Sunday, July 11, 2010
"Rawnoc" challenges skeptics' persistant negative posts on media credits, Withun 10-K data & claims of fraud or scam
How long the "media credits" are considered ancient history?
One quarter? One permit?
Do you really think the market will give a shit even remotely about "media credits" valuation in the future?
It`s important we beat this dead horse as much as possible right now. Because nobody will care about it after the permit and next 10Q. And I mean NOBODY
Can you imagine some idiot on CNBC saying "well, JBII looks great, but a long time ago they misvalued a media credit on their balance sheet before moving up to one of the top accounting firms in the country so we recommend them a sell" -- the guy would be slapped in the fact for his stupidity right there on live camera. I've never seen a lawsuit based on intanglible assets -- have you?
On overstated cash, revenues, earnings, or understated debt -- sure. Over an intangible asset? ROFL!!!!
Good luck finding a single example in the history of the entire stock market. Your bark has no bite. ESPECIALLY when, in reality, the media credits still DO exist and they still DO buy $10 million worth of advertising, regardless of the write down, a judge would laugh out of court anybody dumb enough to bring a suit which will be NOBODY.
Investor: "Your honor, the company said they had $10 million worth of media credits."
Judge: "Well, do they?"
Investor: "Yes, but they wrote them down."
Judge: "Do the media credits still exist? Do they buy $10 million worth of advertising?"
Investor: "Yes, they exist. Yes, they buy $10 million worth of advertising. But but but technically the non-cash intangible asset entry was booked wrong according to a new GAAP accounting rule passed half way through the year last year."
Judge: "GTFO out of my court, moron. There is no fraud here."
Fraud is when you pretend something exists that doesn't. The reality? It was an incorrect entry at WORST, based on opinion. The media credits DO exist and the $10 million worth wasn't made up even if it's technically incorrect as an accounting entry it wasn't a fraudlently made up number so you don't have a leg to stand on with that silly accusation.
The media credits are an OFF BALANCE sheet asset now.
They still exist.
They are still valuable.
They will still be used.
They were clearly written off entirely to remove any doubt whatsoever. I applaud that move because as I've been saying since DAY ONE they had to be written off in 2010 anyway and would make 2010 earnings look far worse as 2010 would have $10 million in writeoffs instead of 2009. Now that they were written off in 2009, 2010 earnings will be unaffected.
It's an off balance sheet asset. Companies have them all the time. Sometimes it's hard to put a monetary value on an asset so it doesn't end up on the balance sheet or gets written off. The media credits still exist, but there's a question specific to JBII if they will be able to generate direct revenue in relation to their value hence they were written off even though $10 million worth of them still very much exist and will be used. If they generate revenue then the "expense" of using them will not be shown on the income statement. Ironically, it will inflate the income statement to a higher level.
What a slap in the face of skeptics. Not only did they expect pinksheets and Withum to never sign the 10K, but they expected all sorts of operational writedowns for which there were none,cash writedowns for which there was none, and nobody expected all sorts of juicy updates in the Withum-signed 10K about P2O which they thought was a scam and would never happen.
"The machines have undergone extensive testing to determine whether, among other things, they satisfy air quality standards enforced by the New York Department of Environmental Conservation (“DEC”). To date, test results indicate that the machines comply with these standards. The Company is operating its large processor to gather data for a DEC air permit to allow full commercial production."
Permit + fuel sales+ credibility permanently SQUASHING for some coming soon.... :)
False. Blest doesn't sell oil. What are you talking about?
Even if they did, in the real world a competitor is anybody who makes a similar product regardless of whether they made their first sale technically or not. There are all sorts of COMPETITORS in all sorts of industries that are in the development phase and/or pre-launch phase of their product.
Can you imagine a CEO on CNBC being asked "who are your competitors?" and the idiot responds "nobody, because we haven't sold anything yet. We make our first sale tomorrow therefore we have no competitors today."
He would be beaten to death right there on live TV for his stupidity and all of America would cheer his beating on.
JBII's "competition" is a joke, because nobody exists in North America that does what they are going to do. Discussion about a "Blest machine" that can't make oil profitability is laughable, and the company doesn't even sell oil despite dozens of claims otherwise.
No, let ME explain to YOU how it works.
He gave back 31 million shares.
He issued "himself" 900,000 shares.
Here's how it works....
(1) You take our your calculator
(2) You punch in 31 million.
(3) You round up 900,000 shares to 1 million just for sport.
(4) You subtract 1 million from 31 million.
(5) You end up with 30 million shares John returned to the treasury.
(6) You realize that the notion that John gave "himself" too many shares when he issued "himself" 900,000 shares is so stupid by a factor of 30 million it is absolutely mind boggling that there's anybody defending it.
Please explain to me how you are defending the claim that John "issued himself" too many common shares when he has over 30 million less common shares than he started out with. And don't babble about preferred shares and wild theories of what could happen. Explain directly how directly how NEGATIVE 30 million shares is somehow "issuing himself" too many shares. See if you can do it with a straight face. I'll bet my pancreas that you can't do it.
Some of us will be surprised when JBII is doing high profitable diesel fuel sales shortly.
Some of us are savvy and almost consider it old news at this point.
Don't act surprised when it happens. And don't forget to call it fraud & lies when it's reported.You still keep hiding behind P2O expenses which are included in Withum's numbers when you falsely claim the tape-reading business as a money-losing business.
Withum completely disagrees with you. Withum specifically stated a fat gross profit with the tape-reading business.
I know you are going to reply with information about the segment that includes P2O, but we all know P2O had losses. What you are falsely claiming and defending is that the tape reading business alone, without P2O, had losses and you further insist Withum agrees with you. You are either lying or sorely mistaken. The only thing that Withum separates out about the tape business is the $120,000 in gross profit. Furthermore you try to defend your false allegation by insisting tape drives in a free office space the size of a trailer home has $800,000 in expenses while the P2O chemists do not. It's just laughable beyond repair. Let's hope you really don't believe all of this nonsense, and you don't continue to foolishly pretend that Withum agrees with any of it even remotely.
I can't believe people don't understand the concept of working for MIT without being compensated. It says in the exact same paragraph that John wasn't compensated by MIT that he indeed did work for them. I guess it pays to read beyond a freakin' bold highlight in the 2 sentences before that. ROFL!!!
What's next -- the false allegation that John hacked into MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) website and created a page for researchers only as well as broke into CSAIL and gave himself office space?
How about he used to have a page at mit.edu for only researchers that work at M.I.T. and he used to email people from the CSAIL lab?
I know, I know, it's all part of the conspiracy. He hacked into M.I.T.'s CSAIL lab. lol
Even the most skeptical among us who are honest know damn well that John worked for M.I.T. as a researcher.
It's going to be EPIC. :)
Remember this post, dude. Remember it. GAME OVER