Replies to post #1957 on Windswept Environmental Systems, Inc. (fka WEGI)

[Landshark]

In an effort to enhance our cash flows from operations, we have implemented improvements in our billing and invoicing procedures as follows:

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we generally do not commence projects until we have a fully executed contract;

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our contracts provide that our customers are directly obligated for our services;

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we require client approval with respect to the work performed or to be performed;

·
we seek deposits or mobilization fees for time and material contracts;

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we engage local legal counsel in the areas in which we operate in order to file liens against customers’ real property in the event of contract disputes; and

·
all invoices submitted for payment are reviewed for proper documentation.

Due to the nature of our business, which includes responding to emergency situations on a 24 hour/7days a week basis, we, on occasion, will commence an emergency project prior to obtaining a formal contract. In these situations, we may commence emergency services upon the oral authorization of the property owners or their agents or government workers (e.g. Police or Coast Guard). In these isolated instances, we do not incur significant expenses and require an executed contract within 48 hours of commencement of work.

[TampaTradr]

So you are saying that once we remove disputed claims we have an AR of almost $5M? And that does not include any recovery of what is disputed? That's not bad.....

Thanks for the info Print!