0001493152-18-009432.txt : 20180629 0001493152-18-009432.hdr.sgml : 20180629 20180629133127 ACCESSION NUMBER: 0001493152-18-009432 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180629 DATE AS OF CHANGE: 20180629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Plastic2Oil, Inc. CENTRAL INDEX KEY: 0001381105 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRICAL APPLIANCES, TV & RADIO SETS [5064] IRS NUMBER: 204924000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52444 FILM NUMBER: 18928544 BUSINESS ADDRESS: STREET 1: 20 IROQUOIS ST CITY: NIAGARA FALLS STATE: NY ZIP: 14303 BUSINESS PHONE: 716-278-0015 MAIL ADDRESS: STREET 1: 20 IROQUOIS ST CITY: NIAGARA FALLS STATE: NY ZIP: 14303 FORMER COMPANY: FORMER CONFORMED NAME: JBI, INC. DATE OF NAME CHANGE: 20091006 FORMER COMPANY: FORMER CONFORMED NAME: 310 HOLDINGS, INC. DATE OF NAME CHANGE: 20061115 10-Q 1 form10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

[X]

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

March 31, 2018

[ ]

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission file number: 000-52444

PLASTIC2OIL, INC.

(Exact name of registrant as specified in its charter)

Nevada		90-0822950
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification No.)

20 Iroquois Street

Niagara Falls, NY 14303

(Address of Principal Executive Offices) (Zip Code)

(716)-278-0015

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such report(s)), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer [ ]		Accelerated filer [ ]
	Non-accelerated filer [ ] (Do not check if a smaller reporting company)		Smaller reporting company [X]
	Emerging growth company [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

As of June 29, 2018, there were 124,756,158 shares of the Registrant’s common stock, $0.001 par value, outstanding.

PLASTIC2OIL, INC.

Table of Contents

PART I	Financial Information	4

ITEM 1.	Financial Statements	4

	Condensed Consolidated Balance Sheets – March 31, 2018 (Unaudited) and December 31, 2017	4

	Condensed Consolidated Statements of Operations – Three months Ended March 31, 2018 and 2017 (Unaudited)	5

	Condensed Consolidated Statements of Comprehensive Income (Loss) – Three months Ended March 31, 2018 and 2017 (Unaudited)	6

	Condensed Consolidated Statements of Cash Flows – Three months Ended March 31, 2018 and 2017 (Unaudited)	7

	Notes to Condensed Consolidated Financial Statements (Unaudited)	8

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

ITEM 3.	Quantitative and Qualitative Disclosures about Market Rick	25

ITEM 4.	Controls and Procedures	26

ITEM 5.	Other Information	27

PART II	Other Information	27

ITEM 1.	Legal Proceedings	27

ITEM 1A.	Risk Factors	27

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27

ITEM 3.	Defaults Upon Senior Securities	27

ITEM 4.	Mine Safety Disclosures	27

ITEM 5.	Other Information	27

ITEM 6.	Exhibits	27

SIGNATURES		28

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (“Report”) contains “forward looking statements” within the meaning of applicable securities laws. Such statements include, but are not limited to, statements with respect to management’s beliefs, plans, strategies, objectives, goals and expectations, including expectations about the future financial or operating performance of our Company and its projects, capital expenditures, capital needs, government regulation of the industry, environmental risks, limitations of insurance coverage, and the timing and possible outcome of regulatory matters, including the granting of patents and permits. Words such as “expect”, “anticipate”, “intend”, “attempt”, “may”, “will”, “plan”, “believe”, “seek”, “estimate”, and variations of such words and similar expressions are intended to identify such forward looking statements. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict.

These statements are based on and were developed using a number of factors and assumptions including, but not limited to: stability in the U.S. and other foreign economies; stability in the availability and pricing of raw materials, energy and supplies; stability in the competitive environment; the continued ability of our Company to access cost effective capital when needed; and no unexpected or unforeseen events occurring that would materially alter the Company’s current plans. All of these assumptions have been derived from information currently available to the Company including information obtained by our Company from third party sources. Although management believes that these assumptions are reasonable, these assumptions may prove to be incorrect in whole or in part. As a result of these and other factors, actual results may differ materially from those expressed, implied or forecasted in such forward looking information, which reflect our Company’s expectations only as of the date hereof.

Factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by the forward-looking statements include risks associated with general business, economic, competitive, political and social uncertainties; risks associated with changes in project parameters as plans continue to be refined; risks associated with failure of plant, equipment or processes to operate as anticipated; risks associated with accidents or labor disputes; risks associated in delays in obtaining governmental approvals or financing, or in the completion of development or construction activities; risks associated with financial leverage and the availability of capital; risks associated with the price of commodities and the inability of our Company to control commodity prices; risks associated with the regulatory environment within which our Company operates; risks associated with litigation including the availability of insurance; and risks posed by competition.

Some of the forward-looking statements may be considered to be financial outlooks for purposes of applicable securities legislation including, but not limited to, statements concerning capital expenditures. These financial outlooks are presented to allow the Company to benchmark the results of our Company’s Plastic2Oil business. These financial outlooks may not be appropriate for other purposes and readers should not assume they would be achieved.

Our Company does not intend to, and the Company disclaims any obligation to, update any forward-looking statements (including any financial outlooks), whether written or oral, or whether as a result of new information, future events or otherwise, except as required by law.

Unless otherwise noted, references in this Report to “P2O”, the “Company,” “we,” “our” or “us” means Plastic2Oil, Inc., a Nevada corporation.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

PLASTIC2OIL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	As of March 31, 2018			As of December 31, 2017
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	123,377		$	172,286
Restricted cash		-			100,423
Prepaid expenses and other current assets		72,044			12,386
TOTAL CURRENT ASSETS		195,422			285,196

PROPERTY, PLANT AND EQUIPMENT, NET:
Property, plant and equipment, net		1,481,309			1,525,918
TOTAL PROPERTY, PLANT AND EQUIPMENT		1,481,309			1,525,918
Deposits		10,000			10,000

TOTAL ASSETS	$	1,686,731		$	1,821,114

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
Accounts payable	$	1,863,681		$	1,878,821
Accrued expenses		2,688,356			2,607,561
Demand promissory note – related party, current portion		7,351,922			7,304,262
Capital leases		21,571			21,362
TOTAL CURRENT LIABILITIES		11,925,530			11,812,009

LONG-TERM LIABILITIES:
Asset retirement obligations		66,414			65,920
Secured promissory notes – related party		2,222,020			1,972,219
Secured promissory notes		119,285			115,802
TOTAL LONG-TERM LIABILITIES		2,407,719			2,153,941

TOTAL LIABILITIES		14,333,249			13,965,947

STOCKHOLDERS’ DEFICIT:
Common stock, par $0.001; 250,000,000 authorized, 124,756,158 shares issued and outstanding		124,756			124,756
Additional paid in capital		67,187,660			67,176,993
Accumulated other comprehensive income (loss)		29,622			(28,445	)
Accumulated deficit		(79,988,556	)		(79,418,833	)
TOTAL STOCKHOLDERS’ DEFICIT		(12,646,518	)		(12,144,833	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	1,686,731		$	1,821,114

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

PLASTIC2OIL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	For the Three Months Ended March 31,
	2018			2017

OPERATING EXPENSES
Selling general and administrative expenses
Professional Fees	$	37,016		$	56,056
Compensation		141,333			184,903
Other		75,576			73,651
Depreciation of property, plant and equipment and accretion of long-term liability		94,735			105,001
TOTAL OPERATING EXPENSES		348,660			419,611

(LOSS) FROM OPERATIONS		(348,660	)		(419,611	)

OTHER (INCOME) EXPENSES
Impairment loss - property, plant and equipment		-			13,158
Gain on disposal of property, plant and equipment		-			(255,676	)
Interest expense, net		232,257			227,676
Other (income) expense, net		(10,498	)		(1,686	)
TOTAL OTHER (INCOME) EXPENSES		221,759			(16,305	)

(LOSS) BEFORE INCOME TAXES		(570,419	)		(403,306	)

Provision for Income taxes		-			-

NET (LOSS)	$	(570,419	)	$	(403,306	)
Basic and diluted income (loss) per share	$	(0.00	)	$	(0.00	)

Weighted average number of shares outstanding

Basic and diluted		124,756,158			124,756,158

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

PLASTIC2OIL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	For the Three Months Ended March 31,
	2018			2017

NET (LOSS)	$	(570,419	)	$	(403,306	)

OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX
Foreign currency items		(58,066	)		(28,445	)
COMPREHENSIVE (LOSS)	$	(628,485	)	$	(442,566	)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

PLASTIC2OIL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31,

(Unaudited)

	2018			2017

CASH FLOWS FROM OPERATING ACTIVITIES:
NET (LOSS)		(570,419	)		(403,306	)
Reconciliation of loss to net cash used in operations:
Depreciation of property plant and equipment		45,103			55,447
Accretion of long-term liability		-			50,033
Impairment loss - property, plant and equipment		-			13,158
Accrued interest expense		223,223			217,819
Stock or options issued for Services		10,668			30,666
Gain on sale of property, plant and equipment		-			(255,676	)
Working capital changes:
Accounts receivable		-			13,158
Prepaid expenses and other current assets		(59,659	)		(75,610	)
Accounts payable		(15,140	)		1,116
Accrued expenses		80,795			87,092
NET CASH USED IN OPERATING ACTIVITIES		(285,429	)		(266,247	)

CASH FLOW FROM INVESTMENT ACTIVITIES:
Release of (increase in) restricted cash		100,524			(25	)
NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES		100,524			(25	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of property, plant and equipment		-			365,070
Repayment of mortgages and capital leases		-			(218,439	)
Cash proceeds from Note Payable		77,930
NET CASH PROVIDED BY FINANCING ACTIVITIES		77,930			146,631
Foreign currency exchange effect on cash flows		58,066			-

NET DECREASE IN CASH AND CASH EQUIVALENTS		(48,909	)		(119,641	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		172,286			270,898

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	123,377		$	151,257

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes	$	-		$	-
Cash paid for interest	$	-		$	4,079

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

PLASTIC2OIL, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – ORGANIZATION AND GOING CONCERN

Plastic2Oil, Inc. (the “Company” or “P2O”) was originally incorporated as 310 Holdings, Inc. (“310”) in the State of Nevada on April 20, 2006. 310 had no significant activity from inception through 2009. On April 24, 2009, the Company’s founder, former CEO and Chief of Technology, John Bordynuik, purchased 63% of the issued and outstanding shares of 310. During 2009, the Company changed its name to JBI, Inc. and began operations of its main business operation, transforming waste plastics to oil and other fuel products. During 2014, the Company changed its name to Plastic2Oil, Inc. P2O is a combination of proprietary technologies and processes developed by P2O, which convert waste plastics into fuel. P2O currently, as of the date of this filing, has two processors at its Niagara Falls, NY facility (the “Niagara Falls Facility”). Both processors are currently idle since December 2013. Our P2O business has begun the transition from research and development to a commercial manufacturing and production business. In the short term, we plan to grow mainly by attempting to re-initiate production by processing fuel, selling processors with a royalty arrangement, licensing technology, and or searching out other revenue generating activities related to the use of our proprietary technology. Longer term, we plan to search out other opportunistic options to fully utilize all of the underlying assets of the Company.

Currently, we do not have sufficient cash to operate our business, which has forced us to suspend our operations until we receive a capital infusion or cash advances on the sale of our processors. We are currently attempting to raise capital through the sale of assets and or through other means including the use of debt and or equity and equity equivalents that will allow us to re start the production of fuel and provide working capital for the Company.

Going Concern

These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplates continuation of the Company as a going concern, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has experienced net losses from continuing operations of $570,419, and $403,306, respectively, for the three months ended March 31, 2018, and 2017, respectively. At March 31, 2018, the Company had a net working capital deficit of $11,730,108, and an accumulated deficit of $79,988,556. These factors raise substantial doubt about the Company’s ability to continue as a going concern and to operate in the normal course of business. The Company has funded its activities to date almost exclusively from equity financings and loans from related parties. For the years ended December 31, 2017 and 2016, the Company’s auditors included a going concern opinion in its report on the Company’s audited financial statements for such periods.

The Company will continue to require substantial funds to continue the expansion of its P2O business to achieve commercial productions, and to resume sales and marketing efforts. Management’s plans in order to meet its operating cash flow requirements include financing activities such as private placements of its common stock, issuances of debt and convertible debt instruments.

While the Company believes that it will be successful in obtaining the necessary financing to fund its operations, meet regulatory requirements, and achieve commercial production goals, there are no assurances that such additional funding will be achieved and that it will succeed in its future operations. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should we be unable to continue in existence.

NOTE 2 – SUMMARY OF ACCOUNTING POLICIES

Basis of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Plastic2Oil of NY#1 Inc., Plastic2Oil (Canada) Inc., JBI CDE Inc., Plastic2Oil Re One Inc., JBI Re #1 Inc., Plastic2Oil Marine Inc., Javaco, and Pak-it. All intercompany transactions and balances have been eliminated on consolidation. Amounts in the consolidated financial statements are expressed in US dollars. Pak-It and Javaco have also been consolidated; however, as mentioned their operations were classified as discontinued operations.

Interim Disclosure

In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, which are considered necessary for a fair presentation of the results for the periods presented. These condensed consolidated financial statements are presented in considerably less detail than complete financial statements that are intended to present financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. For this reason, they should be read in conjunction with the entity’s most recent complete financial statements included in its annual report for the year ended December 31, 2017 on Form 10-K filed with the Securities and Exchange Commission (the SEC) on April 2, 2018 that include all the disclosures required by generally accepted accounting principles.

Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include amounts for impairment of long-lived assets, share based compensation, asset retirement obligations, accrued liabilities, accounts receivable exposures and valuation of options and warrants.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

Restricted Cash

At March 31, 2018 and December 31, 2017, respectively, the Company had $0 restricted cash and $100,423, that was used to secure a line of credit that secured a performance bond on behalf of the Company. The performance bond was required by the State of New York for fuel distributors in perpetuity. The bond was cancelled in the first quarter of 2018 due to the lack of current production. In the event of any future production the Company may be required to post another bond.

Accounts Receivable

Accounts receivable represent unsecured obligations due from customers under terms requesting payments upon receipt of invoice up to ninety days, depending on the customer. Accounts receivable are non-interest bearing and are stated at the amounts billed to the customer net of an allowance for uncollectible accounts. Customer balances with invoices over 90 days old are considered delinquent. Payments of accounts receivable are applied to the specific invoices identified on the customer remittance, or if unspecified, are applied to the earliest unpaid invoice.

The allowance for uncollectible accounts reflects management’s best estimate of amounts that may not be collected based on an analysis of the age of receivables and the credit standing of individual customers. The allowance for uncollectible accounts as of March 31, 2018 and December 31, 2017 was $0 and $0, respectively.

Property, Plant and Equipment

Property, plant and equipment are recorded at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets, and capital-leased assets are given useful lives coinciding with the asset classification they are classified as follows:

Leasehold improvements		lesser of useful life or term of the lease
Machinery and office equipment		3-15 years
Furniture and fixtures		7 years
Office and industrial buildings		25 -30 years

Gains and losses on depreciable assets retired or sold are recognized in the statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred and expenditures that increase the value or useful life of the asset are capitalized.

Impairment of Long-Lived Assets

The Company reviews for impairment of long-lived assets on an asset by asset basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by the Company typically meet the definition of a component of an entity and as such, the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented.

During the three months ended March 31, 2018 and 2017, the Company recorded impairment losses on property, plant and equipment of $0 and $13,158, respectively, in accordance to ASC 360-10-50-2 where an impairment loss will be recognized only if the carrying amounts of the long-lived assets are not recoverable and exceeds its fair value. The Company estimates the fair value of equipment for impairment purposes using a discounted cash flow method.

Asset Retirement Obligations

The fair value of the estimated asset retirement obligation is recognized in the consolidated balance sheets when identified and a reasonable estimate of fair value can be made. The asset retirement cost, equal to the estimated fair value of the asset retirement obligation, is capitalized as part of the cost of the related long-lived asset. The balance of the asset retirement obligation is determined through an assessment made by the Company’s engineers, of the total costs expected to be incurred by the Company when closing a facility. The total estimated cost is then discounted using the current market rates to determine the present value of the asset as of the date of this valuation. As of the date of the creation of the asset retirement obligation in the amount of $57,530, the Company determined the present value of the obligation using a discount rate equal to 2.96%. The present value of the asset retirement obligation is then capitalized in the condensed consolidated balance sheets and is depreciated over the asset’s estimated useful life and is included in depreciation and accretion expense in the condensed consolidated statements of operations. Increases in the asset retirement obligation resulting from the passage of time are recorded as accretion of asset retirement obligations in the condensed consolidated statements of operations. Actual expenditures incurred are charged against the accumulated obligation. As of March 31, 2018 and December 31, 2017, the carrying value of the asset retirement obligations was $66,414 and $65,920, respectively. These costs include disposal of plastic and other non-hazardous waste, site closing labor, testing, and sampling of the site upon closure.

