Music Licensing Inc (SONG)

[MusicExec]

Wow, how did the directors and / or auditor sign off on these financial statements?


With bad and doubtful debt charges at SONG historically running close to 99% of reported accrued revenues can any of the company directors or the auditor or IR kindly explain to investors how SONG justifies it's reported revenues numbers for either 2023 or 2024 when my understanding (as a non expert) is that under GAAP a company must have a reasonable expectation of payment before it can accrue revenues into
It's financial statements under applicable accounting standards 

Similarly how does the company justify the adequacy of the formula it uses for ithe bad debt provision being carried in the Dec 24 balance sheet given the historically very  low level of cash collections and the historically high level of write offs ?

Given the huge level of write offs in the current year the bad debt provision looks like it was significantly understated at Dec 23 and it feels to me that the Dec 24 provision could also be significantly understated given the very low level of cash collections to date resulting in further P&L charges and losses likely to be booked in 2025 ? 

Also would be good to know how does company justify the carrying value of either the goodwill or the carrying value of other balance sheet investments on it's Dec 24 balance sheet 

Am I missing something ?

Genuine questions for the company