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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna
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From: PaperProphet9/14/2019 10:22:10 AM
of 53574
 
The thing about penny stock scams like PTOI is that they can go on forever with virtually no expenses. I think Mr. Heddle might have paid to mow the weeds at the idled property and might have spend a few dollars on an auditor to sign off on the 10-K. In return he has been receiving substantial loans from the gullible directors...$125k to fix the processors just a year ago...which he misappropriated despite what he PR'ed to investors.

PTOI is a continuous lottery ticket for CEO Mr. Heddle, not shareholders. Every so often he can convince someone to throw some money at the company and, almost certainly, 95% of that free money finds its way into Mr. Heddle's pockets while the offsetting liability will stay on PTOI's books unpaid forever. The company can go on virtually forever in a zombie state with few expenses. Only once Mr. Heddle is convinced there's not a snowball's chance of getting another dime from investors (or unwary directors) then there won't be any more incentive to cut-and-paste the 10-Q's.

There are maybe hundreds of penny stock companies in the same state. Most of them have the CEOs 'paying' themselves and issuing offsetting notes. Gullible investors point out that the CEO must have faith to keep loaning money or toot that the companies are "surviving" but that is a grossly inaccurate picture of the actual situation.
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