It's in your faceThe company reported working capital of $800,000 as of March 31st.
Which means it was negative soon later.
Until it "announced" it had received $2 million of $13 million owes by Drosite under "revised payment schedule "
$10.7 million still "receivable"
Who is behind Drosite?
House of Cards.
Read the May 18th release again.
It came in the nick of time.
Note the "continuously revised payment schedule"
PyroGenesis (PYR) has received a C$2 million payment under its existing $25 million Drosrite contract.
PyroGenesis’ Drosrite system recovers waste from the aluminum smelting process, which can be converted into high-margin products, such as aluminum sulphate and ammonium sulphate
PyroGenesis’ subsidiary Drosrite International was contracted by Radian Oil and Gas Services Company for 7 Drosrite systems. The first three systems are in full commercial operation at the Ma’aden plant in Ras Al-Khair, a joint venture corporation with Alcoa recognized as the largest and most efficient vertically integrated aluminum complex in the world.
The company has manufactured the remaining four systems, which are ready for deployment subject to a renewed payment schedule.
“We trust that this payment will allay any concerns that some may have had with respect to the collectability of this receivable,” said P. Peter Pascali, CEO and President of PyroGenesis. “The payment announced today was made in accordance with a continuously revised payment schedule geared to better align [with] the pressures on the end-client’s operating cash flows created by increased business opportunities.”
“While there have been some delays, which were communicated to us in advance, the company is in agreement with the general strategy being implemented by the client and its end-client. PyroGenesis believes that this relationship will lead to increased business opportunities as we cross-sell our downstream and upstream business lines with this end-client and potentially with others in the region. Discussions in this regard have taken place, and continue to take place, with the client and the end-client,” he added