Plastic2Oil Inc (PTOI)

[loanranger]

"Wouldn’t anyone like to know where all that money went?"

Wherever it went for the most part it left years ago. The $4M in long term money was provided in 2013-2014. Without getting too far into it there was a big charge for compensation in 2013 ($5.3M that dropped to $1.2M in 2014 and was explained this way: "This $4,505,425 decrease was mainly due to the reduction of headcount by furloughing our operations and administration personnel.") It seems in the good old days when the company was operating a recycling depot AND a tape reading operation AND making fuel by the bucketful JB had built himself an army of worker bees that need to be paid (off). Obviously some of that compensation was in stock, but there was something that passed for operations that actually did require some cash. The last $1M of his $4M contribution was made in November of 2014 and as of the end of the following month there was $180K in cash on the books.

So his big money inputs are long gone and now the company is living hand-to-mouth on private money with the occasional Heddle and company contribution.
Has he been "paying himself back by backdooring it out through billings to Heddle Marine for services rendered"? If he has I don't think it has been done in a major way judging by the financials. Recent year losses are from accrued and stock compensation, depreciation and sundry non-productive activities.


https://www.sec.gov/Archives/edgar/data/1381105/000149315215001167/form10-k.htm


It will be interesting to see how he deals with the maturity of his first note. He'll either have to extend it, roll it over or find another GIANT sucker. OR he could force a bankruptcy unless his new pals bail him out somehow.