"... AND no specific explanation as to where the funds infused over the years have gone."
Non-specifically, expenses were SG&A and interest. Since there's only one employee, it's a solid guess that the vast bulk defused into Mr. Heddle's pockets. Granted that most of the money is 'funny money' since, in the absence of cash, compensation which Mr. Heddle pays himself gets lumped onto accounts payable which then can be moved to debt but it's still an expense. Only when fresh cash comes in can he pay himself with that real money.
Other things are interesting...like the $250k which the two directors donated to Mr. Heddle...er...loaned to PTOI to start the processors. I haven't heard anything since.
"The Company secured additional debt financing commitments from two current directors for approximately $250,000 for the intended use of initially restarting one of its processors in such a way that should allow the Company to process used oils and film plastics."
That was in the third quarter...but at the end of the 3Q according to the 10Q there was only $95k of cash on the books and none of that went toward maintenance nor to PP&E.
I just glanced at PTOI's filings to see where the $250k supposedly went but the cash flows are screwed up. Maybe the two directors gave PTOI $77k before the third quarter started but the $110k in FX at Q2 is erroneous since the Canadian dollar exchange rate didn't fluctuate that much...and by the third quarter 10-Q that FX line item had vanished. Mr. Heddle would have to fix the 10-Q before anyone can even read it. The only thing that's certain is that $110,000 of Mr. Brain's and Mr. Aspin's latest loan to PTOI did not go to exchange rate adjustments. If Mr. Brain and Mr. Aspin did give the $250k in the third quarter, $200k of that vanished by the end of the third quarter and none of it went to do anything to the processors.
Non-specifically, expenses were SG&A and interest. Since there's only one employee, it's a solid guess that the vast bulk defused into Mr. Heddle's pockets. Granted that most of the money is 'funny money' since, in the absence of cash, compensation which Mr. Heddle pays himself gets lumped onto accounts payable which then can be moved to debt but it's still an expense. Only when fresh cash comes in can he pay himself with that real money.
Other things are interesting...like the $250k which the two directors donated to Mr. Heddle...er...loaned to PTOI to start the processors. I haven't heard anything since.
"The Company secured additional debt financing commitments from two current directors for approximately $250,000 for the intended use of initially restarting one of its processors in such a way that should allow the Company to process used oils and film plastics."
That was in the third quarter...but at the end of the 3Q according to the 10Q there was only $95k of cash on the books and none of that went toward maintenance nor to PP&E.
I just glanced at PTOI's filings to see where the $250k supposedly went but the cash flows are screwed up. Maybe the two directors gave PTOI $77k before the third quarter started but the $110k in FX at Q2 is erroneous since the Canadian dollar exchange rate didn't fluctuate that much...and by the third quarter 10-Q that FX line item had vanished. Mr. Heddle would have to fix the 10-Q before anyone can even read it. The only thing that's certain is that $110,000 of Mr. Brain's and Mr. Aspin's latest loan to PTOI did not go to exchange rate adjustments. If Mr. Brain and Mr. Aspin did give the $250k in the third quarter, $200k of that vanished by the end of the third quarter and none of it went to do anything to the processors.
Plastic2Oil, Inc. (PTOI) Stock Research Links
Yes, I understand your penny stock also is the real deal, created with the inventiveness of Edison and destined to be the next Microsoft. Yes, I understand that the delays are also only because your company is making their product and/or technology even more revolutionary.