Environmental Contingencies

The Company records environmental liabilities at their undiscounted amounts on our balance sheets as other current or long-term liabilities when environmental assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. These costs may be discounted to reflect the time value of money if the timing of the cash payments is fixed or reliably determinable and extends beyond a current period. Estimates of our liabilities are based on currently available facts, existing technology and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors, and include estimates of associated legal costs. These amounts also consider prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by the Environmental Protection Agency (EPA) or other organizations. Our estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and we recognize a current period charge in operation and maintenance expense when clean-up efforts do not benefit future periods.

We evaluate any amounts paid directly or reimbursed by government sponsored programs and potential recoveries or reimbursements of remediation costs from third parties including insurance coverage separately from our liability. Recovery is evaluated based on the creditworthiness or solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our balance sheets. No amounts for recovery have been accrued to date.

Deposits

Deposits represent utility services deposit and payments made to vendors for fabrication of key pieces of property, plant and equipment that have been made in accordance with the Company’s agreements to purchase such equipment. Payments are made to these vendors as progress is made on the fabrication of the equipment, with final payments made when the equipment is delivered. Until we have possession of the equipment, all payments made to these vendors are classified as deposits on assets. Deposits were $10,000 as of March 31, 2018 and December 31, 2017.

Leases

The Company has entered into various leases for buildings and equipment. At the inception of a lease, the Company evaluates whether it is operating or capital in nature. Operating leases are recorded as expense in the appropriate periods of the lease. Capital leases are classified as property, plant and equipment and the related depreciation is recorded on the assets. Also, the debt related to the capital lease is included in the Company’s short- and long-term debt obligations, in accordance with the lease agreement.

Lease inducements are recognized for periods of reduced rent or for larger than usual rent escalations over the term of the lease. The benefit of a rent free period and the cost of future rent escalations are recognized on a straight-line basis over the term of the lease.

Revenue Recognition

The Company recognizes revenue when it is realized or realizable and collection is reasonably assured. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

P2O processor sales are recognized when the customer take possession of the processors since Title to the Goods and the risk of loss transfer from P2O to Customer upon delivery. P2O fuel sales are recognized when the customers take possession of the fuel since at that stage the customer has completed all prior testing necessary for their acceptance of the fuel. At the time of possession, they have arranged for transportation to pick it up and the sales price has either been set in their purchase contract or negotiated prior to the time of pick up through the issuance of a purchase order. The Company negotiates the pricing of the fuel based on the quality of the product and the type of fuel being sold (i.e. Naphtha, Fuel Oil No. 6 or Fuel Oil No. 2).

Foreign Currency Translation

The condensed consolidated financial statements have been translated into U.S. dollars in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830. All monetary items have been translated using the exchange rates in effect at the balance sheet date. All non-monetary items have been translated using the historical exchange rates at the time of transactions. Income statement amounts have been translated using the average exchange rate for the year. There were no material foreign exchange gains or losses that are included as general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, respectively.

Income Taxes

The Company utilizes the asset and liability method to measure and record deferred income tax assets and liabilities. Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company adopted the accounting standards associated with uncertain tax positions as of January 1, 2007. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or financial position. Upon adoption, the Company had no unrecognized tax benefits. Furthermore, the Company had no unrecognized tax benefits at March 31, 2018 and December 31, 2017. The Company files tax returns in the U.S federal and state jurisdictions as well as a foreign country. The years ended December 31, 2014 through December 31, 2017 are open tax years for IRS review.

Loss Per Share

The financial statements include basic and diluted per share information. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. For the three months ended March 31, 2018, potential dilutive common stock equivalents consisted 4,600,000 shares underlying common stock warrants and 6,580,000 shares underlying stock options, which were not included in the calculation of the diluted loss per share because their effect was anti-dilutive. For the three months ended March 31, 2017, potential dilutive common stock equivalents 6,800,000 shares underlying common stock warrants, and 7,330,000 shares underlying stock options, which were not included in the calculation of the diluted loss per share because their effect was anti-dilutive.

Segment Reporting

The Company currently operates as a single segment. Through December 31, 2016 the Company formerly operated two reportable segments that officially ended in March 31, 2017 with the sale and final settlement of accounts for its Data Recovery business in a swap for debt due of approximately $10,000. Under ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our former operating segments included plastic to oil conversion (Plastic2Oil), which includes processor sales as well as fuel sales, and Data Recovery and Migration, our magnetic tape reading segment. Our Chief Operating Decision Maker is the Company’s Chief Executive Officer. There were no operations undertaken by the Company’s Data Recovery and Migration business during the first quarter of March 31, 2018 and 2017, respectively.

Concentrations and Credit Risk

Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of operating demand deposit accounts and accounts receivable. The Company’s policy is to place our operating demand deposit accounts with high credit quality financial institutions that are insured by the FDIC, however, account balances may at times exceed insured limits. The Company extends limited credit to its customers based upon their creditworthiness and establishes an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends and other pertinent information. The Company also routinely assesses the collectability of the short-term note receivable and determines its exposure for non-performance based on the specific holder and other pertinent information.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, leases, promissory notes, long-term debt, and mortgage payable approximate fair value because of the short-term nature of these items.

Recently Issued Accounting Pronouncements

Management does not believe that there are any recently issued, but not yet effective accounting pronouncements, if adopted, that would have a material effect on the accompanying consolidated financial statements.

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, Plant and Equipment consist of the following at:

As of March 31, 2018	Cost		Accumulated Depreciation			Net Book Value

Leasehold improvements	$	218,054	$	(42,786	)	$	175,267
Machinery and office equipment		1,360,460		(1,147,015	)		213,446
Furniture and fixtures		14,166		(14,166	)		-
Land		243,859		-			243,859
Asset retirement obligation		58,363		(10,474	)		47,890
Office and industrial buildings		1,084,899		(284,051	)		800,847
Equipment under capital lease		53,257		(53,257	)		-
Total	$	3,033,058	$	(1,551,749	)	$	1,481,309

As of December 31, 2017	Cost		Accumulated Depreciation			Net Book Value

Leasehold improvements	$	218,054	$	(40,635	)	$	177,419
Machinery and office equipment		1,626,379		(1,385,432	)		240,947
Furniture and fixtures		16,368		(16,368	)		-
Land		243,859		-			243,859
Asset retirement obligation		58,363		(9,799	)		48,564
Office and industrial buildings		1,084,899		(271,672	)		813,227
Equipment under capital lease		53,257		(51,355	)		9,510
Total	$	3,301,179	$	(1,775,261	)	$	1,525,918

For the three months ended March 31, 2018 and 2017, the Company recognized $45,103 and $55,447, respectively, of depreciation expense. At March 31, 2018 and 2017, machinery and equipment with a cost of $53,257 and accumulated amortization of $51,355 and $45,649, respectively, were under capital lease. During the three months ended March 31, 2018 and March 31, 2017, the Company recognized $1,902 and $1,902 respectively, of depreciation expense related to these assets under capital lease.

On March 31, 2017, the Company sold its land and building located at 1783 Allanport Road, Thorold, Ontario, for a gain of approximately $254,000. The proceeds were used towards repayment of the outstanding mortgage, real estate taxes and closing costs. The Company reviews for impairment of long-lived assets on an asset by asset basis, which resulted in an impairment booking of $13,158 for the three months ending March 31, 2017.

NOTE 4 – SECURED PROMISSORY NOTES - RELATED PARTY

Related Party notes payable consists of the following at periods ended:

	As of March 31, 2018		As of December 31, 2017
Secured Demand Promissory Note (provided by a related party) bearing interest of 4% per annum.	$	1,929,359	$	1,969,121

Secured Demand Promissory Note (provided by a related party) bearing interest of 12% per annum.		598,134		588,651

Secured Promissory Notes (provided by a related party -$1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		1,457,851		1,413,186

Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		4,933,637		4,746,490

Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		118,744		115,276

Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		458,128		443,757

Total		9,495,853		9,276,481
Short Term Demand Notes Payable	$	2,527,493	$	2,557,772
Short Term Secured promissory notes – related party	$	4,933,637	$	4,746,490
Long Term Secured promissory notes – related party	$	2,034,723	$	1,972,219
Short Term and Long Term promissory notes – related party	$	6,968,360	$	6,718,709

Continuity of Secured Promissory Notes – Related Party	As of March 31, 2018			As of December 31, 2017
Face value of November 19, 2014 secured note payable	$	1,000,000		$	1,000,000
Face value of August 29, 2013 secured note payable		1,000,000			1,000,000
Face value of September 30, 2013 secured note payable		2,000,000			2,000,000
Face value of August 25, 2016 secured note payable		100,000			100,000
Face value of October 18, 2016 secured note payable		400,000			400,000
Total face value of promissory notes payable		4,500,000			4,500,000
Discount on November 19, 2014 secured notes payable (1,000,000 warrants)		(58,082	)		(58,082	)
Discount on August 29, 2013 secured note payable (1,000,000 warrants)		(310,200	)		(310,200	)
Discount on September 30, 2013 secured note payable (2,000,000 warrants)		(600,400	)		(600,400	)
Discount on August 24, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000	)
Discount on October 18, 2016 secured notes payable (500,000 warrants)		(20,000	)		(20,000	)
Accretion of discount on secured notes payable ($4,000,000 secured note payable)		866,914			818,480
Accretion of discount on secured notes payable ($500,000 secured note payable)		1,575			5,200
Interest on secured notes payable($4,000,000 secured note payable)		2,493,405			2,309,878
Interest on secured notes payable($500,000 secured note payable)		16,739			75,833
Carrying value of Short Term and Long Term Secured Promissory Notes	$	6,887,951		$	6,718,709

The following annual payments of principal and interest are required over the next five years in respect to these short term and long term related party secured notes payables:		9,276,481

Years Ending December 31,	Annual Payments

2018		7,304,262
2019		1,413,186
2020		-
2021		559,033
Total	$	9,276,481

NOTE 5 – SECURED PROMISSORY NOTES

Secured notes payable consists of the following at periods ended:

	As of March 31, 2018		As of December 31, 2017

Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		119,285		115,802
Secured Demand Promissory Note - $77,930 in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA.		77,930		-
Total		197,215		115,802
Less: current portion		-		-
Secured promissory notes	$	197,215	$	115,802

Continuity of Secured Promissory Notes	As of March 31, 2018			As of December 31, 2017
Face value of August 10, 2016 secured note payable	$	100,000		$	100,000
Face value of February 16, 2018 secured note payable		77,930			-
Total face value of promissory notes payable		177,930			100,000
Discount on August 10, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000	)
Accretion of discount on secured notes payable ($100,000 secured note payable)		633			533
Interest on secured notes payable ($500,000 secured note payable)		20,652			17,269
Carrying value of Secured Promissory Notes	$	197,215		$	115,802

The following annual payments of principal and interest are required over the next five years in respect to these secured notes payable:

Years Ending December 31,	Annual Payments
2017	$	-
2018		-
2019		-
2020		-
2021		197,215
Total	$	197,215

NOTE 6 - CAPITAL LEASES

The Mortgages Payable and Capital Leases consists of the following at periods ending:

	As of March 31, 2018			As of December 31, 2017
Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor. The capital lease is in default.		21,571	(1)		21,362	(1)

Total		21,571			21,362
Less: current portion		21,571			21,362
Mortgages payable and capital leases	$	-		$	-

(1) Includes accrued interest.

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Commitments

On April 17, 2017, the Company received cash in the amount of $524,010, net of legal expenses from the settlement of the Glenny and Maskell litigation. The Company filed the lawsuit on May 25, 2012 at the Ontario Superior Court of Justice, seeking damages consisting of the costs of defense and any damages that may be awarded against the Company, our former CEO John Bordynuik, and former CFO Ron Baldwin in the Class Action and in the SEC Action. The Ontario Superior Court of Justice issued the dismissal order dated May 9, 2017. The case was settled in the U.S. with ACE (Insurance carrier) in or about May 2013, pursuant to what is known as a “Mary Carter” (confidential) settlement.

As of September 30, 2017, the Company has committed to purchase certain pieces of key machinery from vendors related to the future expansion of its operations. At December 31, 2016, we recorded impairment loss $1,448,464 on the deposits in accordance to ASC 360-10-50-2 where an impairment loss will be recognized only if the carrying amount of the long-lived assets are not recoverable and exceeds its fair value. The Company will be required to pay approximately $540,000 upon the delivery of these assets which is expected occur with the delivery of processor #4 and processor #5.

The Company leased premises in Thorold, Ontario, Canada, which was previously used in the operation Plastic2Oil (Canada), Inc. doing business as Regional Recycling of Niagara (“RRON”). During the third quarter of 2013, the Company determined that it would shut down the operations of RRON. The employees of RRON were given notice of the shut down in the first week of September 2013, after which point the Company approached the landlord about terminating the lease; however, there was no formal termination as an agreement to terminate the lease was not reached. During September 2013, the Company was assessing its options with the facility, including potential sublease, but determined that a sublease of the facility was not permitted by the lease and officially decided to cease use of the premises as of September 30, 2013. Accordingly, the Company has applied September 30, 2013 as the cease-use-date in recognizing the liability for the contract termination costs. The property was vacated on November 10, 2015. On January 15, 2016, the Company entered into a Surrender of Lease agreement which terminated its lease, dated December 1, 2010, between Avondale Store Limited Properties and JBI, (Canada) Inc. relating to the Company’s premises located at 1786 Allanport Road, Thorold, Canada. The effective date of the termination was October 31, 2015. The premises was the site of the Company’s Regional Recycling Center, which was part of a business line that was discontinued by the Company in 2013. The Company anticipates the termination will save approximately $1,161,360 in lease payments over the original life of the lease which had a term ending on December 1, 2030. The Company settled all unpaid rent on July 26, 2017, covering the period from May 2016 to October 2016.

Contingencies

As of March 31, 2018, the Company is involved in litigation and claims, which arise from time to time in the normal course of business. In the opinion of management, based upon the information and facts known to them, any liability that may arise from such contingencies would not have a material adverse effect on the unaudited condensed consolidated financial statements of the Company.

NOTE 8 - WARRANTS

The following table summarizes the activities for the period.

Warrants

The following table summarizes the activities for the quarter ended March 31, 2018 and year ended December 31, 2017:

	Warrants Number		Weighted Average Exercise Price		Weighted Average Remaining Term
OUTSTANDING, December 31, 2017		4,850,000	$	0.38		1.3
Expired		250,000		0.15
OUTSTANDING, March 31, 2018		4,600,000	$	0.39		1.1

There were no warrants issued during the three months ended March 31, 2018. For the three months ended March 31 2018, 250,000 of warrants expired.

NOTE 9 – STOCK-BASED COMPENSATION PLANS AND AWARDS

2012 Plan

There were no options granted during the three months ended March 31, 2018 and 2017. As of March 31, 2018, 4,380,000 options were outstanding of which 2,330,000 are fully vested.

A summary of stock option activity for the three months ended March 31, 2018 is as follows:

	Outstanding Stock Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value (1)
Balance as of December 31, 2017		4,380,000	$	1.12	$	-
Balance as of March 31, 2018		4,380,000	$	0.42	$	-
Exercisable as of March 31, 2018		2,330,000	$	0.72	$	-

Equity awards available for grant, net of restricted stock (811,576) at March 31, 2018:		4,858,424

(1)	Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock.

As of March 31, 2018, the Company expects to recognize $37,333 of, compensation through March 31, 2019 related to the vesting of stock options.

2016 Incentive Plan

There were no options granted during the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, 2,250,000 options were outstanding and are fully vested.

A summary of stock option activity for the three months ended March 31, 2018 is as follows:

	Outstanding Stock Options		Weighted- Average Exercise Price		Aggregate Intrinsic Value (1)
Balance as of December 31, 2017		2,250,000		0.17
Balance as of March 31, 2018		2,250,000	$	0.17	$	-
Exercisable as of March 31, 2018		2,250,000	$	0.17	$	-

NOTE 10 – RISK MANAGEMENT

Concentration of Credit Risk

The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Canada Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions and has not experienced any collection losses with these financial institutions.

NOTE 11 – SUBSEQUENT EVENTS

None.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management’s discussion and analysis (the“MD&A”) of the results of operations of the Company should be read in conjunction with the consolidated financial statements of the Company, together with the accompanying notes, as well as other financial information included elsewhere in this Report. This discussion contains forward-looking statements that involve certain risks and uncertainties, and that reflect estimates and assumptions. See the section titled, “Cautionary Statement Regarding Forward-Looking Statements” for more information on forward-looking statements. Our actual results may differ materially from those indicated in forward- looking statements.

Business Overview

For the three months ended March 31, 2018 and 2017, the Company had no revenues. The Company’s P2O processors were idle for all of 2017 and remained idle during the three months ended March 31, 2018. The Company no longer operates its data storage and recovery business. The Company wrapped up its accounts related to its data storage and recovery business as of March 31, 2017.

For financial reporting purposes, we currently operate in one business segment, our P2O® solution business. As of the filing date of the report, our two operating processors were idle and not producing fuel products. Previously, we operated in two business segments, which also included a business data and recovery segment and a recycling facility for waste paper fiber processing, a chemical processing and cleaning business, known as Pak-It, and a retail and wholesale distribution business, known as Javaco, Inc. which we discontinued, prior to 2017. As of March 31, 2017, we had exited all of these businesses. We settled the final accounts of the data storage and recovery business in the first quarter of 2017 and had no revenues or operating expenses during this period.

Our P2O business is a commercial manufacturing and production business. We plan to grow mainly from sale of processors, and secondarily from the sale of fuel products. Historically, our revenues have been derived primarily from our other segments and products, including those noted above as discontinued operations.

