Sino Agro Food Inc (fka SIAF)

[ValueInvestor01]

Actually that isn't correct. After the distribution the debt should still be $111M. First, it is reduced by $62.3M after which SIAF gives 18.3M shares back to TRW, which increases the debt by $62.3M. So it's still $111M.

Or, 58 - 9 + 62 = 111

In the last 10-Q, the total receivables is around 115M, so you are telling me that 95% of these receivables are from TRW? Where in 10-Q do you get these numbers from?

Note (11) Breakdown of Accounts receivable:

Consulting and Service (C&S) totaling: $53,460,749
Sales of imported seafood (Corporate Sector of SIAF): $18,639,559
Sales of Cattle and Beef Meats (from Enping Farm) (MEIJI): $4,427,687
Sales of HU Flowers (Fresh & Dried) (JHST): $1,567,527
Sales Fertilizer, Bulk Stock feed and Cattle by (SJAP): $6,876,220
Sales Fertilizer from (HSA): 4,073,563
Total: $89,045,305

The accounts receivable of CA’s C&S services totals US$53,460,749 made up of $982,223 (0 – 30 days), $9,188,981 (over 90-days & less than one-year), and $43,289,545 (over one year).