PyroGenesis Inc T.PYR

Serious didn't explain it properly, hence the likes

[tamaracktop]

I think serious' comments have been misinterpreted.

The crowd here doesn't seem to get it.

Mostly serious wrote:

"BTW, for those that have a basic financial statement knowledge, this $10 million is inherent in the working capital deficiency in a way that reduces it since AR's are a current asset."

This statement is somewhat confusing, and doesn't address the issues I tried to point out earlier.

It merits clarification.

The balance sheet shows that Pyrogenesis's Total Receivables are $18,532,930.

Included in the figure are two items that are shown seperately, and not questionable in terms of "collectibility"

These two Items are "sales taxes receivable" at $513,937, and a separate item which is only $275,940.

This leaves Trade Receivables, which are $17,743,053.

Of these Trade Receivables, $15,007,019 are more than 90 days in arrears.

In a nutshell, 84.58% of the company's trade receivables are more than 90 days in arrears.

The company arrives at a current value of receivables to be reported as a current asset by subtracting the allowance for credit losses ( $9,018,000 ) from its Total Receivables ( $18,532,930 )

This is how they come up with the current value of Receivables on the balance sheet of $9,514,930.

The company has allowed for $9 million in credit losses, yet $15 million is in arrears more than 90 days.

That allowance for credit loss is highly suspect.

Woefully inadequate.

The next biggest current asset on the balance sheey is inventory, at $2,104,113.

Current liabilities as of March 31st were $27,824,344.

Obsessed? Hardly.

I'm trying to explain in laymans terms that this company is in very serious trouble.

I cite numbers.

The pumpers cite "what if's" and "just waits".

[Mostlyserious]

I don't think most people use likes. We know a group that does. I took some guesses as to what ARs contain, but full analysis would require knowledge of who the parties are associated with those ARs. Is AR for Radian accounted for as fully allowed for so that it is effectively not showing, or is that something else. I don't know.  To Melida's point, yes company tried to explain

[beachbuminMexic]

Well serious one, what say you now....Have a nice day

[dalesio_98]

What is there to say, three years later with missed/modified deadlines, partial A/R payment is received. Full payment, then the 4 units will be exported to SA. Good luck to All!

[Frosch1]

It is very good. The payment plan is serious. Best news in a long time. Another good quarter. Cash flow and reversal of bad debt accruls.

[dalesio_98]

2nd PR indeed proves my comment was correct, full payment then remaining 4 Drosrite units will be exported to Saudi Arabia. Good luck to All! 

[tamaracktop]

I'd say paying 30% towards an account that's 3 years in arrears is better than nothing, but still somewhat weak. The market hasn't really responded yet, but there's some volume coming this afternoon.  It's early yet.

[Mostlyserious]

The company received a $4.1 million payment in Q2.  Radian began repaying some of the $10 million.  That $4.1 million is very much needed so it is good news I imagine that the rest will come once the client receives the remaining systems. Because in the client's defence, while you may be subject to certain milestone payments, expecting full payment prior to delivery of the product