Friday, November 22, 2013 4:01:40 PM
They certainly have made no strides in correcting the shameless window dressing of the Balance Sheet.
We know the assets were from the discontinued operations and goodwill of the Saenz Yachts acquisition.
Now we have an "iffy" receivable of $800,000 from a company that has no cash.
At least now we are starting to see millions of dollars payable in Liabilities...good change from the days on minimal debts being reported.
Also, as we all suspected unrestricted common ISSUED of approx 1.9 billion.
We can assume now this allows the sell of toxic debt financings and possibility that this is effectively dilution of the shareholders interest.
IMO, if we properly wrote off the discontinued operations and impaired assets of Saenz, as per GAP, this company would show a negative equity and effectively be bankrupt.
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