Plastic2Oil Business

Our P2O business has elements of both a recycling business and a fuel refiner/ production business, which makes it difficult to identify and make direct comparisons to competitors. Both the recycling and energy sectors are characterized by rapid technological change. Our future success will depend on our ability to achieve and maintain a competitive position with respect to technological advances in both of these sectors. We believe that our business currently faces competition in the plastics-to-energy market, including competition from PK Clean, Vadxx Energy, Green Envirotec Holdings LLC, and RES polyflow, each of which has developed alternative methods for obtaining and generating fuel from plastics. Because P2O solution products include a variety of fuels, we also face competition from the broader petroleum industry.

We continue our business strategy with the goal of becoming a leading North American company that transforms waste plastic into ultra-clean, ultra-low sulphur fuel.

When in operation, we provide environmentally friendly solutions through our processors and technologies. Our primary offering is our Plastic2Oil®, or P2O®, solution, which is our proprietary process that converts waste plastic into fuel through a series of chemical reactions (our “P2O business”). We collect mainly mixed plastics from commercial and industrial enterprises that generate large amounts of waste plastic for use in our process.

Generally, this waste plastic would otherwise be sent to landfills and its disposal potentially can be quite costly for companies. We use this waste plastic as feedstock to produce Fuel Oil No. 2, Naphtha, and Fuel Oil No. 6 for various uses by our customers. We own our P2O processors and have the capability to produce and store the fuels at, and ship from, our facilities in Niagara Falls, New York. We sell the fuels we produce to customers through two main distribution channels, fuel wholesalers and directly to commercial and industrial end-users.

Our P2O processors have evolved to be modular solutions with the completion of processor #3 in 2013. We use third party contract manufacturers for the manufacture of many of the key modular components of our processors, including the kilns and distillation towers as well as certain other key components that require specialized machining and fabrication.

Our P2O business is a proprietary process that converts waste plastic into fuel through a series of chemical reactions. We began developing this process in 2009 and began very limited production in late 2010 following our receipt of a consent order from the New York State Department of Environmental Conservation (“NYSDEC”) allowing us to commercially operate our first large-scale P2O processor located at our Niagara Falls, New York facility. Currently, as of the filing of this report, these processors were idle for all of 2017 and remained idle for the three months ended March 31, 2018. Our processors are capable of producing Naphtha, Fuel Oil No. 2 and Fuel Oil No. 6. Our P2O process also produces two by-products, a reusable off-gas similar to natural gas, and a petcoke carbon residue. We sell our fuel products to fuel wholesalers and directly to commercial and industrial end-users. We primarily use our off-gas product in our processing operations to fuel the burners in our P2O processors. Since inception, we have produced a total of 667,996 gallons of fuel, however no fuel was produced in the three months ended March 31, 2018 and 2017.

Listing on the OTCQB

At March 31, 2018, we had 124,756,158 shares of common stock issued and outstanding. Our common stock is currently trading on the OTCQB marketplace in the United States of America under the stock ticker symbol “PTOI.” On June 28, 2018, the last trading day prior to the date of this filing, the closing price of the common stock on the OTCQB was $0.01.

Sources of Revenues and Expenses

Results of Operations – Three and months ended March 31, 2018 compared to Three months ended March 31, 2017.

Revenue

We had no revenues during the three months ended March 31, 2018 and 2017. We have shifted our business strategy to attempting to license our intellectual property and technology related to our fuel processors, selling fuel processors and selling oil produced by our own P2O equipment.

We had no fuel production or processor sales in the three months ended March 31, 2018. Consequently, there was neither fuel shipment nor fuel revenue. This was mainly due to management’s decision to shut down its production in the fourth quarter of 2013 due to the severe cold weather that caused damage to condensers and other components of our processors and the lack of operating cash. The damage requires substantial working capital for general repairs and replacement of damaged condensers and we have been unable to obtain the financing necessary to make these repairs. These processors were idle for all of 2014, through, 2017 and remain idle through the date of this filing. Management estimates the processors will remain idle until the Company can raise additional capital. Management is attempting to raise capital to start production in 2018.

The Company’s operating expenses consisted of the following:

Operating Expenses

	For the Three Months Ended March 31,
	2018		2017
Selling, General and Administrative expenses
Professional Fees	$	37,016	$	56,056
Compensation		152,000		184,903
Other		64,909		73,771
Depreciation & Accretion		94,735		105,001
Total Operating Expenses	$	348,660	$	419,611

We incurred operating expenses of $348,660 during the three months months ended March 31, 2018, compared to $419,611 for the three months ended March 31, 2017, respectively. This decrease in operating expenses was materially due to a decrease in professional fees, compensation, other expenses, along with depreciation and accretion for a total reduction of approximately $84,000. The Company is currently attempting to minimize its operating expenses while it works to recapitalize the company.

Non-Operating Expenses

Interest Expenses

For the three months ended March 31, 2018, we incurred net interest expense of approximately $232,000 as compared to approximately $228,000 for the three months ended March 31, 2017, which were materially due to related party secured promissory and short term notes.

Income Tax Expenses

For the three months ended March 31, 2018 and 2017, we had no federal taxable income due to net losses and recorded a deferred tax asset and a valuation allowance to the extent that those assets are attributable to net operating losses. We recognized the valuation allowance because we are unsure as to the ability to use these assets in the near future due to continued operating losses.

Net Loss

As a result of the above, we incurred a net loss of approximately $570,000 for the three months ended March 31, 2018 as compared to a net loss of approximately $670,000 for the three months ended March 31, 2017.

Liquidity and Capital Resources

We do not have sufficient cash to operate our business, which has forced us to suspend our operations until such time as we receive a capital infusion or cash advances on the sale or license of our processors and or related technology. We intend to source additional capital through the sale of our equity and debt securities and other financing methods. We plan to use the cash proceeds from any financing to either complete the repairs on Processors #3 to resume production of fuels for pilot runs and customer demonstrations and or review other options including but not limited to licensing intellectural property and or pursuing other operational alternatives that may become available to management as we review the options available to the Company. At March 31, 2018, we had a cash balance of approximately $123,000. Our principal sources of liquidity in 2018 were the proceeds of secured promissory notes and the elimination of the reserve place against our fuel oil sale tax bond.

As discussed earlier in this MD&A, our processors are currently idle and, thus, we are not producing fuel or generating fuel sales or processor sales. Our current cash levels are not sufficient to enable us to make the required repairs to our processors or to execute our business strategy as described in this Report. As a result, we intend to seek significant additional capital through the sale of our equity and debt securities and other financing methods to enable us to make the repairs, to meet ongoing operating costs and reduce existing liabilities. We also intend to seek cash advances or deposits under any new processor sale agreements and/or related technology licenses. Management currently anticipates that the processors will remain idle until the company can raise additional capital. Due to the many factors and uncertainties involved in capital markets transactions, there can be no assurance that we will raise sufficient capital to allow us to resume operations in 2018, or at all. In the interim, we anticipate that our level of operations will continue to be nominal, although we plan to continue to market our P2O processors with the intention of making P2O processor sales and technology licenses, along with attempting to restart fuel oil processing.

Our limited capital resources, lack of revenue and recurring losses from operations raise substantial doubt about our ability to continue as a going concern and may adversely affect our ability to raise additional capital. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern

Cash Flow from Operating Activities

	For the Three Months Ended March 31,
	2018			2017
Net loss		(570,419	)		(403,306	)
Net cash used in operating activities		(285,429	)		(266,247	)
Cash flow from investing activities
Net cash provided by (used in) investing activities		100,524			(25	)
Cash flows from Financing activities:
Net cash provided by financing activities		77,930			146,631
Cash and cash equivalents at beginning of period		172,286			270,898
Cash and cash equivalents at end of period		123,377		$	151,257

Cash Flow from Operations

Cash used in operations was approximately $285,000 and $266,000 for the three months ended March 31, 2018 and 2017, respectively. In 2018 and 2017 cash was mainly used to continue funding the minimum operating costs.

Cash Flow from Investing Activities

Cash flow from investing activities was approximately $101,000, and $25, for the three months ended March 31, 2018 and 2017, respectively, and was attributed to the release of a cash bond for fuel oil taxes that released the reserved cash.

Cash Flow from Financing Activities

Cash flow from financing activities was approximately $78,000 and $147,000, for the three months March 31, 2018 and 2017, respectively. For 2018 and 2017, these amounts were mainly driven by the proceeds sale of property in Ontario, Canada and amounts received from short-term notes from related parties, respectively.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements in the periods ended March 31, 2018 and 2017.

Critical Accounting Policies

Basis of Consolidation

The condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, Plastic2Oil (Canada) Inc., JBI CDE Inc., Plastic2OilI Re One Inc., and JBI Re #1 Inc., Plastic2Oil of NY #1, and Plastic2Oil Marine Inc.. The results of Javaco and Pak-It are consolidated and classified as discontinued operations for all periods presented. All of our intercompany transactions and balances have been eliminated on consolidation. Amounts in the consolidated financial statements are expressed in U.S. dollars.

Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include amounts for impairment of long-lives assets, share based compensation, asset retirement obligations, inventory obsolescence, accrued liabilities and accounts receivable exposures.

Accounts Receivable

Accounts receivable represent unsecured obligations due from customers under terms requesting payments upon receipt of invoices up to ninety days, depending on the customer. Accounts receivable are non-interest bearing and are stated at the amounts billed to the customer net of an allowance for uncollectible accounts. Customer balances with invoices over 90 days old are considered delinquent. Payments of accounts receivable are applied to the specific invoices identified on the customer remittance, or if unspecified, are applied to the earliest unpaid invoice.

Property, Plant and Equipment

Leasehold improvements		lesser of useful life or term of the lease
Machinery and office equipment		3-15 years
Furniture and fixtures		7 years
Office and industrial buildings		25 -30 years

Impairment of Long-Lived Assets

The Company reviews for impairment of long-lived assets on an asset by asset basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by the Company typically meet the definition of a component of an entity and as such the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented.

During the period ended March 31, 2018 and 2017, the Company recorded impairment losses on property, plant and equipment of $0 and $13,158, respectively, in accordance to ASC 360-10-50-2 where an impairment loss will be recognized only if the carrying amount of the long-lived assets are not recoverable and exceeds its fair value. The Company estimates the fair value of equipment for impairment purposes using a discounted cash flow method.

Asset Retirement Obligations

The fair value of the estimated asset retirement obligation is recognized in the consolidated balance sheets when identified and a reasonable estimate of fair value can be made. The asset retirement cost, equal to the estimated fair value of the asset retirement obligation, is capitalized as part of the cost of the related long-lived asset. The balance of the asset retirement obligation is determined through an assessment made by the Company’s engineers, of the total costs expected to be incurred by the Company when closing a facility. The total estimated cost is then discounted using the current market rates to determine the present value of the asset as of the date of this valuation. As of the date of the creation of the asset retirement obligation in the amount of $57,530, the Company determined the present value of the obligation using a discount rate equal to 2.96%. The present value of the asset retirement obligation is then capitalized on the consolidated balance sheets and is depreciated over the asset’s estimated useful life and is included in depreciation and accretion expense in the unaudited condensed consolidated statements of operations. Increases in the asset retirement obligation resulting from the passage of time are recorded as accretion of asset retirement obligations in the unaudited condensed consolidated statements of operations. Actual expenditures incurred are charged against the accumulated obligations.

Environmental Contingencies

The Company records environmental liabilities at their undiscounted amounts on our consolidated balance sheets as other current or long-term liabilities when environmental assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. These costs may be discounted to reflect the time value of money if the timing of the cash payments is fixed or reliably determinable and extends beyond a current period. Estimates of our liabilities are based on currently available facts, existing technology and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors, and include estimates of associated legal costs. These amounts also consider prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by the Environmental Protection Agency (EPA) or other organizations. Our estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and we recognize a current period charge in operation and maintenance expense when clean-up efforts do not benefit future periods.

We evaluate any amounts paid directly or reimbursed by government sponsored programs and potential recoveries or reimbursements of remediation costs from third parties including insurance coverage separately from our liability. Recovery is evaluated based on the creditworthiness or solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our balance sheet. No amounts for recovery have been accrued to date.

Revenue Recognition

P2O processor sales are recognized when the customer take possession of the processors since title to the goods and the risk of loss transfers from P2O to Customer upon delivery. P2O fuel sales are recognized when the customers take possession of the fuel since at that stage the customer has completed all prior testing necessary for their acceptance of the fuel. At the time of possession they have arranged for transportation to pick it up and the sales price has either been set in contract or negotiated prior to the time of pick up. The Company negotiates the pricing of the fuel based on the quality of the product and the type of fuel being sold (e.g. Naphtha, Fuel Oil No.6 or Fuel Oil No. 2).

Foreign Currency Translation

The consolidated financial statements have been translated into U.S. dollars in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830. All monetary items have been translated using the exchange rates in effect at the balance sheet date. All non-monetary items have been translated using the historical exchange rates at the time of transactions. Income statement amounts have been translated using the average exchange rate for the year. Foreign exchange gains and losses are included in the consolidated statements of operations. Resulting differences are reflected in accumulated other comprehensive income in the accompanying consolidated balance sheets. Foreign exchange gain of approximately $58,000 and loss of $28,445 for monetary items are included as general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, respectively.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Disclosures About Market Risk

We may be exposed to changes in financial market conditions in the normal course of business. Market risk generally represents the risk that losses may occur as a result of movements in interest rates and equity prices. We currently do not use financial instruments in the normal course of business that are subject to changes in financial market conditions.

Currency Fluctuations and Foreign Currency Risk

We mainly operate in the United States and Canada. Due to the relative stability of the Canadian Dollar in comparison to the U.S. Dollar, we have not experienced foreign currency risk, however, should this stability change, we could be exposed to such risk.

Interest Rate Risk

We do not feel that we are subject to significant interest rate risk. We deposit surplus funds with banks earning daily interest at fixed rates and we do not invest in any instruments for trading purposes. Additionally, all of our outstanding debt instruments (our mortgage and capital leases) carry fixed rates of interests. We are exposed to opportunity risk should interest rates decrease. The amount of interest bearing short-term debt outstanding as of March 31, 2018 and December 31, 2017 was $7,351,922 and $7,304,262, respectively.

Credit Risk

Financial instruments, which potentially expose us to concentrations of credit risk, consist principally of operating demand deposit accounts and accounts receivable. Our policy is to place our operating demand deposit accounts with high credit quality financial institutions that are insured by the FDIC, however, account balances may at times exceed insured limits. We extend limited credit to our customers based upon their creditworthiness and establish an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends and other pertinent information.

We may maintain cash balances, at times, with financial institutions in excess of amounts insured by the Canada Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions and has not experienced any collection losses with these financial institutions.

Inflation Risk

Inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling, general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2018. Based on this evaluation, our principal executive officer and principal financial officer concluded that as of March 31, 2018 our disclosure controls and procedures were ineffective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

The Company currently has just three directors, one of whom is member of executive management and not independent. The Company does not maintain separately designated audit, compensation, and nominating and corporate governance committees of the Board.

Changes in Internal Control over Financial Reporting

On April 18, 2018 the Company’s Chief Financial Officer resigned. The Company is currently undertaking a review to determine what course of action it may take in regards to filling this position given the Company’s current negative financial condition. Currently, the Chief Executive Officer has assumed the additional responsibilities of the Chief Financial Officer. The Company has retained a financial consultant to assist management in the preparation and review of its Exchange Act reports. The continuing deterioration of the financial condition of the Company along with the reduction of staffing continues to hamper the ability of management to ensure effective internal controls and unless the financial condition improves an effective remediation plan cannot be put into place to correct the current deficiencies. With the exception of the noted changes herein, there were no other changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Management has reported to the Board of Directors material weaknesses described herein and also under the heading Management’s Report on Internal Control over Financial Reporting” in Section 9A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

For a discussion of legal proceedings affecting the Company, see the information in Note 7, “Commitments and Contingencies,” to the financial statements, included in Part I of this Report.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The exhibits required by this item are listed on the Exhibit Index attached hereto, which is incorporated herein by reference.

Signatures

Pursuant to the requirements of of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PLASTIC2OIL, INC.

Date: June 29, 2018	By:	/s/ Richard Heddle
	Name:	Richard Heddle
	Title:	President and Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer)

Item 6. Exhibit Index

Exhibit Number		Description

31.1		Certification of Principal Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
32.2		Certification of Principal Financial Officer Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101.INS*		XBRL Instance Document
101.SCH*		XBRL Taxonomy Schema Document
101.CAL*		XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*		XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*		XBRL Taxonomy Extension Definition Linkbase Document

EX-31.1 2 ex31-1.htm

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Richard Heddle, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Plastic2Oil, Inc.

2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal control over financial reporting (as defined in Exchange Act Rules 13a- 15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting, and;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 29, 2018	By:	/s/ Richard Heddle
		Richard Heddle
		President and Chief Executive Officer

EX-31.2 3 ex31-2.htm

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Richard Heddle, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Plastic2Oil, Inc.

