Labor Smart Inc (LTNC)

[megagnome]

You are right, it is hard to get financing when your business is in the toilet. That is what got him in this mess to begin with. Traditional sources of financing told him that he didn't have the revenue stream they were looking for. Essentially, that he wasn't big enough. So, what did he do? He grew a huge chip on his shoulder and proceeded to dismantle the structure that was reasonably sound until that point. He borrowed from anyone that would give him anything regardless of how aggressive the conversions would be just to prove that he was a big boy and deserving of the Banks' respect. Instead he proved their point that he was not ready for what he was trying to do. He fired the accountants when they told him his business was failing, the only member of the board that knew anything about staffing left with a quickness, he promoted his secretary to director of operations and gave his dad 80,000/year for an IT position that, judging by the updates on the website, is still vacant. Now the loan sharks wont even give him any money and he is being taken to court for default.

Next?
Oh, don't tell me, I know what your rebuttal will be: GOOO LTNC WOOHOO!!!