I would like to have a stab at what has been disclosed that might be "material". Since I am Canadian and deal mainly with Canadian stocks, my perspective may be a bit different.
Anyway, I think the only things that would be material are;
- a firm signed contract to purchase fuel from JBI Inc., with deliveries starting on a certain date.
- a committed "on-stream" date for the first processor.
- a committed "on-stream" date for the other 2 processors.
"On-stream" - delivering product at an understood rate, implying reliable 24/7 operation. In my previous employment this was a contractual date whereby product was to begin to flow to the end customer. The product was pre-determined as to nature (state - liquid/solid, temperature, and pressure). There were always business implications if the date was not met and it was a date the whole team committed to.
I can't think of anything else that is really that important. The permit is simply a stepping-stone to #1 above. It does not guarantee profitability, all it does is guarantee that fuel CAN be sold. Fact of the matter is, even if we do get a permit, that alone does not guarantee that JBI can go to a reliable enough production schedule to be meaningful. This is due to the degree of "tweaking" still going on and the admission that a whopping 5-day production run is some kind of success. It brings into doubt their ability to maintain 24/7 operation.
We need JB to announce a firm target for production. I believe all there is is some vague language in financial statements about promises to begin some kind of production in Q3 2010. Leading up to the date they should have regular communication, similar to guidance, as to whether or not the target is still achievable. It is their responsibility to communicate when they cannot achieve their on-stream date with reliable 24/7 operation.
What JB has done to-date is the opposite of this. Communication has consisted of a series of short-term targets, most of which have slipped. Now there is silence, not a good thing either. If JBI were to come out and say they would be on-stream by February 2011 I am sure everybody would be happy, except that it brings up the question as to whether or not he has enough funds to last until then. Hence, silence implies he is trying to hide something.
Personally, it appears as if he may not have a plan in place to begin with that really can tell him what that on-stream date is. Lots of private-sector small companies are like this. It is a management style that they get used to and even believe in. They believe that planning is a waste of time. It is a culture. I worked in the software industry in the 90's and I can tell you that good planning was not done. SO JBI is not necessariily bad, just a typical small company. I have just become used to something different in recent years. Seems to me that they should have planned for 3 processors right from the beginning and gotten a permit for all 3 at once.
I would not say that getting a permit is material. Applying for the permit is certainly not material. P2O is not that unique.
Deals for feedstock are not material, simply because it is not that much of a cost factor. If he has not got this problem solved he should not even be building the plant.
As for what we are hearing about sales, it is all kind of vague. Material would be some kind of partner like a refinery that agrees to take all of his fuel for a specified price. I suspect that refineries have their supply locked up for years in advance. The problem with all of the talk about off-road use and not being used in engines is that it is too vague to really be counted on..
The permit will be granted when ... 
AI
