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I must have missed who the other customers were GW. Who were they? If Coco accounted for half the sales than that deal is smaller than I thought. But on the other hand a larger customer base is always better for obvious reasons.
Well, considering pretty much all of the sales for q2 were from Coco in the span of about two weeks prior to 2q close, a tenfold increase in q3 should be a given.
Lol I wasn't sure. I imagine his hrs are quite long. Sorry lol
Cheap crappy shot. Nobody said he starts his day at ten. He could have been at HQ, a meeting whatever. He was just coming to the processor facility at 10. He's the CEO not an hourly 9 to5 guy for heavens sake.
Rawnoc, yes in June we went down the dead end Iroquois street. Could not find the facility as I said earlier. We pulled back onto Buffalo Rd and went and talked to security at Oxy who had no idea where JBII was or what they did. We then went around the block, thinking maybe Iroquois st picked up somewhere else and ended up on a service rd. We reached the end we turned left back toward where we thought the JBII plant would be. It was then that we realized we had gone to the other side of the Robert Moses Znd were actually driving on a wide bike/jogging path!! So we didn't find it that day.
Got it? Is that sufficient for you?
8 a.m. JB was coming in at 10ish I was told. Jacob was there but was busy and couldn't get me in.
Might be. Who knows. If I knew for sure I would tell everyone. Might be going up to be stored at the blending site...
Lol, I know. Everyone will dissect every word I say about this visit. I can say that the tankers are filled and move back and forth to a destination. Where I can't say for certain. They are hiring, but we knew that.
Let's say this, nothing I saw or heard today will dissuade me from continuing to be long and accumulating.
Wrong. Believe me, you are wrong.
Wrong. We were at the right place. But from the road you really couldn't see anything going on. Nobody was outside today and even the employee cars are nearly out of view. The security officer can stay in the shack nearly out of site. Today he greeted me and we spoke for about 25 minutes. We have dozens of mutual friends come to find out. All law enforcement related. And not to belabor the point, he actually grew up with my wife and her family. Small, small, world.
Yeah, and I was there in June at the same place. But I just didn't realize what I was looking at as there are a few buildings on that little dirt road. From the locked front gate you could drive right by easily if you don't know what you are looking for. There is no sign or anything indicating what business lies after the secured gate. Very low key to say the least.
Went to the processor plant in Niagara Falls NY first thing this morning. I wasn't able to get in unfortunately. The security there was a off duty officer who was very polite. I was able to see 3 tankers parked next to the processor building. There were numerous employee cars there but I could only see a few going in and out.
Not much to tell, unfortunately.
Yeah, the University of Buffalo is unveiling it's solar power system. It will save them $100,000 a year. Only one problem, it cost $7,000,000 to build! So much for economical energy.
will do all that they allow!
Thanks QD, I will be there tomorrow.
C911
Plan on going there tomorrow. Maybe I was at the wrong spot in June. But I was pretty sure I was there according to my GPS. The site itself had no markings indicating it was JBII when I was rehire. I did talk to a guard at the Oxy gate a couple blocks down on the other dside of the street and he had no clue as tom what I was talking about. I will post what I find out.
Thanks Justice I am gonna take a ride in the a.m. Going to try and call the office today and see if I can get clearance.
I hope you are correct and the RKT deal wil have adequate financing to get the ball rolling. RKT may find it wise to assist in the project to some degree. Who knows? That would be a very good decision if the terms were agreeable. We will know in a few weeks I think.
No, it wasn't the AGM.
No I had the right address. It was a Sat. I did come across a guard at the Oxy plant about 2 blocks up but he had no clue what I was talking about. I was in the right spot, they were just closed that Sat.
And if I remember correctly there is no sign on the gate or anything to indicate JBII was even there. Very low key place. That is why I thought perhaps I was in the wrong place. But I will be there next week if not sooner and maybe get a sneak peak if they let me.
Well, than I was there in June on a Saturday. Nobody was there. I actually went ALL the way around to the point that I was driving down the river walkway! The place was completely empty with no guard at all. I will go down this week and check it out in normal working hrs. I do know some
Hopefully the unit will be sold.
