You are right on the specific targets, there where a few in regard to 2008 and 2009 revenues and eps. These targets where met, so no problem there.
You say CEO is in control, but will he stay in control, if he is losing majority of shares: Pope can't own more than 9.99% so all extra will have to be sold to other investors. CEO now owns about 4.8 Million, that is less than 50% already. Look here. If a company/investor was able to buy all the shares on the market it could get the majority (theoretically).

Maybe Pope has already started selling. The MM's are doing a fine job to keep pps on a nice level for Pope: buying at $8 and selling at $10.50, that is a nice profit. (I consider the close on $10.01 of yesterday a mistake)
So you see I share your scary thoughts for some part.

Why can't JGBO begin using their money earlier than Q3 and Q4 ?

Short term bank loans are approximately 2 Million, that is not so much in regard to their cash.

You don't have to thank me. I get to know more on Jiangbo every time someone asks a question or makes a remark and I dig through the filings again.

The answer to the question that puzzles me most can't be found in the filings: why did Jiangbo sign those financing deals (with not so great terms for shareholders) if they are generating cash the way they do?

Sorry for your loss. Know that a lot of people here sympathise with you.

BigGreen101: have you looked at page F-21 of the same 10K? That explains the difference between eps 2.87 and 0.09 very clearly. The key line is "Subtract: unamortized debt discount at beginning of the period"

So there is no net income going anywhere, it is just being substracted because of accounting rules?!

BigGreen101: do we agree that the difference between 9 and 2 Million in net income is not because "the money went somewhere" but that an amount of money is deducted from the 9 Million to 2 M because of the accounting rules with regards to the financing deals? But the money isn't gone...

It all has to do with dilution adjustment see my post no. 6414.
The term diluted doesn't just mean the share number changes, it also means certain amounts have to be deducted from the net income.

Dilution Adjustment
Dilution Adjustment represents the adding back to reported net income the interest expense of debentures when assumed converted, and the adding back to the reported net income the convertible preferred dividends when assumed converted. The adjustment is used to calculate Diluted EPS.

I think the info is reliable, it all has to do with the definition of "diluted normalized eps".

It could be that Jiangbo doesn't have to give that number in their 10k or 10Q but it still can be a number that has a strict definition on how it's calculated. Maybe it is a ratio that institutional investors use and us layman don't?

The same company that handles IR for Jiangbo has assisted a lot of other companies in getting listed on Nasdaq/Amex/etc

Orient Paper (AMEX: ONP) http://www.orientalpapercorporation.com/

China Yida Holding (NASDAQ: CNYD) http://www.yidacn.net

China Biologic Products (NASDAQ: CBPO) http://www.chinabiologic.com/

China XD Plastics (NASDAQ:CXDC) http://www.chinaxd.net/

Yuhe International (NASDAQ:YUII) http://www.yuhepoultry.com/

China Valves Technology (NASDAQ: CVVT) http://www.cvalve.com/

Gulf Resources (NASDAQ: GFRE) http://www.gulfresourcesinc.cn/

Puda Coal (AMEX: PUDA) http://www.pudacoalinc.com/


Yongye International (NASDAQ: YONG) http://www.yongyebiotech.com/index.html

China Nutrifruit (AMEX: CNGL) http://www.chinanutrifruit.com/

Universal Travel Group (NYSE: UTA) http://us.cnutg.com/

China Gerui Advanced Materials Group (NASDAQ: CHOP) http://www.gerui-grp.com

China Sky One (NASDAQ:CSKI) http://www.skyonemedical.com/english/

China Biotics (NASDAQ:CHBT), http://www.chn-biotics.com/

China Transinfo (NASDAQ: CTFO) http://www.chinatransinfo.com/


Shengdatech (NASDAQ: SDTH) http://www.shengdatechinc.com/

Zhongpin (NASDAQ: HOGS) http://www.zpfood.com/

Wonder Auto Technology (NASDAQ: WATG) http://www.watg.cn/

Sinoenergy (NASDAQ:SNEN) http://www.sinoenergycorporation.com/

American Lorain (AMEX: ALN) http://www.americanlorain.com/

China Information Securities Technology (NASDAQ: CPBY) http://www.chinacpby.com/

Every-Glory (AMEX: EVK) http://www.everglorygroup.com/

China Green Agriculture (NYSE: CGA) http://www.cgagri.com/



Read the whole story here.

http://us1.campaign-archive.com/?u=54b88ab2f29bb462b71c63f2f&id=e505809e56&e=abf9afb164

How come Jiangbo hasn't succeeded so far?!

This page seems to give more clarity on the negative eps number: look at the line "dilution adjustment". Then you can calculate the strange eps yourself:
Look here
net income 11,488 - dilution adjustment = 11,488 -19,299 = - 7,811 divided by the diluted number of shares 26,752 = -0.29

The weird numbers are caused by these strange financing deals, let's hope uplisting doesn't have to be postponed until these deals are out of the way...

BigGreen101: there must be something wrong with the calculation that marketwatch makes: poitive income yet negative earnings per share? I really don't understand?

