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Thursday, March 20, 2014 6:57:52 PM

Re: slyestjester post# 60744

Post# of 163612
Of course they are. Solomon has not worked this hard to be foiled by an AR problem!

I know this Sly but did you read what Kavdiv posted today?


You are kidding, right. This firm has serious cashflow issues because of their JV structure. I am an investor and hopeful, but that JV structure is too complicated.

This is not just another Chinese VIE with a reverse merger, but depending on the JV structure for projects and related cashflows. The cashflow issue has everything to do with the JV structure and not because they are reinvesting in newer projects.

The AR with their suppliers and JV partners is a running AR that has no aging attached to it, despite what is documented in the filings. They buy and sell on an on-going basis and there is no recourse and a very high cost to collecting or switching. suppliers or JV partners. Endless cycle of increasing AR that is worse than YONG's.

The SEC has caught on to the JV structure and noticed that the controlling interest percentages are a sham / is not a signed contract that is enforceable and that is probably why the S1 is yet to be completed. The SEC has caught on to this. So did Penser. Nobody is signing off for those reasons. That is why creditors are not lining up to fund Sino Agro projects. Initially, I though the MF funding was in place, but not so sure anymore.

$9 mil cash on hand and $3 mil divvy in May. I will be disappointed but not that surprised if the May divvy is delayed.


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