Plastic2Oil Inc (PTOI)

[Artiztic1]

Not only that, he was required to have the assets appraised by a independent third party as outlined in ASC 805-10-55-16. This didn't occur till after the one year measurement period, a clear violation of section 805.






"It was incompetency on the part of the accountant and CFO at the time and an oversight by management caught up in everything happening with P2O at the time."

John Bordynuik was JBI's CFO at the time of the acquisition of the media credits. He signed the 10Q in which they were first recorded as President, CEO and CFO.
He also signed the letter agreement in which the company issued 1,000,000 shares, which closed on the day of the agreement at a pps of exactly $1.00, for $9,997,134 worth of media credits.

That's some oversight.