Management’s Discussion of Material Weakness
Management has identified the following groups of control deficiencies, each of which, in the aggregate, represents a material weakness in the Company’s internal control over financial reporting as of September 30, 2010:
Material journal entries identified and recorded as a result of audit procedures
Restatement of previously issued financial statements
Overall ineffective oversight of the financial reporting process including:
· Omitted disclosures for related party transactions, loss contingencies and accounting policies.
· Controls over accounting for acquisitions.
· Timing and proper recording of equity transactions.
· Documentation of material transactions related to acquisitions.
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Looks like JBI is copping to being Dead Wrong about a lot of proper accounting issues.
Hope they get it cleared up soon!
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