2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.	Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) and internal control over financial reporting (as defined in Exchange Act Rules 13a- 15(f) and 15d-15(f)) for the registrant and have:

	a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

	b)	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting, and;

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

	a)	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 29, 2018	By:	/s/ Richard Heddle
		Chief Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Plastic2Oil, Inc. for the quarter ended March 31, 2018, I, Richard Heddle, President and Chief Executive Officer of Plastic2Oil Inc., hereby certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

1.	Such Quarterly Report on Form 10-Q for the period ended March 31, 2018, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in such Quarterly Report on Form 10-Q for the period ended March 31, 2018, fairly presents, in all material respects, the financial condition and results of operations of Plastic2Oil, Inc.

Date: June 29, 2018	By:	/s/ Richard Heddle
		Richard Heddle
		President and Chief Executive Officer

EX-32.2 5 ex32-2.htm

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Plastic2Oil, Inc. for the quarter ended March 31, 2018, I, Richard Heddle, Chief Financial Officer of Plastic2Oil Inc., hereby certify pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

1.	Such Quarterly Report on Form 10-Q for the period ended March 31, 2018, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in such Quarterly Report on Form 10-Q for the period ended March 31, 2018, fairly presents, in all material respects, the financial condition and results of operations of Plastic2Oil Inc.

Date: June 29, 2018	By:	/s/ Richard Heddle
		Chief Financial Officer

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1972219

A summary of stock option activity for the three months ended March 31, 2018 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Outstanding Stock Options</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Aggregate Intrinsic Value (1)</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">Balance as of December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,380,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.12</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Balance as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,380,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.42</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Exercisable as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,330,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.72</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Equity awards available for grant, net of restricted stock (811,576) at March 31, 2018:</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,858,424</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; line-height: 107%">(1) </td> <td style="text-align: justify; line-height: 107%">Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock. </td></tr> </table>

A summary of stock option activity for the three months ended March 31, 2018 is as follows:         <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Outstanding Stock Options</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Aggregate Intrinsic Value (1)</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; line-height: 107%">Balance as of December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,250,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.17</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Balance as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,250,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.17</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Exercisable as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,250,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.17</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>

1481309

218054

1360460

1626379

14166

16368

243859

58363

1084899

53257

1525918

3301179

3033058

1481309

175267

177419

213446

240947

243859

47890

48564

800847

813227

9510

1525918

1481309

10-Q Smaller Reporting Company

NOTE 10 – RISK MANAGEMENT   Concentration of Credit Risk   The Company maintains cash balances, at times, with financial institutions in excess of amounts insured by the Canada Deposit Insurance Corporation and the U.S. Federal Deposit Insurance Corporation. Management monitors the soundness of these institutions and has not experienced any collection losses with these financial institutions.

Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets, and capital-leased assets are given useful lives coinciding with the asset classification they are classified as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 50%; border-bottom: black 1.5pt solid; line-height: 107%">Leasehold improvements </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 107%">lesser of useful life or term of the lease</td></tr> <tr> <td style="line-height: 107%">Machinery and office equipment </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">3-15 years</td></tr> <tr> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">7 years</td></tr> <tr> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">25 -30 years</td></tr> </table>

Related Party notes payable consists of the following at periods ended:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Secured Demand Promissory Note (provided by a related party) bearing interest of 4% per annum.</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,929,359</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,969,121</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Demand Promissory Note (provided by a related party) bearing interest of 12% per annum.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">598,134</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">588,651</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Notes (provided by a related party -$1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,457,851</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,413,186</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,933,637</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,746,490</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">118,744</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">115,276</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">458,128</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">443,757</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,495,853</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,276,481</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Short Term Demand Notes Payable</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,527,493</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,557,772</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Short Term Secured promissory notes – related party</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,933,637</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,746,490</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Long Term Secured promissory notes – related party</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">2,034,723</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">1,972,219</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Short Term and Long Term promissory notes – related party</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,968,360</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,718,709</td> <td style="line-height: 107%"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">Continuity of Secured Promissory Notes – Related Party</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of December 31, 2017</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 61%; line-height: 107%">Face value of November 19, 2014 secured note payable</td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,000,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 2%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,000,000</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Face value of August 29, 2013 secured note payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,000,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,000,000</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Face value of September 30, 2013 secured note payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,000,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,000,000</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Face value of August 25, 2016 secured note payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Face value of October 18, 2016 secured note payable</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">400,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">400,000</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total face value of promissory notes payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,500,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,500,000</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Discount on November 19, 2014 secured notes payable (1,000,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(58,082</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(58,082</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Discount on August 29, 2013 secured note payable (1,000,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(310,200</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(310,200</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Discount on September 30, 2013 secured note payable (2,000,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(600,400</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(600,400</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Discount on August 24, 2016 secured notes payable (100,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(2,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(2,000</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Discount on October 18, 2016 secured notes payable (500,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(20,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(20,000</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Accretion of discount on secured notes payable ($4,000,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">866,914</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">818,480</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Accretion of discount on secured notes payable ($500,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,575</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,200</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Interest on secured notes payable($4,000,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,493,405</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,309,878</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Interest on secured notes payable($500,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">16,739</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">75,833</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Carrying value of Short Term and Long Term Secured Promissory Notes</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,887,951</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,718,709</td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">The following annual payments of principal and interest are required over the next five years in respect to these short term and long term related party secured notes payables:</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,276,481</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Years Ending December 31,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Annual Payments</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 10pt; line-height: 107%">2018</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 15%; text-align: right; line-height: 107%">7,304,262</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,413,186</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">2020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">559,033</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">9,276,481</td> <td style="line-height: 107%"> </td></tr> </table>

The Mortgages Payable and Capital Leases consists of the following at periods ending:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor. The capital lease is in default.</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,571</td> <td style="width: 1%; line-height: 107%">(1)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,362</td> <td style="width: 1%; line-height: 107%">(1)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">21,571</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">21,362</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Less: current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,571</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,362</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Mortgages payable and capital leases</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>   (1) Includes accrued interest.

The following table summarizes the activities for the quarter ended March 31, 2018 and year ended December 31, 2017:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Warrants Number</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Exercise Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Remaining Term</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">OUTSTANDING, December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,850,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.38</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.3</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expired  </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">250,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">0.15</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">OUTSTANDING, March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,600,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.39</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.1</td> <td style="line-height: 107%"> </td></tr> </table>

PTOI NOTE 1 – ORGANIZATION AND GOING CONCERN   Plastic2Oil, Inc. (the “Company” or “P2O”) was originally incorporated as 310 Holdings, Inc. (“310”) in the State of Nevada on April 20, 2006. 310 had no significant activity from inception through 2009. On April 24, 2009, the Company’s founder, former CEO and Chief of Technology, John Bordynuik, purchased 63% of the issued and outstanding shares of 310. During 2009, the Company changed its name to JBI, Inc. and began operations of its main business operation, transforming waste plastics to oil and other fuel products. During 2014, the Company changed its name to Plastic2Oil, Inc. P2O is a combination of proprietary technologies and processes developed by P2O, which convert waste plastics into fuel. P2O currently, as of the date of this filing, has two processors at its Niagara Falls, NY facility (the “Niagara Falls Facility”). Both processors are currently idle since December 2013. Our P2O business has begun the transition from research and development to a commercial manufacturing and production business. In the short term, we plan to grow mainly by attempting to re-initiate production by processing fuel, selling processors with a royalty arrangement, licensing technology, and or searching out other revenue generating activities related to the use of our proprietary technology. Longer term, we plan to search out other opportunistic options to fully utilize all of the underlying assets of the Company.   Currently, we do not have sufficient cash to operate our business, which has forced us to suspend our operations until we receive a capital infusion or cash advances on the sale of our processors. We are currently attempting to raise capital through the sale of assets and or through other means including the use of debt and or equity and equity equivalents that will allow us to re start the production of fuel and provide working capital for the Company.   Going Concern   These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplates continuation of the Company as a going concern, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has experienced net losses from continuing operations of $570,419, and $403,306, respectively, for the three months ended March 31, 2018, and 2017, respectively. At March 31, 2018, the Company had a net working capital deficit of $11,730,108, and an accumulated deficit of $79,988,556. These factors raise substantial doubt about the Company’s ability to continue as a going concern and to operate in the normal course of business. The Company has funded its activities to date almost exclusively from equity financings and loans from related parties. For the years ended December 31, 2017 and 2016, the Company’s auditors included a going concern opinion in its report on the Company’s audited financial statements for such periods.   The Company will continue to require substantial funds to continue the expansion of its P2O business to achieve commercial productions, and to resume sales and marketing efforts. Management’s plans in order to meet its operating cash flow requirements include financing activities such as private placements of its common stock, issuances of debt and convertible debt instruments.   While the Company believes that it will be successful in obtaining the necessary financing to fund its operations, meet regulatory requirements, and achieve commercial production goals, there are no assurances that such additional funding will be achieved and that it will succeed in its future operations. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should we be unable to continue in existence.

NOTE 2 – SUMMARY OF ACCOUNTING POLICIES   Basis of Consolidation   The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Plastic2Oil of NY#1 Inc., Plastic2Oil (Canada) Inc., JBI CDE Inc., Plastic2Oil Re One Inc., JBI Re #1 Inc., Plastic2Oil Marine Inc., Javaco, and Pak-it. All intercompany transactions and balances have been eliminated on consolidation. Amounts in the consolidated financial statements are expressed in US dollars. Pak-It and Javaco have also been consolidated; however, as mentioned their operations were classified as discontinued operations.   Interim Disclosure   In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, which are considered necessary for a fair presentation of the results for the periods presented. These condensed consolidated financial statements are presented in considerably less detail than complete financial statements that are intended to present financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. For this reason, they should be read in conjunction with the entity’s most recent complete financial statements included in its annual report for the year ended December 31, 2017 on Form 10-K filed with the Securities and Exchange Commission (the SEC) on April 2, 2018 that include all the disclosures required by generally accepted accounting principles.   Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include amounts for impairment of long-lived assets, share based compensation, asset retirement obligations, accrued liabilities, accounts receivable exposures and valuation of options and warrants.   Cash and Cash Equivalents   The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.   Restricted Cash   At March 31, 2018 and December 31, 2017, respectively, the Company had $0 restricted cash and $100,423, that was used to secure a line of credit that secured a performance bond on behalf of the Company. The performance bond was required by the State of New York for fuel distributors in perpetuity. The bond was cancelled in the first quarter of 2018 due to the lack of current production. In the event of any future production the Company may be required to post another bond.   Accounts Receivable   Accounts receivable represent unsecured obligations due from customers under terms requesting payments upon receipt of invoice up to ninety days, depending on the customer. Accounts receivable are non-interest bearing and are stated at the amounts billed to the customer net of an allowance for uncollectible accounts. Customer balances with invoices over 90 days old are considered delinquent. Payments of accounts receivable are applied to the specific invoices identified on the customer remittance, or if unspecified, are applied to the earliest unpaid invoice.   The allowance for uncollectible accounts reflects management’s best estimate of amounts that may not be collected based on an analysis of the age of receivables and the credit standing of individual customers. The allowance for uncollectible accounts as of March 31, 2018 and December 31, 2017 was $0 and $0, respectively.   Property, Plant and Equipment   Property, plant and equipment are recorded at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets, and capital-leased assets are given useful lives coinciding with the asset classification they are classified as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 50%; border-bottom: black 1.5pt solid; line-height: 107%">Leasehold improvements </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 107%">lesser of useful life or term of the lease</td></tr> <tr> <td style="line-height: 107%">Machinery and office equipment </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">3-15 years</td></tr> <tr> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">7 years</td></tr> <tr> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">25 -30 years</td></tr> </table>   Gains and losses on depreciable assets retired or sold are recognized in the statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred and expenditures that increase the value or useful life of the asset are capitalized.   Impairment of Long-Lived Assets   The Company reviews for impairment of long-lived assets on an asset by asset basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by the Company typically meet the definition of a component of an entity and as such, the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented.   During the three months ended March 31, 2018 and 2017, the Company recorded impairment losses on property, plant and equipment of $0 and $13,158, respectively, in accordance to ASC 360-10-50-2 where an impairment loss will be recognized only if the carrying amounts of the long-lived assets are not recoverable and exceeds its fair value. The Company estimates the fair value of equipment for impairment purposes using a discounted cash flow method.   Asset Retirement Obligations   The fair value of the estimated asset retirement obligation is recognized in the consolidated balance sheets when identified and a reasonable estimate of fair value can be made. The asset retirement cost, equal to the estimated fair value of the asset retirement obligation, is capitalized as part of the cost of the related long-lived asset. The balance of the asset retirement obligation is determined through an assessment made by the Company’s engineers, of the total costs expected to be incurred by the Company when closing a facility. The total estimated cost is then discounted using the current market rates to determine the present value of the asset as of the date of this valuation. As of the date of the creation of the asset retirement obligation in the amount of $57,530, the Company determined the present value of the obligation using a discount rate equal to 2.96%. The present value of the asset retirement obligation is then capitalized in the condensed consolidated balance sheets and is depreciated over the asset’s estimated useful life and is included in depreciation and accretion expense in the condensed consolidated statements of operations. Increases in the asset retirement obligation resulting from the passage of time are recorded as accretion of asset retirement obligations in the condensed consolidated statements of operations. Actual expenditures incurred are charged against the accumulated obligation. As of March 31, 2018 and December 31, 2017, the carrying value of the asset retirement obligations was $66,414 and $65,920, respectively. These costs include disposal of plastic and other non-hazardous waste, site closing labor, testing, and sampling of the site upon closure.   Environmental Contingencies   The Company records environmental liabilities at their undiscounted amounts on our balance sheets as other current or long-term liabilities when environmental assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. These costs may be discounted to reflect the time value of money if the timing of the cash payments is fixed or reliably determinable and extends beyond a current period. Estimates of our liabilities are based on currently available facts, existing technology and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors, and include estimates of associated legal costs. These amounts also consider prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by the Environmental Protection Agency (EPA) or other organizations. Our estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and we recognize a current period charge in operation and maintenance expense when clean-up efforts do not benefit future periods.   We evaluate any amounts paid directly or reimbursed by government sponsored programs and potential recoveries or reimbursements of remediation costs from third parties including insurance coverage separately from our liability. Recovery is evaluated based on the creditworthiness or solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our balance sheets. No amounts for recovery have been accrued to date.   Deposits   Deposits represent utility services deposit and payments made to vendors for fabrication of key pieces of property, plant and equipment that have been made in accordance with the Company’s agreements to purchase such equipment. Payments are made to these vendors as progress is made on the fabrication of the equipment, with final payments made when the equipment is delivered. Until we have possession of the equipment, all payments made to these vendors are classified as deposits on assets. Deposits were $10,000 as of March 31, 2018 and December 31, 2017.   Leases   The Company has entered into various leases for buildings and equipment. At the inception of a lease, the Company evaluates whether it is operating or capital in nature. Operating leases are recorded as expense in the appropriate periods of the lease. Capital leases are classified as property, plant and equipment and the related depreciation is recorded on the assets. Also, the debt related to the capital lease is included in the Company’s short- and long-term debt obligations, in accordance with the lease agreement.   Lease inducements are recognized for periods of reduced rent or for larger than usual rent escalations over the term of the lease. The benefit of a rent free period and the cost of future rent escalations are recognized on a straight-line basis over the term of the lease.   Revenue Recognition   The Company recognizes revenue when it is realized or realizable and collection is reasonably assured. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.   P2O processor sales are recognized when the customer take possession of the processors since Title to the Goods and the risk of loss transfer from P2O to Customer upon delivery. P2O fuel sales are recognized when the customers take possession of the fuel since at that stage the customer has completed all prior testing necessary for their acceptance of the fuel. At the time of possession, they have arranged for transportation to pick it up and the sales price has either been set in their purchase contract or negotiated prior to the time of pick up through the issuance of a purchase order. The Company negotiates the pricing of the fuel based on the quality of the product and the type of fuel being sold (i.e. Naphtha, Fuel Oil No. 6 or Fuel Oil No. 2).   Foreign Currency Translation   The condensed consolidated financial statements have been translated into U.S. dollars in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830. All monetary items have been translated using the exchange rates in effect at the balance sheet date. All non-monetary items have been translated using the historical exchange rates at the time of transactions. Income statement amounts have been translated using the average exchange rate for the year. There were no material foreign exchange gains or losses that are included as general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, respectively.   Income Taxes   The Company utilizes the asset and liability method to measure and record deferred income tax assets and liabilities. Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.   The Company adopted the accounting standards associated with uncertain tax positions as of January 1, 2007. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or financial position. Upon adoption, the Company had no unrecognized tax benefits. Furthermore, the Company had no unrecognized tax benefits at March 31, 2018 and December 31, 2017. The Company files tax returns in the U.S federal and state jurisdictions as well as a foreign country. The years ended December 31, 2014 through December 31, 2017 are open tax years for IRS review.   Loss Per Share   The financial statements include basic and diluted per share information. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. For the three months ended March 31, 2018, potential dilutive common stock equivalents consisted 4,600,000 shares underlying common stock warrants and 6,580,000 shares underlying stock options, which were not included in the calculation of the diluted loss per share because their effect was anti-dilutive. For the three months ended March 31, 2017, potential dilutive common stock equivalents 6,800,000 shares underlying common stock warrants, and 7,330,000 shares underlying stock options, which were not included in the calculation of the diluted loss per share because their effect was anti-dilutive.   Segment Reporting   The Company currently operates as a single segment. Through December 31, 2016 the Company formerly operated two reportable segments that officially ended in March 31, 2017 with the sale and final settlement of accounts for its Data Recovery business in a swap for debt due of approximately $10,000. Under ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our former operating segments included plastic to oil conversion (Plastic2Oil), which includes processor sales as well as fuel sales, and Data Recovery and Migration, our magnetic tape reading segment. Our Chief Operating Decision Maker is the Company’s Chief Executive Officer. There were no operations undertaken by the Company’s Data Recovery and Migration business during the first quarter of March 31, 2018 and 2017, respectively.   Concentrations and Credit Risk   Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of operating demand deposit accounts and accounts receivable. The Company’s policy is to place our operating demand deposit accounts with high credit quality financial institutions that are insured by the FDIC, however, account balances may at times exceed insured limits. The Company extends limited credit to its customers based upon their creditworthiness and establishes an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends and other pertinent information. The Company also routinely assesses the collectability of the short-term note receivable and determines its exposure for non-performance based on the specific holder and other pertinent information.   Fair Value of Financial Instruments   The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, leases, promissory notes, long-term debt, and mortgage payable approximate fair value because of the short-term nature of these items.   Recently Issued Accounting Pronouncements   Management does not believe that there are any recently issued, but not yet effective accounting pronouncements, if adopted, that would have a material effect on the accompanying consolidated financial statements.

