Labor Smart Inc (LTNC)

[DD2Gain]

Schadel DID NOT pay $800,000 toward forbearance agreements!!!

To suggest otherwise is either ignorance of what he actually said or just a flat out lie. Schadel said he "eliminated over $800,000 in convertible notes payable". The Q's have revealed that the actual cost of notes has been up to 250% of the principal and we have no idea how many new notes he has gotten since November that he may have prioritized over the forbearance agreements. We also don't know what the cost of the forbearance agreements is ON TOP of the original costs. We do know that he had at least $500,000 in new toxic obligations in 2015 on top of the $3 million in LATE obligations and we know that he has, in the past, paid off notes out-of-sequence when it became obvious that he wouldn't be able to satisfy older notes. So, what Schadel likes to call "voodoo math" comes squarely into play when he doesn't say "I paid X in cash toward notes, thereby eliminating X in convertible notes payable."

It's all games.

And IF he were current with his cash payments, then he was particularly irresponsible for violating the terms of the agreements by reducing the AS to stop conversions. But then, why were note holders converting if he was current with payments? Hmmmmm...