RE:RE:RE:expecting news tomorrow after US holiayAll the contracts etc I cannot see that as all being false. I think its just the accounting of it all with regards to being paid which is pretty evident by basic finance and looking at the Balance Sheet and Receivables. You can't have 2 year payment terms and not have first of all concerns about future cashflow and second of all...allowance for doubtful accounts. This is where I believe internally things went wrong with internal pressure saying those people will pay. Then you have the new CEO talking about Adherence of 70%.
As of March 31 2023 its 12.3 million in AR. 30% of that is 4 mil. On the balance sheet for March 31 2023 anyone see anywhere an allowance for doubtful accounts?
If someone is now saying they have a 30% issue with getting people on the system and they are not accounting for that then there is the big issue. And as previously stated based on the number of contracts and the terms and conditions and then having to process going through each client to come up with an appropriate assumption on payment you have the delay in processing.
Internally they were saying or the former CEO was pushing for eveyone will pay and we can account for it. Which makes sense based on her complete history or MO.
The news will not be good as AR has just ballooned since then I believe. So its probably like 6 to 8 million in allowance for doubtful accounts receivable.
That is my theory and I will stick to that.
Who the heck wouldn't sign up for the service and hardware with someone telling you that you can pay whenever you like. Even wait 2 years. Then what do I care if people are getting on the system or not. I will do my best to get them on but in the end if they don't no loss no gain.