Tuesday, April 27, 2010 12:05:31 AM
The accounts are not correctly linked. In a set of financial statements there are 3 essential statments: Income Statement, Balance Sheet, and the Statement of Cash flows. Key accounts in each statement must link to accounts in other statements in order for the financials to balance.
My other point is that, yes, revenues weren't great last year, but I'm questioning their ability to actually get paid from those sales. Ex. I have X company I sold a $10mm of products to generate $10mm in revenues. However, I sold them all on account. Meaning I haven't received any cash from those sales. If the buyers refuse to pay then my $10mm in sales don't have much meaning do they? What I'm saying is that their sales are ~42% on account coupled that with the ~1.1mm that are deemed noncollectable is concerning.
I think I may e-mail the CFO about my concerns. Once, I get a response I'll let you all know.
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