TSXV:RLV.H - Post by User
Comment by
AlwaysSkepticalon Mar 02, 2021 7:06am
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Post# 32692754
RE:$24,190,000 in Customer Deposits
RE:$24,190,000 in Customer Deposits Weston,
You need to take an accounting class. The money is in escrow, and is tied to the ONLY PPE Order RLV was able to receive.
Why is it in escrow still?? Note 7 on Page 10 explains it perfectly.
Remember when they publicly announced that the entire deal would be completed by end of October? Well, based on financials ending December 31st, they have not shipped ONE SINGLE PENNY.
All they have done is receive $20 mil in escrow (customer's money, not theirs), and advanced $9 million to purchase gloves.
"But wait, how can their revenues only be $130 thousand then??"
Answer: They haven't delivered ANYTHING, so they can't recognize revenue or get paid.
How much longer do you think that customer will wait, when they could get their order fulfilled by McKesson, Cardinal, AMD Medicom or cohntless others???
Yet another failure by RLV.
Weston wrote: From CEO Poster:
Huge increase in total assets and working capital compared to previous financials if I am not mistaken. This looks really good. $24,190,712 customer deposits!