says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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46. The trust agreement and other trust documentation was filed with DS as part of the “Know Your Client” documents with respect to 1683091 Trust’s account at DS. The DS trust account initially held 6,000 shares of John Bordynuik Inc.. In or about October 2009 an additional share certificate representing 1 million shares was deposited to the trust account at DS.
47. Immediately thereafter, on or about October 23, 2009, Bordynuik caused the shares represented by these certificates to be transferred to fourteen different transferees, none of whom were beneficiaries of the trust.
---
Now, when do we find out who these 14 different transferees are?
My guess is the 1.6 gallons of HTF plus the melted 8lbs of plastic make a bit less than 2 gallons of petroleum products
(1.6 + 1.0) x 0.75 ~ 1.95 gallons.
15% becomes off gas, and 10% becomes residue, leaving 75% for petroleum like products.
The good working relationship with the dec due to p2o's spectacularly eco friendly process is precisely why companies will choose jbii over another pyrolysis company.
Or not. Consider:
Now, how did the water get in the waste oil/HTF? Perhaps this will enlighten:
TELECON ECO JIM ROGERS - NYSDEC LAW ENFORCEMENT. ECO ROGERS INSPECTED SITE AND FOUND WHAT APPEARED TO BE STAINING FROM CUTTING OIL SPILLS AND NUMEROUS DRUMS WITHOUT TOPS AND OUTSIDE, SO RAINWATER ENTERS THE DRUMS AND CAUSES THEM TO OVERFLOW AND SPILL. THERE ARE ALSO PLASTIC TOTES INSIDE METAL CAGES THAT HE WAS TOLD ALSO CONTAINED CUTTING OIL. DURING HIS INSPECTION, JBI PERSONNEL SAID THEY'VE HAD CONTACT W/EFRAT FORGETTE - NYSDEC DIV OF MANAGED MATERIALS. THEREFORE, HE WILL CONTACT HER TO BE PART OF A JOINT INSPECTION.
5/14/13:JOINT INSPECTION SET UP FOR 5/17.
5/17/13:JIM ROGERS, SAC INSPECT SITE. MET W/AL LIBERATORE - JBI SECURITY AND RANCE HARRIS -JBI. STAINED AREAS FROM: 1)LEAKING CONTAINERS, OLD EQUIPMENT, TRANSFER OF CUTTING OIL INTO 15,000 GALLON TANKS BOTH INSIDE AND OUTSIDE THE DIKE. ALSO, DRUMS AND TOTES OF OIL, MISLABELED DRUMS AND DRUMS W/HAZARDOUS LABELS BUT WITH THE CONTENTS THAT MAY BE DIFFERENT. SAC TO FOLLOW UP W/DEC-MATERIALS MANAGEMENT AND DEC-DER/RCRA REGARDING INSPECTION.
SAC SPOKE TO DENNIS WEISS, DEC-DER/RCRA. MR. WEISS RECOMMENDED DISCUSSING SITE W/DEC INSPECTORS NEXT WEEK.
SAC SPOKE TO AES REGARDING PBS ISSUES. SHOWED HER INSPECTION PHOTOS. SHE WILL FOLLOW UP ON PBS VIOLATIONS.
5/23/13:EFRAT FORGETTE, NELSON SCHNABEL, AES, SAC INSPECT SITE. MET W/JOHN BORDYNUIK AND TOM WILSON. STAINED AREAS ON SITE HAVE BEEN REMOVED AND SOIL HAS BEEN PLACED IN PLASTIC TOTES. THEY ARE ALSO IN THE PROCESS OF CLEANING OUT THE CONTAINMENT DIKES AROUND THE TANKS. THE PRODUCT WATER MIXTURE IS BEING PUMPED BACK INTO THE TANKS.
5/31/13:SAC TELECON HAL PIERCE - ISLE CHEM. MR. PIERCE SAID CONTAMINATED SOIL WILL BE DISPOSED.