Are we bagholders here?

What I don't understand: why every day we see volume higher than normal and the pps doesn't really move? Are the MM's helping Pope selling shares? Did Pope get these shares because another part of the debt was converted or because no money could be transferred to pay due interest?

I don't follow you: 10k loss? Where did you read that, do you hava a link?

So far we are all getting laughed at...
instead of us laughing.

Oh well I can handle that, patient as I am, I still think our time will come.

Nice volume. Pity that pps hasn't moved up...

Noticed that on Nov. 30th short interest was up to 8,000 shares, hasn't been that high since a long time, maybe that is the reason we have been seeing increased volume? Shorts getting covered? I don't know, just guessing.

We can't blame anyone for getting impatient...

"Fiscal 2010 is expected to be a transitional year for Jiangbo as we upgrade our TCM production facility, prepare for the introduction of new drugs, and pursue additional opportunities for both organic growth and potential strategic acquisitions. Our current outlook reflects only the drugs that we have in hand today and will be subject to update as we execute strategic initiatives to expand our market position and profitability in the future. We remain very confident regarding our future growth prospects and look forward to sharing further details with our shareholders as our expansion plans reach a definitive stage," concluded Mr. Cao.

We are almost halfway fiscal year 2010, and still nothing has happened, oh yeah one thing: a director resigned...
Guess we all have to be patient a "little bit" longer.

Before the merger in 2007 Jiangbo was Genesis, they helped GHII getting listed in the US, they also held shares in LTUS, but I guess they don't own those anymore, BigGreen101 seems to have read that in a filing once. I hadn't noticed they have sold their shares of LTUS...

As I understand (someone correct me if I am wrong) Jiangbo has transferred 4,740,174 of its shares of Gold Horse International to a Mr. Tamburello (divided amongst two of his companies: CRG and CRGP). This was done to settle a lawsuit.

I thought this claims had been done already, apparently not. See this link, page 37. It is a kind of a bummer because those 4+ Million shares could have made a nice profit for Jiangbo. On the other hand, Jiangbo doesn't need those shares to do what it is good at: selling tcm's and generating truckloads of cash!

As it seems JGBO still owns an large number of shares, see here It states 6.3+ Million minus the 4.7+ Million is stll 1.6+ Million left.

We deserve that present! Bet people at JGBO are working hard on it. Have a nice weekend too!

By the way, I once had a very impressive number of shares: 100,000+, but that was before the reverse split Cool: 100k+ shares!!

No BigGreen101, I have no orders out anymore. I'm buried in shares of Jiangbo. I have enough, I've put 2/3 of all my savings account in JGBO. I'm just a simple wage-slave. I was hoping I would get some extra shares as a gift from Sinterklaas or Santa Claus or even as dividend from JGBO, but none of that sofar

Unfortunately the cheapies are still getting cheaper...
might have to reconsider.

Then Sinterklaas or else Santa Claus should hurry up ! I want some cheapies too.

Leave some cheapies for me!
I was hoping for Sinterklaas to buy me some cheapies.

Info:
http://www.jiangbopharma.com/uploaded/200911180555341.pdf
http://www.jiangbopharma.com/uploaded/ to see some other pdf's browse this directory

To me they say that uplisting is almost a done deal, there are 3 new drugs being introduced very soon, we'll have a new director before the year is over and last but not least Jiangbo will anounce an acquisition of a very profitable company within 3 months. On top of that the shareprice will rise to $35 in the first quarter of 2010...

But it all could be my imagination running wild Sorry

Thanks!
I was hoping for an uplisting as a present.

Hey Long what's that? Never change a winning team!
If you still decide to resign: thanks for all your efforts and your positive posts. I hope you will make a truckload of money with JGBO.

All the best for you and your family.

To my American friends over here: Happy Thanksgiving!

The first special day we have in the Netherlands is on Dec. 5th:Sinterklaas

In the back of my mind I think I agree with you.

Strange that we haven't seen a PR like this:
http://ih.advfn.com/p.php?pid=nmona&cb=1259162777&article=40472092&symbol=NB%5ESBAY
SBAY filed an application to uplist.

Why doesn't JGBO bring out such a PR?
They forgot to?
They think investors don't want to know?
They think they might not meet all the requirements?

I have been trying to figure out what will happen when JGBO get's uplisted to Nasdaq. To find out I have taken a closer look at RINO.

EPS $1.61
Shareprice now $ 27
P/E 17
Uplisted from OTC to Nasdaq on 13th July
Shareprice at that moment $9~10
52 week low $2
52 week high $30 (a triple since uplisting)
Oustanding shares 25M

If the cases of Rino and Jiangbo are comparable, which I don't know for sure, but on a first look it seems that way, I can imagine the next numbers for Jiangbo:

EPS 4x $0.60= $2.40 (non-GAAP)
P/E 15 (assumption after uplisting)
Shareprice $ 36
that is about a triple from current levels.

Yep, I like JGBO!

Sorry for daydreaming

That's true. And that is what they are working on.

