010 with Plastic2Oil, a process and service that converts plastic to fuel oil. For more information, please see http://www.jbiglobal.com, http://www.javacoinc.com and http://www.pakit.com/."
Early juicin' double speak.
http://www.plastic2oil.com/site/news-releases-master/2009/12/22/jbi-inc-executes-jv-loi-with-rick-heddle-signs-loi-for-45-florida-p2o-sites-and-will-apply-for-ase-listing
The must not have read the whole article.
Cases filed solely as derivative suits were excluded from the study because awards in those cases go to the companies, not directly to shareholders. One such suit led to a trial and the biggest verdict measured here, $2 billion, to Southern Copper Corp. (SCCO) It benefited shareholders by about $800 million, Northwestern’s Black said.
The company has issued press releases dating back to 2009 that said they were producing "at less than $10 per barrel" and that revenue was "from the anticipated commencement of operations in the first quarter of 2010 with Plastic2Oil"
________________________________________________________
when did the company say they were going to produce $X by X date?
______________________________________
"P2O produces oil at less than $10 per barrel. In the United States, refineries have indicated that they will pick up the fuel at the price of WTI (West Texas Intermediate) price less $3, currently around $70 per barrel." .........
"Accordingly, our revenue sources presently include (i) income from reading archived tapes (including microfiche) from clients such as NASA, (ii) income from the recently acquired JAVACO, Inc., (iii) income from the sale of Pak-It products, and bulk chemical facility which we realize beginning October 1, 2009, and (iv) from the anticipated commencement of operations in the first quarter of 2010 with Plastic2Oil, a process and service that converts plastic to fuel oil. For more information, please see http://www.jbiglobal.com, http://www.javacoinc.com and http://www.pakit.com/."
http://www.plastic2oil.com/site/news-releases-master/2009/12/22/jbi-inc-executes-jv-loi-with-rick-heddle-signs-loi-for-45-florida-p2o-sites-and-will-apply-for-ase-listing
The same sentiments are also in other 2009 news releases.
2009 News Releases
JBI, Inc. Executes JV LOI With Rick Heddle, Signs LOI for 45 Florida P2O Sites, and Will Apply for ASE Listing
Dec 22nd, 2009
JBI, Inc. Will Become Debt-Free on December 29, 2009
Dec 18th, 2009
Wall Street Reporter, Inc. Interviews JBI, Inc. CEO John Bordynuik
Dec 10th, 2009
JBI, Inc. CEO Reduces Outstanding Common Shares by 12 Million
Dec 8th, 2009
JBI, Inc. Announces Interactive Conference Call Details
Nov 19th, 2009
JBI, Inc. Provides an Update on Corporate Progress
Nov 5th, 2009
310 Holdings, Inc., Changes Name to JBI, Inc. and Reports Profitable 9 Month Results
Oct 8th, 2009
310 Holdings Inc. Announces that Independent Lab Tests Confirm Plastic to Oil Fuel Passes ASTM Tests
Oct 2nd, 2009
310 Holdings Inc. Announces Growth Management Team Additions to Pak-It
Oct 1st, 2009
310 Holdings Inc. Acquires Chemical Company Pak-It
Oct 1st, 2009
310 Holdings Inc. Executes Letter of Intent to Acquire U.S. Chemical Company
Sep 9th, 2009
310 Holdings Inc. Files for Name Change to JBI
Sep 3rd, 2009
310 Holdings, Inc. has Completed the Acquisition of Javaco Inc.
Aug 28th, 2009
310 Holdings Inc. Provides Shareholder Update and Will File 10Q On Monday, August 17
Aug 14th, 2009
310 Holdings Inc. Provides an Update On Their P20 Process and Technology
Aug 11th, 2009
310 Holdings Inc. Announces an Impending Letter of Intent
Aug 10th, 2009
310 Holdings Inc. is Opening a New Cambridge Tape Reading Facility
Jul 28th, 2009
310 Holdings Inc. Announces Detailed Update for All Shareholders and Prospective Investors on the Definitive Agreement
Jul 15th, 2009
310 Holdings Inc. Files Patent Application for Plastic2Oil Technology
Jul 9th, 2009
310 Holdings Inc. Celebrates Completion of Newest Generation of Tape Reading Technology
Jul 8th, 2009
310 Holdings Inc. Announces Private Placement and New Massachusetts Office Location
Jun 30th, 2009
310 Holdings Inc. Reads (Transcribes) Seismic Data Stored On Legacy Computer Backup Tapes Due to Acquisition of John Bordynuik Inc.
Jun 26th, 2009
310 Holdings Inc. Enters Into Definitive Asset Purchase Agreement With John Bordynuik Inc.
Jun 25th, 2009
310 Holdings Inc. Commences Operations With Plastic2Oil Processor
Jun 16th, 2009
Does anyone have a link to the article referenced in the 8K?
"In addition, the Company has learned that the law firm representing the shareholder in this case was identified in a recent article published in Bloomberg BusinessWeek and reported to have recovered no damages on behalf of the shareholders they represented in ten shareholder suits filed in Delaware, and instead only recovered its legal fees and costs."
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001277/f8k031912_jbi.htm
An adverse opinion was issued by the auditor. That's more than a "control issue".
Perhaps the going concern statement by the auditors prompted the shareholder to contact an attorney.
More likely, the plaintiff didn't make a demand on the board because he hadn't thought of suing until an attorney called him and suggested that he be a lead plaintiff in a suit.
Which only occurred after the 10K was filed with the controls issue raised.
Ambulance chasing at it's finest.
Legal extortion is like that.
U.R.S.? What is that?
Underground Resistance Squadron (gaming)
Undergraduate Research Scholars
Insufficient room? Could be a problem if they ever start production. Is the power company aware their access road is blocked? The fire marshall? Did they get all the trash cleared from the property?
Do you have any run tickets to support the current production level? Has JBI received the modified solid waste permit? TIA