Plastic2Oil Inc (PTOI)

[Cassandra]

The overstated media credits were booked as a current asset in a 10-Q and a 10-K filed with the SEC, not just on a pro-forma balance sheet as you claim.

Current assets are sources of working capital, so working capital was also overstated unless they booked an offsetting current liability of owing the same amount to pay for media advertising.

John Bordynuik certified the 10-K as did the auditors, even though no audit was conducted. The audit company has been banned from doing SEC audits due to issues other than JBII. Apparently this auditor has a history of problems with the SEC.

The attestation of the CEO that there were no material misrepresentations in the 10-Q and 10-K is akin to perjury.

This is a very serious matter, especially since there is strong evidence of intent to defraud. The fact that Bordynuik offered to pay for a criminal defense attorney and alcohol rehab for the incarcerated auditor is especially damning. That's an inducement and, as the SEC claims, removes any sense that the auditor was independent.