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Where would he get the money? Who would be crazy enough to invest in this guy. Who would acquire anything with Labor Smart? Nothing can or should be done inside of Labor Smart.
Didn't he say he wasn't going to do any acquisitions, only licensing? Where is he going to get the money?
There wasn't enough value in the branches.
In the final 10Q filed, for the period ended September 25, 2015, Labor Smart had $8,479,266 in liabilities, including $2,026,803 in payroll taxes, $1,743,284 due to a factor and $3,514,343 due for convertible notes, and various small debts. How was this paid off. Where did the money come from?
I agree Sound Judgement. Schadel going dark was not a good idea. The only person it benefitted was Schadel.
Of course it would.
Think fundamentally, say somehow Labor Smart were to earn $1M (net income) this year (not likely...ever):
$1M / $6B shares = .0002 earnings per share. With a 20 PE stock price would be $0.0033.
Earning $1M this in a year is not possible, but the numbers illustrate that doing anything in Labor Smart is pointless.
Then why do anything in Labor Smart. If Schadel thinks the brand is so valuable, why not just sell the name to TYR Equity and wind up the Labor Smart entity and distribute the proceeds. Then he would be free to build a staffing company unencumbered by the legacy issues and 6B shares.
If he actually paid off the debt then why can't he raise capital for Labor Smart directly? Paying of a generation of debt is an accomplishment. Having done so, he should be able to raise equity for the first time.
It appears that the last thing Schadel did at LaborSmart before he went dark was to sell 4 branches to Staffing Group. It looks like he pocketed $890,890 in cash from that transaction and that is why he went dark.
Notabot, You asked how beneficial filing an 8k would have been. It would have signaled to investors, not the people on this board, investors with real capital, that he was really making a move and prepared to stand behind it, that he was offering transparency. You are well aware of the benefits of transparency. Filing with the SEC goes a lot further than a podcast.
You have heard about transparency and accountability, he accepted the accountability for the failure of Labor Smart but fell sadly short in providing transparency.
Notabot, non reporting companies CAN file 8ks and social media is NOT the same as reporting to the SEC. It would have been beneficial to file the 8k, why didn't he?
Why didn't Schadel file an 8k about settling the debt issue? It clearly makes sense to have done so.
Yea, I am a little bit slow on the uptake but it is clear to me now.
That is funny.
Maybe it did go to paying off debt. But if it did, why not at least file an 8k. I know he doesn't have to, but he can. There would be many benefits for the company if that 8k was filed. The only downside is if it isn't true, and he files an 8k he has a bigger problem than he already has. Although, the podcast was damaging enough.
One can't be 100% sure until there is an audit but it is clear that there is a lot of money missing. This is the reason there can never be an audit. Without an audit, only Schadel will know where the money went.
When there is an investigation there will be an audit.
Schadel filed the Form 15 because he was going to be found out if he continued to file. It is a simple concept. Misappropriate money go black.
There is a basis for reporting, TRANSPARENCY. Labor Smart doesn't report because Schadel can't report where the money went.
So, it is all lies. Then wouldn't we be happy if Schadel just made up more lies and actually reported them like he used to?
Thanks cbuontempo! The one thing Schadel was definitely not truthful about is his reason for not reporting. He can't report. He went black to hide.
Schadel admitted his mistake and there are many of them. He is incapable of running a public company, he doesn't know how, he admitted it. He doesn't know how to be responsible with other people's money.
Today is June 1. Let's see what he accomplishes over the next 90 days.
The most important question that could be asked of Schadel is: How are you going to find more unsuspecting investors to dupe into believing you are anything but self-serving?
There is nothing fundamental that can be done to create a real company out of Laborsmart. The only way any of the people on this board can make any money here is if Schadel is truly a great con man and can con people into buying stock in the face of the truth that he is a con man.
The Nashville branch that is on LaborSmart's website has the same address as the one on the Staffing Group website (staffinggroupltd.com).
Filing a Form D does not mean any money has been raised. In fact, none has. Read the form D.
Natabot - the facts show that Schadel drove the stock to $000.00, stopped reporting, sold off branches, and then bought a McLaren.
Spot on Sound Judgement. The reason Labor Smart doesn't report is 1) the company can't afford to financially, and 2) Ryan Schadel can't have an auditor discover what he did with the money.
Why do you thing the OTCMarket puts up a warning sign when companies don't report? Why do you think companies that are on exchanges get delisted when they don't report?
Investors want transparency.
The Form D for the TYR Equity Inc private placement lists Schadel's home address (the one he rents) and his cell phone number. We will probably find out that the bank account is Schadel's personal account. Does anyone take this guy serious?
Týr is the god of law and justice so this company may be aptly name if this is what ends up putting Shadel in prison for all of his dirty deeds.
How are you following the money when Schadel won't report it. Over $2.6M dollars has never been accounted for? Do you know where that money went?
You got me there ib12.
TSGL is a vehicle Schadel used to fraudulently transfer assets from Labor Smart for the benefit of...yes, Ryan Schadel.
If you read the last TSGL filing it says it all. Schadel sold 4 branches to TSGL for $2,666,000 in fair. Where is that money?
Schadel installed Kim as CEO and Schadel as defect CEO ran the company through her.
Schadel negotiated each loan for TSGL and it looks like Kim was left holding the bag. A recent 8k said that Kim is being sued by one of the lenders and says that the company expects others to sue.
I am new to all of this and when I discovered the crimes and misdemeanors of Ryan Schadel while researching another company, I thought I would dig deeper. It appears that it isn't that everything this guy touches turns to s#@t, it is his business plan to destroy companies for his benefit and to the detriment of small investors like the ones on this board.
Schadel isn't incompetent, he accomplishes exactly what he sets out to do in each venture...make himself money no matter the cost to others. A zero sum game is not a game that CEO's should be playing.
Undervalued? What are you valuing to find ANY value in this company? Where do you get your information?
Schadel needs a capital base to build a company, with his track record who in their right mind would invest in him. The only thing he can do is make up stories in hopes of snagging a new generation of suckers so he can dump his stock into their buying?
At this point how can he make any real money with a pump and dump when everyone on this board is champing at the bit to sell their stock into news, BS or otherwise?
Schadel can never have Labor Smart audited. He sold 4 Labor Smart branches to TSGL for over $2.9 million dollars. The auditors will need to account for that money. They won't be able to because it never made it to the company. It went directly into Schadel's pocket.
This guy treats every company he gets involved with like his own personal piggy bank.....all at the expense of the shareholders.
Have any of the company's this guy Schadel has been involved with ever had even a profitable quarter before they stopped reporting and went zero bid?
That is what is so confusing this guy Schadel sounds like a real piece of work and the company doesn't seem to actually have any operations. Why is there so much discussion about this company?
I am new to this board is labor smart a real company?