Explain the significance of the information disclosed by Poseidons on November 14, 2012.

On November 14, 2012, Poseidon issued financial statements for the third quarter of 2012, as well as for the nine months ending September 2012. In these statements, Poseidon reported an increase in accounts receivable to $125.5 million, out of which $36 million was outstanding for more than 120 days. It also took a charge of $9.5 million for bad debt.1