Plastic2Oil Inc (PTOI)

[buenokite]

Let me give you just one example of what I am talking about. John gave an interview with NPR that resulted in the following statement from from the NPR article from March, 2012.

"Each barrel of oil costs about $10 to produce. JBI can sell it for around $100 through a national distributor. The young company is already producing a few thousand gallons of oil a day."

Full link:

http://www.npr.org/2012/03/19/147506525/startup-converts-plastic-to-oil-and-finds-a-niche

Not one single element of that statement was true that quarter. But to make matters worse in the 10Q for that quarter they intentionally hid margins behind cardboard recycling. In fact it took Rauber's honesty a year later in the Q12013 10Q to show the true cost. And thanks to Rauber we now know the cost to produce a barrel of fuel was not $10, but it was over $95 per barrel. Feedstock and pre-processing costs were over 70% of that total. And they only produced 64,000 gallons of fuel which is nowhere close to a few thousand gallons per day. And finally they did not sell the fuel for $100 per barrel. They received $78.54 per barrel for #6 and $43.68 per barrel for naphtha.

So they lost money on every barrel produced but they obfuscated that fact intentionally in the 10Q filed at the time. They made negative margins look positive and inflated revenue by over 46%.

2013 10Q Link: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9285079

2012 10Q Link: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8616166

Carefully read the 10Q that Bordynuik put out in 2012 and the intentional obfuscation. And the 2013 10Q which clearly showed he was buying plastic and having to preprocess it in 2012.