says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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Exercise Procedure.
i. (i) This Warrant will be deemed to have been exercised at such time as the Company has received all of the following items (the "Exercise Date"):
a. (a) a completed Exercise Agreement, in the form attached hereto as Exhibit 1, executed by the Holder (the "Purchaser"); and
a. (b) a certified check or other immediately available funds payable to the Company in an amount equal to the sum of the product of the Exercise Price multiplied by the number of shares of Common Stock being purchased upon such exercise (the "Cash Exercise") or the Holder may satisfy its obligation to pay the Exercise Price through a cashless exercise (the "Cashless Exercise") in which the Company shall issue to the Holder that number of shares of Common Stock determined as follows:
X = Y [A-B/A].
X = the number of shares of Common Stock.
Y = the number of Warrants being exercised (prior to the Cashless Exercise).
A = the average of the closing bid and asked prices on the primary trading market on which the Company's Common Stock is then listed or quoted for the five (5) trading days immediately prior to but not including the Exercise Date. If the Common Stock is not so listed or quoted and bid and ask prices are not reported, the fair market value shall be the price per share as determined in good faith by the Company's Board of Directors.
B = the Exercise Price.
---
I don't see JBI specifically getting any cash in the 'Cashless Exercise' option.
give away stock at a nickel and warrants at a dime raising a whopping potential $360,000.
Maybe only $120,000. There is a cashless exercise option on those warrants.
5. Issuer Size
Revenue Range OR Aggregate Net Asset Value Range
No Revenues No Aggregate Net Asset Value
$1 - $1,000,000 $1 - $5,000,000
$1,000,001 - $5,000,000 $5,000,001 - $25,000,000
$5,000,001 - $25,000,000 $25,000,001 - $50,000,000
$25,000,001 - $100,000,000 $50,000,001 - $100,000,000
Over $100,000,000 Over $100,000,000
X Decline to Disclose
Hah! Too embarrassed to admit their meager revenues!
It will eventually slide into "Default", then years later "Revoked" and ultimately "Permanently Revoked" status.
Unless they pony up the cash to keep the Cappy Mike Dream alive, that is...
they are the masterminds behind the announcement of the P20 ship "arrangement".
Speaking of which, they haven't seen fit to renew the Nevada corp, or the business license for Plastic2Oil Marine, Inc.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=DTGvqg3XFJoPB1bvF%252bARoA%253d%253d&nt7=0
Terranova wasnt truly qualified to be the CFO , if you'll notice it was Ingham who signed off on the last 10Q, not Terranova because, he wasnt qualified at the time.
-----
I, Nicholas Terranova, certify that:
1.
I have reviewed this quarterly report on Form 10-Q/A of JBI, Inc.
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3.
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
b)
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting, and;
5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
a)
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 12, 2013
By:
/s/ Nicholas Terranova
Nicholas Terranova
Chief Financial Officer
-----
http://www.sec.gov/Archives/edgar/data/1381105/000121390013006274/ff10q0913a1ex31ii_jbi.htm
Oh, Yes, Please!
That's exactly what this farce of a company needs: a Nigerian connection!
Maybe His Most High Excellency can bring this to fruition! I'll be watching my spam catching email address for the deets!
Resigning then consulting relieves him of the burden of signing off on the 10K.
He can also immediately dump any 'consultant' shares he receives as compensation, something he couldn't do as an officer of the company, right?
Could you list the old tasks that he was up to, and the new ones that he is not up to?
So, is Terranova up to the task of being the CFO, or isn't he?
So, Terranova being hired as a consultant to finish up the 10K is a bad idea, in your opinion?
If he's not up to the task, and all...
"At JBI, our team is fully focused on making a sale of our flagship Plastic2Oil® processor within the coming months," said Richard Heddle, JBI's CEO.
They have one flagship processor, right? Processor #3, installed in the 'new' building?
So, they've given up on making much fuel at all in NF?
Money....Contacts....ORDERS....BIG ORDERS
As big as RockTenn? Remember when the VP of RockTenn was going make all that happen?
Ahhh, Good Times!
His Excellency Ambassador Jack Brewer, The Brewer Group CEO
Sounds like Bordynuik will need a new title to keep up here. Any suggestions?
Brahahahahahahah! What a joke of a PR. Fitting.
Get ready to rumble?