6/5/13:SAC INSPECT SITE. MET W/JOHN BORDYNUIK. CLEAN UP OF CONTAINMENT DIKES HAS NOT BEEN COMPLETED. MR. BRODYNUIK SAID IT SHOULD BE DONE BY THE MIDDLE OF NEXT WEEK.
6/12/13:SAC TELECON HAL PIERCE. MR. PIERCE REQUESTED INSPECTION. CLEAN UP HAS BEEN COMPLETED.
ARRANGED INSPECTION ON 6/14.
6/21/13:SAC INSPECT SITE. INSPECTION SCHEDULED FOR LAST WEEK HAD TO BE CANCELLED. MET W/HAL PIERCE, DANIEL RIORDAN AND JOHN BORDYNUIK. SPILL IN BOTH CONTAINMENT DIKES STILL HAVE NOT BEEN CLEAN UP SUFFICIENTLY. THEY HAVE TRIED TO USE DEGREASERS. THERE PLASTIC DIKE HAS MANY FOLDS AND IT APPEARS IT MAY NOT HAVE BEEN INSTALLED PROPERLY. THEY WILL RESEARCH AND SEND IN A LETTER FOR A SOLUTION/WORK PLAN. MR. BORDYNUIK IS LOOKING INTO POSSIBLY REPLACING DIKE W/A CONCRETE SYSTEM. CONTAMINATED SOIL THAT WAS REMOVED AND PLACED IN TOTES REMAINS ON-SITE. IT WILL BE SAMPLED FOR WASTE CHARACTERIZATION FOR DISPOSAL.
7/10/13:RECEIVED LETTER FROM DANIEL RIORDAN. JBI PLANS TO REPLACE THE CONTAINMENT SYSTEMS W/ROOF SINGLE WALL CONTAINMENT SYSTEMS AND DISPOSE OF THE FORMER SYSTEMS. THEY WILL ALSO HAVE PLANS FOR A CONCRETE CONTAINMENT LOADING AREA.
7/18/13:SAC TELECON DANIEL RIORDAN. SAC REQUESTED SCHEDULE FOR THE CONTAINMENT AREA WORK AND HOW THEY WILL ADDRESS AND DISPOSE OF THE CONTAINMENT WHERE THE SPILLS OCCURRED. MR. RIORDAN SAID HE IS NOT THE PROJECT MANAGER FOR THE WORK BUT WILL FIND OUT AND GET BACK TO SAC. HE ALSO SAID THEY HAVE BEEN STRETCHING AND SMOOTHING OUT THE CONTAINMENT PLASTIC WITHIN THE STEEL FRAME TO ALLOW BETTER ACCESS AND THEN USING A SHOP VAC TO REMOVE THE CUTTING OIL.
8/1/13:SAC TELECON DANIEL RIORDAN. MR. RIORDAN SAID HE IS SENDING A LETTER WHICH SAC SHOULD RECEIVE EARLY NEXT WEEK WITH THE SCHEDULE AND DRAWINGS FOR THE CONTAINMENT SYSTEM. THEY HAVE RECEIVED THE METAL AND WILL BE CONSTRUCTING THE CONTAINMENT WITH JBI PERSONNEL.|2013-05-20 14:30:00|2013-08-01 16:54:15.873000000|JOHN BORDYNUIK|JBI, INC.|20 IROQUOIS STREET|NIAGARA FALLS|NY|14303 |001|JOHN BORDYNUIK|(716) 251-9612||False
1302657|483100|ER|JBI INCORPORATED|438312|20 IROQUOIS ST||NIAGARA FALLS|Niagara| |3211|9|RJJONAK||2013-06-10 14:30:00|2013-06-11 16:13:00| |Human Error||Commercial/Industrial|Other|cleanup done||False||False|False|C3||1|6/11/2013: RJJ TELECON DANIEL RIORDAN,JBI INC.,HE SAID THAT ~25 GALS. OF HI-TEMP TRANSFER OIL LEAKED OUT,ALL ON THEIR CONCRETE PAD,DUE TO NOT SHUTTING OFF THE VALVE(HUMAN ERROR),BEHIND THEIR BUILDING...JBI PERSONNEL USED ABSORBANTS TO CONTAIN AND THEN CLEANED-UP ALL THE SPILL MATERIAL...HE DID SAY THAT A SMALL AMOUNT RAN OFF THE PAD ONTO SOIL,WHICH THEY ALSO SCRAPED-UP...THEY WILL DISPOSE ALL THIS MATERIAL...I LEFT A MESSAGE WITH PAUL DICKY,NCHD,EXPLAINING THIS INCIDENT & WILL FAX A COPY OF THIS SPILL IN THE MORNING TO HIM.
