Friday, July 25, 2014 12:51:08 AM
Meanwhile, the tax mess this CEO got investors hooked into has been DEFENDED as "good business" because Schadel "couldn't get any other financing". Talk about a facepalm.
Here's something I haven't mentioned in detail:
If the $260,000 plus $15,000 per month for an unknown number of months was just for 2014 we'd have to be led to believe that in the first month alone payroll expenses were laughably about $2.6 million. This is because by March 17 LTNC would have had to miss 2 full payments as a semi-weekly reporting employer, the IRS would have sent written notices of delinquency after a 10 day grace period, LTNC would have responded, the IRS would have reviewed all the evidence and determined that LTNC was negligently delinquent for a certain amount, LTNC would have followed up with a letter requesting a payment arrangement and provided the accounting documents (convertible notes) to demonstrate it can keep up with the monthly payments and stay current, and a final decision made from the IRS allowing installments with hefty fines and interest.
All that by March 17. Yeah, right.
All the same, let's say that actually did happen. There were numerous subsequent events included in the 2013 10K up through April 9th. Most if not ALL of them were related to a substantial increase in convertible debt and conversions. Guess what was not included in the subsequent events...
The March 17th arrangement with the IRS.
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