[PLNI]: Mr. Richard R. Matthews ('rrm_bcnu") fraudulently posts material false and misleading information about the PLNI 2006 1st Qtr. 10-QSB

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Details to follow,

but here is the fraudulent post regarding the recently SEC filed PLNI 10-QSB that was made by promoter Rick Matthews ("rrm_bcnu") on the InvestorsHub.com message board for the scam company Plasticon International, Inc.

http://www.investorshub.com/boards/read_msg.asp?message_id=16470314

Posted by: rrm_bcnu
In reply to: fynley who wrote msg# 21180
Date:1/24/2007 4:46:32 PM
Post # 21181 of 21183

Some observations on the Q1:

A review of the filing shows an increase in accounts receivable of over 330%, using only the first quarter of 2006 as compared to the entire FY of 2005. Total Assets went from $6,293,238 to $8,529,110, increasing in the first quarter of 2006 alone by 35% vs. the entire FY 2005.

Total revenues for the 2005 Quarter ending March 31st 2005 was $82,370 vs. total revenues for the 2006 Quarter ending March 31st 2006 of $1,927,592, which is a 2,340% increase in sales over the same quarterly period. The first quarter comparison of numbers from FY 2006, vs. yearly numbers for FY 2005 shows signficant improvement.

Gross profits for Q1 2005 was $79,860, vs. gross profit for Q1 2006 of $444,696, which is an increase of 557%.

In reviewing the $10,825,110 for operating expenses, the following factors have to be considered:

- The figure of $8,679,000, was listed under the GAAP (Generally Accepted Accounting Principles) and FASB (Financial Accounting Standards Board) rules of beneficial interest expense. As the Company has described in the past, beneficial interest expense is not an operating expense. It is a bookkeeping entry reflected, due to the issuance of stock to the majority shareholder, for capital contributions made to the Company.

- If removed from the $10,825,110 for total operating expenses, we arrive at a figure of $2,146,110, which is the actual operating expense of Q1 2006. When this is compared to the operating expense for Q1 2005 of $2,493,933, this represents a decrease in net operating expenses of 14%.

- In reviewing the loss from operations, we factor in beneficial interest expense of $8,679,000 minus the $10,380,414 that is actually reflected in the financial statements, which leaves us with an actual loss from operations of $1,701,414. If we then compare the actual loss from operations in Q1 2006 of $1,701,414, vs. the loss from operations in Q1 2005 of $2,414,073, this is a decrease in loss from operations from Q1 2005 to Q1 2006 of nearly 30%.

- Regarding net loss, we remove the beneficial interest expense of $8,679,000 from the figure reflected in the financial statements of $10,531,591, which then gives us an actual net loss of $1,852,591. When we compare the actual net loss from Q1 2006 of $1,852,591, vs. the net loss of Q1 2005 of $2,507,552, this represents a decrease of 26%.Draw your own conclusions.


► Any analysis provided is my personal assessment of the indicated stock and should not form the sole basis of any buy or sell decision making by any reader.





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