6/19/13:RECEIVED COMPANY INCIDENT LETTER REPORT FROM DAN RIORDAN.
6/21/13:SAC INSPECT SITE. MET W/DAN RIORDAN, HAL PIERCE, JOHN BORDYNUIK - JBI, INC. AREA OF CONCRETE WHERE THE SPILL OCCURRED WAS CLEANED UP. SMALL AMOUNT DID MAKE IT TO A DRAIN THAT IS CONNECTED TO THE SANITARY SEWER ON BUFFALO AVENUE. CONTAMINATED MATERIAL HAS BEEN COMBINED W/CONTAMINATED SOIL FROM SPILL NUMBER 1301719 AND IT WILL BE SAMPLED FOR WASTE CHARACTERIZATION FOR DISPOSAL.|2013-06-11 16:17:00|2013-06-21 18:25:06.813000000|DANIEL RIORDAN|JBI INC.|20 IROQUOIS ST.|NIAGARA FALLS|NY|14303 |001|DANIEL RIORDAN|(716) 289-0003||False
About 8 days production (claimed) of old Processor #1, before Pre-melt magically 'doubled' production rates.
Ahhh, Good Times!
Either way red flags flying massively for anybody even remotely paying attention.
<cough>priorquarterlyrestatementcoming<cough>
The Company is seeking to file its Annual Report within the extension period provided under Rule 12b-25, however, due to the delay in the start of the audit, there can be no assurance that the Company will be successful in filing prior to the expiration of the extension period.
Splat!
3 months until JBI's Air Permit and Solid Waste Permit expire
They applied for renewal over 3 months ago, as is required.
NYS DEC's final decision was due on January 7, 2014, almost 3 months ago.
Maybe the guy who has to sign off for DEC sprained his wrist doing all those back flips off the bleachers.
That information that it fouled the machine is available in a public document online.
Anyone with google could find the facts, if they were serious about DD.
You skipped the part where the whole Madison County Ag plastic
experiment was a total failure.
JBI ran a batch and it fouled the machine, necessitating a complete system clean-out, and JBI ended up hauling the bulk of the shipment to the landfill.
JBI no longer accepts plastic from Madison County.
Fourth Quarter 2013 Highlights
Revenue was $7.3 million, an increase of 189% from the prior-year period.
Gross profit increased $1.2 million, or 261%, to $1.7 million compared with the fourth quarter of 2012.
Net income improved significantly to $0.7 million compared with net loss of $0.2 million in the fourth quarter 2012.
2013 Highlights
Record revenue of $14.6 million, increased $6.2 million, or 75%, from 2012.
Gross profit more than doubled to $3.6 million, or 24.7% of sales, from $1.8 million, or 21.4% of sales, in 2013.
Net income was $0.7 million compared with a net loss of $0.6 million in 2012.
I do not have the capability to grind
Neither does JBI, Inc. They used to have a shredder, but it cost them too much to run, so they're trying to back out of a 20 year lease.
Please post a link identifying the location and the principals of Ohio P2O LLC.
TIA.
----
Ohio P2O, LLC Submits a Reservation Deposit and Development Agreement for a Potential P2O Processing Site in Cleveland/Columbus
Ohio P2O, LLC Submits a Reservation Deposit and Development Agreement for a
Potential P2O Processing Site in Cleveland/Columbus Ohio Region
NIAGARA FALLS, Ontario, Feb. 12, 2010 (GLOBE NEWSWIRE) -- JBI, Inc. (the
"Company") (OTCBB:JBII) is pleased to announce that on February 12, 2010, Ohio
P2O, LLC has made a reservation deposit to confirm its interest in purchasing
a License for the marketing and exploitation of the Plastic2Oil technology
from ASPTO, LLC on behalf of JBI.
since the scaffolding of doom.
