So what's missing here: TSGL announced on their last 8k: On April 2, 2018, Staffing Group Ltd. (the “Company”) permanently closed its three operating branches; Nashville, TN, Raleigh, NC and Indianapolis, IN. Currently the Company has no operating branches.
So what happened to the other 2?
In January 2016, the Company commenced operations of one (1) staffing location Montgomery, Alabama through the subsidiary, Staff Fund I, LLC. This subsidiary recruits, hires, employs and manages skilled and unskilled workers that it places with its client companies.
On April 1, 2016, the Company purchased the operating assets of four (4) branch locations in Charlotte, NC, Indianapolis, IN, Nashville, TN and Raleigh, NC from Labor Smart, Inc. for consideration with a fair value of $2,666,000. The one-time fee of $5,000 for the (4) newly opened branches which were opened under the Labor Smart, Inc. name totaling $20,000 was waived. As a requirement of the purchase of the operating assets, the one (1) issued and outstanding share of Series A Preferred Stock owed by Labor Smart, Inc. was transferred to Kimberly Thompson, the Chief Executive Officer (“CEO”) of the Company in addition the CEO stepped down from any former position she held with Labor Smart, Inc. Each share of Series A Preferred Stock gives the holder voting rights equal to 2 votes for every one share of common stock outstanding at the time of a vote of shareholders and does not have any additional rights or preferences. As such, at December 31, 2016, Kimberly Thompson controlled the majority of shareholder votes.
On September 12, 2016, the Company cancelled the Licensing Agreement with Labor Smart, Inc and, as such, no longer operates under the Labor Smart trademarked name. The Company currently operates under its legal name, The Staffing Group Ltd.
Schadel, said he needed to go to Indianapolis and Montgomery, along with tweeting he's trying to get funding to start a new public company. Future scam?? Looks like it to me.1
What happened to the 2.6 million Schadel received?
The best penny play of 2018 is out there, and no it's not on the OTC.
