Praxsyn Corp (PXYN)

[Rhenarium]

Sorry, but no.

You're simply wrong about what factoring means here, and you seem incapable of understanding the math of what's happening no matter how clearly its laid out for you. Please look up "factoring" on Wikipedia (I cut and pasted the relavent portion previously). What you THINK PAWS is engaging in is "Invoice discounting", wherein they get an advance on their receivables in exchange for a relatively small fee.

What PAWS is ACTUALLY doing IS doing is selling all rights to their receivables at a hefty discount (I believe it was 38% for the 2012 / 2013 receivables) to the estimated VALUE of the rights. The factorers will absolutely keep every penny paid on that A/R.

The estimated VALUE of the 2012 / 2013 A/R they factored was 46% of gross sales. They GOT 28% of gross sales from the factorer. The factorer expects to get 46% of gross sales, and thus to make a profit of 18% of gross sales.