EXCERPTS FROM THE GEMS MOST RECENT 10-K RE: RECEIVABLES.
Does anyone know who the company is?
"Approximately 78% of the notes receivable balance as of December 31, 1998 consists of receivables from three customers. One customer, who accounts for $48.2 million, has a limited operating history, is highly leveraged and is engaged in the buildout of a major narrowband personal communications services network in the newly introduced market of advanced voice and text paging. This customer's ability to complete its network buildout and continue ongoing operations is dependent on continued financing support from its vendors and financial institutions and its ability to access other capital markets. As of December 31, 1998, the principal due dates of the amounts owing from this customer range from March 2000 to December 2002. Deferred income taxes increased $6.6 million primarily due to research and development credit carrryforwards and temporary differences."
"..., the competitive telecommunications market often requires customer financing commitments. These commitments may be in the form of guarantees, secured debt or lease financing. At December 31, 1998, the Company had agreements to finance and arrange financing for approximately $73 million of paging and voice mail products. Further, at December 31, 1998, the Company had committed, subject to customers meeting certain conditions and requirements, to finance approximately $6 million for similar systems. "
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