You mean the scaffolding they had to put back up after they ran that batch of bad plastic from Madison County that necessitated a complete system cleanout?
Yeah, I guess that doomed the whole Ag Plastic boondoggle. Thanks for bringing that one back up!
There are no minimum obligations.
AKA, a Sham Deal, meant only to sell JBI stock to clueless retail investors, and wealthy PIPE investors.
I'll bet those rich whales are mighty miffed to hear that. Maybe they'll bring suit instead of NYSE:RKT.
I'm glad you've finally come around on the mythical and laughable Agreement Addendum. Better late than never, I guess.
ARTICLE 2
JBI OBLIGATIONS
I suggest you read that section.
2.1 Installation of AST Systems and JBI Machines at RockTenn Facilities
2.1.1 JBI shall, at its sole expense, supply, install and begin operation of:
(a) the JBI Machine as described in an Agreement Addendum;
(b) Each subsequent JBI Machine shall be installed in accordance with each Agreement Addendum; and
(c) Any other equipment, structure or other items described more particularly in each Agreement Addendum
---
Remember we heard thousands of times that the Agreement Addendum was signed and in a locked cabinet at JBI HQ.
RECITALS:
A.
Some of RockTenn’s pulp and paperboard mills generate plastics and ragger wire from the recycling of Old Corrugated Containers (“Plastic Feedstock”).
B.
Plastic Feedstock has a high heat value and other properties that make it valuable as a fuel, and JBI has developed a process to convert Plastic Feedstock into fuel.
C.
The Parties wish to have JBI convert Plastic Feedstock generated by certain RockTenn facilities into Fuel and to have JBI sell such Fuel to RockTenn for its consumption or to third parties.
D.
The Parties wish to enter into this agreement to reflect the foregoing arrangement.
----
Oh, but they DO have obligations to RKT:NYSE. It's all in the legal documents they signed.
(k) Time – Time is of the essence in the performance of the Parties’ respective obligations.
Should JBI try to sell a processor to another party, without fulfilling their obligations to RKT:NYSE, I'd say RockTenn has a beef.
Going on 3 years now.
So JBI's failure to perform has not resulted in any liquidated damages for NYSE:RKT.
In the past almost 3 years since the agreement was signed, how much has it cost NYSE:RKT to dispose of their raggertail and other plastic waste?
Ballpark for me the tonnage hauled off to landfill, apply a reasonable conversion rate and price per gallon to come up with fuel revenues forgone by NYSE:RKT because of JBI's failure to perform.
Many things change over time.
Has the agreement been terminated? That would be a material event, no?
Absent an 8K to that effect, we must assume the agreement is still in force, no?
Item 1.02 Termination of a Material Definitive Agreement.
(a) If a material definitive agreement which was not made in the ordinary course of business of the registrant and to which
the registrant is a party is terminated otherwise than by expiration of the agreement on its stated termination date, or as a result of
all parties completing their obligations under such agreement, and such termination of the agreement is material to the registrant,
disclose the following information:
4(1) the date of the termination of the material definitive agreement, the identity of the parties to the agreement and a brief
description of any material relationship between the registrant or its affiliates and any of the parties other than in respect of the material
definitive agreement;
(2) a brief description of the terms and conditions of the agreement that are material to the registrant;
(3) a brief description of the material circumstances surrounding the termination; and
(4) any material early termination penalties incurred by the registrant.
(b) For purposes of this Item 1.02, the term material definitive agreement shall have the same meaning as set forth in Item
1.01(b).
----
Was the agreement with RockTenn a sham deal, meant only to sell stock in JBI? Yeah, could be.
Does RockTenn want them?
They signed a series of legal documents claiming that they do want them.
At the very least, RockTenn is out the trucking and landfill fees to dispose of their raggertail as long as JBI fails to perform their end of the deal.
Is RockTenn the next company to sue JBI, Inc.?
