Labor Smart Inc (LTNC)

[sobe4life]

DD2Gain YOU ARE WRONG!

DD2Gain

Sobe4life: proof (again) $1.7m owed to IRS

Based on the payment arrangement as described in the 10Q and the standard 10 year term the IRS generates for delinquencies over $50,000 the total amount owed for failing to pay $1,019,923 on time is $1,690,000. Certainly, IF the delinquency is satisfied early there will be less owed, but only through interest. At about 4% simple annual interest (currently) we can clearly see that penalties and fees are steep for being delinquent. After all, assuming simple interest compounded annually for 10 years at a rate of 4% with NO payments on a principle of $1,050,000 turns out to be only $420,000.

Ouch! That's a mighty expensive smack to the head Schadel got for being stupid...TWICE!

Proof again? I'm still waiting for some type of verifiable proof the first time!!!

Please show us where in LTNC's 10Q it stipulates an Agreement with the IRS has installments spanning 10 years!

Guess what? It doesn't because it isn't a 10 year term. Of course we could always do some real due diligence to find this out, but why bother?

There are also no penalties associated with the monies currently being paid back and the interest amount currently sits at 3%. Funny how things are made up in order to make a point!

Let's not base our ASSUMPTIONS on "standard IRS policies" since there is virtually nothing standard about the favorable terms they worked out in their Agreement.

No 10 year term, no penalties and no first position on the lien.

The amount owed was only one quarter's worth of payroll taxes and currently that amount would be less than 60 days worth. They resolved the issue and are current with all taxes owed.

Factually, this event was a non-event, wasn't worthy of an 8-K filing and it doesn't seem to be a concern of anyone other than a very select few who seem the need to bring up this dead issue EVERY SINGLE DAY. As if this event could or would possibly effect their operations going forward!

Labor SMART is projecting to generate over $100 million in revenues by 2018. They are already showing positive EBITDA and expect to be net income positive in 2015. I would be hard pressed to believe that this matter will still be on their books very long.

Enough said on this matter! NEXT?