Here's an updated rehash of recent exciting developments:
CEO owes $3.5 million in toxic notes of which about $3 million is past due that converts at 60% of pps typically averaged over 10-20 trading days. (Currently, that would be 60% of approximately .0002)
The OS is over 7 billion, the AS is 20 Billion, and if the notes are currently converting at a generous .0002 (which they're not) it will take 14 billion shares to convert what's late, yet Schadel has repeatedly increased the AS in the past because he has stressed that note holders require 3-5x share reserve. 3-5x share reserve would require an AS of AT LEAST 63 BILLION SHARES!!!
CEO owes $2 million in payroll taxes with a $1 million delinquency from 2013.
$11 million in total losses.
$2 million in losses for 2015 alone.
Branches reduced from 32 to 20.
Revenue not even matching YOY despite up to twice as many branches.
CEO getting more toxic notes any chance he can.
CEO awarded himself $220,000 bonus, then used it all to buy LTNC shares for himself. In as much as the purchases were likely intended to create the impression that there is market interest in this stock, there is no denying the fact that he now owns 2.4 billion shares of the company, which secures a 10% stake through the FULL DILUTION of the AS and a reverse split.
CEO took out a $175,000 loan at 59% interest, then spent over $165,000 on stock purchases in another staffing company- AND IS FLIPPING SHARES PER THE LATEST FILINGS.
All the BILLIONS of LTNC stock that the CEO purchased recently was immediately BEFORE releasing a PR about a partnership offer sent to the company that he used company cash to purchase a 10% stake in. -Illegal insider trading???
Some other interesting things to consider:
1. Downgraded from OTCBB to OTC Pink.
2. AS increased to 20 billion two months after it was increased to 1 billion, after it was increased to 200 million (I think), after the initial AS of 75 million.
3. With every AS increase the CEO insisted it wasn't for dilution.
4. CEO retracted an S1 that was supposed to be for an uplist to NASDAQ.
5. CEO claimed there was an "interesting" buyout offer, then revealed the next day that it was actually a competitor leveraging a bankruptcy proceeding to collect on a late toxic note they bought.
6. CEO claimed there was another acquisition on the table, then never followed up on it, which we now know never happened.
This stock once traded for up to .80 and has lost 99.9% of it's value even from just ten cents. The current 52 week high is under a penny and going down rapidly.
It can't be said enough: BUYER BEWARE!!
