says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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$56,623 obsolescence reserve
Is it the baled cardboard that is obsolescent? Or, is it fuel?
How many gallons, and what type of fuel does this 'obsolescence reserve' represent?
Why is is 'obsolescent'? Everyone stopped using Fuel Oil #2?
600+ million gallons of motor oil disposed of every year in the US
Yes, just like the 'free plastic'. Plenty of it around, so it stands to reason JBI will be able to get it for nothing, right?
Used motor oil is classified as a hazardous waste product if it contains more than 1000ppm total halogens.
We're given no information about what kind of used oil JBI might be allowed to process.
.25/gal for HTF
Got a listing for anywhere in North America where JBI might be able to buy a consistent quantity of used oil for .25 per gallon?
This has 'all the free plastic we need to make 218 bbls of diesel a day for less than $10/bbl' written all over it.
Leasing that MRF turns out to be the slickest thing Bordy has done since buying 40M shares at less than a penny each.
Look at all the obfuscation opportunities the MRF has provided!
JBII is Growing. Look at this:
April 26, 2013:
OS: 89,941,231
Restricted: 28,447,647
(Float: 61,493,584)
Apr 23, 2012:
OS: 73,049,709
Restricted: 29,137,033
(Float: 43,912,676)
Apr 25, 2011:
OS: 54,840,247
Restricted: 21,451,256
(Float: 33,388,991)
Apr 26, 2010:
OS: 50,118,450
Restricted: 26,668,450
(Float: 23,450,000)
Can we finally dispose of the claim
that they only make #2 Fuel Oil now?
Of the fuels made in 1Q2013, #2 Fuel Oil represented only 9.3% of the fuel output.
Pretty ridiculous claim, in hindsight.
is one great earnings report
The report will be depressing. Twice last year's revenue is still only a quarter of what they did in 2011, their only profitable year.
They will post a loss, pretty much guaranteed. I don't see how the report is going to spark any rallies.
Let's pretend they won't have ANY capital investment in 2Q
Deal? We can see which one of us is wrong in mid-August.
I say capital investment will approximate $1M. (They averaged a bit over $1M/quarter in 2012).
You say capital investment will be -0- for 2Q. Deal?
Cash held in attorney trust 168,456
That was a credit, that REDUCED negative cash flow in the first quarter, because that expense was accrued and accounted for in 2012.
Good Grief!
So now, it's not debt paydown, but merely covering Accounts Payable?
$740,000 in debt
Specifically, what debt was paid down? Who holds the note for that debt? Can you point out the line in the Consolidated Statement of Cash Flows where that debt payment is evidenced?
the Company paid $150,000
Yes, in the fourth quarter, they accrued for and included it in the statement of operating cash flows. If you say it affected cash flows in 1Q, please point out the line in the cash flows evidencing that.
So, JBI has officially stopped laying out capital for new equipment and bringing new equipment on line as of 3/31/2013, is that what you're really claiming?
No, really, they're out of cash by the end of June, unless they close a new PIPE.
Talk about leverage for the whales!
Wrong on each point.
They burned $2.98M in cash in operating activities, and another $1.02M in cash in Property, Plant, and Equipment Investments.
The $4M cash outlay was offset by $3.998M in stock sales, leaving a net decline in cash of about $2,000 in the first quarter. This is all in the Consolidated Statement of Cash Flows in the latest 10Q, for anyone to verify.
Specifically, you're wrong about:
$740,000 in debt pay down. Huh? They have accounts payable, they pay them. Each quarter they create new accounts payable.
$150,000 in SEC fine. No, that was accrued in the 4th quarter of 2012, and accounted for under the operating cash flows of that period, not the first quarter.
$1 Million in capital expenses. Are you saying starting up #3 and building #4 and #5 won't cause capital investment in 2Q?
Cash burn was MORE than $1M per month in 1Q. Realistically, they're out of cash by the end of June, without a new PIPE.
Shareholders should be very concerned the latest PIPE hasn't been closed and announced yet.
Ostensibly, they're out of business in 45 days without a new PIPE.
Gross Profit from P2O fuels = $1009.00
Gross profit on such a small amount of sales
The gross profit of $1009 over 90 days in 1Q could have bought them a medium Papa John's pizza with one topping each day (cost $11.00, you pick up).
Meanwhile, they spent enough in operating cash to buy a BMW X1 All Wheel Drive SUV (MSRP $33,000) EACH DAY.
EACH DAY.
NET CASH USED IN OPERATING ACTIVITIES (2,976,015)
They burned through $3M in operating cash, and another $1M on Property, Plant and Equipment cash.
This $4M cash burn in the first quarter was almost offset by selling $3.998M in Series B preferred shares.
And this was the quarter they were going to be Cash Flow Positive. No wonder Rauber flew back to St. Louis to stay.
