Plastic2Oil Inc (PTOI)

[Artiztic1]

February 27th, John announced the "completion" of processor number 2. In the same conference call, John also said -- "We effectively had to shut down the first processor to work on the second one at times, which was a frustration for everyone. However, we're over that, and we're off and going."

He also said that they had processed 1.4 million total lbs to date.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72760640&txt2find=1.25

So, if one were to believe everything John said on Feb.27th's conference call:

1.) Processor 2 was complete
2.) They could now run number one without shutting it down to build.
3.) 1.4 million total lbs processed to date.


On March 16th John signed the 10K which said:

"As of March 13, 2012, we have two fully-permitted and operational P2O processors at our Niagara Falls facility."


Processor 2 – Modular and Standardized:

"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."



If one were to believe everything in the 10K:

1.) JBI had two fully operational P20 processors.
2.) The second processor had been converting plastic at 2000 lbs/hr and producing fuel since it was initially debugged. The processor did not require further modifications.

http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm

On May 15th John signed the 1st Quarter report with no mention at all that processor number one was broke or compromised. He did say that "During the quarter, the first processor was run during January until we began full construction on the second processor. For safety reasons, running the processor during construction and metal fabrication is not done. At this time, the first processor was shut down for a full safety and maintenance check"

"During the last week of February, we began the production of fuel from our second processor. At this time, we began testing, fine tuning and performing a full evaluation of the processor, its individual components, the systems designed to run the processor and gathering and monitoring significant amounts of data on all aspects of the system. This testing and monitoring resulted in confirmation that the processor was functioning in the way it was designed, the system and design worked in accordance with our design specifications and the computer systems designed to operate, track and evaluate the system were operating effectively"

http://www.sec.gov/Archives/edgar/data/1381105/000121390012002574/f10q0312_jbi.htm



On February 27th, John reported that 1.4 million total lbs had been processed to date. On July 23rd the total grew to 2.3, a difference of 900,000 lbs.

So, from Feb 27th - July 23rd, JBi processed 900,000 lbs or 450 tons of plastic.

John didn't disclose processor one was broke on May 15th when he signed the 1st Quarter report, so let's assume that processor one broke the day after he signed it. This would have given processor one 78 days to run or 1,872 machine hours. Processor number two had from February 27th to July 23rd, or a total of 147 days or 3528 machine hours.

Total possible machine hours for processor one and two, from Feb 27th - July 23rd was 5,400. JBI processed 900,000 lbs in this time frame -- at 2,000 lbs per hour, would equal 450 machine hours out of 5,400 possible, or about 19 days out of 225.




So from Feb 27th to July 23rd, the processors averaged an uptime of around 8-9%, which is not even close to the 75% uptime that the company recently reported in their 10K, or even close to what anyone should have expected after:

1.) The announcement that Processor two was complete.

2.) They could now run number one without shutting it down to build processor number two.

3.) "As of March 13, 2012, we have two fully-permitted and operational P2O processors at our Niagara Falls facility."

4.) "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."

5.) "During the last week of February, we began the production of fuel from our second processor. At this time, we began testing, fine tuning and performing a full evaluation of the processor, its individual components, the systems designed to run the processor and gathering and monitoring significant amounts of data on all aspects of the system. This testing and monitoring resulted in confirmation that the processor was functioning in the way it was designed, the system and design worked in accordance with our design."




The current reality from reported numbers is around 8-9% uptime, from a previously disclosed 75% uptime, from the time period of Feb-July, and from " does not require further modifications" and "functioning in the way it was designed" -- to back to the drawing board all over again.



This is all just my honest opinion.