its most current Balance Sheet is not there to verify if there...

its most current Balance Sheet is not there to verify if there has in fact been an increase in the company's receivables. if there has been, then what your accountant says is right. Most companies use accrual accounting. But, I would be concerend if the ages of these receivables are months old, meaning the debtors are not paying the company promptly.

The capaital expenditure capitalised as an asset in the compnay's Balance Sheet is not of concern provided it is a future income generating asset.

For the immediate future, cash is obviously of critical interest, if the company is in an expansion mode whicg will require further funding if current cash reserve is run out. Interesting to note that the cash on hand is ablout the same as the quarter's cash depletion. If it is being depleted at the same rate, then it would seem future fund raising, in the form of equity raising or borrowing will be necessary if it is to maintain its expansion momentum.

this is purely an opinion, not an investment advice. I don't hold QTK.