Monday, July 30, 2018 8:13:00 PM
Item 8.01 Other Events
On July 23, 2018, the Company completed the factoring of future aggregate revenues of $1,420,190, receiving net proceeds of $908,253. The current repayments total $13,666 daily.
Am I reading this right? We have traded away $1.4 million in future revenue for a little under 64 cents on the dollar so that, presumably, Riggs can pay his own salary?
Someone needs to buy the fine folk at Progressive a drink as they have just seen over half a million dollars of their good work being given away to some loan sharks. If they storm the castle, I'll help pay for the pitchforks.
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