Plastic2Oil Inc (PTOI)

[Artiztic1]

Anyone else have the feeling that "Honest John" is a master of deception,distortion and fabrication, while spewing his hyperbole,deciet and disinformation, knowingly full well of inaccuracies and misrepresentations, that his filings are nothing short of whoppers, tales and fiction?

"Construction in process = $1,706,054.
That sounds promising to say the least. More machines being built?"

What about this?
"In addition, in October 2011 we were permitted by the city of Niagara Falls to erect a 7,200 square foot building on our Niagara Falls, NY property. We have completed construction of this building as of February 10,. The construction of a secondary location for fabrication was imperative as it will allow us to continue manufacturing processors without interrupting operations and fuel production going forward."

That quote is from the 10-K for year end 12/31/11.
But the Fixed Asset category called "Office and industrial buildings" went from $656,278 on 12/31 to $643,393 on 6/30, so it certainly hasn't been reflected in there. The costs of the building must be accumulating in "Construction in process".

ps. A poster reported this being said on 7/23 at the AGM:
"New Butler building had the concrete floor poured just six weeks ago."
That's an example of what to expect the next time you read the words "completed construction" around here......buildings without floors, processors that work part-time.

These are from the 10-K:
"The second processor was fully assembled from rack modules in approximately 8 weeks. The second processor was debugged within two weeks of assembly. Remarkably, only two components required replacement during debugging, due to the fact that these components were deemed non-functional upon arrival. The second processor has been converting plastic at 2000 lbs/hr and producing fuel since it was initially debugged. The processor does not require further modifications and therefore our focus going forward is to maximize fuel sales and build more processors."

"As at March 16, 2012, we have not found any issues with the continuous operation of our second processor."

These are from yesterday's 10-Q:
"Additionally, during the second quarter of 2012, we continued to perform testing on the second processor, which resulted in additional costs related to up and downtime of the processor."

"JBI currently, as of the date of this filing, operates two processors at its Niagara Falls, NY, facility (the “Niagara Falls Facility”)."

"During the period ended June 30, 2012, the reactor on the initial P2O Processor was determined to no longer be viable due to excessive wear and tear during significant amounts of research and development testing."



Residue removal? Problem solved!!!
(Whoops...not exactly.)


It's pretty much endless. It's not unreasonable to expect "tinkering" or "refinements". But it's deceptive to say that things are done when they aren't. It's especially deceptive to do so regularly.