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET   Property, Plant and Equipment consist of the following at:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Cost</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Accumulated Depreciation</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Net Book Value</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">Leasehold improvements</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">218,054</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">(42,786</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">175,267</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Machinery and office equipment</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,360,460</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(1,147,015</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">213,446</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">14,166</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(14,166</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Land</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Asset retirement obligation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">58,363</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(10,474</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">47,890</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,084,899</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(284,051</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">800,847</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Equipment under capital lease</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">53,257</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(53,257</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3,033,058</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(1,551,749</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,481,309</td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Cost</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Accumulated Depreciation</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Net Book Value</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">Leasehold improvements</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">218,054</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">(40,635</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">177,419</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Machinery and office equipment</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,626,379</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(1,385,432</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">240,947</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">16,368</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(16,368</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Land</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Asset retirement obligation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">58,363</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(9,799</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">48,564</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,084,899</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(271,672</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">813,227</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Equipment under capital lease</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">53,257</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(51,355</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">9,510</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3,301,179</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(1,775,261</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,525,918</td> <td style="line-height: 107%"> </td></tr> </table>   For the three months ended March 31, 2018 and 2017, the Company recognized $45,103 and $55,447, respectively, of depreciation expense. At March 31, 2018 and 2017, machinery and equipment with a cost of $53,257 and accumulated amortization of $51,355 and $45,649, respectively, were under capital lease. During the three months ended March 31, 2018 and March 31, 2017, the Company recognized $1,902 and $1,902 respectively, of depreciation expense related to these assets under capital lease.   On March 31, 2017, the Company sold its land and building located at 1783 Allanport Road, Thorold, Ontario, for a gain of approximately $254,000. The proceeds were used towards repayment of the outstanding mortgage, real estate taxes and closing costs. The Company reviews for impairment of long-lived assets on an asset by asset basis, which resulted in an impairment booking of $13,158 for the three months ending March 31, 2017.

NOTE 5 – SECURED PROMISSORY NOTES   Secured notes payable consists of the following at periods ended:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of March 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">119,285</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">115,802</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Secured Demand Promissory Note - $77,930 in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA. </td> <td> </td> <td> </td> <td style="text-align: right">77,930</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">197,215</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">115,802</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Secured promissory notes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">197,215</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">115,802</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Continuity of Secured Promissory Notes</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of March 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-bottom: 1.5pt">Face value of August 10, 2016 secured note payable</td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">100,000</td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">100,000</td> <td style="width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Face value of February 16, 2018 secured note payable</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">77,930</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total face value of promissory notes payable</td> <td> </td> <td> </td> <td style="text-align: right">177,930</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Discount on August 10, 2016 secured notes payable (100,000 warrants)</td> <td> </td> <td> </td> <td style="text-align: right">(2,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(2,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Accretion of discount on secured notes payable ($100,000 secured note payable)</td> <td> </td> <td> </td> <td style="text-align: right">633</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">533</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Interest on secured notes payable ($500,000 secured note payable)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">20,652</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">17,269</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Carrying value of Secured Promissory Notes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">197,215</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">115,802</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The following annual payments of principal and interest are required over the next five years in respect to these secured notes payable:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; border-bottom: black 1.5pt solid">Years Ending December 31,</td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center">Annual Payments</td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">2017</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">2019</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2020</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 82%; padding-bottom: 1.5pt">2021</td> <td style="vertical-align: bottom; width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; text-align: right">197,215</td> <td style="vertical-align: bottom; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-bottom: 2.5pt">Total</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">197,215</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 6 - CAPITAL LEASES   The Mortgages Payable and Capital Leases consists of the following at periods ending:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor. The capital lease is in default.</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,571</td> <td style="width: 1%; line-height: 107%">(1)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,362</td> <td style="width: 1%; line-height: 107%">(1)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">21,571</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">21,362</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Less: current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,571</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">21,362</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Mortgages payable and capital leases</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>   (1) Includes accrued interest.

NOTE 7 – COMMITMENTS AND CONTINGENCIES   Commitments   On April 17, 2017, the Company received cash in the amount of $524,010, net of legal expenses from the settlement of the Glenny and Maskell litigation. The Company filed the lawsuit on May 25, 2012 at the Ontario Superior Court of Justice, seeking damages consisting of the costs of defense and any damages that may be awarded against the Company, our former CEO John Bordynuik, and former CFO Ron Baldwin in the Class Action and in the SEC Action. The Ontario Superior Court of Justice issued the dismissal order dated May 9, 2017. The case was settled in the U.S. with ACE (Insurance carrier) in or about May 2013, pursuant to what is known as a “Mary Carter” (confidential) settlement.   As of September 30, 2017, the Company has committed to purchase certain pieces of key machinery from vendors related to the future expansion of its operations. At December 31, 2016, we recorded impairment loss $1,448,464 on the deposits in accordance to ASC 360-10-50-2 where an impairment loss will be recognized only if the carrying amount of the long-lived assets are not recoverable and exceeds its fair value. The Company will be required to pay approximately $540,000 upon the delivery of these assets which is expected occur with the delivery of processor #4 and processor #5.   The Company leased premises in Thorold, Ontario, Canada, which was previously used in the operation Plastic2Oil (Canada), Inc. doing business as Regional Recycling of Niagara (“RRON”). During the third quarter of 2013, the Company determined that it would shut down the operations of RRON. The employees of RRON were given notice of the shut down in the first week of September 2013, after which point the Company approached the landlord about terminating the lease; however, there was no formal termination as an agreement to terminate the lease was not reached. During September 2013, the Company was assessing its options with the facility, including potential sublease, but determined that a sublease of the facility was not permitted by the lease and officially decided to cease use of the premises as of September 30, 2013. Accordingly, the Company has applied September 30, 2013 as the cease-use-date in recognizing the liability for the contract termination costs. The property was vacated on November 10, 2015. On January 15, 2016, the Company entered into a Surrender of Lease agreement which terminated its lease, dated December 1, 2010, between Avondale Store Limited Properties and JBI, (Canada) Inc. relating to the Company’s premises located at 1786 Allanport Road, Thorold, Canada. The effective date of the termination was October 31, 2015. The premises was the site of the Company’s Regional Recycling Center, which was part of a business line that was discontinued by the Company in 2013. The Company anticipates the termination will save approximately $1,161,360 in lease payments over the original life of the lease which had a term ending on December 1, 2030. The Company settled all unpaid rent on July 26, 2017, covering the period from May 2016 to October 2016.   Contingencies   As of March 31, 2018, the Company is involved in litigation and claims, which arise from time to time in the normal course of business. In the opinion of management, based upon the information and facts known to them, any liability that may arise from such contingencies would not have a material adverse effect on the unaudited condensed consolidated financial statements of the Company.

NOTE 9 – STOCK-BASED COMPENSATION PLANS AND AWARDS   2012 Plan   There were no options granted during the three months ended March 31, 2018 and 2017. As of March 31, 2018, 4,380,000 options were outstanding of which 2,330,000 are fully vested.   A summary of stock option activity for the three months ended March 31, 2018 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Outstanding Stock Options</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Aggregate Intrinsic Value (1)</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">Balance as of December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,380,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.12</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Balance as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,380,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.42</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Exercisable as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,330,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.72</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Equity awards available for grant, net of restricted stock (811,576) at March 31, 2018:</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,858,424</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px; text-align: justify; line-height: 107%">(1) </td> <td style="text-align: justify; line-height: 107%">Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock. </td></tr> </table>   As of March 31, 2018, the Company expects to recognize $37,333 of, compensation through March 31, 2019 related to the vesting of stock options.   2016 Incentive Plan   There were no options granted during the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, 2,250,000 options were outstanding and are fully vested.   A summary of stock option activity for the three months ended March 31, 2018 is as follows:         <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Outstanding Stock Options</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted- Average Exercise Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Aggregate Intrinsic Value (1)</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 53%; line-height: 107%">Balance as of December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,250,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.17</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 10%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Balance as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,250,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.17</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Exercisable as of March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,250,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.17</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>

NOTE 11 – SUBSEQUENT EVENTS   None.

Basis of Consolidation   The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Plastic2Oil of NY#1 Inc., Plastic2Oil (Canada) Inc., JBI CDE Inc., Plastic2Oil Re One Inc., JBI Re #1 Inc., Plastic2Oil Marine Inc., Javaco, and Pak-it. All intercompany transactions and balances have been eliminated on consolidation. Amounts in the consolidated financial statements are expressed in US dollars. Pak-It and Javaco have also been consolidated; however, as mentioned their operations were classified as discontinued operations.

Estimates   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates include amounts for impairment of long-lived assets, share based compensation, asset retirement obligations, accrued liabilities, accounts receivable exposures and valuation of options and warrants.

Restricted Cash   At March 31, 2018 and December 31, 2017, respectively, the Company had $0 restricted cash and $100,423, that was used to secure a line of credit that secured a performance bond on behalf of the Company. The performance bond was required by the State of New York for fuel distributors in perpetuity. The bond was cancelled in the first quarter of 2018 due to the lack of current production. In the event of any future production the Company may be required to post another bond.

Accounts Receivable   Accounts receivable represent unsecured obligations due from customers under terms requesting payments upon receipt of invoice up to ninety days, depending on the customer. Accounts receivable are non-interest bearing and are stated at the amounts billed to the customer net of an allowance for uncollectible accounts. Customer balances with invoices over 90 days old are considered delinquent. Payments of accounts receivable are applied to the specific invoices identified on the customer remittance, or if unspecified, are applied to the earliest unpaid invoice.   The allowance for uncollectible accounts reflects management’s best estimate of amounts that may not be collected based on an analysis of the age of receivables and the credit standing of individual customers. The allowance for uncollectible accounts as of March 31, 2018 and December 31, 2017 was $0 and $0, respectively.

Property, Plant and Equipment   Property, plant and equipment are recorded at cost. Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets, and capital-leased assets are given useful lives coinciding with the asset classification they are classified as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 50%; border-bottom: black 1.5pt solid; line-height: 107%">Leasehold improvements </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 49%; border-bottom: black 1.5pt solid; line-height: 107%">lesser of useful life or term of the lease</td></tr> <tr> <td style="line-height: 107%">Machinery and office equipment </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">3-15 years</td></tr> <tr> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">7 years</td></tr> <tr> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">25 -30 years</td></tr> </table>   Gains and losses on depreciable assets retired or sold are recognized in the statements of operations in the year of disposal. Repairs and maintenance expenditures are expensed as incurred and expenditures that increase the value or useful life of the asset are capitalized.

Impairment of Long-Lived Assets   The Company reviews for impairment of long-lived assets on an asset by asset basis. Impairment is recognized on properties held for use when the expected undiscounted cash flows for a property are less than its carrying amount at which time the property is written-down to fair value. Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. The sale or disposal of a “component of an entity” is treated as discontinued operations. The operating properties sold by the Company typically meet the definition of a component of an entity and as such, the revenues and expenses associated with sold properties are reclassified to discontinued operations for all periods presented.   During the three months ended March 31, 2018 and 2017, the Company recorded impairment losses on property, plant and equipment of $0 and $13,158, respectively, in accordance to ASC 360-10-50-2 where an impairment loss will be recognized only if the carrying amounts of the long-lived assets are not recoverable and exceeds its fair value. The Company estimates the fair value of equipment for impairment purposes using a discounted cash flow method.

Asset Retirement Obligations   The fair value of the estimated asset retirement obligation is recognized in the consolidated balance sheets when identified and a reasonable estimate of fair value can be made. The asset retirement cost, equal to the estimated fair value of the asset retirement obligation, is capitalized as part of the cost of the related long-lived asset. The balance of the asset retirement obligation is determined through an assessment made by the Company’s engineers, of the total costs expected to be incurred by the Company when closing a facility. The total estimated cost is then discounted using the current market rates to determine the present value of the asset as of the date of this valuation. As of the date of the creation of the asset retirement obligation in the amount of $57,530, the Company determined the present value of the obligation using a discount rate equal to 2.96%. The present value of the asset retirement obligation is then capitalized in the condensed consolidated balance sheets and is depreciated over the asset’s estimated useful life and is included in depreciation and accretion expense in the condensed consolidated statements of operations. Increases in the asset retirement obligation resulting from the passage of time are recorded as accretion of asset retirement obligations in the condensed consolidated statements of operations. Actual expenditures incurred are charged against the accumulated obligation. As of March 31, 2018 and December 31, 2017, the carrying value of the asset retirement obligations was $66,414 and $65,920, respectively. These costs include disposal of plastic and other non-hazardous waste, site closing labor, testing, and sampling of the site upon closure.

Environmental Contingencies   The Company records environmental liabilities at their undiscounted amounts on our balance sheets as other current or long-term liabilities when environmental assessments indicate that remediation efforts are probable and the costs can be reasonably estimated. These costs may be discounted to reflect the time value of money if the timing of the cash payments is fixed or reliably determinable and extends beyond a current period. Estimates of our liabilities are based on currently available facts, existing technology and presently enacted laws and regulations, taking into consideration the likely effects of other societal and economic factors, and include estimates of associated legal costs. These amounts also consider prior experience in remediating contaminated sites, other companies’ clean-up experience and data released by the Environmental Protection Agency (EPA) or other organizations. Our estimates are subject to revision in future periods based on actual costs or new circumstances. We capitalize costs that benefit future periods and we recognize a current period charge in operation and maintenance expense when clean-up efforts do not benefit future periods.   We evaluate any amounts paid directly or reimbursed by government sponsored programs and potential recoveries or reimbursements of remediation costs from third parties including insurance coverage separately from our liability. Recovery is evaluated based on the creditworthiness or solvency of the third party, among other factors. When recovery is assured, we record and report an asset separately from the associated liability on our balance sheets. No amounts for recovery have been accrued to date.

Deposits   Deposits represent utility services deposit and payments made to vendors for fabrication of key pieces of property, plant and equipment that have been made in accordance with the Company’s agreements to purchase such equipment. Payments are made to these vendors as progress is made on the fabrication of the equipment, with final payments made when the equipment is delivered. Until we have possession of the equipment, all payments made to these vendors are classified as deposits on assets. Deposits were $10,000 as of March 31, 2018 and December 31, 2017.

Leases   The Company has entered into various leases for buildings and equipment. At the inception of a lease, the Company evaluates whether it is operating or capital in nature. Operating leases are recorded as expense in the appropriate periods of the lease. Capital leases are classified as property, plant and equipment and the related depreciation is recorded on the assets. Also, the debt related to the capital lease is included in the Company’s short- and long-term debt obligations, in accordance with the lease agreement.   Lease inducements are recognized for periods of reduced rent or for larger than usual rent escalations over the term of the lease. The benefit of a rent free period and the cost of future rent escalations are recognized on a straight-line basis over the term of the lease.

Revenue Recognition   The Company recognizes revenue when it is realized or realizable and collection is reasonably assured. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.   P2O processor sales are recognized when the customer take possession of the processors since Title to the Goods and the risk of loss transfer from P2O to Customer upon delivery. P2O fuel sales are recognized when the customers take possession of the fuel since at that stage the customer has completed all prior testing necessary for their acceptance of the fuel. At the time of possession, they have arranged for transportation to pick it up and the sales price has either been set in their purchase contract or negotiated prior to the time of pick up through the issuance of a purchase order. The Company negotiates the pricing of the fuel based on the quality of the product and the type of fuel being sold (i.e. Naphtha, Fuel Oil No. 6 or Fuel Oil No. 2).

Foreign Currency Translation   The condensed consolidated financial statements have been translated into U.S. dollars in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830. All monetary items have been translated using the exchange rates in effect at the balance sheet date. All non-monetary items have been translated using the historical exchange rates at the time of transactions. Income statement amounts have been translated using the average exchange rate for the year. There were no material foreign exchange gains or losses that are included as general and administrative expenses in the condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, respectively.

Income Taxes   The Company utilizes the asset and liability method to measure and record deferred income tax assets and liabilities. Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and are measured using enacted tax rates that apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.   The Company adopted the accounting standards associated with uncertain tax positions as of January 1, 2007. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or financial position. Upon adoption, the Company had no unrecognized tax benefits. Furthermore, the Company had no unrecognized tax benefits at March 31, 2018 and December 31, 2017. The Company files tax returns in the U.S federal and state jurisdictions as well as a foreign country. The years ended December 31, 2014 through December 31, 2017 are open tax years for IRS review.