If JBI tries to sell their next two processors, instead of performing to the requirements of their deal with RockTenn, why wouldn't RockTenn sue?
At a minimum, why wouldn't they sue for any profit JBI makes off of selling machines that could have been installed at RockTenn sites?
"My local Sams club has them on clearance at $7, will check them out, zip 54913"
From your slickdeals link. $7 for a 3 pack? Is Sam's club not re-stocking these?
You know a penny stock promotion is on its last legs when they start highlighting the dead cat bounces on the way to Zero.
What a laughable turn of events for the promoters of JBI.
No, just CLEANER plastic than Madison County, NY can supply.
There goes that bullshit, laughable claim that they can process unwashed plastic.
"Hey, here's the 80 tons of Ag plastic we promised you, JBI"
"Too dirty, plus we hocked our shredder; take it to the landfill"
It would be reckless, misleading, and irresponsible to include the first quarter burn rate of $4 million
Wasn't 1Q2013 supposed to be guaranteed CFP, and no, he didn't mean maybe? We're just supposed to forget that one?
What WOULD be reckless, misleading and irresponsible though would be to make up cash burn numbers absent actual audited filings by the company.
Next paws?
Through 9 months in 2013 (the latest available data)
they burned $8,822,474 in cash. That's $32,676 per day, based on 270 days. Now go look up what a BMW 3 series sedan cost.
Not $100K per day
but the last time I bothered to check the numbers and do the calculation, JBI burned enough cash to buy one BMW 3 series sedan each day, every day.
They also spent enough cash on R&D each day to buy one medium one topping PapaJohn's pizza, pick up, no delivery though.
So, knowing all that, will he file the 10K on time, or will he file a NT-10K?
Thoughts?
He also has a financial 'incentive' to make sure the share price is as low as possible on the last trading day of the quarter.
Let's see, what could the new CFO do in his position to ensure the share price on March 31st is in the tank.
Oh, wait, I know! File a NT-10K instead of the 10K.
Well within his powers as CFO. "I just took this job two weeks ago; I need the extra 15 days to make sure everything adds up".
Splat.
which leads us to sales of processors.
I'm confused. Is it somehow not legal to sell a product without a board of directors being seated? They already have a BOD of two members, right? What's the correct number of directors before you can execute a sales order?
Why not just sell one right now?
WHAT'S THE HOLD-UP, BORDYNUIK?
Banerjea’s employment with the Company is “at-will”.
Interim. On the job until there's no need for a CFO anymore.
He'll get the 10K out, probably after filing the NT-10K.
Interestingly, the lower the share price at the end of each quarter, the more stock he'll get.
Look out Below! Last day of 1Q2014 is March 31st.
Looks like JUM Global is willing to pick up the plastic football that JBI fumbled in Madison County.
Oh, the Humanity!
Thank goodness Mr. Fix-it was sitting by the phone just waiting for it to ring.
They should be filing the 8K item 5.02 today, right? Should give us an idea how 'interim' this new guy is.
So there goes that claim:
That JBI can process unsorted, unwashed Ag plastic waste. Remember when that was the reason why JBI shareholders were going to be rich? All that Ag plastic, and only JBI can turn it into liquid gold?
"unless Madison County can provide them with cleaner preprocessed material they can't process it."
Splat.
one on the P20 ship?
Judging by the fact that JBI can't be arsed to renew their corporate status for Plastic2Oil Marine, I'd say that ship has sailed.
so what is the "formula" for selling JBI's pyrolysis system
I hear Al Sousa wants 90 machines, and RockTenn wants 3, and Ohio P2O (which never appeared as an actual corporation anywhere) wants some too.
How are those "sales" coming along now?
a strategic objective that will soon become evident.
I think the objective was to give Bespoke 2.4M shares (plus warrants) to promote JBII shares to penny stock dreamers.
More than anything, they need 'buy and hold' types to suck up the worthless chits of paper (JBII.PK shares).
Enter Bespoke.
Shouldn't it be X = [Y(A-B)]/A ?
Yeah, I think you have that correct.