So something's not up then? I think it might be.
If one was looking for a sign that something was up there were two of them a little while back:
The latest extension to the fairy tale processor deal didn't happen as scheduled and expiration day went by without a peep.
The other extension....the one where the CEO was owed a pile of money and said "I can wait"....also passed without comment from the Company.
The last two 8-K's*** filed by the Company (in AUGUST) were reporting that those two events were extended to some time in December and now January has gone by and all we've heard is crickets.
Sometimes the "something" in the "something's up" isn't a good thing. Silence isn't always golden.
***There was a PR, too. I'm surprised we haven't heard more about the headline from the local shareholder community:
"Plastic2Oil Announces Plan to Resume Fuel Production & Sales and Amends Veridisyn Agreement
Aug 10th, 2018"
I was looking at the 10-Q for 9/30 filed in November to see if the resumption had taken place (LOL) and found something interesting. Forgive me if it has been reported before:
All 10Qs have to have a section called Liquidity and Capital Resources. This Company must really love that section. The following appears on p.21-22 (no need to read it all unless you want to...just skip to (XXX)):
Liquidity and Capital Resources
We do not have sufficient cash to operate our business, which has forced us to suspend our operations until such time as we receive a capital infusion or cash advances on the sale or license of our processors and or related technology. We intend to source additional capital through the sale of our equity and debt securities and other financing methods. We plan to use the cash proceeds from any financing to either complete the repairs on Processors #3 to resume production of fuels for pilot runs and customer demonstrations and or review other options including but not limited to licensing intellectual property and or pursuing other operational alternatives that may become available to management as we review the options available to the Company. At September 30, 2018, we had a cash balance of $94,342. Our principal sources of liquidity in 2018 were the proceeds of secured promissory notes and the elimination of the cash security we placed against our fuel oil sale tax bond.
As discussed earlier in this MD&A, our processors are currently idle and, thus, we are not producing fuel or generating fuel sales or processor sales. Our current cash levels are not sufficient to enable us to make the required repairs to our processors or to execute our business strategy as described in this Report. As a result, we intend to seek significant additional capital through the sale of our equity and debt securities and other financing methods to enable us to make the repairs, to meet ongoing operating costs and reduce existing liabilities. We also intend to seek cash advances or deposits under any new processor sale agreements and/or related technology licenses. Management currently anticipates that the processors will remain idle until the company can raise additional capital. While management has recently secured additional debt financing to attempt to re-initiate the limited production of processing used fuel oils and plastic films, management cannot determine if it will be successful and or if additional capital will be required to be successful. Due to the many factors and uncertainties involved in capital markets transactions, there can be no assurance that we will raise sufficient capital to allow us to resume operations in 2018, or at all. In the interim, we anticipate that our level of operations will continue to be nominal, although we plan to continue to market our P2O processors with the intention of making P2O processor sales and technology licenses, along with attempting to restart fuel oil processing.
Our limited capital resources, lack of revenue and recurring losses from operations raise substantial doubt about our ability to continue as a going concern and may adversely affect our ability to raise additional capital. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern
-----------------------------------------
Then, immediately following the above on p.22-23, we see this:
Liquidity and Capital Resources
We do not have sufficient cash to operate our business, which has forced us to suspend our operations until such time as we receive a capital infusion or cash advances on the sale or license of our processors and or related technology. We intend to source additional capital through the sale of our equity and debt securities and other financing methods. We plan to use the cash proceeds from any financing to either complete the repairs on Processors #3 to resume production of fuels for pilot runs and customer demonstrations and or review other options including but not limited to licensing intellectual property and or pursuing other operational alternatives that may become available to management as we review the options available to the Company. At September 30, 2018, we had a cash balance of approximately $94,342. Our principal sources of liquidity in 2018 were the proceeds of secured promissory notes and the elimination of the cash security placed against our fuel oil sale tax bond.
As discussed earlier in this MD&A, our processors are currently idle and, thus, we are not producing fuel or generating fuel sales or processor sales. Our current cash levels are not sufficient to enable us to make the required repairs to our processors or to execute our business strategy as described in this Report. As a result, we intend to seek significant additional capital through the sale of our equity and debt securities and other financing methods to enable us to make the repairs, to meet ongoing operating costs and reduce existing liabilities. We also intend to seek cash advances or deposits under any new processor sale agreements and/or related technology licenses. Management currently anticipates that the processors will remain idle until the company can raise additional capital. Due to the many factors and uncertainties involved in capital markets transactions, there can be no assurance that we will raise sufficient capital to allow us to resume operations in 2018, or at all. In the interim, we anticipate that our level of operations will continue to be nominal, although we plan to continue to market our P2O processors with the intention of making P2O processor sales and technology licenses, along with attempting to restart fuel oil processing.
Our limited capital resources, lack of revenue and recurring losses from operations raise substantial doubt about our ability to continue as a going concern and may adversely affect our ability to raise additional capital. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern
(XXX)
So nice they did it twice. A World Class CFO like Ratatouille Habanero would never have let that happen.
The sections are the same....the typos were carried forward. The only change of any significance was that the following sentence went missing:
"While management has recently secured additional debt financing to attempt to re-initiate the limited production of processing used fuel oils and plastic films, management cannot determine if it will be successful and or if additional capital will be required to be successful."
Buffoonery of the first order.
They didn't even put a Revenue line on their CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS to report that they didn't have any.
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