Galaxy Next Generation Inc (GAXYQ)

[SooS416]

They have no significant receivables that would be used as lending since they have such a heavy debt load. No bank is going to factor receivables when receivables is a drop in the bucket on total liabilities and debt and the company is losing money hand over fist.

People use all of these ideas that would be used if the company were successful and not on the OTC, companies go to the OTC to sell shares to raise capital point blank.

As of 6/30 they had $800k of A/R and $13M in liabilities, so even if A/R + cash went to $4M in the current period it does not come close to covering the current liabilities and debt load, meaning no bank or financier would lend anything based off of assets.