I think it is correct to focus on the average pric

I think it is correct to focus on the average price per gallon for Fuel Oil No. 2 the company was able to obtain vs. the average cost per gallon for that same fuel.

$2.64 vs. $2.09

This drove the changes to the second processor to focus on production of that fuel type over Fuel Oil No. 6, which was being produced at a loss ($1.89 vs. $2.09).

P1's modifications leave it in a position to produce fuel at a lower feedrate, but it is not clear how much lower. It "did not produce any material amount of fuel during the fourth quarter of 2012." Hopefully the changes to produce Fuel Oil No. 2 were made or will be made. I did not see where this was stated.

The company is focusing on procuring waste plastic of the right density and cost to drive down production costs and maximize production of Fuel Oil No. 2.

The company continues to work on minimizing the processor down time due to petcoke build up.  This is a very costly process not only in time lost, but I suspect it also contributes to wear and tear on the processor.

It is not clear how or if HTF is being used to address this issue and, if it is, how well it addresses the issue. Even the company wasn't sure how to characterize it.

"allowed us to increase maximize our processor up-time during this period" (p. 34)

Well which was it "increase" or "maximize"? What do either of those words mean?

It is also not clear what design changes are being made to P3 to address this issue.

The questions about the need for a COO seem way off base to me.  Somebody needs to be in charge of driving down costs from the business operations side. Where is the best place to purchase the type of waste plastic in the quantities required for continuous operation of the processors? This will be as important as resolving the technology issues that keep costs high.

I have been saying that it is all about Processor 3. I still believe that is true.

Processor 3 and obtaining enough of the right feedstock at the right price.

The story is far from over, but the challenges are clear.