Finances 2017-2021
Description
The financial period 2017-2021 represents both significant success and ongoing operational challenges for David Irving's publishing business. Despite achieving substantial annual revenues approaching $200,000, Irving faced persistent issues with payment processing, banking relationships, and cash flow management that complicated his operations.
Revenue Performance
Confirmed Sales Figures
- 2017 (May-Nov partial): ~636 orders, ~$43,000 revenue
- 2018 November alone: $23,892 from 262 orders
- 2019 (Jan-May partial): 351 orders, $37,398
- 2021 full year: 1,729 orders, $183,585 ($550/day average)
- Best month ever: November 2021 — $30,153 (271 orders)
Annual Revenue Trajectory
The confirmed figures suggest Irving's business was generating approximately $200,000 annually during peak periods. The 2021 data shows consistent daily sales averaging $550, indicating a well-established customer base and effective marketing reach.
Payment Processing Challenges
iTransact Difficulties
Irving experienced significant ongoing problems with iTransact, his primary payment processor:
Bank Account Issues: From 2017, Irving struggled to transition iTransact payments to Bank of America accounts. Despite setting up accounts specifically for this purpose, iTransact stalled the process for over a year.
Settlement Delays: Irving discovered in July 2017 that expected settlements of "$20,000 or more" were missing, with only "$470" actually deposited. This created major cash flow problems during his US tours.
Relationship Deterioration: Irving repeatedly expressed frustration with iTransact support, eventually stating they would "shortly change our merchant service provider."
Banking Complications
Irving maintained multiple banking relationships that created operational complexity:
Bank of America: Primary US banking relationship, but plagued by card authentication issues and international access problems.
UK Banking: Maintained separate UK banking arrangements for European operations, storage payments, and local expenses.
Currency Management: Irving dealt with constant currency exchange issues between US dollar revenues and UK pound expenses.
Operational Expenses
Storage Costs
Regular monthly payments to Big Yellow Storage in Slough represented a significant fixed cost. Irving paid these bills religiously, often mentioning them in diary entries as routine expenses ranging from hundreds to thousands of pounds annually.
Printing and Publishing
Major expenses included:
- Lightning Source printing costs (£422.04 mentioned in 2017)
- Biddle's printing services for major book runs
- Book packaging and shipping materials
- International shipping costs (noted as "over £60" just for Australia)
Tour and Travel Expenses
Irving's US tours generated revenue but also incurred substantial costs:
- Flights between UK and US
- US accommodation (hotels like those in Homestead, Florida)
- Car rentals and fuel
- Event venue costs
Financial Management Patterns
Cash Flow Management
Irving maintained careful attention to bank balances, regularly checking multiple accounts. Diary entries frequently record specific account balances down to cents, indicating close financial monitoring.
International Transfers
Irving regularly transferred funds between US and UK accounts, supporting family members (€2,000 to Pilar Sr. for medical expenses) and managing operational needs across two currencies.
Investment in Inventory
Significant capital was tied up in book inventory stored at facilities like Big Yellow Slough. Irving regularly invested thousands in new print runs while managing existing stock.
Revenue Streams
Direct Sales
Primary revenue came from direct book sales through Irving's website, processed initially through iTransact and later through alternative payment systems.
Tour Sales
In-person sales at speaking events provided significant revenue, though Irving faced challenges when printer delays left him without inventory for tour dates.
International Markets
Irving maintained sales to international customers, despite high shipping costs that sometimes exceeded profit margins.
Financial Stress Indicators
Cash Flow Concerns
Diary entries from 2017 show Irving "awake at seven after a night worrying about the cash crunch approaching," indicating real financial stress despite overall business success.
Payment Delays
Irving's frustration with payment processor delays and banking issues created ongoing anxiety about cash flow, even when gross revenues were strong.
Expense Management
Irving carefully monitored expenses, often noting specific costs for meals, parking, and operational expenses, suggesting tight budget management despite substantial revenues.
Cross-References