My point is they need customers to generate this build out and not more shareholder dilution. But I do agree it is preferred to VC funding.
Ok, well JB said there were 80 in June on TV. And now he says he has hired more in a fabricating shop down the street. So these are his numbers.
Oh ok. I took the 10q to be a honest reference point and it clearly states on page 24 that naphtha will be reduced to just 2% of production. I wasn't aware that there were off the table items. With all the problems this company has had with filings and CA alleging misrepresentation, you would think the 10q would be the place to find honest answers to your investment decisions.
Well, so far when i have called the company the answers to my questions haven't seemed totally honest, the SMB is filled with inaccurate guesstimates, and the company 10q has off table items.
Any idea where the truth lies?
Oh. I thought I read that in the 10 q. Maybe I am mistaken.
I hope your are correct. But I though naphtha was off the table in favor of #2 and #6.?
Because people need to be paid. We have ni indication through the company or via the 10q that RKT has any intentions of funding anything. If RKT wanted to assist, they simply could be caome a fuel customer now. Transport cost the OHIO valley certainly are reasonable enough to warrant the expense. JBII would still make plenty of'money.
And who is the buyer? They can produce all they want, they need customers. Why isn't RKT a customer NOW?
Yes, but the 4 mil was through share dilution!!! It's all PIPE money!
Z, 80 to 100 people on a payroll plus other business expenses will burn 4mil PDQ.
C911
Just explain to me how JBII gets from point A to point B. They have little cash to maintain operations, they have one customer, they are not producing fuel as we were told, so how does this business plan on staying on business?
Where are all the customers?
The RKT build out is big money to prepare one site alone. Right now they are not generating enough cash to pay there employees!
I hope you are right. Still would like to get my own look at the NF site on Iroquois St. 20 min from my house.
They can build all day and night. I would prefer customers in line waiting on processors, than processors waiting for customers. Right now there is not enough demand to keep one running at full speed. The 10q bears that out.
They need to generate some cash to fund the Grand Plan. And they need to do it PDQ. In my opinion they have three possible scenarios
1. Attain enough customers to max out two processor within 90 days (doubt it)
2. Get an addendum with RKT to help finance the Grand Plan ( maybe)
3. More dilution (probably)
I am surprised RKT isn't a customer now. I think they have a couple places in the Ohio valley area. Shipping tankers full of fuel would be profitable even with the transport cost.
C911
Yeah, and this will be funded how? No offense, but I have been posting about the lack of customers, the lack of production...for the last two months. And constantly ridiculed and told I was wrong. Now the 10Q has been released and bears out what I said. 1 sale to Oxy, a minimal contract with Coco. Minimal cash on hand, and barely enough cash to pay the floor sweepers every month let alone the 80 employee's (that's per JB in June).
This company needs to start producing cash in a substantial way ASAP or there will be significant dilution very very soon.
Business PLANS are great and grand, but at some point it come down to simple math. Nothing is free. My only hope is that there is an addendum with RKT and they help finance this project somehow.
As I have stated numerous times on this board, they need customers. You can build processors all day long but you need demand. From this 10Q I don't see it. I remember quite clearly being told that there were ALOT of sales, but they were not significant enough to be PR'ed. Something about Burger King and other companies not announcing every sale.... I guess there were no sales, no inventory in tankers...
BTW was there or will there be a conference call?
C911
Justice, I am local to the NF facility on Iroquois Rd., but am having a hard time finding the plant is it off of Buffalo St. On the river side or the Oxy side? I want to check it out but am nut sure if it on Oxy side or not.
C911
Exactly. Inspectipns should be unannounced. JBII has nothing to hide.
Yes you are. I am also realist. JBII q10 number were pretty much spot-on as I said they would be. I also seem to be spot-on as to the fact that Coco was there only return customer and that Oxy was a one time deal.
BUT I do hope I am wrong and you are correct and JBII is wildly profitable next year. I am also long and accumulating.
C911
Well I think my growth forecasts will be quite accurate. And I am actually and optimist.