The 10K showed more transparency than in the past. I see progress, but not as fast as I would like.  Cash burn needs to come down more quickly. P2O sales more than tripled in 2012 from 2011, but they need to keep working on their margins and multiply sales.

“In the year ended December 31, 2012, we had total sales of approximately $986,000, of which approximately $916,000 were derived from our P2O business and approximately $70,000 were derived from our Data Business. In the year ended December 31, 2011, we had total sales of approximately

$288,000 from our P2O business.” (From page 5)

We know the realistic cost per gallon right now too.

Their milestones reached, page 7, are significant. What is also significant is how past ‘forward looking statements’ have not matched well with results. This has done more to affect PPS and it’s gyrations than cash burn as a start-up. Let’s use a similar company, KIOR, for an example. It maintains a much higher PPS, (though it has halved in the last year). That company doesn’t have any more promise than JBII, yet has a much higher market cap. It also hasn’t promised results, as quickly as JBII has, and failed. Their forward statements are more conservative. There is no soap opera manic depressive atmosphere with KIOR. No SEC cases, jumping in and out of businesses, personal issues, etc. Investors and potential investors aren’t as spooked. IMO.

I think JBII could do better than KIOR in the long run. JBII needs a cleaner reputation, perceived and real. I believe they are trying to work on it. It will take time. They are still stumbling. They need perseverance to endure the load of the past and funds to proceed. They need to consistently produce results equal to or better than the statements they make. ‘They’ made the road tougher for themselves.

The 10K for 2012 is big step in transparency. Keep it up JBII, and keep working. You might make it.