It's fraud. I don't know how you can't see that. He is writing off almost 4 years of receivables. His definition of executed sales contract had been met with accusations that all sales were on consignment, except it was proven that very little product was ever delivered to dealerships. That's why there was never any inventory on the Balance Sheet because the product never existed except for samples.

All his sales were paper sales, not real deliveries.

Three years ago I said that no reserves for bad debts were set up and that one day he would just write everything off because he would be unable to generate enough real business to make up for all the phony billed sales. Covid gave him the perfect opportunity to cover up his scam and make it seem like he was the victim.

And most everybody on this board claimed all the sale were real. And they were ALL wrong.