Filing Date 2010-07-09 Accepted 2010-07-09 15:35:08 Documents 5 Period of Report 2009-12-31 Filing Date Changed 2010-07-09
Explanatory Note This Amendment No. 1 on Form 10-K/A (the “Amendment”) amends the Annual Report on Form 10-K of JBI, Inc. for the fiscal year ended December 31, 2009, originally filed with the Securities and Exchange Commission (“SEC”) on March 31, 2010 (the “Original Filing”). We are filing this Amendment primarily to correct the accounting treatment and related disclosures of two acquisitions which were completed during 2009, and to correct the valuation of media credits acquired by the Company during 2009 through the issuance of common stock.
Restatement The Company has determined that there were errors in the original accounting for the acquisitions of Javaco and Pak-It, the valuation of media credits, and equity issuances, causing the Company to restate previously reported financial results as of and for the year ended December 31, 2009. The effect of this misstatement to the financial statements is a decrease in total assets of approximately $11,507,000, an increase in net loss of approximately $2,178,000 and a decrease in equity o $11,809,000.
Explanatory Note This Amendment No. 2 on Form 10-K/A (the “Amendment”) amends the Annual Report on Form 10-K of JBI, Inc. for the fiscal year ended December 31, 2009, originally filed with the Securities and Exchange Commission (“SEC”) on March 31, 2010 (the “Original Filing”). We are filing this Amendment primarily to correct the accounting treatment and related disclosures of two acquisitions which were completed during 2009, and to correct the valuation of media credits acquired by the Company during 2009 through the issuance of common stock. Additionally, we have re-audited our financials for the year ended December 31, 2008 as our former independent registered public accounting firm, Moore & Associates, Chartered, is no longer registered with the Public Company Accounting Oversight Board (PCAOB). Restatement The Company has restated its 2009 consolidated financial statements previously issued on March 31, 2010 for matters related to the following items: (1) the original accounting for the acquisitions of Javaco and Pak-It which was improperly recorded as a reverse merger, whereby pre-acquisition operations of the acquired entities were erroneously reflected in the operations as originally reported; (2) the valuation and subsequent impairment of media credits; (3) the original acquisition of the assets of John Bordynuik, Inc. was improperly accounted for at fair value; and (4) equity issuances. The accompanying financial statements for 2009 have been restated to reflect the corrections. The effect of this restatement to the financial statements is a decrease in total assets of approximately $11,507,000, an increase in net loss of approximately $2,179,000 and a decrease in equity of $11,809,000.
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