"By the way, although I believe they'll achieve cash-flow positive in their sleep (literally), it's not a requirement for proof of concept. Showing increased sales, increased profit margins, and decreased cash burn in Q4 will prove with numbers that it works."
So it will be shown that "it works" and "proof of concept" will be achieved if Q4:
1. Shows an increase of sales over Q3...something that can't be measured because we don't know what the concept produced in terms of sales in Q3......
2. and an increase in Gross Profit Margin over the less than 1% ($676/$189,634) GPM that was generated by the P2O segment (though not necessarily the fuel portion) in Q3........
3. and a reduction in Cash Used in Operating Activities from the $2,889,950 that zipped out the door in Q3? (Or would you like to define "cash burn" a different way? If so, please clear it up.)
That seems to me to amount to two criteria with sketchy definitions that should be as easy as falling off a log to meet as defined and one that, if it isn't met, assures that the current cash balance is rapidly approaching zero (cash going into this quarter was $2,763,962).
In sum, two thirds of your measures are self-fulfilling shoe-ins while the third points to one of those year-end pipe straddles that allow for the cash to be shown on the balance sheet in the current year and the share issuance to be recorded as an increase to outstanding shares in the following year.
The transparency boggles the mind....it's just not the good kind of transparency.
"In December 2010, the Company consummated a private placement with certain accredited investors for the issuance and sale of 2,430,000 shares of common stock at a price of $0.50 per share. The Company received proceeds in the amount of $1,189,000, net of share issue costs of $26,000. The 2,430,000 common shares were issued on January 19, 2011."
"Between December 30, 2011 and January 6, 2012, JBI, Inc. (the “Company”) entered into separate Subscription Agreements (the “Purchase Agreements”) with 13 investors (the “Purchasers”) in connection with a private placement of units consisting of one share of common stock and a warrant (the “Warrants”) to purchase 0.5 shares of common stock. The Company received proceeds from certain of the Purchasers in advance of the closing date in the amount of $3,026,000; these proceeds have been classified as Stock Subscriptions Payable in the Current Liabilities Section of the Balance Sheet."
At the end of both 2010 and 2011 the company's balance sheets would have reflected negative cash balances without those last minute private placements. If your prediction that there will be "decreased cash burn in Q4" isn't correct, that annual trend will likely continue in the next few weeks and such PP pricing will startle some people.
If, on the other hand, Q4 showed some substantial operational improvement, a year-end pipe might be avoided. But merely a "decreased cash burn in Q4" wouldn't prove anything, not even subjective achievements like "it works" and "proof of concept".
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