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7.41B OS, 8B AS, 7.5B owed. RS coming.
At what point? Yesterday? What about tomorrow? RS coming.
"His" shares were purchased with company capital. He could lose every single share and not bat an eye. The CEO has no skin in this. That is, except for the $2 million owed to the IRS.
The CEO has NEVER said, "No RS". Ever.
He's said he's "not interested" and "not planning" one just like every other stinky pinky CEO has said when faced with no choice.
But not once has Ryan Schadel said that he will never RS.
RS is inevitable. You'll get your 5's. They'll probably be bags, but 5's on the way.
7.41B OS, 8B AS, 7.5B toxic obligations. RS coming.
"Way too many assets"...do we not read filings????
LTNC has NEGATIVE $5 million equity and almost all of it is late debt to note holders and the IRS. It's damn near worthless. The only way Schadel has been able to sell branches is by keeping the outrageous debt. Now, there is less than 60% of the branches to pay for the debt. I'd say any moron could see that, but the CEO is at least one exception to that assumption.
Oh, Tmyz. The writing is on the wall. RS/BK on the way.
Every single number I produce is verifiable in the quarterly reports, PR's, and Schadel's tweets and the anticipated losses I posted for 2015 might prove to be conservative.
7.5B shares due in toxic obligations. Not so small.
Over $2 million owed to the IRS. Definitely not small.
$4 million in losses anticipated for FY 2015.
$13 million total losses anticipated in the 2015 10K.
Loans needed just to meet payroll.
RS/BK on the way.
It ALWAYS "takes time" with stinky pinkies. RS doesn't happen overnight. At least, not until it happens...lol.
Do you seriously think the board has over 30,000 messages because of anything other than pump promotions through 7.41 billion shares in dilution? Welcome to the OTC.
lol...so tweeting a couple times a day is the standard for "busy".
Man, Schadel was right about at least one thing:
99.99999% of ppl who trade/invest OTC don't know what picture they r looking at in 1st place
@rca0_0 @YahooFinance If we were NASDAQ sure. 99.99999% of ppl who trade/invest OTC don't know what picture they r looking at in 1st place
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 26, 2016
OTC pink is the T-ball of markets. Only 5 innings in T-ball IF the CEO can sell stock through a reverse split. LTNC has struck out of the 3rd inning and note holders are getting ready to shut out the 4th.
7.41 billion OS, 8 billion AS
$3 million in late toxic obligations.
$2 million owed to the IRS.
Negative operating income
CEO buying stock in other companies WITH LTNC CAPITAL for an exit strategy
Forfeit
lol
That shit is funny! $2 million buyback with NOTHING but the magic of sparkly rainbow unicorns. Did you forget that TSGL (a shell company) has to raise capital through sale of its stock before that is even remotely possible to pump? But...how does another stock's equity capital pay for a LTNC "buyback" when it is not a merged stock and LTNC is $5+ million in the hole with late debt to note holders and the IRS? Hmmmmm...
It's been "easy" for 2 months. What with all the "great news" going around and the low float why do you suppose it hasn't gone higher already?
Oh, I know...MM's and flippers.
It certainly wouldn't have anything to do with the CEO being completely unable to pull the company out of the DEEP hole he dug to bury it in.
Maybe more branches will get liquidated to pay for another promo instead of paying off the IRS.
lol...52 week high .0013, low .00004. Good luck.
Oh, I looked at what you posted and realized that I misunderstood the nature of the situation. I thought he got in trouble for getting an unauthorized loan FOR the company. Instead, he "borrowed" $3.5 million FROM the company??? lol Yep, that's stealing. The BOD probably tweaked the story just to allow him to save save in return for everything he did to build the company. What a stupid thing for him to do!
And then Schadel takes him on as an "advisor"...ROTFLMAO! Like you said, birds of a feather. Something about a $220,000 bonus in 3Q 2015 comes to mind. Maybe that was something Schadel was advised to do so that he couldn't get in trouble for pilfering company funds. Can't wait to see the 10K.
"Stole" seems a bit strong since it was an unauthorized loan at issue. However, whatever he did was egregious enough that he had to retire earlier than expected. He stepped down from his position in a manner of disgrace despite his accomplishments with Labor Ready and that says a lot about what we should expect of him now as part of Schadel's fantasy "Board of Advisors".
But then again, when the CEO loses his entire Board of Directors right before spending the company into oblivion (with loans) is it any wonder that this is the best talent he can attract?
I'm not assuming anything. I am going off of historical fact and very obvious games this CEO is playing, which is clearly working on the uninformed.
lol...the CEO is Tweeting about Labor Ready!
