Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: SteveF who wrote (16296)	1/4/2012 4:09:28 PM
From: scion	Respond to of 53574

12. John W. Bordynuik, age 41, is an individual residing in Niagara Falls, Ontario, Canada. At all times during the relevant period Bordynuik functioned as both the CEO of JBI, and for portions of the relevant period he also functioned as the company’s CFO. 13. Ronald Baldwin, Jr., age 52, is an individual residing in Palm Harbor, Florida. Baldwin has been a licensed certified public accountant in Florida since 1996 and an attorney and member of the Florida Bar since 2001, although his law license has been suspended since October 31, 2009. On January 1, 2010, Baldwin was appointed CFO of JBI. Baldwin resigned from the company effective March 28, 2011. Baldwin’s termination was reported on a Form 8-K by JBI on April 14, 2011. SEC Complaint sec.gov

To: SteveF who wrote (16296)	1/4/2012 4:10:07 PM
From: scion	Read Replies (1) \| Respond to of 53574

Accounting for the Media Credits 18. In its third quarter financial statements filed in the Form 10-Q on November 16, 2009 (for the third quarter ended September 30, 2009) and its end of year financial statements filed in the Form 10-K on March 31, 2010 (for year ended December 31, 2009), JBI reported the media credits purchased from Domark as an asset of the company at their purported face value of $9,997,134. This valuation was contrary to applicable Generally Accepted Accounting Principles (“GAAP”). The $9,997,134 valuation can be traced to a purported arms length transaction between Domark and a company called Media4Equity LLC on August 13, 2008. In fact, the original valuation of the media credits by Domark and Media4Equity was severely flawed. In addition, the pricing and projection of probable future economic benefit used for the valuation was not reliable. Finally, the $1,000,000 in consideration paid by JBI for the media credits in its August 24, 2009 transaction with Domark was both a reliable basis for valuing the media credits and a correct reflection of the perceived value of the media credits at the time of the transaction. Because JBI used the purported face value of the media credits, rather than the actual cost, the company overstated the total value of its assets by a minimum of $8,997,134 (the $9,997,134 value reported less the actual $1,000,000 paid) as of both September 30, 2009 and December 31, 2009. That the media credits had no value, and certainly not the grossly overstated value contained in JBI’s financial statements, also is reflected in restatements later filed by the company. SEC Complaint sec.gov