Loss Per Share   The financial statements include basic and diluted per share information. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. Common stock equivalents are excluded from the computation of diluted loss per share when their effect is anti-dilutive. For the three months ended March 31, 2018, potential dilutive common stock equivalents consisted 4,600,000 shares underlying common stock warrants and 6,580,000 shares underlying stock options, which were not included in the calculation of the diluted loss per share because their effect was anti-dilutive. For the three months ended March 31, 2017, potential dilutive common stock equivalents 6,800,000 shares underlying common stock warrants, and 7,330,000 shares underlying stock options, which were not included in the calculation of the diluted loss per share because their effect was anti-dilutive.

Segment Reporting   The Company currently operates as a single segment. Through December 31, 2016 the Company formerly operated two reportable segments that officially ended in March 31, 2017 with the sale and final settlement of accounts for its Data Recovery business in a swap for debt due of approximately $10,000. Under ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” establishes standards for the way that public business enterprises report information about operating segments in their annual consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our former operating segments included plastic to oil conversion (Plastic2Oil), which includes processor sales as well as fuel sales, and Data Recovery and Migration, our magnetic tape reading segment. Our Chief Operating Decision Maker is the Company’s Chief Executive Officer. There were no operations undertaken by the Company’s Data Recovery and Migration business during the first quarter of March 31, 2018 and 2017, respectively.

Concentrations and Credit Risk   Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of operating demand deposit accounts and accounts receivable. The Company’s policy is to place our operating demand deposit accounts with high credit quality financial institutions that are insured by the FDIC, however, account balances may at times exceed insured limits. The Company extends limited credit to its customers based upon their creditworthiness and establishes an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends and other pertinent information. The Company also routinely assesses the collectability of the short-term note receivable and determines its exposure for non-performance based on the specific holder and other pertinent information.

Fair Value of Financial Instruments   The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, leases, promissory notes, long-term debt, and mortgage payable approximate fair value because of the short-term nature of these items.

Recently Issued Accounting Pronouncements   Management does not believe that there are any recently issued, but not yet effective accounting pronouncements, if adopted, that would have a material effect on the accompanying consolidated financial statements.

Property, Plant and Equipment consist of the following at:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Cost</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Accumulated Depreciation</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Net Book Value</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">Leasehold improvements</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">218,054</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">(42,786</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">175,267</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Machinery and office equipment</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,360,460</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(1,147,015</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">213,446</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">14,166</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(14,166</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Land</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Asset retirement obligation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">58,363</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(10,474</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">47,890</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,084,899</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(284,051</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">800,847</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Equipment under capital lease</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">53,257</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(53,257</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3,033,058</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(1,551,749</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,481,309</td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Cost</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Accumulated Depreciation</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Net Book Value</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">Leasehold improvements</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">218,054</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">(40,635</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 14%; text-align: right; line-height: 107%">177,419</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Machinery and office equipment</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,626,379</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(1,385,432</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">240,947</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Furniture and fixtures</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">16,368</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(16,368</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Land</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">243,859</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Asset retirement obligation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">58,363</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(9,799</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">48,564</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Office and industrial buildings</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,084,899</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(271,672</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">813,227</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Equipment under capital lease</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">53,257</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(51,355</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">9,510</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">3,301,179</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(1,775,261</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1,525,918</td> <td style="line-height: 107%"> </td></tr> </table>

1686731

1821114

-12646518

-12144833

348660

419611

94735

105001

-348660

-419611

221759

-16305

-570419

-403306

Secured notes payable consists of the following at periods ended:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of March 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">119,285</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 16%; text-align: right">115,802</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Secured Demand Promissory Note - $77,930 in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA. </td> <td> </td> <td> </td> <td style="text-align: right">77,930</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total</td> <td> </td> <td> </td> <td style="text-align: right">197,215</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">115,802</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: current portion</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Secured promissory notes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">197,215</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">115,802</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid">Continuity of Secured Promissory Notes</td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of March 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">As of December 31, 2017</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; padding-bottom: 1.5pt">Face value of August 10, 2016 secured note payable</td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">100,000</td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; padding-bottom: 1.5pt"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid">$</td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right">100,000</td> <td style="width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Face value of February 16, 2018 secured note payable</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">77,930</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">-</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Total face value of promissory notes payable</td> <td> </td> <td> </td> <td style="text-align: right">177,930</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Discount on August 10, 2016 secured notes payable (100,000 warrants)</td> <td> </td> <td> </td> <td style="text-align: right">(2,000</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(2,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Accretion of discount on secured notes payable ($100,000 secured note payable)</td> <td> </td> <td> </td> <td style="text-align: right">633</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">533</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Interest on secured notes payable ($500,000 secured note payable)</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">20,652</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">17,269</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Carrying value of Secured Promissory Notes</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">197,215</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">115,802</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following annual payments of principal and interest are required over the next five years in respect to these secured notes payable:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; border-bottom: black 1.5pt solid">Years Ending December 31,</td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center">Annual Payments</td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">2017</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top">2019</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top">2020</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; width: 82%; padding-bottom: 1.5pt">2021</td> <td style="vertical-align: bottom; width: 1%; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: bottom; width: 15%; border-bottom: black 1.5pt solid; text-align: right">197,215</td> <td style="vertical-align: bottom; width: 1%; padding-bottom: 1.5pt"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; padding-bottom: 2.5pt">Total</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double">$</td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: right">197,215</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td></tr> </table>

2018 0001381105

Cash and Cash Equivalents   The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

100423

72044

12386

195422

285196

10000

1863681

1878821

2688356

2607561

11925530

11812009

66414

65920

2407719

2153941

14333249

13965947

124756

67187660

67176993

29622

-28445

-79988556

-79418833

1686731

1821114

37016

56056

141333

184903

75576

73651

-10498

-1686

-570419

-403306

-0.00

124756158

45103

1902

55447

1902

50033

223223

217819

10668

30666

-13158

59659

75610

-15140

1116

80795

87092

-285429

-266247

-100524

100524

-25

77930

146631

-48909

-119641

123377

172286

270898

151257

4079

-255676

0.63

310

11730108

57530

0.0296

4600000

6580000

6800000

7330000

lesser of useful life or term of the lease

P3Y

P7Y

P15Y

P25Y

P30Y

53257

51355

45649

42786

40635

1147015

1385432

14166

16368

10474

9799

284051

271672

53257

51355

1775261

1551749

4746490 4933637

0.12

0.04

0.12

0.039

0.12

0.04

0.12

0.04

1000000

2000000

100000

400000

77930

P5Y P5Y P5Y P5Y P5Y P5Y P5Y P5Y

1000000

3000000

1000000

3000000

1000000

0.12

0.54

0.12

0.54

0.12

equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor.

2019

2018

equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor.

2021

21571

21362

NOTE 4 – SECURED PROMISSORY NOTES - RELATED PARTY   Related Party notes payable consists of the following at periods ended:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Secured Demand Promissory Note (provided by a related party) bearing interest of 4% per annum.</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,929,359</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,969,121</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Demand Promissory Note (provided by a related party) bearing interest of 12% per annum.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">598,134</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">588,651</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Notes (provided by a related party -$1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,457,851</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,413,186</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,933,637</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,746,490</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">118,744</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">115,276</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">458,128</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">443,757</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,495,853</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,276,481</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Short Term Demand Notes Payable</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,527,493</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,557,772</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Short Term Secured promissory notes – related party</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,933,637</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,746,490</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Long Term Secured promissory notes – related party</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">2,034,723</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">1,972,219</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Short Term and Long Term promissory notes – related party</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,968,360</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,718,709</td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; line-height: 107%">Continuity of Secured Promissory Notes – Related Party</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of March 31, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">As of December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Face value of November 19, 2014 secured note payable</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,000,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 16%; text-align: right; line-height: 107%">1,000,000</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Face value of August 29, 2013 secured note payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,000,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,000,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Face value of September 30, 2013 secured note payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,000,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,000,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Face value of August 25, 2016 secured note payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Face value of October 18, 2016 secured note payable</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">400,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">400,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total face value of promissory notes payable</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,500,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">4,500,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Discount on November 19, 2014 secured notes payable (1,000,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(58,082</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(58,082</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Discount on August 29, 2013 secured note payable (1,000,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(310,200</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(310,200</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Discount on September 30, 2013 secured note payable (2,000,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(600,400</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(600,400</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Discount on August 24, 2016 secured notes payable (100,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(2,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(2,000</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Discount on October 18, 2016 secured notes payable (500,000 warrants)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(20,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(20,000</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Accretion of discount on secured notes payable ($4,000,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">866,914</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">818,480</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Accretion of discount on secured notes payable ($500,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,575</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,200</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Interest on secured notes payable($4,000,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,493,405</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2,309,878</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Interest on secured notes payable($500,000 secured note payable)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">16,739</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">75,833</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Carrying value of Short Term and Long Term Secured Promissory Notes</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,887,951</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,718,709</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">The following annual payments of principal and interest are required over the next five years in respect to these short term and long term related party secured notes payables:</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">9,276,481</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Years Ending December 31,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Annual Payments</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%; padding-left: 10pt; line-height: 107%">2018</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 15%; text-align: right; line-height: 107%">7,304,262</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,413,186</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">2020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">559,033</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">9,276,481</td> <td style="line-height: 107%"> </td></tr> </table>

13158

6718709 6968360

365070

218439

232257

227676

77930

NOTE 8 - WARRANTS   The following table summarizes the activities for the period.   Warrants   The following table summarizes the activities for the quarter ended March 31, 2018 and year ended December 31, 2017:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Warrants Number</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Exercise Price</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Weighted Average Remaining Term</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 49%; line-height: 107%">OUTSTANDING, December 31, 2017</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,850,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.38</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.3</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expired  </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">250,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">0.15</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">OUTSTANDING, March 31, 2018</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">4,600,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">$</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">0.39</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">1.1</td> <td style="line-height: 107%"> </td></tr> </table>   There were no warrants issued during the three months ended March 31, 2018. For the three months ended March 31 2018, 250,000 of warrants expired. 10000 124756158

1000000

2000000

1000000

2000000

4500000

100000

177930

100000

400000

100000

77930

58082

310200

600400

58082

310200

600400

2000

20000

2000

818480 866914 533 5200 1575 633

2309878

2493405

17269

75833

16739

20652

6718709 6887951

1000000

2000000

1000000

2000000

100000

500000

100000

4000000 4000000 100000 100000 500000 500000 4000000 4000000 500000 500000 500000 500000

7304262

1413186

559033

197215

9276481

P5Y

197215

524010

1448464

540000

1161360

2030-12-01

250000

4850000

4600000

0.38 0.39 0.15

P1Y3M19D

P1Y1M6D

2330000

37333

4380000

2250000

4380000

2250000

2330000

2250000

1.12

0.17

0.42

0.17

0.72

0.17

-58066

-28445

254000

21571

21362

2016-05-10

Interim Disclosure   In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, which are considered necessary for a fair presentation of the results for the periods presented. These condensed consolidated financial statements are presented in considerably less detail than complete financial statements that are intended to present financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. For this reason, they should be read in conjunction with the entity’s most recent complete financial statements included in its annual report for the year ended December 31, 2017 on Form 10-K filed with the Securities and Exchange Commission (the SEC) on April 2, 2018 that include all the disclosures required by generally accepted accounting principles.

4858424

811576

Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock. Includes accrued interest.

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property, plant and equipment Gain on disposal of property, plant and equipment Interest expense, net Other (income) expense, net TOTAL OTHER (INCOME) EXPENSES (LOSS) BEFORE INCOME TAXES Provision for Income taxes NET (LOSS) Basic and diluted income (loss) per share Weighted average number of shares outstanding Basic and diluted Statement of Comprehensive Income [Abstract] NET (LOSS) OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX Foreign currency items COMPREHENSIVE (LOSS) Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Reconciliation of loss to net cash used in operations: Depreciation of property plant and equipment Accretion of long-term liability Accrued interest expense Stock or options issued for Services Gain on sale of property, plant and equipment Working capital changes: Accounts receivable Prepaid expenses and other current assets Accounts payable Accrued expenses NET CASH USED IN OPERATING ACTIVITIES CASH FLOW FROM INVESTMENT ACTIVITIES: Release of (increase in) restricted cash NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sale of property, plant and equipment Repayment of mortgages and capital leases Cash proceeds from Note Payable NET CASH PROVIDED BY FINANCING ACTIVITIES Foreign currency exchange effect on cash flows NET DECREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for income taxes Cash paid for interest Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Going Concern Accounting Policies [Abstract] Summary of Accounting Policies Property, Plant and Equipment [Abstract] Property, Plant and Equipment, Net Debt Disclosure [Abstract] Secured Promissory Notes - Related Party Secured Promissory Notes Capital Leases Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Warrants Warrants Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock-Based Compensation Plans and Awards Risks and Uncertainties [Abstract] Risk Management Subsequent Events [Abstract] Subsequent Events Basis of Consolidation Interim Disclosure Estimates Cash and Cash Equivalents Restricted Cash Accounts Receivable Property, Plant and Equipment Impairment of Long-Lived Assets Asset Retirement Obligations Environmental Contingencies Deposits Leases Revenue Recognition Foreign Currency Translation Income Taxes Loss Per Share Segment Reporting Concentrations and Credit Risk Fair Value of Financial Instruments Recently Issued Accounting Pronouncements Schedule of Property, Plant and Equipment Useful Life Schedule of Property, Plant and Equipment EX-101.PRE 11 ptoi-20180331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	Jun. 29, 2018
Document And Entity Information
Entity Registrant Name	Plastic2Oil, Inc.
Entity Central Index Key	0001381105
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		124,756,158
Trading Symbol	PTOI
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2018

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 123,377	$ 172,286
Restricted cash		100,423
Prepaid expenses and other current assets	72,044	12,386
TOTAL CURRENT ASSETS	195,422	285,196
PROPERTY, PLANT AND EQUIPMENT, NET:
Property, plant and equipment, net	1,481,309	1,525,918
TOTAL PROPERTY, PLANT AND EQUIPMENT	1,481,309	1,525,918
Deposits	10,000	10,000
TOTAL ASSETS	1,686,731	1,821,114
CURRENT LIABILITIES:
Accounts payable	1,863,681	1,878,821
Accrued expenses	2,688,356	2,607,561
Demand promissory note – related party, current portion	7,351,922	7,304,262
Capital leases	21,571	21,362
TOTAL CURRENT LIABILITIES	11,925,530	11,812,009
LONG-TERM LIABILITIES:
Asset retirement obligations	66,414	65,920
Secured promissory notes – related party	2,222,020	1,972,219
Secured promissory notes	119,285	115,802
TOTAL LONG-TERM LIABILITIES	2,407,719	2,153,941
TOTAL LIABILITIES	14,333,249	13,965,947
STOCKHOLDERS’ DEFICIT:
Common stock, par $0.001; 250,000,000 authorized, 124,756,158 shares issued and outstanding	124,756	124,756
Additional paid in capital	67,187,660	67,176,993
Accumulated other comprehensive income (loss)	29,622	(28,445)
Accumulated deficit	(79,988,556)	(79,418,833)
TOTAL STOCKHOLDERS’ DEFICIT	(12,646,518)	(12,144,833)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 1,686,731	$ 1,821,114

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	124,756,158	124,756,158
Common stock, shares outstanding	124,756,158	124,756,158

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Selling general and administrative expenses
Professional Fees	$ 37,016	$ 56,056
Compensation	141,333	184,903
Other	75,576	73,651
Depreciation of property, plant and equipment and accretion of long-term liability	94,735	105,001
TOTAL OPERATING EXPENSES	348,660	419,611
(LOSS) FROM OPERATIONS	(348,660)	(419,611)
OTHER (INCOME) EXPENSES
Impairment loss - property, plant and equipment		13,158
Gain on disposal of property, plant and equipment		(255,676)
Interest expense, net	232,257	227,676
Other (income) expense, net	(10,498)	(1,686)
TOTAL OTHER (INCOME) EXPENSES	221,759	(16,305)
(LOSS) BEFORE INCOME TAXES	(570,419)	(403,306)
Provision for Income taxes
NET (LOSS)	$ (570,419)	$ (403,306)
Basic and diluted income (loss) per share	$ (0.00)	$ (0.00)
Weighted average number of shares outstanding Basic and diluted	124,756,158	124,756,158

