Replies to post #135677 on Plastic2Oil Inc (PTOI)

[Artiztic1]

One line item, your off by a few or more.

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

The unreliability, as you know, referred to the 10K report and was limited to one line item.

[Rawnoc]

Very well put. Furthermore it wasn't the VALUE that was even wrong. It was the accounting method of recording the purchase -- forward merger cost accounting instead of reverse merger accounting into a shell (which is strange, because it kind of WAS a shell but whatever)

But, yeah, good luck having anybody say with a straight face "I invested because of the accounting method chosen to record the media credits" LOL, yeah right

Ryoko Tuesday, September 27, 2011 6:57:51 PM
Re: buenokite post# 135676 Post # of 135680

Nice try, but the company didn't say it was unreliable. The unreliability, as you know, referred to the 10K report and was limited to one line item. The unreliable information was given to JBI by Domark and signed off by their independent auditor. If you want to blame someone, blame Domark and the auditor. JBI corrected the error and did the paper work just as they were supposed to do. The lawsuit has no chance of proving an attempt to defraud.