I thought i heard on the confernce call they had like 20 something million in inventory but props to you sir you have been right for 60 percent to the downside on this one
""""Check out the AUDITORS
S&W Seeds Auditor is M&K CPAS PLLC of Houston. I looked up their PCAOB Inspection Report.
Here is an excerpt:
--- "The inspection procedures included a review of aspects of the Firm's auditing of
financial statements of 12 issuers. The scope of this review was determined according
to the Board's criteria, and the Firm was not allowed an opportunity to limit or influence
The inspection team identified what it considered to be audit deficiencies. Those
deficiencies included failures by the Firm to identify or appropriately address errors in
the issuer's application of GAAP, including, in some cases, errors that appeared likely to
be material to the issuer's financial statements. In addition, the deficiencies included
failures by the Firm to perform, or to perform sufficiently, certain necessary audit
( google M&K CPAS PLLC + PCAOB Inspection for whole report )
If you don't know what PCAOB Inspection Reports are you should get an education. PCAOB inspects the Auditors who audit public companies.""""
Our largest customer, which is located in Saudi Arabia, owed us approximately $5.2 million at June 30, 2014. Subsequent to year end, we have collected approximately $1.9 million of this balance and the remaining outstanding balance is still current as these outstanding invoices have 150-day payment terms.
The majority of customers have 90 day pay periods and per company's conference call yesterday most of sales were in June and approximately $10MM of receivables have been collected as of June 30, with the balance due this month and November.
Last year's cash on the balance sheet at June 30, 2013 was $11,781,074..............this year it's all the way down to $1,167,503.
RECEIVABLES??? Last year....... $12,700,106.............. this year: $24,255,596
UNREAL --- next year at this time?
WHAT IS THE SOURCE OF YOUR INFORMATION? Unless you provide a verifiable source I have to assume you are lying and trying to mislead investors and possibly committing FRAUD.
The SEC filing can be relied on to some degree because people can go to prison for lying to the SEC.
Again, WHERE, drhgolfer, did you obtain your information that directly CONTRADICTS the SEC Filing?
Sentiment: Strong Sell
Over $10MM of cash has been collected since the end of the quarter, and the balance will be collected within next 60 days.
I was concerned about the same thing.
1. HUGE decline of CASH on the balance sheet
2. HUGE increase in ACCOUNTS RECEIVABLE
grampa always said watch the cash and accounts recieivable LIKE A HAWK
Chart looks like a dog's tail!
Is it true Grover T. Wickersham used to do the SEC Filings for Irvine Sensors? You know the penny stock that changed it's name to ISC8 Inc. before going Chapter 11 yesterday?