Tuesday, August 17, 2021 9:09:37 AM
YOY Quarterly Revenue (sales) have fallen over -33%.
Quarterly Sales fell -$4.5m Year over Year ($13.5m crumbles to barely $9m in most recent Q)
With only $9m in Quarterly Sales generated in Q2 (and declines in freefall, you do the math. - another $4.5m and so on doesn't leave much from $9m.
The Sales decline percentage is exploding even using Ryan historical standards of -20% declines YOY since his appointment as CEO. Now sales are off -$33% and freefalling at nearly double the rate.
Now consider there is ZERO cash on hand and over $37m in Accounts Payable Due. Ryan is borrowing a million dollars every couple weeks on a 180 day term from prestige at an APR of ~25%. These new loans began in June and are occurring every few weeks and even disclosed continuing in August. Now several million has been borrowed that this 25% APR.
YES....you read that correctly. After you calculate the 15% interest and the accommodation fee of 1-2% and the stock grants to the shylock lender you get an APR of ~25% total cost of borrowing now additional millions of cash in $1m increments every few weeks from Prestige so the bank account is not overdrawn.
With Sales crashing and debt service exploding at now %25 APR recent cost of desperation funding, how much longer before the inevitable?
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