Monday, November 07, 2011 1:57:20 PM
"However, due to the impact of the uncertain economic environment in Europe where we currently sell the majority of our products, our receivables balance has grown disproportionately to our sales and is approximately $19.1 million, net of allowances, at September 30th."
So their A/R now stands at $19 million. They did about $5.5 in revs for the 3Q. They're now projecting about $26.5 million in revs for the full year which means they've done $20.4 million in revenue so far for the year ($14.9 million through the first 6 mo plus the 3Q). Which leaves us with a stark reality: out of $20.4 million in revenue so far this year, they've only been able to collect on $1.3 million of it. Let that stat sink in for a while!
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