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Friday, October 03, 2014 12:37:10 PM
Positives
There are branches.
Branches are being added 18 additional or 128.5% this year alone!
Revenue is growing by triple digits
Self Insured which drops more money to the bottom line
Improving EBITDA (Which means they are posting positive EBITDA)
Gross profit margins up from 15% to 23% in the last 12 months
Losses are declining on a revenue percentage basis
LTNC is now curtailing high risk low profit business in exchange for low risk high profit business.
Over $2 million in cash assets
Corporate infrastructure is filled with proven executive level management from their billion dollar competitor
Negatives
*Millions in floorless convertible financing - Millions as in a little over 2 million?
*Revenue growth is in no way keeping up with branch growth and certainly not keeping up with 2013 performance. On the contrary, revenue growth is reflective of the company weeding out its clientle which is reflective in the 8% gain in GPM's and the company is still looking to hit $25 million in rev's for 2014 as opposed to $16.1 million last year.
*Repeated tax issues and over $1 million in delinquent taxes resulting in an IRS installment agreement for an undisclosed period. Factually, the company is no longer considered deliquent by the IRS. This is a situation that has been resolved and under their agreement CANNOT be repeated in the future.
*Undisclosed IRS tax liens If it were undisclosed then how do we know about it? Hahaha...
*Millions in debt - Hmmm... An aggressive growth company that is in debt? OK!
*No institutional investors - Institutional Investors ARE NOT allowed to invest in the OTC market. PERIOD!
*No traditional financing - We will never see traditional financing for an OTC company. Much less, one that has been operating for less than 3 years! PERIOD!
*Extreme risk associated with self insurance considering LTNC's very limited capital - YIKES!!! Better not let the insurance company that underwrote their self-insurance policy! Heck, what do they know???
*EBITDA likely inproved only because of self-insurance programs. Actually, the company became EBITDA positive BEFORE they became self-insured. We can look forward to the company's positive effects from being self-insured to show up on their balance sheets in their future quarters.
*Sudden doubling of the AS Hmmm... Going from 100 million to 150 million shares authorized is not a double nor is that amount very concerning.
*A PPS in freefall- Adversity creates opportunity. A cheap stock is a posiitive in my book!
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