Plastic2Oil Inc (PTOI)

[loanranger]

Anybody remember what happened with this?

From the 2013 10-K:
"In August 29, 2013, the Company entered into a Subscription Agreement with Mr. Richard Heddle, the Company’s Chief Executive Officer and a member of the Company’s board of directors a $1 million principal amount 12% Secured Promissory Note, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.54 per share. The gross proceeds to the Company were $1 million. In September 30, 2013, the Company entered into second Purchase Agreement with Mr. Heddle, a second note ( a $2 million principal amount Note), together with a Warrant to purchase up to two million shares of the Company’s common stock at an exercise price of $0.54 per share. The gross proceeds to the Company were $2 million. The Notes bear interest of 12% per annum compounded annually and interest are payable upon maturity. The Notes mature on August 31, 2018 and September 30, 2018, respectively. Repayment of the Notes is secured by a security interest in substantially all of the assets of the Company and its subsidiaries."

In looking at the latest 10-Q (and 10-K) I noticed this in the Schedule of notes payable:
"Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014") bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries."

The 2014 date appeared in filings as early as the 10-K filing for 12/31/15. The proper year is used elsewhere in all the filings and I guess it's just a typo, but 2014 has been used repeatedly in the Note Schedule.
What matters is when the thing comes due and that clearly seems to be September of this year (that's right...the 5 year note that the Schedule says was made in November of 2014 is actually due in 2018).

So the Company needs to come up with $1M in August and $2M more in September or Heddle gets to keep all those glorious assets for himself (if he wants to)!!!

Part one ($1M):
"The Note issued by the Company bears interest at the rate of 12% per annum. All principal and interest on the Note is due and payable in full by the Company on August 31, 2018, approximately the fifth anniversary of the issuance date. The Note may be prepaid in full or part at any time without penalty. Events of default under the Note include, without limitation, the failure to timely pay principal or interest when due and the commencement of a bankruptcy, liquidation or similar proceeding against the Company. The Company’s obligations under the Note are secured by a lien on substantially all of the assets of the Company and Plastic2Oil of NY#1, LLC and JBI RE #1, Inc., each a subsidiary of the Company."
https://www.sec.gov/Archives/edgar/data/1381105/000121390013004895/f8k083013_jbiinc.htm