On June 25, 2009, JBI, Inc. (f/k/a 310 Holdings, Inc.) (the “Company”) entered into an asset purchase agreement (the “Agreement”) to purchase and assume certain assets of John Bordynuik, Inc. (“JBI”), a Delaware corporation. This was an arms-length agreement between the Company and JBI by President and CEO John Bordynuik, who is the majority shareholder in both 310 Holdings (now JBI, Inc.) and John Bordynuik Inc.
Under the terms of the Agreement, the Company issued 809,593 shares of common stock, par value $0.001 per share in consideration for the assets of JBI. The closing of the Agreement occurred on July 15, 2009.
10K
Jbi/Inc · 10-K · For 12/31/09
sec.gov
NOTE 7 – STOCKHOLDERS’ EQUITY
On June 25, 2009, the Company entered into an asset purchase agreement (the “Agreement”) to purchase certain assets of John Bordynuik, Inc., a Delaware corporation (“Data”). Under the terms of the Agreement, the Company issued 809,593 shares of common stock, par value $0.001 per share in consideration for the assets of Data. The acquisition was treated as a transaction between entities under common control, and accordingly the assets were recorded at their historical carrying values totaling $358,931. The closing of the Agreement occurred on July 15, 2009.
In 2009, Mr. Bordynuik exchanged $200,000 cash for 66,667 shares of stock and he received 23,846 shares to cancel $71,538 of debt, each at $3 per share.
During December 2009, the Company issued Mr. Bordynuik 1 million shares of Series A Super Voting Preferred Stock (“Preferred shares”) in exchange for the return of 30,000 shares of the Company’s common stock. Preferred shares have no conversion or dividend rights, but carry 100 to 1 voting rights (as compared to common shares). Further, Mr. Bordynuik returned and retired 9,970,000 common shares to the Company during 2009, and an additional 21,000,000 shares were returned to the Company and retired in March, 2010.
Jbi/Inc · 10-K/A · For 12/31/09
sec.gov |
