How about that balance sheetWorking capital at December 31st was -$7 million.
Working capital is calculated by subtracting current liabilities from current assets.
Current assets were $16,803,425
Accounts receivables are considered part of current assets.
Accounts in arrears more than 90 days were $14,738,199.
Even after raising the allowance for credit losses from $4.7 million to $8.6 million during 2023,
$6.1 million of $16.8 million is current assets are receivables in arrears more than 90 days.
Apply a stress test and write off those receivables and working capital was negative $13.1 million.
This company is floating on a sea of nothing.
You have one day left.
There's a bid at .58.
Take it.