How sweet...
That is what is considered to be withholding public information?
A public company is only obligated to release information that is deemed a "material event" (positive or negative) in the eyes of the SEC.
We didn't see public dissemination of this IRS matter because Labor SMART's accountants, auditing firm and SEC counsel did not find this to be a material event. Obviously, the SEC concurred because it was not necessary for the company to put out an 8-K filing. Again, Labor SMART is projected to produce $25 million in revenues this year.
We now know that LTNC has an agreement in place with the IRS, they are now in good standing with the IRS and under the terms of the agreement, LTNC has to maintain a current status on all their IRS obligations. Which means that shareholders need not be concerned with them ever falling behind in payroll taxes again.
As for the IRS lien? Well, that is standard operating procedure. But again, a non-material event when you consider that the IRS didn't feel it necessary to take a first position on the lien. They are essentially just another creditor on the balance sheet.
As a shareholder, I find zero concerns with the above stated matters. If anything, I have more confidence in the situation knowing that they are being held accountable on a going forward basis. So if I don't care while having skin in this game, why would anyone else want to make a big issue out of what amounts to nothing?
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