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lol...link to that report. It doesn't exist.
ROTFLMAO! Sparkly rainbow unicorns! Where, oh where is the $2 million coming from for this so-called buyback? The last reported cash-on-hand was $130,000 and all he has had is a $350K sale of a $2 million branch and JUST NOW sold 4 branches for $1 million cash to his very own shell company, TSGL, that also happens to be run by his COO. No games there!
I wonder who gets the money first, the IRS to pay off $2 million in late payroll taxes or the toxic note holders who are still waiting on the late $3.5 million he owes them?
Gee, what happened to the debt the last time Schadel sold branches for $1 million in 2015? It went UP! Oh, and Schadel bought himself a McLaren.
lol
No worries about those pesky brick and mortar branches. The CEO is selling them off faster than he can sign the papers. Owing $2 million to the IRS kinda' motivates people like that.
Ryan Schadel "thanks" employees by selling them off:
Schadel just announced that the Tampa branch was sold- the same branch he highlighted in a November blog post about "gratitude" of all things. How much did he sell it for? Around $350K. How much was it generating? Well, according to the CEO, as recently as last November it was becoming a $2 million per year branch.
Recently our Tampa branch hit $40k in weekly revenue for the first time since opening. Corporate recognized the opportunity to give a hard working dedicated team an awesome (and pretty creative) shout out with the help of Powtoon
99.99999% of ppl who trade/invest OTC don't know what picture they r looking at in 1st place
The cash from the recent sale of Tampa should cover maybe a third of what he owes the IRS once interest, fees, and penalties are factored for being late with $2 million in payroll taxes. I sure wouldn't be able to sleep at night knowing I owed for a bill that I essentially stole from clients.
What a freaking JOKE!!!
In the recent Periscope video, the CEO of LTNC said that TSGL shares were hammered for "arbitrary" reasons, then went on to acknowledge that the pps was hit because of SEC involvement with TSGL.
Based on how Schadel thinks about his shareholders (and his personal relationship with the former TSGL CEO) it's no wonder he thinks SEC involvement with a fraud investigation is "arbitrary".
Ryan Schadel on Twitter:
99.99999% of ppl who trade/invest OTC don't know what picture they r looking at in 1st place
Oh yeah...that WAS the million dollar per month branch, wasn't it? ROTFLMAO! $300,000 for a supposedly $12 million per year branch. It doesn't get more ridiculous than that! Then again, we are talking about Schadel!
Let's see...$20 million for 2015 and Schadel liquidated a branch that was reportedly earning $1 million in monthly revenue.
2016, here we come! lol
I suspect Schadel had something else in mind for his announcement and found out he couldn't do it, so he was caught having to make up whatever he could at the last minute to try to pump up the video. Down to 13 branches now? lol!
That's a bold assumption and highly unlikely. TSGL and LTNC are not merged. There is no sense at all in TSGL assuming ANY LTNC liabilities. Have you noticed that with all the branches liquidated thus far there has been no reduction in LTNC debt? Schadel is on the verge of bankruptcy. The only thing he is trying to do is square up with the $2 million he owes the IRS in payroll taxes since he can't get bankruptcy protection on that. However, it's pretty hard to do when so much debt is late and operational expenses exceed revenue. Schadel is on the hook for around $200,000 per month in CASH payments and we've already seen very strong indication that he is behind on the toxic note forbearance agreements.
It looks to me like Schadel is trying to salvage what he can by transferring operations to TSGL and leaving LTNC to rot. But, because there is no merger (in order to maintain the illusion of "arms-length" transactions) there are only so many tricks he can pull off in that regard. This is ugly...
Now THAT is a sensible trading strategy. This turd is going down. I don't have any faith that it will rebound much, but even a 100% gain from .0001 is always nice before it goes into RS or bankruptcy.
lol...stock price manipulation by management? Sounds right.
Maybe if Schadel actually worked on building the business in a responsible manner (rather than liquidating it to pay off bad debt) he wouldn't have to worry about trying desperately to pump up the pps.
$11 million in total losses was just by the end of 3Q 2015. We can expect to see total losses to be around $13 million by the end of 2015 and now we have another full quarter to tally losses when/if Schadel decides to get around to it.
