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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna -- Ignore unavailable to you. Want to Upgrade?

To: SteveF who wrote (2825)	11/4/2010 11:22:46 AM
From: SteveF	Read Replies (2) \| Respond to of 53574

Honest John admitted that the DE-incorporated JBI Inc (Expedite2) is still doing the tape work in the 10K/A (conveniently omitted in the original 10K): sec.gov As described in Note 7, the Company issued shares of common stock to acquire assets from John Bordynuik, Inc. (“Data”), a company owned partially by the Company’s President and CEO, valued at $342,563. Many of the contracts associated with providing tape reading services are still held in the name of Data, though it is their intent to transfer these contracts during the 2nd quarter of 2010. As such, Data bills customers for the tape reading services, collects the money and remits the funds to the Company. During 2009, $184,000 of revenues related to tape reading was paid to the Company by Data. There were no amounts for 2008. ... During 2009, the Company’s President and CEO, who is also a majority shareholder, paid for direct labor costs associated with the reading of tapes, for which he was not reimbursed. The total costs amounted to $42,061 and have been recorded as a capital contribution. There were no amounts for 2008. ... he Company has a large backlog of tapes to be migrated and is seeking strategic partnerships with international companies that will allow the Company to realize tape revenues faster, thereby decreasing the backlog.