JBII debt-free?
"On October 15, 2010, the Company entered into an unsecured short-term loan agreement with an existing shareholder. The loan bears interest at an annual rate of 6%. The entire principal of the loan, together with all accrued interest is due and payable on October 15, 2011. The loan was used for working capital purposes. $199,820"
"In November 2010, a member of the Board of Directors entered into a short-term loan agreement with the Company. The loan bears no interest and is due on November 22, 2011. The loan was used for working capital purposes. $30,000"
[I think they screwed up the entries in one of the tables and the next two are actually the same $35k loan]
(a) "In November 2010, a member of the Board of Directors entered into a short-term loan agreement with the Company. The loan bears no interest and is due on November 22, 2011. The loan was used for working capital purposes. $35,000"
(b) "On December 14, 2010 the Company entered into a short-term loan agreement with an existing shareholder in the amount of $35,000. The loan is non-interest bearing with no specific terms of repayment. The loan was used for working capital purposes. In March 2011, this shareholder and the Company have agreed to convert this short-term loan into common shares by way of the private placement." [the loan is mentioned multiple times but the bit about converting to commons is only mentioned once.]
"On December 1, 2010 the Company entered into a secured short-term loan agreement with an existing shareholder. The loan was used for working capital purposes and bears interest at an annual rate of 6%. The entire principal of the loan together with all accrued interest is due and payable on December 1, 2011. The loan is secured against the receivables and assets of Pak-It. $100,781"
"The notes payable are secured by Javaco’s inventory, a subsidiary of the Company, bears interest at an annual rate of 6% and are due on December 31, 2011. As at December 31, 2010, the Company was in compliance with the covenant associated with this notes payable." Notes payable: $112,500
"On April 4, 2011 we purchased this 15,000 square foot facility [the fuel blending plant] for $401,978. The Company applied $301,978 worth of credits against this purchase price, and provided the seller of the property $100,000 payment at the closing. The credits on the property included an insurance adjustment credit to the seller, rent payment already paid to the seller by the Company from the dates of April to February 2011, and a seller-held mortgage for the remaining balance of the purchase price, which is $216,832. The Company has issued the seller a promissory note for $216,832 which is due on October 4th 2011, bearing a current interest rate of 0% per annum, and a 5% per annum interest on the balance due if the Company falls into default on the promissory note."
"...In December 2010, JBI executed an agreement to lease this property for a period of 20 years, expiring on December 31, 2030. The [20 YEAR] lease provides for monthly payments equal to the greater of (i) 20% of revenue generated at the recycling facility, or (ii) an amount between $8,000 and $10,000, as set forth in the lease."
"The Company entered into a settlement agreement on February 28, 2011 to pay the consultants and the former executive officer the sum of $312,500. The Company paid $200,000 immediately in cash and issued a note payable for the remaining settlement amount of $112,500 (Note 9(b))."
"In August 2010, a former employee filed a complaint against the Company’s subsidiary alleging wrongful dismissal and seeking compensatory damages. The Company denied the validity of the contract which was signed by the former employee as employee and president of the subsidiary. The Company entered into negotiations with the former employee to trade-off some of the benefits of the alleged employment agreement in return for repayment of debts to the company incurred by the former employee while in the employment of the Company’s subsidiary. The debt in the amount of $346,386 was written off and an estimated settlement of $26,000 has been accrued in the consolidated financial statements."
"During the year, the former owner of one of the Company’s subsidiaries filed a complaint against the Company’s subsidiary alleging wrongful termination of his employment contract and seeking compensatory damages. The Company has made an offer to settle this claim. An estimated settlement of $40,000 has been accrued in the consolidated financial statements."
"In September 2010, an investor filed a lawsuit against the Company for failure to timely remove restrictive legends from his shares in the Company. The outcome of this claim is not determinable at the time of issue of these consolidated financial statements and the costs, if any, will be charged to income in the period(s) in which they are reasonably determinable."
"In March 2011, a former employee filed a complaint against the Company and its subsidiaries alleging wrongful dismissal and seeking compensatory damages. The outcome of this claim is not determinable at the time of issue of these consolidated financial statements and the costs, if any, will be charged to income in the period(s) in which they are reasonably determinable."
sec.gov |
