Ann: Annual Report to shareholders, page-28

First, receivables & payables are only items due. Not what has been in the past. Its a backlog of what is yet to be paid & what isnt. At the end of June, like most companies, the might have pushed hard for payment to close out books for the year shortening the receivables owing.

Plus we dont know the payment terms. Most businesses though tend to have a longer payable window than receivable. The bigger you are the better terms you get. So if its 30 day terms receivables, but 60 day terms payables, then assuming you are cash flow neutral, youd expect payables to be half. I dont expect them to be this big a difference, but a 30 day strict v 30 day from end of invoice month inevitably leads to an imbalance.

And for the reason in the drop in SP, nothing more than the cap raise.