Thursday, July 31, 2014 12:22:58 AM
http://ih.advfn.com/p.php?pid=nmona&article=63085932&symbol=LTNC
The first few paragraphs are just a rehash of old news and pretty selective at that. No mention of how much in convertible notes were converted, no mention of the incredible increase in convertible debt, no mention of doubling the AS, no mention of repeated delinquency with payroll taxes and the subsequent installments with the IRS, etc. If we're going to go over publicly available numbers why not be fully forthright and go over ALL the numbers and what they mean to shareholders?
There was this epic overstatement, though:
Uh, yeah...you had double the number of branches so why the hell WOULDN'T you have record revenue numbers??? Are you THAT dense? What a meaningless statement!
Who gives a flying (FK) about some stupid "Waffle House Napkin" in 2011??? The publicly released projection for 2012 was $7 million- not $4 million. It was beaten by 1.4% which is respectable in its own right, so why mislead people with nonsense? Here is what Ryan Schadel ACTUALLY projected for 2012:
http://www.prnewswire.com/news-releases/labor-smart-inc-announces-surge-in-business-and-record-revenues-172643301.html
How many times can Schadel say he is aggressively pursuing traditional financing and people will believe it's going to happen? Maybe he is actually trying to do that, but he has screwed up royally in that endeavor with the huge increase in convertible debt and failure to pay payroll taxes two years in a row. NO respectable lender wants to deal with a company that can't manage its finances.
Then, there's Schadel's plan to
How on Earth does he plan to finance acquisitions?????? Last year and this year the acquisitions have been really anemic in terms of revenue. As it is, the latest 15 branches are generating just 1/3 of what 14 branches did last year. With not being able to pay payroll taxes and having to court more and more convertible note lenders the strategy here is glaringly flawed.
I'll give Schadel credit for fairly consistent monthly communication and following through with this letter, but I am left to believe the ship is sailing with a nutcase at the helm.
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