Wednesday, September 16, 2020 1:08:25 PM
[quote]Management believed that because of the continuing depressed economic outlook for car sales it was prudent to
establish a substantial reserve at July 31, 2020 against its accounts receivable, such that the Company’s accounts
receivable balance at July 31,2020 equaled only the amount of cash actually collected from customers between August 1
2020 and the date of this filing. Accordingly, a reserve of $ 7,315,080 was established against customer accounts
receivable balances, less $ 914,385 in sales commission thereon, for a net one-time negative impact on net income of
$6,400,695.[/quote]
Recent ONCI News
- Form SEC STAFF ACTION - SEC Staff Action: ORDER • Edgar (US Regulatory) • 10/17/2023 06:00:03 PM
FEATURED Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • Apr 22, 2024 8:49 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM
VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023 • VPRB • Apr 19, 2024 11:24 AM
Coinllectibles' Subsidiary, Grand Town Development Limited, Acquires Rare Song Dynasty Ceramics Worth Over USD28million • COSG • Apr 18, 2024 8:03 AM