And then Poof..........
The Pak-It members in the private offering converted 3,420,000 shares at $0.80 for a value of $2,736,000. Of that amount $2,156,775 represented the remaining payment for the Pak-It purchase. Our independent auditor, Withum Smith & Brown, audited the financial statements of Pak-It. Closing calculations of cash and stock paid to Pak-It members, and towards Pak-It debt were provided by Geoff Weber (Assistant Secretary to JBI at the time). It was determined that JBI overpaid $549,458 for Pak-It. The total converted by Pak-It members exceeded the remaining purchase price due by $549,458 and that was charged to operations. Management will seek repayment of excess payments after a thorough review by the Company’s counsel.
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