Labor Smart Inc (LTNC)

[kmikesara]

Fiction: Ryan pulled out all his money at a time when they needed it most. Ryan pulled it out fearing the IRS.

Truth: Ryan lent a total of $210K to LTNC in 2012 and the balance due him of $176K was consolidated in 4/13 in a note bearing 0% interest. As of 9/13 $88K was still owed. As of 12/13 $45K was still owed. As of 3/14 $37k was still owed. As of 6/14 $26K was still owed. His salary in both 2012 and 2013 was $104K.

Fiction: the last financing is just like the the past ones

Truth: a floor of $.15 per share was put into place and the amount of the loan was over $1M and done with accredited investors and not the usual suspects. Not great but a definite improvement.