Plastic2Oil Inc (PTOI)

[loanranger]

The statement in the Commitments section in the 10Q following the 10K that you quoted was identical:

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Commitments

One of the Company’s subsidiaries entered into a consulting service contract with a shareholder. The minimum future payment is equal to fifty percent of the operating income generated from the operations of two of the most profitable devices and 10% from all the other devices.

http://sec.gov/Archives/edgar/data/1381105/000121390011002890/f10q0311_jbi.htm



However, the statement in the most recent two 10Q's was changed, with three words being added:

NOTE 11 – COMMITMENTS AND CONTINGENCIES

Commitments

One of the Company’s subsidiaries entered into a consulting service contract with a shareholder. The minimum future payment is equal to fifty percent of the operating income generated from the operations of two of the most profitable devices and 10% from all the other devices in marine industries.
http://sec.gov/Archives/edgar/data/1381105/000121390011004691/f10q0611_jbi.htm


I don't believe that the contract has ever been reproduced or the party with which the agreement was made ever clearly identified. There is, however, an Active corporation registered in the state of Nevada named Plastic2Oil Marine, Inc. which has all of its officer and its sole directors positions occupied by JB. Material or not. By the way, I'm not sure what the phrase "material subsidiary" is supposed to mean. A subsidiary is either a subsidiary or it isn't.
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=DTGvqg3XFJoPB1bvF%252bARoA%253d%253d&nt7=0