Labor Smart Inc (LTNC)

[cpw13154]

SO we did two hours of DD and things look good? REALLY. Have to wonder just what looked good.Was it:

The huge amount of toxic debt?
The IRS lien for well over a million dollars for not paying payroll taxes?

Perhaps the fact that revenues have tanked. I assume we notice that the first quarter of this years revenues with 30 branches actually had less revenue than 15 branches had the prior year!

Maybe we like the huge losses incurred by this company 2 million already this year alone!

Maybe we thought that a CEO who was so desperate to get cash agreed to take out a loan for $175,000 and pay 59% interest and oh yeah has to pay daily on it well somehow is this crazy kinda guy!

Or was it seeing his nerve while this company has no money he decided to award himself a $220,000 bonus.

Oh I know we are excited about a merger with another company that has many of the same issues.

Was it one in particular that caught our eye or is it all these things.