RE: RE: Who the heck owes PSN all this money Pabqs, you are kidding yourself if you think the default rate will be only 2% on Poseidon's a/r. In Q3, Poseidon wrote off $9.5 million of a/r. Imagine what Q4 will be like. You also cannot dismiss fraud. We don't know how aggressive the company was in booking revenue. A big increase in a/r relative to sales is a huge red flag. I also find it strange how Poseidon ended up with so many customers who were on the lower end of the credit spectrum considering that Poseidon had first mover advantage in the tank rental business. The a/r issue is key as it also affects the future revenue of the business. Surely Poseidon will not engaage in future business with a customer who hasn't paid their bills. Poseidon has to find new companies to do business with who will pay their bills. The problem is they are not the only service company looking for these types of companies.
Also, on the Q3 report their was mention that one customer accounted for 17% of revenues. Anybody have a clue who that company would be?