What a load of rubbish.
"Payments received in this third quarter are a direct reflection of the sales/receivables that were generated off initial purchase orders that were sold in the first quarter: approximately 28% of the cash due to the Company."
This third quarter? This is not the company's third quarter. Someone needs to tell Frank Russo that his company isn't on a calender year for reporting purposes. FBCD's third quarter runs from February 1 to April 30. Referring to reporting periods as if the company is on a calendar year is deceptive.
He doesn't use any dollar figures, so don't get too excited.
The company never reported its Accounts Receivable number separately on its quarterly statement, but it reported revenues of $110,639. So based on the above statement from the press release they collected approximately $31,000.
Very exciting.
For some reason they reported Accounts Payable as of 4/30 separately...$163,093... even though they didn't do that with Accounts Receivable. The next financial report isn't due for several months, but it will be interesting to see how much their overdraft will be as of 7/31. They started the quarter with a negative cash balance of ($2,773). Now they've collected about $31,000. That wouldn't put much of a dent in their Accounts Payable UNLESS they also either borrowed some money or sold some stock....something that didn't get mentioned in the PR.
Don't be fooled.
"I ated the purple berries"
