JBI, INC.

CIK:0001381105|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATING EXPENSES
Professional Fees	$ 18,309	$ 27,834	$ 87,324	$ 83,118
Compensation	104,370	104,446	318,221	359,231
General and administrative expenses	35,016	51,304	117,433	181,252
Depreciation of property, plant and equipment and accretion of long-term liability	7,373	87,663	22,120	275,231
TOTAL OPERATING EXPENSES	165,068	271,247	545,098	898,832
LOSS FROM OPERATIONS	(165,068)	(271,247)	(545,098)	(898,832)
OTHER (INCOME) EXPENSES
Interest expense, net	292,049	254,390	861,503	736,578
Other income , net			(513)	(10,514)
TOTAL OTHER (INCOME) EXPENSES, NET	292,049	254,390	860,989	726,064
(LOSS) BEFORE INCOME TAXES	(457,117)	(525,637)	(1,406,087)	(1,624,896)
Provision for Income taxes
NET LOSS	$ (457,117)	$ (525,637)	$ (1,406,087)	$ (1,624,896)
Basic and diluted loss per share	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding	124,756,158	124,756,158	124,756,158	124,756,158

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS	$ (1,406,087)	$ (1,624,896)
Reconciliation of loss to net cash used in operations:
Depreciation of property plant and equipment	22,120	131,501
Accretion of long-term liability		143,732
Accrued interest expense	829,427	715,933
Amortization of debt discount	10,766
Stock or options issued for services		18,666
Working capital changes:
Prepaid expenses and other current assets	(4,007)	(17,910)
Accounts payable	28,271	(15,313)
Accrued expenses and accrued office salary	203,704	216,889
NET CASH USED IN OPERATING ACTIVITIES	(315,806)	(431,398)
CASH FLOW FROM INVESTMENT ACTIVITIES:
Release of restricted cash		100,524
NET CASH PROVIDED BY INVESTING ACTIVITIES		100,524
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash proceeds from secured promissory notes - related parties	272,534	252,930
NET CASH PROVIDED BY FINANCING ACTIVITIES	272,534	252,930
Foreign currency exchange effect on cash	(3,503)
NET DECREASE IN CASH	(46,775)	(77,944)
CASH AT BEGINNING OF PERIOD	47,808	172,286
CASH AT END OF PERIOD	1,033	94,342
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes
Cash paid for interest	$ 48	$ 16

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash	$ 1,033	$ 47,808
Prepaid expenses and other current assets	15,583	11,575
TOTAL CURRENT ASSETS	16,616	59,383
Property, plant and equipment, net	516,595	537,190
Property held for sale (Note 5)	180,237	180,237
Deposits	18,800	18,800
TOTAL ASSETS	732,248	795,610
CURRENT LIABILITIES:
Accounts payable	1,880,908	1,846,669
Accrued expenses	1,711,928	1,688,224
Accrued officer salary	1,380,000	1,200,000
Secured promissory notes and interest - related parties, current portion	11,022,843	9,924,418
Capital leases	22,868	22,210
TOTAL CURRENT LIABILITIES	16,018,547	14,681,521
LONG-TERM LIABILITIES:
Asset retirement obligations	69,424	67,897
Secured promissory notes and accrued interest - related parties	692,227	632,533
Secured promissory notes and accrued interest	142,093	130,274
TOTAL LONG-TERM LIABILITIES	903,744	830,704
TOTAL LIABILITIES	16,922,291	15,512,225
STOCKHOLDERS' DEFICIT:
Common stock, par $0.001; 250,000,000 authorized, 124,756,158 shares issued and outstanding	124,756	124,756
Additional paid in capital	67,199,658	67,199,658
Accumulated other comprehensive income	87,259	154,599
Accumulated deficit	(83,601,716)	(82,195,628)
TOTAL STOCKHOLDERS' DEFICIT	(16,190,043)	(14,716,615)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 732,248	$ 795,610