AccipiterQ: patience will be rewarded, I hope it will be the case early in 2010, but I am prepared to hold on 1~2 years longer. I think the shareprice could/will be 30~40 dollar when 2012-2013 come around. Maybe earlier, but then they should make a very good acquisition with all that cash.

Back into oblivion?

Very nice if you think abou it twice. This was posted by a user on the Yahoo-board:

As of 11/13/09 JGBO has 11.6m shares outstanding from latest 10q.

137m/11.6m == 11.81 cash per share

Now factoring the notes and the warrants gives us 18.25m shares and adding the cash from the warrant exercise gives us $21.95m + $137m = $158.95m in total cash.

$158.95m/18.25m == $8.71 cash per share

Now lets assume JGBO generates $20m in cash during their seasonally best quarter(2q10) this gives us, $179m/18.25m == $9.81

So for the shares outstanding right now JGBO is trading below cash value and their high margin business is not even being valued.

Link ot the post: http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_J/threadview?m=me&bn=31759&tid=6311&mid=6311&tof=1&frt=2#6311
Thanks, ne-che!

As for uplisting it may take some more time than I had hoped for, but I really can't imagine that is will be much later than Feb/March 2010. I can surely wait that long.

For GAAP and non-GAAP earnings to become the same number: unfortunately those days are still far away, that will only be the case after the warrants/loans have been converted. That could take up to 3 years or so.
But if we get to Nasdaq, institutional buyers will come in and they know how too look pass that "derivatives crap". So I think that once we are going to Nasdaq Jiangbo's shares will be trading > $ 20 at least.

By the way I really don't understand why they had to get these loans: 35 million, it only takes them 2 quarters to generate that amount of cash themselves!!

Shame they abandon LFAA, they already paid 5 million to that University in order to help develop it...

Thanks for your summary, Ericteg. I agree with your idea about the positive things, but in the meanwhile I am getting irritated that they always seem to miss their target when it comes to prediction of timeframes...

Let's hope that when it comes to uplisting the delay again and again won't mean it will be cancelled...

In the last PR Jiangbo states that the Hongrui facility will be back in full production by the end of April 2010. In their PR on the annual numbers they stated Dec 2009. Maybe the conference call will make clear why this delay has occured.

"In order to expand production of these products while ensuring strict quality controls, the Company is currently in the process of renovating Hongrui's facilities, with a budget of $3.0 million to $4.0 million. It is expected that Hongrui will resume production in October for certain products lines and that all lines will be back in production by the end of December 2009."

Anybody participating in the conference call? If so, thanks for sharing the info here.

Here is the press release:
http://ih.advfn.com/p.php?pid=nmona&cb=1258540643&article=40406261&symbol=NB%5EJGBO

Some highlights:

Excluding non-cash expenses related to the change in fair value from derivative liabilities of $4.8 million and the amortization of debt discount and debt issuance costs related to convertible debentures of $2.3 million, non-GAAP adjusted net income was $9.1 million, or $0.60 per fully diluted share for the three months ended September 30, 2009, up 128.5% from non-GAAP adjusted net income of $4.0 million, or $0.28 per fully diluted share, for the quarter ended September 30, 2008.

As of September 30, 2009, the Company had $122.9 million in cash and an additional $14.6 million in restricted cash, as compared to $104.4 million and $7.3 million, respectively, at the end of fiscal 2009.

The Company anticipates that it will receive final SFDA approval for the production of Felodipine sustained release tablets in the third quarter of fiscal 2010, which is expected to have a gross margin of approximately 85%. The Company continues to expect revenues for fiscal 2010 of between $96 million and $98 million and operating income of between $42 million and $44 million. The Company's current outlook reflects only the drugs that it has in production today and will be subject to update as the Company upgrades its Hongrui production facility, prepares for the introduction of new drugs, and pursues additional opportunities for both organic growth and potential strategic acquisitions.

Mr. Cao concluded, "We continue to remain confident with respect to our future prospects. We are leveraging our sales network and expect to maximize the contribution of our products that are in their maturity phase. We believe that our TCM business is healthy, with strong growth in our Radix Isatidis dispersible tablets product. Additionally, we are looking forward to the full re-opening of our Hongrui production facility in a couple of months. Overall, we continue to believe that fiscal 2010 will be a transition year for the Company, as we lay the groundwork and make the investments necessary for our next phase of growth."

The only thing that is missing is any hinton uplisting, I guess that will be the hot item during the conference call today and presentation tomorrow.

If they can't find any company worth buying they can always give the cash away as dividend, I know what to do with it!?

Forza, those are good questions, I hope you'll get the right answers.

Other questions that could we worthwile asking:
- status share buyback program?
- why no insider trading?
- status of upgrading Hongrui facility?
- status of other new drugs we are waiting for? (Bezoar Yijin Tablets, Yuandu Hanbi Capsules,Felodipine Sustained Release Tablets)
- news on status of acquisition of new drug or company?


Your sharecount is right but the number will only be that high if ALL warrants/loans will be converted. That is not the case right now.