Plastic2Oil Inc (PTOI)

[loanranger]

"CEO has never taken one dime of salary .. it has been accrued since P2O was wrested back in mid August 2013"

"As of December 31, 2018 and 2017, Richard Heddle, CEO is due $1,200,000 and $960,000 in accrued payroll, respectively, which is included in Accrued Expenses on the Balance Sheets."
https://www.sec.gov/Archives/edgar/data/1381105/000149315219008591/form10-k.htm
p. F-24

Is due? Hang on. How did Plastic2oil,Inc end up owing any entity $1.2M without the existence of a formal agreement? Can you link me to the 8-K that includes an agreement that establishes that obligation?

It's a simple request, but I don't think you'll be able to accommodate it. At the Annual Meeting held on 12/10/13 CEO Heddle said this:
"When I came on as CEO earlier this year, the last thing on my mind was executive compensation. It has been brought up to me several times and although the official documents have not been finalized yet, I wanted to point out that I have not drawn a salary since starting as CEO, and when I do, it will not be in cash. Details on both my employment agreement as well as our CFO’s will be made available when finalized."

Heddle's employment agreement was never formalized, was it? Has PTOI's sundry Boards of Directors ever voted to accept this arrangement in the 5 years since Heddle wrested the Company back*** from its shareholders? Are PTOI's shareholders to be held to a perpetually growing obligation that isn't in writing and apparently arises from a verbal agreement that Heddle made with himself?


***Per an 8-K filed on August 15, 2013:
"Effective on August 14, 2013, the Company appointed Mr. Richard Heddle as its new Chief Executive Officer and President and as a member of the Board."

"The Company" did that? Companies don't appoint Officers and Directors, A corporation's Board of Directors does that. Who is being referred to as "the Company" on August 14, 2013?

It must be in here somewhere...
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001381105&type=&dateb=&owner=include&start=80&count=40

Was Heddle properly appointed or did he actually wrest the company away from its owners?

Do you not see any irony in the fact that Heddle wraps his investment in the Company in a ream of paper in the form of a security agreement, but when it comes to the obligation of PTOI shareholders to HIM and HIS obligations/duties to THEM that HE created he couldn't even find a pen and a cocktail napkin to memorialize it?

Or maybe I'm wrong....and you can link me to his employment agreement.