Final statement from the last page looks less than
Post# of 36728
Posted On: 04/15/2014 9:38:35 PM
Final statement from the last page looks less than stellar. Please correct me if I'm wrong.
Note 6. Reserve for uncollectible accounts.
Management has determined that it is appropriate to establish a reserve for the potential inability to collect on the accounts receivable of the Company arising from the licensing and marketing fees due to the Company under the existing agreements with the now 18 independent collectives. While management still feels that these invoices will be collected in the future, it has decided, as a matter of policy, to reserve against 100 percent of all invoices more than 180 days past due, and for 60 percent of all invoices more than 90 days past due.
The reserve has been charged as a bad debt expense in the year ended December 31, 2013 in the amount of $25,051,486.
Note 6. Reserve for uncollectible accounts.
Management has determined that it is appropriate to establish a reserve for the potential inability to collect on the accounts receivable of the Company arising from the licensing and marketing fees due to the Company under the existing agreements with the now 18 independent collectives. While management still feels that these invoices will be collected in the future, it has decided, as a matter of policy, to reserve against 100 percent of all invoices more than 180 days past due, and for 60 percent of all invoices more than 90 days past due.
The reserve has been charged as a bad debt expense in the year ended December 31, 2013 in the amount of $25,051,486.
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