NET CASH USED IN OPERATING ACTIVITIES
(2,976,015)
$million per month cash burn
Remember when the Draconian Cuts by Rauber were going to slash Cash Burn to nero Zero?
Ahhhh, Good Times!
Fuel #2 was 9% of production
No, that can't be right, Rev. We were told JB had miraculously tuned the money machine to produce only Fuel #2. Please go back and check your facts!
used oil sells for .25/gal
Where? India?
This is vaguely reminiscent of the "FREE PLASTIC, ALL WE CAN PROCESS FOR 2500 PROCESSORS HUGE LAND RUSH ROLL OUT" plan.
How'd that one work out?
Great! More feedstock.
Yep, they can call it Vertroleum II. Can't wait.
HTF is knock knock knocking on Heaven's door.
NYS DEC calls it 'co-fed used oil'.
Yeah, that has a ring to it! Oil2Oil.
Can spoiled soybeans and tire chips be that far off now?
The CFO is still the same, and preparing the 10Q is his baby.
But if Bogolin needed more time to come up to speed before he signs, they could opt for the extension. Also, it's a Friday; maybe Tony has flown back to St. Louis for the weekend already. :)
Let's see.
10Q Day!
Should be an interesting weekend...
Used Oil = Hazardous waste if it contains >1000PPM of halogenated compounds
Rauber quit. Stress of the job
If true, how long until Bogolin quits? Leaving just...Ingham?
Maybe that's fitting seeing as he probably holds more of Bordynuik's shares than anyone else.
No, I was getting at the 3M share restriction
Should he violate that provision of the Letter Agreement, he would be subject to the Call Rights section of the Agreement, correct?
Of course, Rauber's departure may or may have not already triggered that clause.
In Other News: FIDDY CENTS!
Who thought we'd be celebrating that milestone on the way up in May 2013?
Yes, subject to the Letter Agreement
he has to keep 3M shares.
Or, sell his preferred for $1000, and be done with it, right?
You're just not seeing the Beauty of the Grift*.
The shares were worthless in his hands; he couldn't reasonably sell them, why not give them back? It makes a good story for stock promoters.
He turned $80,000, and some worthless data equipment, and a story about magic catalyst pyrolysis into how many millions in his pocket?
Penny stock CEOs will be studying and emulating John Bordynuik for some time to come.
They'll call it the Juicy John Maneuver.
---
* I call it a grift, because that's what it looks like to me from the outside.
So, the Smack Down the Judge laid on Elsley
means JB can sell more of his shares, right? That's the net of the decision, right?
ParTay time!
selling 800K shares when he gave 33 million back to the company for free
It was 850K, right? What did he clear on those?
All 40+M originally cost him $80,000, right?
Don't Cry for Me, Thorold Ontario!
yet I don't see any documentation of this.
Do you need his bank statements?
Start with JBI Delaware. That had a couple of million in it when it went dark, and all the shareholders got shifted to JBI Nevada. Where did the money go?
Where did the 809K shares for the Data equipment go, while we're on the subject?
How much did he get for the 850K shares he quietly dumped in 2012?
Add up his salary and benefits since Dec. 2010.
Find out who owned the MRF and the HQ building across the street. We know who owned the unused blending facility.
If you can't see how he's profited off this, you really aren't looking, IMO.
14+ months since JBI PRed this:
JBI, Inc. Announces Completion of its Second Plastic2Oil Processor
Posted Feb 27th, 2012
...
Towers and reactors have been fabricated for the third P2O processor (the “Processor No. 3”) and the Company looks forward to bringing No.3 online in the near future.
What does JBII do with unwanted, unsorted and dirty plastic?
They let it sit around getting wet, while they tinkerfark around with processing used oil.
Then they promote the guy responsible.
I believe JB gave deposition in Canada
that it wasn't 809K; rather it was about 200K shares, despite what was filed with EDGAR.
I wonder if the SEC cares about this seeming discrepancy?
You try again...and again...and again
Until the PIPE money runs out, and there is no more PIPE money forthcoming.
The #1 premelt kiln was eliminated
Why Oh Why would they do that? We were regaled with stories about Pre-Melt in 2011/2012 that extolled the double throughput benefit of pre-melt.
Why would they take a step back? Should we blame this on Bogolin?
When is Q1 due?
So,
Did Bordynuik only sell 850,000 shares (about 20% of his remaining common share holdings), or has he sold more than that?
Has the Call Option from the Letter Agreement been triggered by Rauber's departure?
Is the slate of directors finalized?
Where's the DEF 14? When will the vote take place?
Out of 42M or 40M shares that the founder owned
What was his total outlay for the shares 'given back'?
How much did he rake in from JBI Delaware alone? Cash and the 809K shares?
I guess you're just not seeing the beauty of the whole concept.