NOTE 9 – RELATED PARTY TRANSACTIONS From June
Post# of 43066
Posted On: 08/22/2016 3:44:29 PM
NOTE 9 – RELATED PARTY TRANSACTIONS
From June 2014 to June 30, 2016, Mr. Heddle, the Company’s Chief Executive Officer, made several personal loans to the company to provide working capital. As of June 30, 2016, the current aggregate outstanding balance including accrued interest at 4% per annum was $1,708,205. (See Note 4).
On February 11, 2016, the Company issued a promissory note in favor of Richard Heddle, the Company’s President, Chief Executive Officer and Chairman of the Company’s board of directors, to memorialize various advances which are expected to be made by Mr. Heddle to the Company from February 11, 2016 until March 31, 2016. As of June 30, 2016, the current aggregate outstanding balance including accrued interest at 12% per annum was $500,385. (See Note 5).The promissory note bears interest at the rate of 12% per annum. All principal and interest on the promissory note is due and payable in full by the Company on demand. The repayment of promissory note will be secured by assets of the Company. The proceeds of these advances are being used for working capital purposes.
At June 30, 2016 and December 31, 2015, the company’s accounts payable and accrued expenses included a $132,218 outstanding balance due to Heddle Marine Services, a business controlled by Mr. Richard Heddle, the company’s Chief Executive Officer and member of the Company’s board of directors. The amounts payable arose from payments made in 2014 by Heddle Marine on behalf of the company to a logistics company to transport fuel from the Niagara Falls site to the blending tanks at our facility in Thorold, Ontario, as well as for labor and material provided by Heddle Marine towards upkeep of our Canadian facilities including 2015 cleanup costs incurred in order to terminate the lease with Avondale properties on the discontinued RRON Operation.
PLASTIC2OIL, INC. FORM 10-Q For the quarterly period ended June 30, 2016
https://www.sec.gov/Archives/edgar/data/13811...rm10-q.htm
From June 2014 to June 30, 2016, Mr. Heddle, the Company’s Chief Executive Officer, made several personal loans to the company to provide working capital. As of June 30, 2016, the current aggregate outstanding balance including accrued interest at 4% per annum was $1,708,205. (See Note 4).
On February 11, 2016, the Company issued a promissory note in favor of Richard Heddle, the Company’s President, Chief Executive Officer and Chairman of the Company’s board of directors, to memorialize various advances which are expected to be made by Mr. Heddle to the Company from February 11, 2016 until March 31, 2016. As of June 30, 2016, the current aggregate outstanding balance including accrued interest at 12% per annum was $500,385. (See Note 5).The promissory note bears interest at the rate of 12% per annum. All principal and interest on the promissory note is due and payable in full by the Company on demand. The repayment of promissory note will be secured by assets of the Company. The proceeds of these advances are being used for working capital purposes.
At June 30, 2016 and December 31, 2015, the company’s accounts payable and accrued expenses included a $132,218 outstanding balance due to Heddle Marine Services, a business controlled by Mr. Richard Heddle, the company’s Chief Executive Officer and member of the Company’s board of directors. The amounts payable arose from payments made in 2014 by Heddle Marine on behalf of the company to a logistics company to transport fuel from the Niagara Falls site to the blending tanks at our facility in Thorold, Ontario, as well as for labor and material provided by Heddle Marine towards upkeep of our Canadian facilities including 2015 cleanup costs incurred in order to terminate the lease with Avondale properties on the discontinued RRON Operation.
PLASTIC2OIL, INC. FORM 10-Q For the quarterly period ended June 30, 2016
https://www.sec.gov/Archives/edgar/data/13811...rm10-q.htm
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