Replies to post #109592 on Plastic2Oil Inc (PTOI)

[jimmenknee]

That is not what the filing points to...

Debt is rising-- 1st Q to eclipse equity:

Total Liabilities 1801.00  2245.00  1646.00  2798.00  3629.00  
 Shareholder Equity 11125.00  11707.00  10236.00  5033.00  3415.00  
 D/E Ratio 0.16  0.19  0.16  0.56  1.06

Ability to meet short term liabilities is now severely tested:

Tot Cash/Cash Equivs + Acct Rec 4538 4671 2374 1962 1084 
 Current Liabilities 1801.00  1982.00  1374.00  2391.00  3126.00  
 Acid Test Ratio 2.519711272 2.356710394 1.727802038 0.820577164 0.346769034

And although the negative cash flow is a little less negative, the increasing liabilities are providing too much separation:

Cash fm Operations (808.00) (1714.00) (1245.00) (1220.00) (1186.00) 
 Current Liabilities 1801.00  1982.00  1374.00  2391.00  3126.00 

The trend should be concerning given JBI is now into the 2nd half of Q2 and-- although "appearing" to be on a cusp of revenue flow -- there is still too much assuming/speculating after a "1st sale" of $23,459.88 on 5/5

Interesting side-note: why are no revenues mentioned for the MRF? Only mentioned in the expenses-- gonna be hard to be a hopeful "break-even" operation at that pace.