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
NET (LOSS)	$ (570,419)	$ (403,306)
OTHER COMPREHENSIVE INCOME, NET OF INCOME TAX
Foreign currency items	(58,066)	(28,445)
COMPREHENSIVE (LOSS)	$ (628,485)	$ (442,566)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
NET (LOSS)	$ (570,419)	$ (403,306)
Reconciliation of loss to net cash used in operations:
Depreciation of property plant and equipment	45,103	55,447
Accretion of long-term liability		50,033
Impairment loss - property, plant and equipment		13,158
Accrued interest expense	223,223	217,819
Stock or options issued for Services	10,668	30,666
Gain on sale of property, plant and equipment		(255,676)
Working capital changes:
Accounts receivable		13,158
Prepaid expenses and other current assets	(59,659)	(75,610)
Accounts payable	(15,140)	1,116
Accrued expenses	80,795	87,092
NET CASH USED IN OPERATING ACTIVITIES	(285,429)	(266,247)
CASH FLOW FROM INVESTMENT ACTIVITIES:
Release of (increase in) restricted cash	100,524	(25)
NET CASH PROVIDED BY/(USED) IN INVESTING ACTIVITIES	100,524	(25)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of property, plant and equipment		365,070
Repayment of mortgages and capital leases		(218,439)
Cash proceeds from Note Payable	77,930
NET CASH PROVIDED BY FINANCING ACTIVITIES	77,930	146,631
Foreign currency exchange effect on cash flows	58,066	28,445
NET DECREASE IN CASH AND CASH EQUIVALENTS	(48,909)	(119,641)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	172,286	270,898
CASH AND CASH EQUIVALENTS AT END OF PERIOD	123,377	151,257
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for income taxes
Cash paid for interest		$ 4,079

XML 18 R7.htm IDEA: XBRL DOCUMENT

Organization and Going Concern

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Going Concern

NOTE 1 – ORGANIZATION AND GOING CONCERN

Going Concern

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Accounting Policies

NOTE 2 – SUMMARY OF ACCOUNTING POLICIES

Basis of Consolidation

Interim Disclosure

Estimates

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

Restricted Cash

Accounts Receivable

Property, Plant and Equipment

Leasehold improvements		lesser of useful life or term of the lease
Machinery and office equipment		3-15 years
Furniture and fixtures		7 years
Office and industrial buildings		25 -30 years

Impairment of Long-Lived Assets

Asset Retirement Obligations

Environmental Contingencies

Deposits

Leases

Revenue Recognition

Foreign Currency Translation

Income Taxes

Loss Per Share

Segment Reporting

Concentrations and Credit Risk

Fair Value of Financial Instruments

Recently Issued Accounting Pronouncements

XML 20 R9.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

NOTE 3 - PROPERTY, PLANT AND EQUIPMENT, NET

Property, Plant and Equipment consist of the following at:

As of March 31, 2018	Cost		Accumulated Depreciation			Net Book Value

Leasehold improvements	$	218,054	$	(42,786	)	$	175,267
Machinery and office equipment		1,360,460		(1,147,015	)		213,446
Furniture and fixtures		14,166		(14,166	)		-
Land		243,859		-			243,859
Asset retirement obligation		58,363		(10,474	)		47,890
Office and industrial buildings		1,084,899		(284,051	)		800,847
Equipment under capital lease		53,257		(53,257	)		-
Total	$	3,033,058	$	(1,551,749	)	$	1,481,309

As of December 31, 2017	Cost		Accumulated Depreciation			Net Book Value

Leasehold improvements	$	218,054	$	(40,635	)	$	177,419
Machinery and office equipment		1,626,379		(1,385,432	)		240,947
Furniture and fixtures		16,368		(16,368	)		-
Land		243,859		-			243,859
Asset retirement obligation		58,363		(9,799	)		48,564
Office and industrial buildings		1,084,899		(271,672	)		813,227
Equipment under capital lease		53,257		(51,355	)		9,510
Total	$	3,301,179	$	(1,775,261	)	$	1,525,918

XML 21 R10.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Secured Promissory Notes - Related Party

NOTE 4 – SECURED PROMISSORY NOTES - RELATED PARTY

Related Party notes payable consists of the following at periods ended:

	As of March 31, 2018		As of December 31, 2017
Secured Demand Promissory Note (provided by a related party) bearing interest of 4% per annum.	$	1,929,359	$	1,969,121

Secured Demand Promissory Note (provided by a related party) bearing interest of 12% per annum.		598,134		588,651

Secured Promissory Notes (provided by a related party -$1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		1,457,851		1,413,186

Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		4,933,637		4,746,490

Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		118,744		115,276

Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		458,128		443,757

Total		9,495,853		9,276,481
Short Term Demand Notes Payable	$	2,527,493	$	2,557,772
Short Term Secured promissory notes – related party	$	4,933,637	$	4,746,490
Long Term Secured promissory notes – related party	$	2,034,723	$	1,972,219
Short Term and Long Term promissory notes – related party	$	6,968,360	$	6,718,709

Continuity of Secured Promissory Notes – Related Party	As of March 31, 2018			As of December 31, 2017
Face value of November 19, 2014 secured note payable	$	1,000,000		$	1,000,000
Face value of August 29, 2013 secured note payable		1,000,000			1,000,000
Face value of September 30, 2013 secured note payable		2,000,000			2,000,000
Face value of August 25, 2016 secured note payable		100,000			100,000
Face value of October 18, 2016 secured note payable		400,000			400,000
Total face value of promissory notes payable		4,500,000			4,500,000
Discount on November 19, 2014 secured notes payable (1,000,000 warrants)		(58,082	)		(58,082	)
Discount on August 29, 2013 secured note payable (1,000,000 warrants)		(310,200	)		(310,200	)
Discount on September 30, 2013 secured note payable (2,000,000 warrants)		(600,400	)		(600,400	)
Discount on August 24, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000	)
Discount on October 18, 2016 secured notes payable (500,000 warrants)		(20,000	)		(20,000	)
Accretion of discount on secured notes payable ($4,000,000 secured note payable)		866,914			818,480
Accretion of discount on secured notes payable ($500,000 secured note payable)		1,575			5,200
Interest on secured notes payable($4,000,000 secured note payable)		2,493,405			2,309,878
Interest on secured notes payable($500,000 secured note payable)		16,739			75,833
Carrying value of Short Term and Long Term Secured Promissory Notes	$	6,887,951		$	6,718,709

The following annual payments of principal and interest are required over the next five years in respect to these short term and long term related party secured notes payables:		9,276,481

Years Ending December 31,	Annual Payments

2018		7,304,262
2019		1,413,186
2020		-
2021		559,033
Total	$	9,276,481

XML 22 R11.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Secured Promissory Notes

NOTE 5 – SECURED PROMISSORY NOTES

Secured notes payable consists of the following at periods ended:

	As of March 31, 2018		As of December 31, 2017

Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		119,285		115,802
Secured Demand Promissory Note - $77,930 in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA.		77,930		-
Total		197,215		115,802
Less: current portion		-		-
Secured promissory notes	$	197,215	$	115,802

Continuity of Secured Promissory Notes	As of March 31, 2018			As of December 31, 2017
Face value of August 10, 2016 secured note payable	$	100,000		$	100,000
Face value of February 16, 2018 secured note payable		77,930			-
Total face value of promissory notes payable		177,930			100,000
Discount on August 10, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000	)
Accretion of discount on secured notes payable ($100,000 secured note payable)		633			533
Interest on secured notes payable ($500,000 secured note payable)		20,652			17,269
Carrying value of Secured Promissory Notes	$	197,215		$	115,802

The following annual payments of principal and interest are required over the next five years in respect to these secured notes payable:

Years Ending December 31,	Annual Payments
2017	$	-
2018		-
2019		-
2020		-
2021		197,215
Total	$	197,215

XML 23 R12.htm IDEA: XBRL DOCUMENT

Capital Leases

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Capital Leases

NOTE 6 - CAPITAL LEASES

The Mortgages Payable and Capital Leases consists of the following at periods ending:

	As of March 31, 2018			As of December 31, 2017
Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor. The capital lease is in default.		21,571	(1)		21,362	(1)

Total		21,571			21,362
Less: current portion		21,571			21,362
Mortgages payable and capital leases	$	-		$	-

(1) Includes accrued interest.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Commitments

Contingencies

XML 25 R14.htm IDEA: XBRL DOCUMENT

Warrants

3 Months Ended

Mar. 31, 2018

Warrants

Warrants

NOTE 8 - WARRANTS

The following table summarizes the activities for the period.

Warrants

The following table summarizes the activities for the quarter ended March 31, 2018 and year ended December 31, 2017:

Warrants

Number

Weighted

Average

Exercise Price

Weighted

Average

Remaining Term

OUTSTANDING, December 31, 2017

4,850,000

0.38

1.3

Expired

250,000

0.15

OUTSTANDING, March 31, 2018

4,600,000

0.39

1.1

There were no warrants issued during the three months ended March 31, 2018. For the three months ended March 31 2018, 250,000 of warrants expired.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans and Awards

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Plans and Awards

NOTE 9 – STOCK-BASED COMPENSATION PLANS AND AWARDS

2012 Plan

There were no options granted during the three months ended March 31, 2018 and 2017. As of March 31, 2018, 4,380,000 options were outstanding of which 2,330,000 are fully vested.

A summary of stock option activity for the three months ended March 31, 2018 is as follows:

Outstanding

Stock
Options

Weighted-
Average

Exercise
Price

Aggregate

Intrinsic
Value (1)

Balance as of December 31, 2017

4,380,000

1.12

Balance as of March 31, 2018

4,380,000

0.42

Exercisable as of March 31, 2018

2,330,000

0.72

Equity awards available for grant, net of restricted stock (811,576) at March 31, 2018:

4,858,424

(1)	Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock.

As of March 31, 2018, the Company expects to recognize $37,333 of, compensation through March 31, 2019 related to the vesting of stock options.

2016 Incentive Plan

There were no options granted during the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, 2,250,000 options were outstanding and are fully vested.

A summary of stock option activity for the three months ended March 31, 2018 is as follows:

Outstanding

Stock
Options

Weighted-
Average

Exercise Price

Aggregate

Intrinsic
Value (1)

Balance as of December 31, 2017

2,250,000

0.17

Balance as of March 31, 2018

2,250,000

0.17

Exercisable as of March 31, 2018

2,250,000

0.17

XML 27 R16.htm IDEA: XBRL DOCUMENT

Risk Management

3 Months Ended

Mar. 31, 2018

Risks and Uncertainties [Abstract]

Risk Management

NOTE 10 – RISK MANAGEMENT

Concentration of Credit Risk

XML 28 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 11 – SUBSEQUENT EVENTS

None.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Consolidation

Interim Disclosure

Estimates

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

Restricted Cash

Accounts Receivable

Property, Plant and Equipment

Leasehold improvements		lesser of useful life or term of the lease
Machinery and office equipment		3-15 years
Furniture and fixtures		7 years
Office and industrial buildings		25 -30 years

Impairment of Long-Lived Assets

Asset Retirement Obligations

Environmental Contingencies

Deposits

Leases

Revenue Recognition

Foreign Currency Translation

Income Taxes

Loss Per Share

Segment Reporting

Concentrations and Credit Risk

Fair Value of Financial Instruments

Recently Issued Accounting Pronouncements

XML 30 R19.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment Useful Life

Depreciation is provided using the straight-line method over the estimated useful lives of the various classes of assets, and capital-leased assets are given useful lives coinciding with the asset classification they are classified as follows:

Leasehold improvements		lesser of useful life or term of the lease
Machinery and office equipment		3-15 years
Furniture and fixtures		7 years
Office and industrial buildings		25 -30 years

XML 31 R20.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, Plant and Equipment consist of the following at:

As of March 31, 2018	Cost		Accumulated Depreciation			Net Book Value

Leasehold improvements	$	218,054	$	(42,786	)	$	175,267
Machinery and office equipment		1,360,460		(1,147,015	)		213,446
Furniture and fixtures		14,166		(14,166	)		-
Land		243,859		-			243,859
Asset retirement obligation		58,363		(10,474	)		47,890
Office and industrial buildings		1,084,899		(284,051	)		800,847
Equipment under capital lease		53,257		(53,257	)		-
Total	$	3,033,058	$	(1,551,749	)	$	1,481,309

As of December 31, 2017	Cost		Accumulated Depreciation			Net Book Value

Leasehold improvements	$	218,054	$	(40,635	)	$	177,419
Machinery and office equipment		1,626,379		(1,385,432	)		240,947
Furniture and fixtures		16,368		(16,368	)		-
Land		243,859		-			243,859
Asset retirement obligation		58,363		(9,799	)		48,564
Office and industrial buildings		1,084,899		(271,672	)		813,227
Equipment under capital lease		53,257		(51,355	)		9,510
Total	$	3,301,179	$	(1,775,261	)	$	1,525,918

XML 32 R21.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Related Party Notes Payable

Related Party notes payable consists of the following at periods ended:

	As of March 31, 2018		As of December 31, 2017
Secured Demand Promissory Note (provided by a related party) bearing interest of 4% per annum.	$	1,929,359	$	1,969,121

Secured Demand Promissory Note (provided by a related party) bearing interest of 12% per annum.		598,134		588,651

Secured Promissory Notes (provided by a related party -$1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		1,457,851		1,413,186

Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		4,933,637		4,746,490

Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		118,744		115,276

Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		458,128		443,757

Total		9,495,853		9,276,481
Short Term Demand Notes Payable	$	2,527,493	$	2,557,772
Short Term Secured promissory notes – related party	$	4,933,637	$	4,746,490
Long Term Secured promissory notes – related party	$	2,034,723	$	1,972,219
Short Term and Long Term promissory notes – related party	$	6,968,360	$	6,718,709

Schedule of Secured Promissory Related Party

Continuity of Secured Promissory Notes – Related Party	As of March 31, 2018			As of December 31, 2017
Face value of November 19, 2014 secured note payable	$	1,000,000		$	1,000,000
Face value of August 29, 2013 secured note payable		1,000,000			1,000,000
Face value of September 30, 2013 secured note payable		2,000,000			2,000,000
Face value of August 25, 2016 secured note payable		100,000			100,000
Face value of October 18, 2016 secured note payable		400,000			400,000
Total face value of promissory notes payable		4,500,000			4,500,000
Discount on November 19, 2014 secured notes payable (1,000,000 warrants)		(58,082	)		(58,082
Discount on August 29, 2013 secured note payable (1,000,000 warrants)		(310,200	)		(310,200
Discount on September 30, 2013 secured note payable (2,000,000 warrants)		(600,400	)		(600,400
Discount on August 24, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000
Discount on October 18, 2016 secured notes payable (500,000 warrants)		(20,000	)		(20,000
Accretion of discount on secured notes payable ($4,000,000 secured note payable)		866,914			818,480
Accretion of discount on secured notes payable ($500,000 secured note payable)		1,575			5,200
Interest on secured notes payable($4,000,000 secured note payable)		2,493,405			2,309,878
Interest on secured notes payable($500,000 secured note payable)		16,739			75,833
Carrying value of Short Term and Long Term Secured Promissory Notes	$	6,887,951		$	6,718,709

Schedule of Annual Repayments to Related Party

The following annual payments of principal and interest are required over the next five years in respect to these short term and long term related party secured notes payables:

9,276,481

Years Ending December 31,	Annual Payments

2018		7,304,262
2019		1,413,186
2020		-
2021		559,033
Total	$	9,276,481

XML 33 R22.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Secured Debt

Secured notes payable consists of the following at periods ended:

	As of March 31, 2018		As of December 31, 2017

Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries.		119,285		115,802
Secured Demand Promissory Note - $77,930 in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA.		77,930		-
Total		197,215		115,802
Less: current portion		-		-
Secured promissory notes	$	197,215	$	115,802

Schedule of Secure Promissory Notes

Continuity of Secured Promissory Notes	As of March 31, 2018			As of December 31, 2017
Face value of August 10, 2016 secured note payable	$	100,000		$	100,000
Face value of February 16, 2018 secured note payable		77,930			-
Total face value of promissory notes payable		177,930			100,000
Discount on August 10, 2016 secured notes payable (100,000 warrants)		(2,000	)		(2,000	)
Accretion of discount on secured notes payable ($100,000 secured note payable)		633			533
Interest on secured notes payable ($500,000 secured note payable)		20,652			17,269
Carrying value of Secured Promissory Notes	$	197,215		$	115,802

Schedule of Annual Repayments

The following annual payments of principal and interest are required over the next five years in respect to these secured notes payable:

Years Ending December 31,	Annual Payments
2017	$	-
2018		-
2019		-
2020		-
2021		197,215
Total	$	197,215

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 34 R23.htm IDEA: XBRL DOCUMENT

Capital Leases (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Mortgages Payable and Capital Leases

The Mortgages Payable and Capital Leases consists of the following at periods ending:

	As of March 31, 2018			As of December 31, 2017
Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor. The capital lease is in default.		21,571	(1)		21,362	(1)

Total		21,571			21,362
Less: current portion		21,571			21,362
Mortgages payable and capital leases	$	-		$	-

(1) Includes accrued interest.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Warrants (Tables)

3 Months Ended

Mar. 31, 2018

Warrants

Schedule of Warrants Activity

The following table summarizes the activities for the quarter ended March 31, 2018 and year ended December 31, 2017:

Warrants

Number

Weighted

Average

Exercise Price

Weighted

Average

Remaining Term

OUTSTANDING, December 31, 2017

4,850,000

0.38

1.3

Expired

250,000

0.15

OUTSTANDING, March 31, 2018

4,600,000

0.39

1.1

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 36 R25.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans and Awards (Tables)

3 Months Ended

Mar. 31, 2018

2012 Plan [Member]

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2018 is as follows:

Outstanding

Stock
Options

Weighted-
Average

Exercise
Price

Aggregate

Intrinsic
Value (1)

Balance as of December 31, 2017

4,380,000

1.12

Balance as of March 31, 2018

4,380,000

0.42

Exercisable as of March 31, 2018

2,330,000

0.72

Equity awards available for grant, net of restricted stock (811,576) at March 31, 2018:

4,858,424

(1)	Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock.

