Yes
What was clear to the accountants among us soon became apparent to RAD itself.
When you receive a bot at 50% due on order and 50% due on delivery, but you sell it to your customer at 20% due on order and the other 80% over 3 years, this means every time you fulfill an order you have to borrow more money to complete the job.
And one look at the toxic borrowing terms shows RADs credit is crap. Their best deal on a convertible note has been a 40% discount to market.
Given that the POC and Romeo Power bots were freebies they actually lost borrowed money on those fulfillments.
This company is crap. The merger was crap, it was engineered to preserve the past due convertible notes from OMVS. Anyone who tells you otherwise is suckering you.
We’ve all seen Steve Reinharz twitter wars, any real ceo ever do that? He’s a ceo of a wholly owned subsidiary of a stinky pinky delinquent filer
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