Replies to post #75239 on Plastic2Oil Inc (PTOI)

[scion]

John may indeed be getting paid through JBI-DE.

As described in Note 7, the Company issued shares of common stock to acquire assets from John Bordynuik, Inc. (“Data”), a company owned partially by the Company’s President and CEO, valued at $342,563. Many of the contracts associated with providing tape reading services are still held in the name of Data, though it is their intent to transfer these contracts during the 2nd quarter of 2010. As such, Data bills customers for the tape reading services, collects the money and remits the funds to the Company. During 2009, $184,000 of revenues related to tape reading was paid to the Company by Data. There were no amounts for 2008.
...
During 2009, the Company’s President and CEO, who is also a majority shareholder, paid for direct labor costs associated with the reading of tapes, for which he was not reimbursed. The total costs amounted to $42,061 and have been recorded as a capital contribution. There were no amounts for 2008.
...
The Company has a large backlog of tapes to be migrated and is seeking strategic partnerships with international companies that will allow the Company to realize tape revenues faster, thereby decreasing the backlog.

FORM 10-K/A (Amendment No. 1)
For the fiscal year ended December 31, 2009
http://www.sec.gov/Archives/edgar/data/1381105/000121390010002805/f10ka2009_jbi.htm

[jimmenknee]

uh oh, where exactly did I say:

"deceptive" payments (are) being made to John?

Let me try to be clearer: the board has taken a $1 salary and has made it "appear" to be something other than what it is-- that "appearance" is deceiving by virtue of repetitive posts taking a piece of information and "blowing it up."

You get that, don't you?

--Is there a normal way for John to get reimbursed above cost and given customary CEO perks that are not defined as salary? Absolutely, through either JBI-NV or JBI-DE or both.

--Is there a normal way for John to be salaried? Absolutely, through JBI-DE given the technical wording of the 10K that addressees the tape "contracts."

I have no issue with the documents as "wiggle room" and "showmanship" are part of the "game" of being a publicly-traded company. My issue is with the further "use" and "spin" of this data to make it out to be more than what it is, as well as being used to ignore the obvious in favor of the desired :-(