You just had to throw those old financials in my face didnt you? The ones with assets of $25 million which dont balance with the liabilities and shareholders equity of $8 million, being out $17 million. Which consequentually was just about the amount that Accounts Receivable ($11 million) and inventory ($6 million) added up to.
Here is another little tidbit. Accounts Receivable aging should never be more than about 90 days or it shows that you quite possible have many bad debts (customers who are not and will not pay). Sulja's A/R aging is: Accts Rec/ Sales x 365 d/yr = A/R aging in days
11.96M / 25.6M x 365 = 171 days. That is almost six months from time of billing to time of collection. Way too long a period of time. Lots of bad debts there I would bet.
Gross margin is only 6.7/25.6 = 26.2% which just can not support that level of slow payment and bad debts.
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