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Friday, December 04, 2015 9:32:40 AM
However, even if ALL of the note holders renegotiated how does Schadel cover $2 million in payroll taxes with only $125,000 cash on hand?
With the shift in branch numbers and seasonality it's difficult to say what revenue is truly doing, but numbers for numbers show a steady decline YOY.
Also, wasn't there an announcement earlier this year that the factor financing credit facility was increased to $4 million? According the the last Q, there is only $1.75 million factored, but $2.53 million in receivables. Looks to me like that credit facility was scaled back to $2 million, which means Schadel is not paying notes or taxes in order to keep up with payroll and that can only get worse when he is desperate enough to get loans for a straight 59% interest due in daily installments.
Schadel started something good that may be salvageable under the right terms, but I don't see note holders having any part of that without an even more substantial stake in the plan. My guess is that his recent purchase of billions in shares is part of a personal exit plan. Someone else stepping up to run the a private LaborSMART?
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