Wednesday, December 07, 2016 2:26:37 PM
ACTUALLY......
There is another, painfully obvious reason why they might file NT's: To get people like you to continue buying shares in the hope that the "company will come back to life". How could that possibly NOT have occurred to you?
Here's the better question to ask: If the company is planning to get up-to-date on filings.....why hasn't it gotten up-to-date on filings?
Remember, the restatement of their financials should be pretty straightforward. PXYN's original business model was:
1) Bill private insurers and California WC some outrageous amount of money ($3000? $2000? $1000) for a $10 prescription.
2) Book net sales as 54% of gross billings.
3) Factor A/R at 20% of gross billings.
4) Pay TPS 17.5% of gross billings.
5) Try to survive on the remaining 2.5% of gross billings.
As private insurers and California WC started saying "this is nutz!" and reduced their payment levels, PXYN revised its "percentage of gross billings that is collectible" downward from 54% to 30%.
PXYN tried to move towards a PPO model wherein they would charge less for each prescription but would be paid much more quickly. Within a few months, this business died off - suggesting that the collectible percentage of gross billings had likely dropped to zero - or at least near enough to zero that the business was unprofitable.
PXYN has announced that it would no longer fill WC prescriptions unless they were paid upfront - again suggesting that the collectible percentage of gross billings had likely dropped to zero - or at least near enough to zero that the business was unprofitable.
Restating financials should consist primarily of:
1) Deciding upon a new, drastically lower "percentage of gross billings that is collectible";
2) Calculating the difference between (net revenue based upon the old "percentage of gross billings that is collectible" value) and (net revenue based upon the new "percentage of gross billings that is collectible" value);
3) Taking a (massive) charge in the amount of that difference.
This should probably take about 12 hours. PXYN has not been able to do it in 12 months.
Why? Most likely, because the true "percentage of gross billings that is collectible" value is so close to zero that publishing it would mean that even the densest posters on this board would realize that eventual bankruptcy is inevitable.
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