Grosvenor Resource Corp V.GVR

Why is new CFO talking accounts "payable"

[lscfa]

The financing documents stated Reliq's working capital at Aug 31/23 was $16.3M, up from $7.5M at Mar 31/23. This was due in part to the large device order fulfilled by Reliq. Current liabilities has probably grown by $5M to over $13.5M and device suppliers have probably stopped letting Reliq purchase devices on credit. It's full payment upfront until outstanding device loans start to decrease.

 

 

		April to August	April to August	April to August
	At Mar 31/23	$10 mil equip sales	Non-current to current long term receivables	Cash from operations?	At Aug 31/23
Current long term receivables	12,389,351	5,000,000	5,901,360		23,290,711
+ Other current assets	3,897,422			2,868,663	6,766,085
- Current liabilities	8,756,796	5,000,000		0	13,756,796
= Working capital	7,529,977	0	5,901,360	2,868,663	16,300,000
Non current long term receivables	5,901,360	5,000,000	-5,901,360		5,000,000

[Tuffstuff]

Wow, makes sense. Seems like so many things to point at that sent this company into a spiral.

[EdinColorado]

Contrary to a lot of posts currently on this Bullboard, you seem to be citing evidence and data that RELIQ isn't collapsing or going bankrupt. Is my impression correct?

[lscfa]

Correct. Crossley said the co. had institutions wanting to invest for the last 9 months prior to when the financing was done. When she knew the fins would hit the fan she finally caved and did the financing. Having those funds during this cease trade is what is helping the co. survive. No bankruptcy.

[Tropicalsun]

That is a pretty bold statement Iscfa, not sure at this point if is in fact a correct statement, but never the less bold. The bashers on this board will be kicking you in the goaly over your post, you know that right? Put it this way, I kissed my small investment in RHT good-bye long time ago. If this disaster of a company survives I will be very surprised. Where are those damm financial results,

[EdinColorado]

Thanks! If your assessment turns out to be right, kudos. If it turns out to be wrong, no blame. Few companies have made it harder to assess how they are really doing with some daylight.  Of all the contributors here, you seem to try the hardest to get it right and back up what you say with substance and no sugar coating.

[lscfa]

The other item where accounts payable may be an issue is the subcontracting of care management to Cognizant. It probably sees Reliq having trouble collecting from clients and wants some assurance it will get paid for services provided to Reliq.