Labor Smart Inc (LTNC)

[DD2Gain]

Sobe4life wants proof of $1.7million due to IRS

OK

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!