:s/rumble/tumble/
An executive search company would charge 30% to 40% of the first year salary, plus signing bonus, plus relocation reimbursement to find JBI their next CFO. That's gotta approach ~$100K, right?
Or, they could pick one from the message boards, I guess.
Get your resumes in! Prior drug use or alcohol problems or incarceration are not deal breakers!
I heard he was holding the company back.
Yes, yes, it is time for another sacrificial victim to be thrown under the Bordynuik Bus.
Such good Theatre!
The purchase price per share was $0.05 and the gross proceeds to the Company were $120,000.
My how the financings have shrunk! Not even enough to pay another parking ticket...
The Holder may satisfy its obligation to pay the Exercise Price through a cashless exercise (the "Cashless Exercise") in which the Company shall issue to the Holder that number of shares of Common Stock determined as follows:
X = Y [A-B/A].
X = the number of shares of Common Stock.
Y = the number of Warrants being exercised (prior to the Cashless Exercise).
A = the average of the closing bid and asked prices on the primary trading market on which the Company's Common Stock is then listed or quoted for the five (5) trading days immediately prior to but not including the Exercise Date. If the Common Stock is not so listed or quoted and bid and ask prices are not reported, the fair market value shall be the price per share as determined in good faith by the Company's Board of Directors.
B = the Exercise Price.
----
Money for Nothing, and your shares for 'free'!
Another CFO bites the dust
Anyone keeping score?
Used oil in one end reusable oil out the other.
Not if the used oil contains any moisture or anti-freeze. Then it's Used oil in one end, an explosion and hazardous clean-up out the burst disk at the other end.
They require pristine HTF and pristine plastic to keep the Bordynuik Miracle Machine running/burning cash.
Thanks for the pointer, Roth, but I'd like to hear from New Money. He's the one making these serious allegations.
I'd like to be accurate.
If the fuel were worth more, JBI would be getting more.
It's that simple; fuel is a fungible commodity.
Their Naphtha is especially sub-standard, based on what they get for it.
their business plan recognizes that they were never set up to be a fuel producing business
But, but, but, the speed loading station, the railroad spur, the enormous on site tankage, the quarter million gallon blending site, three processors on site processing 2 tons per hour each!
Were all these things just meant to sell stock?
Of course they were.
He's demanding a whole lot more than $75K
How many shares were traded at 0.065?
I'd like to get an idea how many are getting 'rich' on this move.
We had a plastics broker come through here one time named Jack Kass
Wasn't he the one that brokered the deal for the overly-expensive, crummy quality plastic, that gummed up the magic money printing machines?
I guess JB was outsmarted by a Jack Kass, eh?
You forgot the SEC and about a dozen different law firms
that all have a 'relationship' with JBI.
the P2O process actually does include a proprietary aspect that is essential to the success of creating in-spec fuel without significant refining.
Where is the patent application protecting that, if it does actually exist?
Do you call their Naphtha (20% of current output we're told) an in-spec fuel? Why is it worth less than half the spot market for such fuel?
but where are the links to support that opinion?
In the company's filings on EDGAR, and in court documents which all have been linked on this board previously.
Not opinion, documented fact.
Remember when JBI had a MRF?
Ahhh, Good Times!
0.0601 ... and John Bordynuik did this to himself.
And he laughed all the way to the bank. Not the bank he used to have, mind you. They cancelled his account after the ATM withdrawal debacle.
Don't cry for JB, Argentina!
John Bordynuik designed further enhancements to the P2O processor in early 2011, including two columns supporting 4 catalyst trays. In addition, he has added significant technology to downstream operations to guarantee fuel quality, along with installing an inline fuel additive injection system on both heavy and light fuel condensing systems. Bordynuik has also engineered a hot-tap residue removal process.
Quality control includes two columns for control and specificity of fuel fractions, a cyclone (particulate removal in vapor), fuel filters (particulate removal in liquid), and a centrifuge (additional redundant particulate trap), as well as column enhancements to guarantee particulate free fuel. Fuel additives are injected inline while fuel is being produced to increase their effectiveness. The new residue removal system works while the processor is running, so the reactor does not have to be cooled down or stopped to remove residue.
---
So funny, you just can't make this stuff up!
http://www.plastic2oil.com/site/patent-pending
14.2857 shares for one McChicken!
A new Record!
Closed at 12.3456790 shares to one McChicken
JBII (OTCQB) down 82.4% since Heddle 'took over'
Way to go! Anyone got a bus schedule?