It is not clear what receivable was factored. You could be right, but there is conflicting evidence.
What we do know is that $1.8 million was factored at a total interest cost of $123,000 at a rate of 1.2% per month. On the $1.5 million lent, the interest cost covers a little more than 6 months. Since the BASF receivable was for $1.7 million for a little less than 2 months, it does not seem to fit the description of the transaction. Also, note that Safend sales were in $1.7 million and spread over more clients and time. It could be that Safend was the source of the factored deals.
Also, in factoring, TRE receives the money directly from the client through a agreed upon contract. This reduces the credit risk of the transaction. But the report says that Wave received the cash from the client, indicating that this may not have been factored.
Finally, the report says that year end cash does not reflect the receipt of the $1.7 million. If that receivable had been factored, the statement would have spoken about balance sheet debt obligations, not the cash account.
(sorry about the self-given star, the edit icon and star line are too close on an iPhone touch screen)
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