Total lifetime sales since early 2017 is $3.7 million.
Total A/R as of 4/30/18 is $3.2 million.
What exactly are the terms of sale? Having been a corporate credit manager for a $100 million plus company and to borrow a well know catch phrase "I know a thing or two since I've seen a thing or two".
Sales appear to be booked in advance based upon the contracted agreement whether it's first month shipment or six months of shipment. Payments are contingent upon a dealership actually selling a unit. When a unit is sold the dealership has 30 days to pay On4 and they must submit proof of purchase in order for On4 to then pay the dealership their commission.
This is a called consignment. It's the reason why only 15% of the sales has been collected. Some of the sales were probably even Cash in Advance which would never show up in A/R.
Since SB's commission is based upon sales contracts, not what is sold by dealerships, a commission expense is booked every month. Apparently there is very little cash to pay SB so he takes common shares instead, 7-10 million shares every month because of course he has an 12.5% commission agreement that has to be followed. All legal of course.
It's all in the disclosures he makes except the word consignment. That would scare people.
All this is IMO but since it's from On4's filings, disclosures, shareholder letters and tweets it must be true, right?
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