Home Solutions of America- Countdown to Bankruptcy.
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The company’s cash position, as reported in its June 30 10-Q, was down to $4.6 million. Meanwhile payables were at historic highs at $31.17 mil and that does not include the $40 million owed to the bank….tick tock tick tock. Receivables continue to expand, with a total lack of transparency as to their collectability. The situation has become so dire that the company admitted on the conference call that they will have to raise money to continue their operations. (more…)