Replies to post #51238 on Praxsyn Corp (PXYN)

[mikar]

Praxsyn has a failed business model.
WC insurance reimbursements for compound pain cream are being slashed dramatically and takes over a year to collect what's left!!
With their PPO business in shambles, the return to WC business was a last resort to stay afloat!!

[Rhenarium]

Your penchant for ignoring uncomfortable FACTS and the actual CONTENT of posts to which you respond makes you my favorite poster.

Again, NexGen collected approximately TWO MILLION DOLLARS in nine months (Jan-Sep). That's 667 hundred THOUSAND per quarter. As of Sep 30, they needed approximiately 10 MILLION dollars in CASH just to pay their PAST DUE LIABILITIES and TAXES. Given that they are factoring at 18% OR LESS of gross billings, they would need to factor a MINIMUM of $55.5 MILLION in WC gross billings just to come up with the $10M they owed at the end of Q3. That's MILLIONS MORE than their actual Q3 WC gross billings.

And obviously Q4 brings with it a whole new set of liabilities.

NexGen flourishing? They've collected only $2M in nine months!!!

NexGen growing? They laid off NexGen personnel in Q3!!!

Two types of spiral are in play here - "downward" and "death".

Next.