Replies to post #55876 on Plastic2Oil Inc (PTOI)

[99leadballoons]

Are you referring to the unaudtied pro forma statements?

That's cute.

The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time, nor is it intended to be a projection of future results.

[lucky, mydog]

The Company has determined that there were errors in the original accounting for the acquisitions of Javaco and Pak-It, the valuation of media credits, and equity issuances, causing the Company to restate previously reported financial results as of and for the year ended December 31, 2009. The effect of this misstatement to the financial statements is a decrease in total assets of approximately $11,507,000, an increase in net loss of approximately $2,178,000 and a decrease in equity o $11,809,000.

[PaperProphet]

Re:

Maybe you need to learn how to read a 10K.

I'll give you the heads up...

(1) Go to pro-forma numbers in the 10K and match them to the old 10K. Sales and net loss of $27,234 match to the PENNY.

(2) Cash. Match 'em up. I haven't bothered to check if it matches to the penny, but the cash in escrow and cash pending that both cleared a couple of weeks after the 10K matches the old 10K.


Very frustrating to see them execute so perfectly and the longs be so dead on balls accurate. I know. I'm sorry. :)

Rawnoc, I just read the 10K's and I don't know why all of your posts are so far off the mark. I wish someone would stay here and correct your posts. Any newcomers are getting bad information.

First, the old 10K specifically says $13.4 million in sales. The amended specifically says sales are $3.9 million--but has a new "pro forma" breakout. You're using amended data compared to amended data to assert that they "execute so perfectly." That's off the mark. Please remember that amended data and pro forma breakout wasn't available to anyone who thought JBII was doing pretty well based on $13 million in stated revenues.

Second, even totaling the escrow, cash specifically went from $4.06 million in the 10K to $3.15 million in the amended. It may not be impossible to screw up the cash but it's hard. Somehow JBII managed to make that mistake. It would have been nice to hear the excuse for that.

Third, and this has nothing to do with your errors, but pro forma data needs to be specifically contrasted to GAAP. As you can see, JBII clearly missed this requirement. I would guess there's a fair chance that Mr. Bordynuik might be forced to file yet another amended 10K to correct that omission.

But again, posters can go back and forth on the financials and permits all year and make cases how Mr. Bordynuik is either highly credible or not to be trusted at all. I would encourage everyone to instead stay laser-focused on the suggested value proposition--whether or not JBII's claims of making a saleable product for less than $10/bbl and being able to sell it for around $80/bbl are valid or not.

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