I have never seen a public company so vastly in arrears on paying it employees. Does anyone have an insight on this? Why does it owe millions of dollar in payroll? Do employees love working for this company so much that they don't mind not getting paid?
Actually, I think that is a very astute guess. Let me run it past you to see if I am interpreting your idea correctly.
When the company pays its employees, it is supposed to withhold for federal and state taxes and deduct for Social Security and Medicare. You are suggesting that the money has been taken out from employee paychecks, but not yet remitted to the government entities. Is that what you are thinking?
It is a lot of cash, but if a company is suffering a bit of a liquidity problem, I can see it doing that.