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Looks to me like the CEO is a flight risk. Must have something to do with the $2 million owes the IRS and the lack of a 10K. Did he miss a tax court appearance?
The tax trouble with this idiot CEO has never been a forthright discussion. Even when he reported the first $1 million payroll tax delinquency he waited for 5 months before finally mentioning it (after misrepresenting his tax situation) and waited 7 months before disclosing the principal amount delinquent. He has since stopped reporting it in the financials. He has NEVER reported that there was a tax lien in place from January 2014 to, I think, January 2015, so the likelihood that he would be compelled to share new lien information with shareholders is effectively nil.
However, bankruptcy will certainly be a clear message that would still be twisted into "The messiah is cleaning up debt caused by short manipulation".
Reverse split? With bankruptcy brewing at least a reverse split would give flippers a chance for another spectacular run before note holders or the IRS finally shut down this sham. I guess an RS could be good news in that sense, but current shareholders will be left out in the cold.
Schadel likely tried to invoke some of his famous "voodoo math" in an effort to minimize actual losses. I suspect this is an area where the auditors took note and told him he can't pull that shit on a 10K. 2016 is going to see a GIGANTIC shift in revenue vs. losses and I'll bet that Schadel will find a way to add another $1 million in debt despite the payments. But that's only if he can pull another slick maneuver like his TSGL shell game to stave off the inevitable bankruptcy. Of course, without a 10K nobody will know.
But time is running out for Schady and prison time is looking more and more likely.
Based on what? Revenue has been reduced by 1/5 YOY to less than $21 million and that was before the total branches were closed/liquidated down from 32 to 13.
2016 MIGHT see $10 million and the losses should be truly spectacular considering all the cash Schadel is being forced to pay above and beyond principal.
Remember all those "increasing" margins Schadel bragged about? Pretty snazzy that he wasn't paying on notes to create that illusion. This year will be a VERY different story.
Schadel is SOOOO transparent he...oh, wait...
He DIDN'T say ANYTHING about lawsuits from Tailwind Partners, Tailwind Partners 3, or Firehole River did he?
And the only reason that shareholders know anything about the Command Center lawsuit and the Promethus fraud suit is because the note holders released their own PR's detailing the suits.
And what about the IRS liens? Schadel hasn't EVER mentioned those. In fact, when I asked him about it he said "there is nothing to report" because he didn't think it was material information.
How many more lawsuits is Schadel not disclosing?
Gosh, what a stand-up guy!
It's not the first loan to cost Schadel a ton of money. We've seen loans convert as low as the .00004's when the stock was at no bid and for 250% principal.
$106,000 principal borrowed from Tailwind Partners 3, LLC
$142,698 paid by December 26th, 2014
$120,000 paid to settle the delinquent note on April 15th, 2016 (and to dismiss the lawsuit)
$262,698 paid for $106,000.
Looks like Tailwind got a pretty good deal overall and I'll bet there were legal fees tacked on that Schadel is not disclosing.
Now for the other two known lawsuits (including one for fraud) plus 7 or more delinquent notes plus the $175,000 loan at 59% interest plus the $2 million owed to the IRS...
Are we expecting an RS before BK?
As soon as an RS is approved and executed we could very well see at least .01 very shortly....at least before the note holders dilute this pig again.
lol...are we now trying to imply that this scam stock is legit because it sits 7 hundredths of a penny above no-bid?
Please...a 20% flip is respectable and shouldn't be sullied with outrageous claims.
7.41B AS with 8B OS and every single delinquent note holder looking at legal action because Schadel thought he'd play cowboy and wrangle up the AS in breach of contract.
There comes a point when a company is so deep in the hole and embroiled in the CEO's games to keep the stock alive that the difference between the stock scam and the legit company is indistinguishable as the scam relies more and more on the illusion of a viable company.
