you are falsely assuming the receivables from 1qtr

you are falsely assuming the receivables from 1qtr 2013 are the same set of receivables as the last reported financials. The accounting definition of ''current'' asset is something that is expected to be received or converted to cash within 1 year -so all current asset receivables are always expected to be converted within 1 year.

if not they would be reported as long term assets

receivables and payables are common to almost all statements and are a normal part of business -only the company knows what the terms are with its receivables-but thats normal in pinks. Presumably its for products the customer has received and has a set time to pay NNLX for.

90 days terms is common and theres no discernible reason why NNLX's buyers -being universities etc -could not pay within 90 days

if receivables are due within 90 days they are also included in what is known as a ''quick ratio'' -those items that can be converted to cash within 90 days -which is mostly relevant when current liabilities exceed current assets-which does not apply here.

I can tell from these financials NNLX has done a good job avoiding the convertible toxic financing which is so common to these pinks-esp no info co's.