The permits aren't constraining the operations....the operation itself is constraining the operations.
You know the history better than I do, but...
The record shows that the company issued a press release on December 15, 2010 with the headline "JBI, Inc. Plastic2Oil Process Commences Commercial Operation" indicating that it would "allow the Company to immediately run its Plastic2Oil process commercially and begin construction of an additional processor at its Niagara Falls, New York P2O facility".
Immediately apparently means something different to JBI than it does to me.
There were no revenues from that Commercial Operation in Q1 of 2011.
In Q2 of 2011 the P20 segment reported their results this way: "revenues of P20 include fuel sales from the Niagara Falls, New York facility of $47,480 revenue from sale of processed waste product (primarily paper fibre) of $33,621 and incidental revenue from sale of products of $4,914." The "fuel sales", such as they were, weren't constrained by the lack of proper paperwork.
On 6/14/11 the State of NY issued permits that allowed for the following:
"Plastic is to be fed to each of the three rotary kiln
units at a maximum rate of 2,000 lbs/hour per unit, for a total process maximum rate of 6,000 lbs/hour. You can check my math, but at 75% uptime for one processor that permit allows for the production of 9600 barrels of fuel, or an amount adequate to provide $1,056,000 in quarterly sales.
"For the nine month period ended September 30, 2011, revenues of P20 include fuel sales from the conversion of waste plastic at the Niagara Falls, New York facility of $132,957 and revenue from the sale of processed waste product (primarily paper fibre) of $88,696. These sales in the three month period then ended amounted to$85,477 for fuel and $55,075 for processed waste product." Again, the "fuel sales", such as they were, weren't constrained by the lack of proper paperwork.
When it comes to the full years results....or the 4th quarter itself.....the identification of fuel sales disappears entirely. The company readily acknowledges the importance of the P2O operation: "Our P2O business has been operating in a limited commercial capacity since December 2010 and we anticipate that this line of business will account for a majority of our revenues in 2012 and periods thereafter", but chooses to avoid providing the same level of detail that it had provided in the 2 previous quarters. All they chose to reveal was: "For the year ended December 31, 2011, the P2O business generated revenues of $288,442". Given that the total P2O segment sales in the prior quarters were $221,653, even if every penny of 4th quarter sales were "fuel sales", the most those fuel sales for the quarter could have been were $66,789, a drop of more than 20% from the prior quarter. Not as a result of Permit constraints.
I know you are undoubtedly knee deep in good reasons for there having been $200,000 or less in "fuel sales" in the first year of Commercial Operation......a year in which the State of New York provided the company the authority to produce product that had a sales value of $4Million per processor and the authority to operate 3 processors. But given that that actually did occur, why would anyone possibly believe that yet another piece of paper, a piece of paper that is only required based on an email to a poster and as far as I know has never been seen by you, I or anyone else who posts here, is an impediment to this company achieving any significant financial results?
The permits haven't constrained the operation....the operations have constrained the operation. There's no reason to expect that to change. The permit issue seems to be a dangled carrot that is clearly outpacing the donkey.
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