OTCPK:MEDVF - Post by User
Post by
deepoil0808on Nov 21, 2021 2:19am
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Post# 34150213
Accounts Receivables of $ 25 million are UNCOLLECTED
Accounts Receivables of $ 25 million are UNCOLLECTEDA major red flag I see is the uncollected accounts receivable of $ 25 million.
During the quarter there were many complaints against the company. People getting conflicting test results, some people not getting results at all, some people having to wait a very long time before getting results, some people never emailed results, etc...
The situation got out of hand that they had to leave East Hampton and, that authorities in California are investigating 2 cubes because of this and, have told people to use other testing sites.
This is not good.
So what tells me that the $ 25 million in receivables is indeed collectible? How many of these fees are the subject of complaints? With any of the fees have to be reversed? And why is company rushing for a 1 for 15 reverse stock split if they are supposed to have the funds in the company via the receivables?
And why are payables out of hand? Does this mean no one is getting paid? How about the employees?
We had sales in July 2021, you mean to tell me that as of end of October 2021 it is still not collected?
The testing amounts are not material, it is $ 150, it should not take 3 months to process it. It is like a dental bill, usually 3 weeks and insurance pays. Why 3 months?
Many unanswered questions.
PS: Company made many investments and, a good chunk were written off as worthless.
Will it also be the same for receivables? How do I know that they remain collectible?
My personal opinion of course,