The top brand in On-Demand #staffing is hiring!
Funny how Schadel doesn't update everyone on what the CURRENT toxic debt is, now isn't it? It's hard to reduce debt when you're taking on more than what you're "paying off" and that just doesn't look good for a PR. As for the "cold hard cash in the bank"...ROTFLMAO!!! He had $1 million from the first 5 branches he sold and the debt WENT UP...A LOT!
As for bankruptcy at no bid, well, he should have done it back then, but then he wouldn't have been able to create a promo in which he bought personal shares of LTNC with company capital in order to increase his personal net worth for what we can all assume are more loans for stuff like, oh I don't know...a McLaren.
You are 100% correct. Not paying the payroll taxes on time is inexcusable. Then to not pay off the debt is just plain stupid if funds are available. Owing the IRS for payroll taxes is VERY EXPENSIVE because the IRS considers failure to pay on time akin to "stealing"- the IRS uses that exact word.
TSGL owed the IRS hundreds of thousands of dollars in payroll taxes and, unlike Ryan Schadel, they were transparent enough to detail what they owe and how much it has cost before Ryan Schadel took control of the company and sold off all the assets/liabilites on December 31st (leaving a shell). If you want to see just how expensive it is to owe the IRS for late payroll taxes, just take a look at TSGL's last 2015 financial report on the matter. According to them, they were on time with the payment arrangements and the penalties were still steep.
The stock is garbage and the company is getting ready for bankruptcy. There is no way around it. $1 million added to payroll taxes payable on top of $1 million already in the hole with the IRS on top of millions of dollars in late toxic notes to the tune of $3 million ($3.5 million total toxic debt) while revenue declines and branches are closed or liquidated to pay for operational expenses...garbage.
ROTFLMAO! "No dilution"...7.41B AS and counting!!!
So is the IRS.
2013: $1M late payroll taxes. 2015: Payroll taxes payable double to $2 million.
Make no mistake about it, the IRS has become increasingly aggressive in their efforts to identify payroll fraud and collect payroll taxes, and has recently increased their pursuit of criminal prosecutions and incarcerations.
Payroll taxes are considered a trust tax, because it is the employer’s responsibility to collect federal income tax withholding along with Social Security and Medicare taxes and unemployment taxes and pass this on to the IRS. Many states have additional withholding requirements for various employment related taxes, such as contributions to a worker’s compensation fund. Willful failure to withhold or to avoid paying payroll taxes (or pay over trust fund taxes) can result in severe penalties and even jail time.
BWAHAHAHA!!! Zacks...from May 2013 when the AS was about 50 million, I think. And what happened from the .36 pps?
ROTFLMAO!
2014 was supposed to be a "minimum" $30 million year. That year started off with 15 branches and ended up with 30. The CEO had to revise down the projections twice and still missed the lowest projection by $1 million with $24 million in revenue. 2015 started with two quarters of 30 branches that earned LESS than 15 branches in the same quarters of 2014.
Now we see that with $21 million projected for 2015 (a year in which Schadel originally projected $60 million), 20 branches will not have earned as much in the second half of 2015 as 15 earned in the first half of 2014.
Revenue is collapsing at an alarming rate.
Schadel openly patronizes shareholders:
If we were NASDAQ sure. 99.99999% of ppl who trade/invest OTC don't know what picture they r looking at in 1st place
@rca0_0 @YahooFinance If we were NASDAQ sure. 99.99999% of ppl who trade/invest OTC don't know what picture they r looking at in 1st place
— Ryan Schadel - CEO of $MVCO (@CRyanSchadel) February 26, 2016
CEO says "not interested", never says "no RS".
Words matter as we can see with supposed promises of no dilution, yet the OS sits at 7.41 billion.
RS on the way.
Following an RS, the pps should be a whopping penny with an AS of 1 billion.
And then the dilution sets in...again....
Reading comprehension has clearly been an issue, so I'm not going to bother explaining it any further since reading the quarterly reports is obviously too much to ask.
.0006 with "the greatest CEO on the OTC".
lolololol!!!!
Schadel DID NOT pay $800,000 toward forbearance agreements!!!
To suggest otherwise is either ignorance of what he actually said or just a flat out lie. Schadel said he "eliminated over $800,000 in convertible notes payable". The Q's have revealed that the actual cost of notes has been up to 250% of the principal and we have no idea how many new notes he has gotten since November that he may have prioritized over the forbearance agreements. We also don't know what the cost of the forbearance agreements is ON TOP of the original costs. We do know that he had at least $500,000 in new toxic obligations in 2015 on top of the $3 million in LATE obligations and we know that he has, in the past, paid off notes out-of-sequence when it became obvious that he wouldn't be able to satisfy older notes. So, what Schadel likes to call "voodoo math" comes squarely into play when he doesn't say "I paid X in cash toward notes, thereby eliminating X in convertible notes payable."
