Wednesday, November 14, 2018 1:23:53 PM
Rest of the numbers were as expected. On the Liabilities side they appeared to cut their Compensation and Benefits Liabilities as they did need to reduce spending somehow in order to keep some form of a Book Value, they were headed for being in the Red. This means they are laying people off from those recycling centers and it also appeared they had a 10% drop in revenue. So their Operating Loss was slightly less than expected. They goosed their Assets by bulking up on Prepaid Expenses otherwise their Working Capital was about to look really bad. Its still negative, so they are just massaging the numbers in order to avoid any issues with their Creditors.
Geotraq is still burning up about $100K a month on top of the $900K+ writeoff of the Intangles. No workable product, No sales and No Patent. They are still booking the Intangibles at Acquisition Costs vs Fair Market Value.
One other nugget, I saw in this report that I had not seen before concerns Lawsuits. I had only seen the one dealing with appealing the Sales Tax Issue with California and it looks like they have a few more Lawsuits they are dealing with. They are not booking any Legal Liability Reserves, but any one of these cases could have an adverse impact on the recycling business cash flow. If they lose the appeal with CA that alone is going to nail them for $4 Million. What it looks like to me is they didnt pay sales taxes and then have gotten caught. A few other busineses too appeared to be suing for ARCI stiffing them on contracts.
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