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Posted On: 02/13/2020 8:23:40 AM
Post# of 370
$PXYN is pleased to announce that its subsidiary, Mesa Pharmacy has resumed collections on its vast portfolio of existing Workers’ Compensation receivables.
Mesa, a wholly owned subsidiary of the Company, provided specialized prescription compounding for Workers’ Compensation claims in the State of California.
During 2014 and 2015, Mesa generated over $200,000,000 in gross revenues from compounded prescriptions. Although Mesa routinely sold its receivables, it currently owns a portfolio of receivables with a face value greater than $50,000,000.
During 2017, the State of California, on behalf of insurance carriers, stayed certain liens held by Mesa which accounted for a reduction in the net realizable value of the portfolio. As a result, the Company adjusted the net realizable value of the portfolio at September 30, 2019 to $11,014,473.
Pursuant to an order of the Workers’ Compensation Appeals Board, issued on January 21, 2020, the stays were lifted last week. As a result, Mesa and its collection company have resumed collections and have already begun to receive payments.
Collection activity will continue while the company pursues permanent relief from the Workers’ Compensation Appeals Board.
More updates to come!
Mesa, a wholly owned subsidiary of the Company, provided specialized prescription compounding for Workers’ Compensation claims in the State of California.
During 2014 and 2015, Mesa generated over $200,000,000 in gross revenues from compounded prescriptions. Although Mesa routinely sold its receivables, it currently owns a portfolio of receivables with a face value greater than $50,000,000.
During 2017, the State of California, on behalf of insurance carriers, stayed certain liens held by Mesa which accounted for a reduction in the net realizable value of the portfolio. As a result, the Company adjusted the net realizable value of the portfolio at September 30, 2019 to $11,014,473.
Pursuant to an order of the Workers’ Compensation Appeals Board, issued on January 21, 2020, the stays were lifted last week. As a result, Mesa and its collection company have resumed collections and have already begun to receive payments.
Collection activity will continue while the company pursues permanent relief from the Workers’ Compensation Appeals Board.
More updates to come!
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