"MikeDDKing" reflects on stock market action & JBII

At this point I'm not buying anything including JBII.

There were good and bad events that were reported in the most recent weeks for JBII. A lot of what happened this week is part of the maturing process for a startup.

I would summarize as follows:

Good
1. They retained a much bigger and more reputable auditor. I never liked Gately and Assiciates and am very happy with their choice to go with Withum Smith + Brown.

2. They did a private placement which added $2M to the coffers and was done on decent terms. That gives them a bigger cash cushion to commercialize P2O. They stated the following about their cash level: "The Company has sufficient cash to complete the P2O factory in Niagara Falls NY and to upgrade the Pak-It facility for retail rollout and to bring the fuel blending site to an operational state."

3. They formalized John's compensation package which I was happy to see. Given that he has voting control of the company I never liked the fact that there wasn't a formalized definition of his compensation. He doesn't make money until P2O gets a production permit so he continues to have lots of skin in the game.

Bad
1. They are late on their Q1 report. Nobody ever likes to see that. However, other than the cash position I mostly am not concerned with the contents of the report. Since they have made a disclosure about their cash position, for the most part I got what I wanted already.

2. They announced that they are restating their results which is unfortunate for any company to have to do. I was never fond of the quality of their accounting so it is good that they are cleaning this up. This is not unusual for this phase of a startup operation. The timing could have been better but that is life.

Other than having more cash, none of the above changes anything about their operations or progress. P2O gives them some huge potential that I think they will be successful in commercializing. Startups are never easy but it seems that they have jumped through most of the big hurdles at this point.

P.S. Did you really want to know about JBII or were you just stopping by to needle me when one of my stocks goes down? You seem to look down on JBII based upon your posting history.

I'm not going to be around for most of the weekend so replies to any responses may not happen until Monday.
Mike