Post by
deepoil0808 on Nov 24, 2021 10:47am
Uncollected receivables of $ 25 million are troublesome
The company generated $ 25 million in sales in Q3 and, there accounts receivable are $ 25 million.
If I am doing the math, it means that they collected NADA or ZERO from their sales?
The average test is $ 150 per patient, it should not take 120 days to get paid. At my dentist, a $ 150 bill with the insurance company takes at most 3 weeks to pay, sometimes it is done in 10 days.
So I see issues with this $ 25 million in receivables, some of which begins to date from July 1, 2021. We are November 24th, and, on October 31st these amounts were still not collected.
I have to ask, why would a creditor accept 6,300,000 shares as payment for a $ 411,000 amount, when the company is supposed to be flush with cash? It does not make sense. And why would the creditor lock themselves in for 4 months with these shares, which can plunge belong their acquistion cost of 7 cents per share.
It is a huge blur to me. Now we are hearing that November 2021 has slowed down. This is from Sarb999 who claims that he heard it from the company.
Myself I am expecting write-offs against these receivables due to complaints, due to non delivery of tests, due to late tests, due to never doing the tests, etc.... To get thrown out of East Hampton and to be under investigation with 2 cubes in California is very telling.
My personal opinion
Comment by
NobleFr on Nov 24, 2021 8:09pm
There's a law in the US making covid testing free for everybody. The government would be dumb if they then let the testing companies go bankrupt because they don't cover the tests either.
Comment by
Catspajamas on Nov 24, 2021 9:32pm
It's a non-issue. It's just people grasping at straws hoping beyond reason that the company fails. Pathetic.