Excellent digging! Schadel is certainly hiding tax liens. Delinquent 10Ks are nasty signs and typical for this scenario. Your search appears to be Goergia? The 01/31/2014 federal tax lien was also recorded in Florida and was NEVER disclosed by Schadel. That one was rescinded a year later, but it looks like the IRS is coming back with a vengeance with the doubling of payroll taxes payable to $2 million in the 3Q and it's no surprise when we look at what an IRS commissioner said about failing to pay payroll taxes:
Where does it say: Kimberly Thompson, CEO of TSGL, is also COO of LTNC and an employee of the 3rd party (thereby making the transaction a related party transaction and hardly "arms-length")?
Scam.
Well no, any other scenario is full of shit. The relationship between TSGL and LTNC is as pinky scam as they get. Ignoring it and pretending that sparkly rainbow unicorns will miraculously save the day is simply gambling.
Delinquent 10K is like Schrodinger's cat: is LTNC dead or alive?
Classic pinky mind games capitalizing on ignorant investors.
Schadel robbed Peter and Paul and every other client's payroll taxes in 2013 and 2015 just like he did when he was 18 and robbed the convenience store.
Quote the document, then. I have read it, so I know the disclosure ISN'T THERE. The requirement to disclose is there, but Kimberly Thompson was colluding with her boyfriend/boss over at LTNC to cover it up so that Schadel could pocket the cash with the hope that he wouldn't be on the hook for it. Now that TCA has been informed about the cover-up, I'm sure they will have some choice actions for both TSGL and LTNC.
It's called fraud and Schadel is already facing litigation for it. Thompson will soon follow.
Not filing a 10K happens if the IRS seized the company. Why would Schadel bother with the expense of filing if the company is getting ready to be shut down? I guess that would be the first time he made a fiscally smart decision in a looooooong time.
Who loses sleep over an OTCPink-limited scam?
These kind of stocks are good only for flipping until they burn up completely. I'll bet Schadel can create a solid 20-40% gain from here before this stock dives into no bid following an AS increase and crushing dilution to appease note holders with whom he has breached contractual obligations.
That is, of course, assuming BK or an IRS seizure doesn't happen first.
Where is the 10K? Just another OTCPink-Limited scam.
LOLOLOL!!! Sparkly rainbow unicorns!
Yeah...we can forget about seeing the 10K. Wouldn't want to have to answer to auditors, now would we?
ROTFLMAO!
7.41B OS, 8B AS, IRS trouble, Millions Owed
I was super excited to see the 8K.
I can't begin to express how much it warms my heart to see Schadel bleed cash at this rate JUST IN DESPERATELY TRYING TO STAY OUT OF COURT!
Yet he hasn't even taken care of half of his delinquent toxic obligations that were last known: $3.5 million!
lololol!!!
How many branches are left from his liquidation strategy? 13 at last count, but Schadel wasn't expecting anyone to challenge his "huge ego" in court. His "legal team" seems to have abandoned him, so maybe he doesn't have to sell any more, but something's gotta' take care of his McLaren payments.
Remember when Command Center was "frivolous"? Gee, they weren't included in that last 8K...must not have been so willing to give up their hostile takeover.
Is the recent cash burn due to Schadel becoming CCNI's biotch?
Oh, the ticklish possibilities!
LTNC is delinquent with financials.
All the 8k's in the world do nothing to change the fact that this stock is pinky trash.
Schadel was delinquent with 12 note holders per the last financial report going on 6 months ago. He has resorted to thinly veiled shell games for even more toxic financing and liquidating branches to fund his exit strategy.
I wonder how litigation is going from the other 7 known toxic note holders as well as the fraud suit by Prometheus. Even more interesting will be to see how many new loans Schadel got to keep up with $2 million in late payroll taxes.
Of course, we'd have to have a 10K to see all of that, but I agree...the auditors must have had a field day with the shit Schadel tried to pull over on them.
This has already seen a 10+ bagger. Two times without a reverse split is the one thing that never happens on the OTC.
7.41B OS last known...where is the 10K?
