The 10K makes it clear that they were overwhelmed with feedstock supply. So much so, it was a challenge dealing with it.
I'm not convinced we need a COO myself. Couldn't the CEO be wearing two hats right now? It's not like he's managing a complex multi-location organization like other CEOs. We have one location right now. How much was his salary part of the COGS line? Since they were able to make fuel for $2.09/gallon even at these low levels, despite all the temporary costs, trials, stack test, etc. etc.....clearly plastic feedstock cost isn't that high and certainly not high enough to justify a COO at this time IMO. I like that they axed costs down enough to see a $750,000 operational cash burn reduction in a single quarter. That was the second sequential full quarter with the new management team and the first to compare to a prior quarter. If the COO was responible for the $750,000 reduction, then kudos to him, though I doubt it.
Would love to see another $750,000 reduction in Q1 down to $1.5 million ($500,000 per month) before any gross profits from fuel sales lowers it even further. At $500,000 cash burn per month, cash flow positive becomes a lot easier.
Now axe that $500k further with gross profits from fuel sales, and I think the market will reward JBII quite well even before cash flow positive. A severe cut in cash burn will make numbers geeks salivate. (and in the end, fundamental investiing is a numbers game first and foremost)
