I just looked at the 10-Q. Looking at change in th
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Posted On: 06/16/2019 9:04:49 AM
I just looked at the 10-Q. Looking at change in the promissory notes, it looks like either one or both directors put in a combined $70k into PTOI at 4% last quarter. Apparently at least one director is a glutton for punishment. I wouldn't assume those loans were made by 'smart money'.
Likewise with the "huge" 500k share bid which apparently is a hot topic even though it's only $12k. PTOI has a cult following and it seems like every so often someone puts out a war cry and throws money at PTOI. I wouldn't immediately assume that $12k bid is smart money either. Investors put in much more at much higher prices and generally haven't fared well.
There were two promissory notes for just over $56k each; one from the CEO and one from a director, both at 4%. I wonder if the CEO convinced one of the unwary directors that he would lend money if the director would also lend money.
It's easy to see why the CEO continues to lend money--that money goes right back into his pocket. He's the only employee so that $108k/quarter compensation reported is undoubtedly all his compensation for his part-time nonproductive job as CEO. I would bet most of the "professional fees" and "other" expenses are also indirectly paid to the CEO. With no money coming in, he generally can't pay himself so the expenses either accrue or he lends PTOI the money to pay himself--net sum zero. The loans are kept on the books in case money comes in from unwary investors or lenders and sometimes he can get someone else, like a director, to pitch in to pay his compensation.
In the CEO's case, he does appear to have one or two live ones in the form of directors who keep lending money to PTOI at rates that seem to imply zero risk. That rate, and lending money to PTOI at all, is certainly a function of an unwary director, not a rate based an actual lack of risk.
Likewise with the "huge" 500k share bid which apparently is a hot topic even though it's only $12k. PTOI has a cult following and it seems like every so often someone puts out a war cry and throws money at PTOI. I wouldn't immediately assume that $12k bid is smart money either. Investors put in much more at much higher prices and generally haven't fared well.
There were two promissory notes for just over $56k each; one from the CEO and one from a director, both at 4%. I wonder if the CEO convinced one of the unwary directors that he would lend money if the director would also lend money.
It's easy to see why the CEO continues to lend money--that money goes right back into his pocket. He's the only employee so that $108k/quarter compensation reported is undoubtedly all his compensation for his part-time nonproductive job as CEO. I would bet most of the "professional fees" and "other" expenses are also indirectly paid to the CEO. With no money coming in, he generally can't pay himself so the expenses either accrue or he lends PTOI the money to pay himself--net sum zero. The loans are kept on the books in case money comes in from unwary investors or lenders and sometimes he can get someone else, like a director, to pitch in to pay his compensation.
In the CEO's case, he does appear to have one or two live ones in the form of directors who keep lending money to PTOI at rates that seem to imply zero risk. That rate, and lending money to PTOI at all, is certainly a function of an unwary director, not a rate based an actual lack of risk.
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