Plastic2Oil Inc (PTOI)

[jjsmith]

Appears the intent of reporting 2 days of revenue was to trick people into believing the tape business was a profitable venture when it never has been. Amazing how the promoters of JBII change their stories as holes get punched in it. This appears more and more like just another pump and dump with the exception of one of the largest overstatements of assets (percentage wise) in the history of the SEC. This will surely bring scrutiny and likely justice for those in the company that overstated the assets. It will also bring attention to the obvious pumping which includes the false stock manipulation brochure.

Common sense. 3 shifts running at $22 per tape and only takes 1 employee per shift. The gross profit margins are through the roof. They had a major expansion on the tape reading business over the summer.

Plenty has changed since 2008. Dig deeper. Hell, they had more tape reading revenue in two days in 2009 at the tale end of June than they had in all of 2008 so it's silly to use 2008 as any kind of a measure of anything.

nah....no fraud involved in the least....face it Withum cleaned house and did a great job...signed off on the financials....ancient history now

Withum will turn out to be JBII's worst nightmare. Not good on a company like JBII when an honest accounting firm comes in and forces you to come clean on your financials. Problem is you can't just restate and it goes away, now they will likely have to answer to the SEC, FBI, or shareholders and prove the overstatement was "just an accident". Good luck with that one.

Now not only were the media credits overstated by $9 million, now they say they actually were worth ZERO. The problem here is until shareholders lose the last ounce of faith that they will be able to get their money back, they will not file suit, yet once the stock is worthless, JBII will likely be out of money.

Everyone seems so concerned about the simple air permit that john said "wouldn't be an issue", yet it is an issue, but I think a bigger issue may be whether they even had ANY permits to build the P2O to begin with. Maybe that is the real hold up. I haven't seen a single link to a builidng permit, electrical permit, plumbing permit, ANY permit. Does anyone have any evidence that the P2O site was built legally with valid permits BEFORE they started building it? Please provide links if you have them.