Thursday, July 24, 2014 12:15:11 AM
The amount LTNC has to pay to the IRS is not fully disclosed. Does Schadel provide the amount he owes? No. Does he disclose the penalties? No. Does he state how long he has to pay? No. In fact, the 2014 1Q makes it abundantly clear that the 2+ years specified in the agreement is just the beginning.
IOW, Beginning July 28th, 2016 there is an unspecified period of time for which $15,000 per month will be owed to the IRS on top of current payroll taxes. Why isn't the full term of the agreement specified? Because Schadel does not want investors to know just how bad he is being punished by the IRS for acting like a complete fool with payroll taxes. And when I say "he", I obviously mean investors because we all know Schadel doesn't commit his money for long (See loans paid back to himself just prior to tripling the convertible debt and doubling the AS).
As for the "growth". There isn't any. The revenue growth is not keeping up with the increase in branches. LTNC is doing significantly worse YOY. Even Schadel is not foolish enough to publicly say that total margins are improving- only margins with certain stores or certain months.
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