Tuesday, April 24, 2018 10:09:44 AM
They continue to post margin constriction despite expenses being cut (another -20% decrease in employees) meaning heavy discounting increases Q over Q.
$3m Credit Line against Inventory from Crossroads is fully tapped this Q (was $0 last Q). Additional $2m was borrowed against AR from Prestige this Q.
$5m of additional borrowings was necessary this Q to stay afloat.
MSLP now has $26m+ in collateralized debt against assets not counting $8m in past due debt to partners and vendors and $$$$ more in Accounts Payable.
MSLP has $50m in debt and is clearly upside down and posting massive losses with their revolving door CFOs.
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