Those are problems for sure, but there's also that "arms-length transaction" between John Bordynuik and John Bordynuik where he bought the tape eqpt from himself with 809K shares of JBII stock.
All three of those acquisitions have already been "clarified" once in an amended 8K months after their original filings. I doubt that was voluntary:
Explanatory Note: This Amendment No.2 on Form 8-K/A to the JBI, Inc. f/k/a 310 Holdings, Inc. (the “Company”) originally filed with the Securities and Exchange Commission on June 25, 2009 (the “Form 8-K”) amends the Form 8-K in order to include updated disclosure of the Company’s business operations.
Item 1.01 Entry into a Material Definitive Agreement.
On June 25, 2009, JBI, Inc. (f/k/a 310 Holdings, Inc.), (the “Company”) entered into an asset purchase agreement (the “Agreement”) to purchase and assume certain assets of John Bordynuik, Inc. (“JBI”), a Delaware corporation. This is an arms-length agreement between the Company and JBI by President and CEO John Bordynuik, who is the majority shareholder in both 310 Holdings and John Bordynuik Inc.
Under the terms of the Agreement, the Company issued 809,593 shares of common stock, par value $0.001 per share in consideration for the assets of JBI. The closing of the Agreement occurred on July 15, 2009.
In 2009 Mr. Bordynuik exchanged cash for 66,667 shares of stock (at $3 per share) and he received 23,846 shares to cancel debt at $3 per share. Since April 2009 Mr. Bordynuik has returned 31 million shares of his personal stock to the Company. The Company issued Mr. Bordynuik 1 million shares of preferred stock with no conversion, no dividend rights but with 100 to 1 voting rights (as compared to common stock).
On August 24, 2009, the Company purchased 100% of the issued and outstanding shares of JavaCo, Inc. from Domark International, Inc. in exchange for $150,000 in cash and 2,500,000 shares of common stock. On the same date the Company issued 1,000,000 shares of common stock to Domark in exchange for media credits that were valued at $9,997,134.
On September 30, 2009, the Company purchased 100% of the membership interests of Pak-It, LLC in exchange for $1,200,000 in cash and 625,000 shares and the assumption of $2,665,000 in short and long term debts.
On January 14, 2010, the Company consummated a confidential private placement with certain accredited investors for the issuance and sale of 8,260,842 shares of the common stock. The offering was at $0.80 and the gross proceeds received by the Company were $6,608,673. The offering was made in connection with the acquisition of Pak-It, LLC and within the offering converted $2,736,000 of debt owed to the Pak-It members at a per share price of $0.80. The total shares issued pursuant to the offering was 8,260,842.
As a result of the private placement the Company paid all debt (except normal recurring accounts payable and accruals) and added in excess of $3.5 million in available cash.
Presently Mr. Bordynuik personally owns approximately 9 million shares of common stock (restricted) and 1 million shares of preferred stock (restricted no dividends).
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