SHORT SIGHTED AND DANGEROUSLY ASININE... Financial
Payments for Outstanding Major Receivables:
The Company has remained in continuous discussions with Radian Oil and Gas Services Company regarding the outstanding receivable of approximately US$8.0 million under the Company’s existing $25 million+ Drosrite™ contract. As previously announced, PyroGenesis agreed to a strategic extension of the payment plan, by the customer and its end-customer, geared to better align the pressures on the end-user’s operating cash flows created by increased business opportunities.
These discussions have been positive, both in regard to the ongoing payment plan, and in regard to a potential new order of additional Drosrite™ systems, as the client’s cash flow situation and business opportunities continue to improve.
As noted in the 2023 year-end Outlook, the Company now expects payment of the balance of this receivable to commence in Q2 2024.