Replies to post #280366 on Plastic2Oil Inc (PTOI)

[loanranger]

I think there's a strong contender for "worse" that you haven't mentioned, perhaps because it hasn't resulted in any legal action (...yet?).

That was the failure to report the following until the 10-K filing that was certified by Richard Heddle and Rahoul Banerjea on 6/3/14:
"The Company had to shut down its production late in the fourth quarter of 2013"
and that "At June 3, 2014, we lacked the working capital or access to bank credit to make these repairs".

So buyers, sellers and holders of the company stock were denied for a period of approximately six months the information that their company was not operational during that entire period.

In addition, the CFO had answered "No" to the following question in the late filing notification that was filed on 5/15 2014 relating to the 2014 Q1 10-Q:
"Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?"

In fact on July 31, 2014, when the 10-Q for the first quarter was finally filed, it showed that P2O sales for the first quarter were $18,718 versus $129,888 in the first quarter of 2013. Per the 10-Q for the first quarter of 2013 76,016 gallons of fuel were produced. No comparison to the prior year was included in the 2014 10-Q for obvious reasons....there was no fuel produced in Q1 of 2014.

These facts clearly represent "significant change(s) in results of operations from the corresponding period".



I think that the failure to advise the public that the company was non-operational for approximately six months and to indicate that that condition would not result in the reporting of significant changes in the results of operations at least belongs in the top three JBI/PTOI deceptions, don't you? (I mean, not counting the slew of press releases and "partnerships" that almost certainly resulted in more money in legal fees and judgments than revenues.)


Actually the #1 reason for the company being where it is today isn't even among those discussed above. It's the failure of John Bordynuik's equipment and processes to ever meet any reasonable definition of "commercially viable".