Gee, where is that 2015 10K? lol
Just send an email to the seller's Chief Operations Officer. She is also the CEO of TSGL. I'm sure she'll be happy to explain why she's using TSGL shares to pay for unprofitable LTNC branches.
Funny that people call TSGL a "sister company" of LTNC. Every filing has been very clear that any transaction between these two scams are not a result of a merger.
TSGL is just a shell for pinky share selling games by Ryan Schadel.
LTNC "strong relationship" with TSGL....lolololol
TSGL is run by the COO of LTNC and the CEO of LTNC holds a controlling position in TSGL through stock purchased with LTNC capital.
As of December 31st, 2015, TSGL made an unannounced sale of all assets and liabilities to the resigning CEO. Ryan Schadel then placed his COO in charge of TSGL. TSGL is now a shell company being prepped to use and abuse for whatever cash it can generate through a share selling scheme to pay off very bad debt at LTNC.
It's a bona-fide Ryan Schadel charity fund!
Some "relationship"....ROTFLMAO!!! What a JOKE!
April Fools! Latest "HUGE" announcement a bust!!!!
Now down to 13 branches from a peak of 32.
Branches being sold for a fraction of revenue generation due to steep losses.
No share buyback verified.
No share cancellation.
Yahoo showing more dilution upwards of 7.89 billion OS.
No meaningful business development except a bunch of hype with a shell company that the CEO controls and placed his own COO into as CEO...his very own puppet!
lol...EOD dump on a Friday before a pump announcement.
No dilution except 1.6 billion shares diluted in December and February. But what's a couple billion here and there, right?
Anticipated loss for 2015: $4 million. There's your answer.
Oh, that and the fact that by the middle of last year ALL of the notes due were late. An then by the 3rd quarter the payroll tax payable DOUBLED to $2 million with $1 million being from 2013. Of course, there is also the additional $500,000 in notes Schadel got in 2015 and the $175,000 loan at 59% interest requiring immediate daily payments. I guess we shouldn't forget that the branch count has been reduced from 32 to 19 through closures and liquidations. Revenue has fallen WAAAAAAY short of projections. Almost no cash on hand and losses have piled on in the 3rd quarter despite a $1 million discount sale of 5 branches...I could go on, but I'm sure you get the point.
Oh there was a reason: pinky promo reasons!
$220,000 bonus right before personally buying a boatload of no bid shares ahead of a long stock promotion involving paid stock promoters...lol
"May appear excessive" when the stock was sitting for months at no bid and every single note had been allowed to go unpaid along with ANOTHER $1 million in payroll taxes? ok
Thank you. Any sensible investor understands that a CEO has no business giving himself a $220,000 bonus when shareholders had taken a gigantic hit on the stock that he let drop to .00004, which made for a handsome position in the company for his personal benefit that was purchased with company capital.
The CEO gave himself a $220,000 bonus in Q3 2015 to buy those shares. Hardly "his" capital and it will be interesting to see what the late 10K reveals about other money games.
You can disagree, but the fact is that Yahoo's LTNC OS report is, at the very least, a reflection of the OS in January. OTCmarket still shows the OS specifically from November 16th. However, the OS on Yahoo had been lowered just prior to the announcement of the share cancellation (and now is back up). That makes Yahoo much more current than OTCmarkets, at least for this ticker.
Yahoo was ahead of the OTCmarket page when the 700m was retired after 1.3 billion were diluted. In fact, I don't think OTCmarket ever showed the fully diluted OS before the reduction. They still show the OS as filed from November 16th.
Before the January share burning stunt, someone had posted that Yahoo showed a reduction in outstanding shares. They were right and the OS was reduced from 7.89 to 7.2 billion shares. However, the known OS is currently 7.41 billion and Yahoo is back to showing 7.89 billion shares.
https://finance.yahoo.com/q/ks?s=LTNC+Key+Statistics
IF Schadel actually makes the announcement today, the news should be very interesting...
Based on latest financial disclosure Labor Smart Inc has 7.89 B of shares currently outstending. This is 1793.49% higher than that of the Services sector, and 4739.72% higher than that of Staffing and Outsourcing Services industry, The Shares Outstanding for all stocks is 1419.84% lower than the firm.
The ONLY way Schadel hasn't broken a promise is if he has never made one.
To that extent, you are right.
BUT...
