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Segment Reporting
3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting

NOTE 10 – SEGMENT REPORTING

 

For the three months ended March 31, 2017 and 2016 the Company had no revenue. The company’s processors were idle for all of 2016 and remained idle during the three months ended March 31, 2017.

 

When operating, the Company had two principal operating segments, Plastic2Oil and the Data Business. These operating segments were determined based on the nature of the products and services offered. Operating segments are defined as 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. The Company’s Chief Executive Officer has been identified as the chief operating decision maker, and directs the allocation of resources to operating segments based on the profitability and cash flows of each respective segment

 

When operating, the Company evaluates performance based on several factors, of which the primary financial measure is net income. The accounting policies of the business segments are the same as those described in “Note 2: Summary of Accounting Policies.”

 

P2O assets include the Company headquarters and various machinery and equipment used at the Niagara Falls Facility. At March 31, 2017, total long-lived assets of $1,451,619 and $210,608 were located in the United States and Canada, respectively. As of December 31, 2016, total long-lived assets of $1,832,078 and $344,671, were located in the United States and Canada, respectively. At March 31, 2017 and December 31, 2016, the mortgage payable of $0 and $206,910, respectively and the equipment capital lease of $20,747 and $20,546, respectively, both disclosed in Note 5, relate to assets held in Canada.