Armada Mercantile Ltd., (Symbol: CSE: ARM and USOTC: AAMTF) has increased the size and income of its commercial finance operations.
Monthly Collections: July was a record month for invoice collections and fee income for the “small ticket” invoice portfolio, which is $5,932,690.32. During the month invoice collections reached US$3,926,343.30 and total discount fee income was US$236,891.71. This is an extraordinary amount of collections and fee income for a 31-day period for an invoice portfolio of approximately $6,000,000. At this point, we have not seen any slowdown in account debtor payments/receipts due to the Coronavirus. This may be attributable to the high credit quality of account debtors (Customers of our clients) in the invoice portfolio. For Oxygen Funding, Inc., our ownership affiliated company, the total invoice portfolio is approximately $13,000,000.
For more information pertaining to Armada Mercantile Ltd., visit: www.armadamercantile.com.