As far as I can see SIAF would have to issue some 11 million shares if the pps was 55 cents to balance its increase in accounts receivables. "Accounts receivable, net of allowance for doubtful accounts 89,045,305 82,971,418". This shows that most of the dilution can be construed as caused by the big increase in accounts receivable despite no increase in revenues. This is my view ample proof of the stupidity of management.
I think HSA should be sold. The farmers are unable to obtain loans to finance their activities it seems and SIAF has had to give them credit for several months. Now that revenues for HSA are increasing again this hopeless situation for SIAF gets worse. HSA should be owned by an owner with plenty of cash.