Replies to post #6596 on OriginClear Inc (OCLN)

[Oxonius]

Quite incredible! This is the most toxic action of the lot:

Item 8.01 Other Events

On July 23, 2018, the Company completed the factoring of future aggregate revenues of $1,420,190, receiving net proceeds of $908,253. The current repayments total $13,666 daily.

Am I reading this right? We have traded away $1.4 million in future revenue for a little under 64 cents on the dollar so that, presumably, Riggs can pay his own salary?

Someone needs to buy the fine folk at Progressive a drink as they have just seen over half a million dollars of their good work being given away to some loan sharks. If they storm the castle, I'll help pay for the pitchforks.

[Monroe1]

wow, that factoring was expensive. It brought in much needed cash, but oweee ouch. well, they are growing but at a hefty price.