Plastic2Oil Inc (PTOI)

[loanranger]

But when I said that there's something fishy about it I meant something different.
Heddle is referring to an Order that has been superseded and between him and the SEC they've made a mess of things. I'll be talking about the current Order only and IGNORING the fact that World Class CEO Heddle refers to the old Order in his current filing [and ALL 4 of the filings that have been made since the current, superseding Order (https://www.sec.gov/rules/exorders/2020/34-88465.pdf) was issued on 3/25/20].

I won't try to figure out what Heddle is trying to do....just what he is SUPPOSED to do.
The new Order says that 10-Q and 10-K filings due between 3/1 and 7/1 will be due 45 days after their original due dates. That's it.
A footnote in the Order makes it obvious that this extension IS NOT in addition to any extension available through the filing of a Form 12b-25***:
"3 Any registrant relying on this Order would not need to file a Form 12b-25 so long as the report, schedule, or form is filed within the time period prescribed by this Order."
45 days is it baby.

So the 10-K was due 45 days after March 30th, the original due date (I think that would have been Thursday May 14th). EXCEPT the Order had conditions attached:
"Any registrant relying on this Order furnishes to the Commission a Form 8-K or, if eligible, a Form 6-K by the later of March 16 or the original filing deadline of the report stating....."
Already there's a problem. Was an 8-K furnished by the original filing date of the report? It's signed and dated on 3/30 but the formal filing date, since it was filed after hours, was March 31:
https://www.sec.gov/Archives/edgar/data/1381105/000149315220005372/0001493152-20-005372-index.htm

No big deal. A technicality that should have denied the Company any relief under the Order but c'est la vie! Even if ignored and the relief is granted the 10-K was due on Thursday and nobody I know has seen it.


On to the 10-Q, originally due on 5/15. It's now due on 6/29.
The 8-k seeking the extension was filed on time. And even though it refers to the wrong, superseded Order and says "As such, the Company will be making use of the 45-day grace period provided by the SEC’s Order to delay filing of its Annual Report" when it's seeking to make use of the Order to delay filing of its QUARTERLY report, it's about as close as Heddle gets to a proper filing.


IMO that's the whole story:
10-K was due on Thursday (WITH the 45 day extension). Heddle doesn't get rolling extensions based on rules that roll around in his head.
10-Q is due on 6/29.



I'd recommend ignoring his filings, much like he's ignoring the due dates.



***UNLESS one thinks that the SEC meant to say:
"Any registrant relying on this Order would not need to file a Form 12b-25 so long as the report, schedule, or form is filed within the time period prescribed by this Order, but they COULD file such a form at the end of the 45 day extension if they COULDN'T file within the time period prescribed by this Order."