It's all games.
And IF he were current with his cash payments, then he was particularly irresponsible for violating the terms of the agreements by reducing the AS to stop conversions. But then, why were note holders converting if he was current with payments? Hmmmmm...
The latest 8K is exceedingly irresponsible of the CEO.
He has an obligation to abide by forbearance agreements with numerous note holders who were gracious enough to not report their $3 million of notes in default. Part of the agreements (made in November 2015) is to have in place a reserve of shares to cover conversion of any remaining balance of the late notes. Conversion rights were suspended contingent upon the CEO making regular cash payments that would pay off a portion of what is due ($1.7 million) within 12 months. To date, he has reported paying only about $200,000 (to unspecified debtees) and paying off only one of about 14 notes due. At least two and maybe even three note holders exercised conversion in the past month, which suggested that Schadel fell behind on payments. Now, Schadel has violated the terms of agreements with ALL note holders in a desperate attempt to save the stock that will very likely only lead to a pile of litigation notices and, ultimately, bankruptcy.
Logically, to avoid further litigation (Schadel is already juggling two lawsuits against note holders- one suit is new and the other he has indicated is not going well for him- and a counter lawsuit) Ryan Schadel will need to either increase the AS again, or do a reverse split. Schadel will not be keen to the damage to his ego by reversing course on the AS, so an RS is most likely the next course of action short of bankruptcy.
Well, what about bankruptcy? Some companies actually preserve shareholder value through BK. However, that is rare for top tier companies and unheard of for the OTC. "But Schadel is the most amazing CEO on the OTC"....
Here is the ultimate reality check:
Ryan Schadel currently has a long-term payment arrangement with the IRS for $1 million in late 2013 payroll taxes. In 3Q of 2015 we saw payroll taxes payable DOUBLE to $2 million. There is no bankruptcy protection for being dumb enough to not pay payroll taxes!!! So long as Schadel owes the IRS he desperately needs this company to keep going and, even more important than that, for shareholders to believe this company has a chance despite piles of debt building.
And we haven't even gone into the additional loans Schadel has gotten at horrendous rates in the second half of 2015 to cover operational expenses that revenue is coming short of. You can't pay people if you can't pay the bills, so Schadel is hopelessly hooked on loans to keep the fantasy going AND avoid prison time.
That's right...prison.
There are very good reasons that this stock is trip zero and will remain down here among the lowest of the lowest stocks.
Revs have decreased substantially when averaged per branch. In fact, in the first two quarters of 2015 there were 30 branches that produced LESS revenue than 15 produced in the same quarters of 2014. People have been ooh-ing and ahh-ing over branch sales, but even if (especially if) unprofitable branches have been sold we have already seen that the debt and liabilities are not going with them, which leaves fewer branches to cover what more branches couldn't to begin with. LTNC is as much of a standard pinky downward spiral of its stock as it is a downward spiral of fundamentals.
I wouldn't say a per branch analysis is necessary in the financial reports. It isn't common practice to do so because the corporation's performance is an aggregate of all the branches. What LTNC needs is an honest CEO who respects the importance of genuine transparency in the reports- not one who talks about how losses were "reduced" to $500,000 in a quarter, but neglects to address that overall debt increased and that without the $1 million sale there would have been a $1.5 million loss for a single quarter.
I'll take my 15 posts, ignore retarded PM's, and be very comfortable knowing that I am orders of magnitude smarter than Schadel regards his shareholders as.
It's not huge. It's more games and the market reaction indicates that Schadel isn't fooling enough people.
lol...if I had a dime for every time Schadel has said something to that effect all the way back to when the OS was 27 million...
Now it's at least 7.41 billion (before yesterday's sell off) and the AS is 8 billion with the CEO having violated the terms of all those cash agreements. RS/BK on the way.
Really, Schadel said that? lol, no he didn't. What about payroll since that was part of the purpose of the toxic loans? What about the $2 million in payroll taxes due? You know that last year 6 branches sold for $1 million, but debt went UP. The only thing $330,000 for the latest branch is going to do is sell stock and maybe get the CEO another $220,000 bonus.
7.6B OS, 8B AS and continued dilution with late notes and forbearance agreements with ALL note holders violated by the CEO's recent actions. RS/BK on the way.