Plastic2Oil Inc (PTOI)

[dreaminbig]

Restatement

The Company has restated its 2009 consolidated financial statements previously issued on March 31, 2010 for matters related to the following items: (1) the original accounting for the acquisitions of Javaco and Pak-It which was improperly recorded as a reverse merger, whereby pre-acquisition operations of the acquired entities were erroneously reflected in the operations as originally reported; (2) the valuation and subsequent impairment of media credits; (3) the original acquisition of the assets of John Bordynuik, Inc. was improperly accounted for at fair value; and (4) equity issuances. The accompanying financial statements for 2009 have been restated to reflect the corrections. The effect of this restatement to the financial statements is a decrease in total assets of approximately $11,507,000, an increase in net loss of approximately $2,179,000 and a decrease in equity of $11,809,000.

Page 29
http://www.sec.gov/Archives/edgar/data/1381105/000121390010005258/f10k2009a2_jbi.htm#unresolvedstaffcomments

Here is an interesting article about equity issuances.
http://web.mit.edu/wysockip/www/august2001.pdf