There is a very good chance that they set up as accounts receivable contracts for up to a year  in advance in prior quarters... 

look at their accounting policy- its very hard to read- but allows such

so what does this mean if true?????

 

- a lot more bad debts if you call them that, in fourth quarter as contracts get cancelled or changed

-as rentals for fourth quarter and first quarter in 2013 may have already been set up in a/r and by definition included in IBITDA already in first three quarters 2012  then cash flow and earnings for fourth quarter will be sick in a word-

 

the company needs to state to analysts and public whether they have set up rentals in advance- what is their accounting policy on this????

 

this is the  number one question

the answer will come out in audited  financials- but that is not until March- until then you should go to Vegas

I am just speculating, but me thinks they set up contracts in advance- and that is the  explanation for huge amount of receivables- the bad debts, and if true the  next quarter  will be a true  disaster, as most of the rentals have already been recognized months earlier.