It would be very useful -- if you care to -- compile a list of questions like this one (and every other you may have) to ask the company. Perhaps someone attending the Sweden presentation could seek clarification, as a first step. By the way, I believe that the second presentation in Sweden was scheduled before the dairy sale, as was a second Jordan Group trip to SIAF's facilities in China.
As for long term A/R of $8.4M, as of 12/31 they also listed $12M+ of current A/R. I am surmising here, but I believe the $12M is actual sales from operations, and the $8.4M is related to some past sale, with installment payments.
Regardless, here's the A/R accounting policy:
ACCOUNTS RECEIVABLE
The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of
accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic
trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Reserves are recorded primarily on
a specific identification basis.
The standard credit period of the Company’s most of client is three months. The collection period over 1 year is classified as
long term accounts receivable. Management evaluates the collectability of the receivables at least quarterly. Provision for
doubtful accounts as of December 31, 2010 and December 31, 2009 are $nil.
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