2016 Incentive Plan [Member]

Summary of Stock Option Activity

A summary of stock option activity for the three months ended March 31, 2018 is as follows:

Outstanding

Stock
Options

Weighted-
Average

Exercise Price

Aggregate

Intrinsic
Value (1)

Balance as of December 31, 2017

2,250,000

0.17

Balance as of March 31, 2018

2,250,000

0.17

Exercisable as of March 31, 2018

2,250,000

0.17

XML 37 R26.htm IDEA: XBRL DOCUMENT

Organization and Going Concern (Details Narrative) - USD ($)		3 Months Ended
	Apr. 24, 2009	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Net loss from continuing operations		$ 570,419	$ 403,306
Working capital deficit		11,730,108
Accumulated deficit		$ 79,988,556		$ 79,418,833
John Bordynuik [Member]
Percentage of ownership	63.00%
Number of shares purchased during period	310

XML 38 R27.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies (Details Narrative)	3 Months Ended
Summary of Accounting Policies (Details Narrative)	Mar. 31, 2018 USD ($) Segment shares	Mar. 31, 2017 USD ($) Segment shares	Dec. 31, 2017 USD ($)
Restricted cash amount			$ 100,423
Allowances for uncollectible accounts	0		0
Impairment losses on property, plant and equipment		$ 13,158
Asset retirement obligations discount	$ 57,530
Percentage of discount rate	2.96%
Asset retirement obligations	$ 66,414		65,920
Deposits	10,000		10,000
Unrecognized tax benefits
Number of operating segment \| Segment	1
Number of reportable segments \| Segment		2
Debt due swap amount		$ 10,000
Warrant [Member]
Antidilutive securities excluded from computation of earnings per share \| shares	4,600,000	6,800,000
Stock Option [Member]
Antidilutive securities excluded from computation of earnings per share \| shares	6,580,000	7,330,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies - Schedule of Property, Plant and Equipment Useful Life (Details)	3 Months Ended
	Mar. 31, 2018
Leasehold Improvements [Member]
Property plant and equipment useful life description	lesser of useful life or term of the lease
Machinery and Office Equipment [Member] \| Minimum [Member]
Property plant and equipment useful life	3 years
Machinery and Office Equipment [Member] \| Maximum [Member]
Property plant and equipment useful life	15 years
Furniture and Fixtures [Member]
Property plant and equipment useful life	7 years
Office and Industrial Buildings [Member] \| Minimum [Member]
Property plant and equipment useful life	25 years
Office and Industrial Buildings [Member] \| Maximum [Member]
Property plant and equipment useful life	30 years

XML 40 R29.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Depreciation expense	$ 45,103	$ 55,447
Impairment of long-lived assets		13,158
Machinery and Office Equipment [Member]
Machinery and equipment cost	53,257	53,257
Accumulated amortization	51,355	45,649
Assets Under Capital Lease [Member]
Depreciation expense	$ 1,902	1,902
Land, Office and Industrial Building [Member]
Property, plant and equipment, net -held for sale		$ 254,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Cost	$ 1,481,309	$ 1,525,918
Net Book Value	1,481,309	1,525,918
Leasehold Improvements [Member]
Cost	218,054	218,054
Accumulated Depreciation	(42,786)	(40,635)
Net Book Value	175,267	177,419
Machinery and Office Equipment [Member]
Cost	1,360,460	1,626,379
Accumulated Depreciation	(1,147,015)	(1,385,432)
Net Book Value	213,446	240,947
Furniture and Fixtures [Member]
Cost	14,166	16,368
Accumulated Depreciation	(14,166)	(16,368)
Net Book Value
Land [Member]
Cost	243,859	243,859
Accumulated Depreciation
Net Book Value	243,859	243,859
Asset Retirement Obligation [Member]
Cost	58,363	58,363
Accumulated Depreciation	(10,474)	(9,799)
Net Book Value	47,890	48,564
Office and Industrial Buildings [Member]
Cost	1,084,899	1,084,899
Accumulated Depreciation	(284,051)	(271,672)
Net Book Value	800,847	813,227
Equipment Under Capital Lease [Member]
Cost	53,257	53,257
Accumulated Depreciation	(53,257)	(51,355)
Net Book Value		9,510
Property, Plant and Equipment [Member]
Cost	3,033,058	3,301,179
Accumulated Depreciation	(1,551,749)	(1,775,261)
Net Book Value	$ 1,481,309	$ 1,525,918

XML 42 R31.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party - Schedule of Related Party Notes Payable (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Secured debt, total	$ 119,285	$ 115,802
Short Term Demand Notes Payable	7,351,922	7,304,262
Long Term Secured promissory notes - related party	2,222,020	1,972,219
Related Party [Member]
Secured debt, total	9,495,853	9,276,481
Short Term Demand Notes Payable	2,527,493	2,557,772
Short Term Secured promissory notes - related party	4,933,637	4,746,490
Long Term Secured promissory notes - related party	2,034,723	1,972,219
Short Term and Long Term promissory notes - related party	6,968,360	6,718,709
Related Party [Member] \| Secured Demand Promissory Note 1 [Member]
Secured debt, total	1,929,359	1,969,121
Related Party [Member] \| Secured Demand Promissory Note 2 [Member]
Secured debt, total	598,134	588,651
Related Party [Member] \| Secured Promissory Notes 1 [Member]
Secured debt, total	1,457,851	1,413,186
Related Party [Member] \| Secured Promissory Notes 2 [Member]
Secured debt, total	4,933,637	4,746,490
Related Party [Member] \| Secured Promissory Notes 3 [Member]
Secured debt, total	118,744	115,276
Related Party [Member] \| Secured Promissory Notes 4 [Member]
Secured debt, total	$ 458,128	$ 443,757

XML 43 R32.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party - Schedule of Related Party Notes Payable (Details) (Parenthetical) - Related Party [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Oct. 18, 2016	Aug. 24, 2016	Nov. 19, 2014	Sep. 30, 2014	Aug. 29, 2013
Secured Demand Promissory Note 1 [Member]
Debt bearing interest rate per annum	4.00%	4.00%
Secured Demand Promissory Note 2 [Member]
Debt bearing interest rate per annum	12.00%	12.00%
Secured Promissory Notes 1 [Member]
Debt bearing interest rate per annum	12.00%	12.00%
Note (provided by related party)					$ 1,000,000
Warrant term	5 years	5 years
Warrant to purchase shares of common stock	1,000,000	1,000,000
Warrants exercise price per share	$ 0.12	$ 0.12
Notes maturity date	2019	2019
Secured Promissory Notes 2 [Member]
Debt bearing interest rate per annum	12.00%	12.00%
Note (provided by related party)						$ 2,000,000	$ 1,000,000
Warrant term	5 years	5 years
Warrant to purchase shares of common stock	3,000,000	3,000,000
Warrants exercise price per share	$ 0.54	$ 0.54
Notes maturity date	2018	2018
Secured Promissory Notes 3 [Member]
Debt bearing interest rate per annum	12.00%	12.00%
Note (provided by related party)				$ 100,000
Warrant term	5 years	5 years
Warrant to purchase shares of common stock	1,000,000	1,000,000
Warrants exercise price per share	$ 0.12	$ 0.12
Notes maturity date	2021	2021
Secured Promissory Notes 4 [Member]
Debt bearing interest rate per annum	12.00%	12.00%
Note (provided by related party)			$ 400,000
Warrant term	5 years	5 years
Warrant to purchase shares of common stock	1,000,000	1,000,000
Warrants exercise price per share	$ 0.12	$ 0.12
Notes maturity date	2021	2021

XML 44 R33.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party - Schedule of Secured Promissory Related Party (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Related Party [Member]
Total face value of promissory notes payable	$ 4,500,000	$ 4,500,000
Accretion of discounts on secured notes payable	866,914	818,480
Interest on secured notes payable	2,493,405	2,309,878
Carrying value of Short Term and Long Term Secured Promissory Notes	6,887,951	6,718,709
Related Party [Member] \| November 19, 2014 [Member]
Total face value of promissory notes payable	1,000,000	1,000,000
Discount on secured note payable	(58,082)	(58,082)
Related Party [Member] \| August 29, 2013 [Member]
Total face value of promissory notes payable	1,000,000	1,000,000
Discount on secured note payable	(310,200)	(310,200)
Related Party [Member] \| September 30, 2013 [Member]
Total face value of promissory notes payable	2,000,000	2,000,000
Discount on secured note payable	(600,400)	(600,400)
Related Party [Member] \| August 25, 2016 [Member]
Total face value of promissory notes payable	100,000	100,000
Related Party [Member] \| August 24, 2016 [Member]
Discount on secured note payable	(2,000)	(2,000)
Related Party [Member] \| October 18, 2016 [Member]
Total face value of promissory notes payable	400,000	400,000
Discount on secured note payable	(20,000)	(20,000)
Related Party One [Member]
Accretion of discounts on secured notes payable	1,575	5,200
Interest on secured notes payable	$ 16,739	$ 75,833

XML 45 R34.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party - Schedule of Secured Promissory Related Party (Details) (Parenthetical) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Related Party [Member]
Secured note payable	$ 4,000,000	$ 4,000,000
Interest on secured notes payable	$ 4,000,000	$ 4,000,000
Related Party [Member] \| November 19, 2014 [Member]
Number of warrant shares	1,000,000	1,000,000
Related Party [Member] \| August 29, 2013 [Member]
Number of warrant shares	1,000,000	1,000,000
Related Party [Member] \| September 30, 2013 [Member]
Number of warrant shares	2,000,000	2,000,000
Related Party [Member] \| August 24, 2016 [Member]
Number of warrant shares	100,000	100,000
Related Party [Member] \| October 18, 2016 [Member]
Number of warrant shares	500,000	500,000
Related Party One [Member]
Secured note payable	$ 500,000	$ 500,000
Interest on secured notes payable	$ 500,000	$ 500,000

XML 46 R35.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Related Party - Schedule of Annual Repayments to Related Party (Details)	Mar. 31, 2018 USD ($)
2019
2020
2021
Total	197,215
Related Party [Member]
2018	7,304,262
2019	1,413,186
2020
2021	559,033
Total	$ 9,276,481

XML 47 R36.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Schedule of Secured Debt (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Secured debt, total	$ 119,285	$ 115,802
Less: current portion	7,351,922	7,304,262
Secured promissory notes	2,222,020	1,972,219
Notes Payable [Member]
Secured debt, total	197,215	115,802
Less: current portion
Secured promissory notes	197,215	115,802
Secured Promissory Notes [Member] \| Notes Payable [Member]
Secured debt, total	119,285	115,802
Secured Demand Promissory Note [Member] \| Notes Payable [Member]
Secured debt, total	$ 77,930

XML 48 R37.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Schedule of Secured Debt (Details) (Parenthetical) - Notes Payable [Member] - USD ($)	Aug. 10, 2016	Feb. 16, 2018
Secured Promissory Notes [Member]
Note (provided by related party)	$ 100,000
Debt bearing interest	12.00%
Warrant term	5 years
Warrant to purchase shares of common stock	1,000,000
Warrants exercise price per share	$ 0.12
Notes maturity date	2021
Secured Demand Promissory Note [Member]
Note (provided by related party)		$ 77,930
Debt bearing interest		4.00%

XML 49 R38.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Schedule of Secure Promissory Notes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Carrying value of Secured Promissory Notes	$ 119,285	$ 115,802
Notes Payable [Member]
Total face value of promissory notes payable	177,930	100,000
Accretion of discounts on secured notes payable	633	533
Interest on secured notes payable	20,652	17,269
Carrying value of Secured Promissory Notes	197,215	115,802
Notes Payable [Member] \| August 10, 2016 [Member]
Total face value of promissory notes payable	100,000	100,000
Discount on secured note payable	(2,000)	(2,000)
Notes Payable [Member] \| February 16, 2018 [Member]
Total face value of promissory notes payable	$ 77,930

XML 50 R39.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Schedule of Secure Promissory Notes (Details) (Parenthetical) - Notes Payable [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Secured note payable	$ 100,000	$ 100,000
Interest on secured notes payable	$ 500,000	$ 500,000
August 10, 2016 [Member]
Number of warrant shares	100,000	100,000

XML 51 R40.htm IDEA: XBRL DOCUMENT

Secured Promissory Notes - Schedule of Annual Repayments (Details)	Mar. 31, 2018 USD ($)
Debt Disclosure [Abstract]
2017
2018
2019
2020
2021	197,215
Total	$ 197,215

XML 52 R41.htm IDEA: XBRL DOCUMENT

Capital Leases - Schedule of Mortgages Payable and Capital Leases (Details) - USD ($)

Mar. 31, 2018

Dec. 31, 2017

Capital lease obligations, total

$ 21,571

$ 21,362

Less: current portion

21,571

21,362

Mortgages payable and capital leases

Mortgages Payable and Capital Leases [Member]

Capital lease obligations, total

^[1]

$ 21,571

$ 21,362

[1]	Includes accrued interest.

XML 53 R42.htm IDEA: XBRL DOCUMENT

Capital Leases - Schedule of Mortgages Payable and Capital Leases (Details) (Parenthetical) - Mortgages Payable and Capital Leases [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt instrument interest rate	3.90%	3.90%
Debt maturity date	May 10, 2016	May 10, 2016
Debt instrument maturity extended description	equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor.	equipment and matured on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended to May 10, 2016 by the Lessor.

XML 54 R43.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)		3 Months Ended
	Apr. 17, 2017	Mar. 31, 2018	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Cash received from legal expense	$ 524,010
Impairment loss on deposits			$ 1,448,464
Payments to acquire assets		$ 540,000
Operating lease income		$ 1,161,360
Lease expiration date		Dec. 01, 2030

XML 55 R44.htm IDEA: XBRL DOCUMENT

Warrants (Details Narrative) - Warrant [Member]	3 Months Ended
Warrants (Details Narrative) - Warrant [Member]	Mar. 31, 2018 shares
Number of warrants issued
Number of warrants expired	250,000

XML 56 R45.htm IDEA: XBRL DOCUMENT

Warrants - Schedule of Warrants Activity (Details) - Warrant [Member]	3 Months Ended
	Mar. 31, 2018 $ / shares shares
Warrants Number Outstanding, Beginning Balance	4,850,000
Warrants Number Expired	250,000
Warrants Number Outstanding, Ending Balance	4,600,000
Weighted Average Exercise Price Outstanding, Beginning Balance \| $ / shares	$ 0.38
Weighted Average Exercise Price Expired	0.15
Weighted Average Exercise Price Outstanding, Ending Balance \| $ / shares	$ 0.39
Weighted Average Remaining Term Outstanding, Beginning Balance	1 year 3 months 19 days
Weighted Average Remaining Term Outstanding, Ending Balance	1 year 1 month 6 days

XML 57 R46.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans and Awards (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
2012 Plan [Member]
Number of options granted
Number of stock options outstanding	4,380,000		4,380,000
Number of share options fully vested	2,330,000
Stock based compensation expense	$ 37,333
2016 Incentive Plan [Member]
Number of options granted
Number of stock options outstanding	2,250,000		2,250,000

XML 58 R47.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans and Awards - Summary of Stock Option Activity (Details) - USD ($)

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

2012 Plan [Member]

Number of Stock Options Outstanding Shares, Beginning Balance

4,380,000

Number of Stock Options Outstanding Shares, Issued

Number of Stock Options Outstanding Shares, Ending Balance

4,380,000

Number of Stock Options Outstanding Shares, Exercisable Ending Balance

2,330,000

Equity awards available for grant, net of restricted stock (811,576) at March 31, 2018

4,858,424

Weighted- Average Exercise Price, Beginning

$ 1.12

Weighted- Average Exercise Price Fair Value, Issued

Weighted- Average Exercise Price, Ending Balance

0.42

Weighted- Average Exercise Price, Exercisable Ending Balance

$ 0.72

Aggregate Intrinsic Value, Share Outstanding, Beginning

^[1]

Aggregate Intrinsic Value, Share Outstanding, Ending Balance

^[1]

Aggregate Intrinsic Value, Share Exercisable, Ending Balance

^[1]

2016 Incentive Plan [Member]

Number of Stock Options Outstanding Shares, Beginning Balance

2,250,000

Number of Stock Options Outstanding Shares, Issued

Number of Stock Options Outstanding Shares, Ending Balance

2,250,000

Number of Stock Options Outstanding Shares, Exercisable Ending Balance

2,250,000

Weighted- Average Exercise Price, Beginning

$ 0.17

Weighted- Average Exercise Price Fair Value, Issued

Weighted- Average Exercise Price, Ending Balance

0.17

Weighted- Average Exercise Price, Exercisable Ending Balance

$ 0.17

Aggregate Intrinsic Value, Share Outstanding, Beginning

^[1]

Aggregate Intrinsic Value, Share Outstanding, Ending Balance

^[1]

Aggregate Intrinsic Value, Share Exercisable, Ending Balance

^[1]

[1]	Amounts represent the difference between the exercise price and the fair value of common stock at period end for all in the money options outstanding based on the fair value per share of common stock.

XML 59 R48.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans and Awards - Summary of Stock Option Activity (Details) (Parenthetical)	3 Months Ended
	Mar. 31, 2018 shares
2012 Plan [Member]
Equity awards available for grant, restricted stock	811,576

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