Fighting lawsuits, playing games with the SEC, abusing fiduciary duties, not communicating with SEC financial filings...gee, NONE of this has EVER happened with stinky pinkies.
SMH
Yeah, and I can't find the specific branches "sold" to TSGL that is paying for this get-out-of-court spending blitz with offshore toxic financing. TSGL's filings don't mention specific branches and neither did Schadel even though filings reference supposedly attached Schedules that list the branches.
It's amazing how being sued by multiple entities can motivate even the most slimy CEO to start taking care of obligations. Trouble is, it's too little too late. Nice to see his getaway stash getting hammered, though.
OTCPink- Limited: BK? SEC? New debt? More liquidations?
$2million in delinquent toxic obligations still on books.
Only 5 of about 12 known toxic note holders covered in the recent 8K and notice how the COMPLETE settlement amounts with each note holder is not disclosed- only final payments and original principal. Those notes were EXTREMELY expensive and Schadel does not have the cash flow to support the amount of money he is suddenly shelling out to avoid court.
Schadel is failing to disclose something nasty. New toxic debt...more branch closures/liquidations...more IRS trouble...more lawsuits...bankruptcy...ALL OF THE ABOVE?
There is NEVER a good excuse for not filing on time.
OTCPink- limited
Pathetic.
Gotta' love how vehemently it was denied that there were additional lawsuits. What about Command Center and Prometheus? What about the other 7 toxic note holders last known? What about the IRS? Schadel is hemorrhaging cash to stay out of court...WHERE IS THE 10K???
NOT DEBT FREE!!! 10K still delinquent!
Only 5 of about 12 known toxic note holders covered in the recent 8K and notice how the COMPLETE settlement amounts with each note holder is not disclosed- only final payments and original principal.
Schadel is failing to disclose something nasty. New toxic debt...more branch closures/liquidations...more IRS trouble...more lawsuits...bankruptcy...ALL OF THE ABOVE?
There is NEVER a good excuse for not filing on time.
OTCPink- limited
Pathetic.
So this is the latest and greatest about the "amazing potential" of LTNC this morning:
I'm sorry, I meant EVERYONE with any business sense. This CEO is a fraud.
EVERYONE who has been following this disaster of a company is expecting an AS increase followed by epic dilution in order for the CEO to avoid about a dozen lawsuits. Talk about a "floor" has been going on at every drop in pps from .0012 with the recent successful, but dying promotion after the sudden jump from no-bid.
Schadel has no choice: raise the AS back to 20 billion and then reverse split after the inevitable dilution, or go bankrupt. The problem with option #2 is that he can't go bankrupt on $2 million in payroll taxes he owes and is already delinquent with at least $1 million.
All the usual pinky "technical analysis" BS just adds to the fact that this stock is about to implode in a major way.
There is also an ethical issue of a CEO making comments on what he "thinks" the pps should be during a buyback. Whether the CEO is holding cheap shares and says the pps should be higher or wants cheap shares and says the pps should be lower it stinks of stock manipulation either way. A CEO doing his job properly does not worry about the pps. He gets things done that impact shareholder value like releasing financial reports, which Schadel is now delinquent with.
If you're serious, then good. But the details of this financial wreck have been laid out many times. The point is to accept what is readily available (delinquent 10Ks notwithstanding).
We know. The CEO posted a blog about his "financial voodoo". I wonder where that term is recognized by the SEC and IRS.
Bwahahahaha...Net losses have piled on quarter after quarter!!! Per the November 16th 10Q, there was a total of $2.5 million in losses by the end of the third quarter. In that quarter, there was $1 million recorded from branch liquidations that offset losses yet there was still a $500,000 loss and payroll taxes payable DOUBLED to $2 MILLION while cash on hand sat at $130K!!!
Then, there's the fact that quarter after quarter there are fewer and fewer branches.
SMH
You're right. Neither does LaborSMART. Delinquent 10K.