You're way off the mark but no surprise as the company could explain the facts a lot better.
$4m "Account Receivables" are their share of the tax reimbursements that the tax offices will pay to W2V's clients. Already approved but according to European Tax Laws it can take up to 12 months to be paid. That means they actually got $4m but can't get their hands on it until paid out by the taxman. It is not mismanagement or too high staffing costs, it is the delay that bites them atm.
I lived and worked until the end of the 90's in Germany and the taxman wanted the money within 30 days but even for private people if there was a return, it took at least 6 months to be paid out.
They need money but as a bridge. Focus can be by bank loans secured by the tax payments or a small CR. No idea what they come up with and when but if there wasn't a delay you guys can work out what that would mean to CF+. At first sight all looks crappy but at second sight, it is a gem.
As we don't know whether there is a CR or not and if, what Ts & Cs will applied, I don't buy any just in case they would raise lower. If they suddenly come up with some $$$ from other sources or from the Account Receivables then one should still be able to buy sub 1c or 1.5c on the day the anns is made.
No guarantees for the above, just my thoughts after doing some research.
GLTA
W2V Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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