I would 'thumbs up' Tman's posting of the Q2 report but, alas, IHang admin has removed my ability to use thumbs up/down.
Apparently I'm such a force that people considered my use of thumbs down on posts as being way too disruptive, and and IHang admin agreed. Along with keeping a moderator who feels her sole job is to harass skeptics, I don't give admin high marks...but it's not my site. It's just that it's a poor venue for discussion.
So for the report, apparently PTOI's blending site was disposed in Q1 of this year. The $180k asset on the balance sheet vanished. However $166k was received from a note payable. That doesn't seem easily related to the sale of the blending site. Generally selling property doesn't result in the seller owing a note.
However directors Lee Brain and Brian Aspin had loaned PTOI about $360,000 together and that was secured by that blending facility. They were demand notes but PTOI previously had no money or Mr. Heddle was unwilling to pay back Mr. Aspin and Mr. Brain. If there was money, it didn't go back to them. Mr. Heddle might have just written them another note. Although the note totals don't add up. There's an error in the report somewhere but that doesn't surprise me.
Other than that, PTOI is losing about $460k/quarter as Mr. Heddle racks up accrued salary and interest accruals. I get the impression that directors Mr. Aspin and Mr. Brain don't, or didn't, understand that any money loaned to PTOI by Mr. Heddle simply finds its way back to Mr. Heddle's pockets. Mr. Aspin and Mr. Brain don't get that same benefit as they don't control the company despite being directors.
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.