When Schady said that the AS increase to 1 billion shares was "just for protection" and that he "wouldn't dilute" into it we can certainly see how people could see a "broken promise" since the OS is now 7.41 billion and the AS is 20 billion.
When Schady first promoted the company as expected to have $60 million in revenue for 2015 we can certainly see how people could perceive a "broken promise".
When Schadel said he was current with all tax obligations in early 2014, then revealed that $1 million in payroll taxes was late and needed a payment arrangment with the IRS we can see another "broken promise".
And then, in 2015, we saw the payroll taxes payable DOUBLE to $2 million- the same "broken promise" or another one?
When Schadel, as recently as last December, said that note holders could not convert and then revealed in January that 1.3 billion shares were diluted in December followed by 1/4 of a billion shares in February we can certainly see how people would perceive a "broken promise".
When Schadel knowingly scheduled an announcement on Good Friday, then moved it up to Thursdy, then moved it back OVER A WEEK we can certainly see yet another "broken promise".
So, take your pick...a bunch of broken promises or no promises whatsoever.
Ryan Schadel's Safe Harbor Statement and Disclaimer
Any messages, posts, or comments made by Ryan Schadel on social media outlets, including but not limited to Twitter (@CRyan Schadel), Periscope.tv, Linked In, Facebook, Mr. Schadel’s personal blog (www.ryanschadel.com) or any other public domain medium should be considered to be statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear and will continue to appear in a number of posts and comments on social media and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Labor SMART, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may”, “would”, “will”, “expect”, “estimate”, “can”, “believe”, “potential”, and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Labor SMART, Inc.’s or Ryan Schadel’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Labor SMART, Inc.’s and Ryan Schadel’s filings with the U.S. Securities and Exchange Commission.
Thanks for pointing out that the TSGL CEO is also the COO of LTNC. I was incorrectly saying she is the CFO, so I'll be sure to remember that. lol
Reverse split is coming.
Even though I knew an RS wouldn't do squat for the stock last year Schadel had screwed up so bad that I didn't think he could pull off a promo like this one. How many had he tried? He even paid for one and all it got was a 300% gain. Now the pps is deflating from a 1300% run and is sitting at 8,000% over the 52 week high while hovering at a pathetic .0007 while Schadel tries tired pinky tricks one after the other to keep the dream alive. Can it get any more pathetic?
Not with 7.41 BILLION shares issued.
And more losses than most.
Net loss $4 million with $2 million to IRS.
2015 losses around $4 million
No, he could not have RS'ed a year ago. A year ago there was so little interest in this stock that when notes came due they couldn't convert, so an RS would have been meaningless and would have completely wrecked any promo efforts. Until recently, his promo's have been completely ineffective, so it was quite a surprise when he pulled the latest rabbit out of his hat and got the pps out of no bid. Schadel has had a surprisingly good run with his promo, and maybe he has a few tricks up his sleeve that might sell a few more shares, but in the end he has no choice but to reverse split since bankruptcy does not get rid of IRS debt and the company is collapsing under the weight of Schadel's ego.
***Buyer beware!***
Kimberly Thompson, CEO of TSGL, is also CFO of LTNC- a nearly bankrupt staffing agency run by one of the slimiest CEO's on the OTC, Ryan Schadel. Ryan Schadel is also a majority shareholder in TSGL with stock purchased through LTNC and he owes over $5 million in LATE debt to toxic note holders and the IRS per LTNC's last quarterly report.
TSGL: LTNC cash machine if Schadel has his way.
Now that would have made the most sense, wouldn't it? If you can't do the announcement on Friday, then do it on Monday or whatever the next trading day is. Instead, he screwed around on Twitter about it being moved up to Thursday so, technically, he postponed the announcement by over a week with no explanation whatsoever for the the extended delay.
If Fridays are bad news, then postponing a Friday announcement by a week has got to be worse news. Did the SEC maybe have a word about his "arms-length transaction" with his CFO whom he also made CEO of his little TSGL shell game?
Next week should be interesting.
Nothing wrong at all with profiting where you can. Schadel did make it personal, but I'm beyond that at this point. Now it's just a matter of principle for me in continuing to expose him for what he is. Unfortunately, that means I'm betting against the pps, but experienced flippers know what they're doing. GLTY.