What we have here is a failure to negotiate... As far as I can tell, the Texas-based client has been allowed off the hook due to an inability to pay.
That's understandable, becasue Covid made it difficult, if not impossible, for producers to work to capacity.
However, you don't just revoke a contract without keeping your eyes on the prize.
WEE should have agreed to a break in payment in exchange for further penetration in the future. So that when the Texas-based client's operations are in full swing, WEE is there in every applicable case.
That would have secured WEE's position, and been a Win-Win for our client, too.
Either management never thought to secure WEE's future, (unforgivable) or they did, and are not telling shareholders. (way unforgivable)
I want to believe that such a clause would explain their having secured institutional financing, but... my trust levels are very, very low after all this time.
WEE'll see...