Armada Mercantile Ltd., (Symbol: CSE: ARM and USOTC: AAMTF) has increased the size and income of its commercial finance operations.
Monthly Collections: June was a record month for invoice collections and fee income. During the month invoice collections reached US$2,752,638.34 and total paid discount fee income was US$125,814.62. 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. Looking forward, we are expecting another record month for July as fee income is projected to reach approximately $160,000.00. As of today, total purchased invoices in the portfolio are approximately US$6,500,000. For Oxygen Funding, Inc., our ownership affiliated company, total purchased invoices is approximately $13,000,000.
Dividend: We are currently exploring the possibility of issuing a dividend to our shareholders sometime in 2020. The size of the dividend will be subject to available cash generated by fee income while the continued occurrence of such dividend will depend upon the continued generation of fee income.
For more information pertaining to Armada Mercantile Ltd., visit: www.armadamercantile.com.