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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna
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From: PaperProphet2/9/2013 7:45:11 PM
Read Replies (3) of 53574
 
Other board: "That is a red herring. The company arbitrarily put cardboard recycling in with plastic to oil fuel in the "P20" segment. They could have just as easily created two segments."

Absolutely correct. There's no reason not to keep those numbers separate. Separating out the numbers would help the company be transparent for shareholders.

Other board: "Please cite the GAAP accounting rule that says a company can just arbitrarily make up segments at will, even when the two segments share the same facility and use the same employees."

This poster implies that it's not possible. Let's see how hard it was to make a segment. From the 10-K, "The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, Javaco, Pak-it, JBI (Canada) Inc., JBI CDE Inc., JBI Re One Inc., JBI Re#1 Inc., Plastic2Oil of NY#1, Plastic2Oil Marine Inc."

...prior 10-K's even had "Plastic2Oil Land Inc."...and do I need to go into the numerous so-called joint ventures?? The only requirement to create a subsidiary, segment or joint venture is to name it. Nothing more. From there for reporting, a company had better conform to GAAP for the segments it decides to use. GAAP doesn't prohibit creating nor destroying segments...it just dictates the standards for the accounting.

That poster's implying that GAAP doesn't allow changing of segments is extremely disingenuous.
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