Replies to post #130489 on Plastic2Oil Inc (PTOI)

[pseeker]

Wrong. "The restatement concerned the Company’s valuation of media credits, accounting for certain acquisitions, and equity issuances."

"Based on communications with the Enforcement staff, the Company believes that the proposed lawsuit relates to the Company’s subsequently restated financial statements for the third quarter of 2009, which were included in its Form 10-Q filed on November 16, 2009 and its financial statements for the year ended December 31, 2009, which were included in its 2009 Form 10-K filed on March 31, 2010. The restatement concerned the Company’s valuation of media credits, accounting for certain acquisitions, and equity issuances. Based on information obtained from the Enforcement staff, the Company believes that the staff may also recommend naming one or more current and former officers of the Company as defendants in the proposed lawsuit.

[Artiztic1]

Your statement that only "ONE" issue has been restated is pure fiction and patently false as you very well know.

The following is a summary of the restatements for the nine months ended September 30, 2009, just keeping it real:

Write off of previously recorded media credits $ (1,000,000)

Decrease in income due to change in acquisition accounting for Pak-It (1,616,600)

Decrease in income due to change in acquisition accounting for Javaco (596,213)

Decrease in income due to change in acquisition accounting for John Bordynuik, Inc. (126,569)

Decrease in operating expenses due to change in acquisition accounting 1,256,983

Increase in net interest expense due to change in acquisition accounting (141,468)

Increase in other income due to change in acquisition accounting 45,110

Increase in net income from reclassifications and timing corrections 1,068,323

Total reduction in September 30, 2009 net earnings $ (1,110,434)

Decrease in the valuation of media credits $ (9,997,134)

Decrease in the value of assets acquired from John Bordynuik, Inc. (572,102)

Decrease in the value of goodwill and other assets recorded in conjunction with the acquisition of Javaco and Pak-It (2,360,990)

Decrease in assets from other adjustments (256,432)

Total reduction in September 30, 2009 total assets $(13,186,657)

www.sec.gov/Archives/edgar/data/1381105/000121390010004885/f10q0909a1_jbi.htm

Only ONE issue has been restated. Media Credits. As you very well know.......z