Except that - AS WE BOTH KNOW - 36 million dollars IS NOT COMING INTO PXYN!!!
PXYN collected $2M in 2015 WC receivables in nine months (Jan 2015 - Dec 2015). As of Sep 30:
1) They had $500K in cash;
2) PPO reimbursement (the "good" portion of their A/R) was being withheld;
3) They owed at least FOUR different entities (P4D, NHS, Uncle Sam, and a loan shark) millions of dollars each. They were CERTAINLY in default of their loan agreement with the loan shark and the payment terms of their contract with NHS. They DEFINITELY didn't make required estimated tax payments in Q1, Q2, or Q3 and will be penalized for that. They MAY BE in default of the payment terms of their contract with P4D, though I can't be certain of this.
If $2M of WC revenue trickled in between Jan and Sep, Q4 WC revenue will OBVIOUSLY be utterly incapable of meeting PXYN Q4 cash obligations. So PXYN will OBVIOUSLY factor most or all of those WC receivables. They had already factored some by the time the 10-Q was released. You can bet your last dime that additional, massive factoring occurred prior to Dec 31.
Those WC receivables were valued at 30% of gross billings. They'll be factored at 18% or less.
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