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Saturday, August 15, 2015 11:34:56 AM
Tellingly, appear not to be paid by BMOC as of June 30 2015. A/R was $75.0K (exactly equal to fees recognized in Q4) at end of March, $77.3 end of June. Additional $2.3K are royalties?
Better question -- why no royalties showing? Either in the franchise fee bucket or as a separate line item? Must be buried within the revenue line, if the additional receivables are royalties -- but would certainly be informative to investors to have royalties broken out; IMO, this company only survives with big royalty streams. Right now, those appear in doubt.
More of interest, Accounts Payable and Accrued Liabilities went from $2.9M at the end of December to $3.7M at end of June. This is a very high number for a cash flow negative company with less than $1.5M in annual revenues.
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