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Gold/Mining/Energy : PYNG Technologies
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To: mf160 who wrote (7839)9/3/2005 7:31:34 AM
From: naturalperson   of 8117
 
mf160, what you are suggesting is that Pyng is floating sales. NOT possible for such a small company, it would snowball and be out of business in about six months because the AR would climb and climb, consuming the cashflow in manufacturing costs and any sales not collected after 90 days would not be marginable at the bank for the line of credit loans that Pyng operates under and the company would collapse. I think Jack could back me up on this, he is an accountant.
It is standard for a manufacturing company to count a sale at time of shipment and they usually send an invoice out at the same time. Pyngs AR is up from last year but that makes sense because the sales are up, I'm not sure what pyngs collection time is, but standard is net 30 or net 45 days, but like all business some companies try to strech out their payables and some dont pay for 60 days or until you hound them, for a small company like pyng it is difficult to get paid on time always, but so far pyng has had very very good collections of AR and no real bad uncollectables. So no I do not think you theory is correct because it could bring down the company very quickly and would be a very stupid thing for Mj to do after putting in more than 10 years of his life into this thing,
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