Is it possible that Mr. Heddle merely forgot that
Post# of 43064
Too bad for seven years so far he wasn't able to come up with that $250k - $300k he estimated that he needed to fix those freeze damaged pipes and get the processors to roar to life.
Well, technically Mr. Heddle did get the money as a loan from the directors a few years ago for the express purpose of fixing the processors as stated in the filings, but that money instead disappeared into SG&A with no explanation. Since there appears to be only one employee at PTOI, the CEO, Mr. Heddle himself, SG&A is likely mostly made up of his own compensation. Maybe if the directors loaned him a couple of million dollars, he could carve out enough of that to fix the freeze damaged pipes.
Oddly enough based on the mechanic's lien against PTOI a few years ago because PTOI didn't pay the bill, it cost $26,000 to install the pipes in the first place. I'm not sure if that was one processor or all three, but it's odd that it costs 10x as much to fix the pipes as it does to install new ones. Maybe Mr. Heddle's estimate was way off for reasons which benefit the story he tells to investors.