That call was a complete waste of time. I tried twice to get questions in and never got in the queue. The only thing Schadel added to the discussion was that "certain" note holders are accepting monthly payments. He then went on to talk about how the total toxic note debt recorded in the Q is "fully accreted" so he should owe "just" 45% of the $3.5 million without going into how that is possible with the vast majority of the notes being beyond the maturity date (FULLY accreted).
The "non-partnership" with a company that is underperforming by Schadel's estimation is a farce. He claims that a partnership can't happen with Staffing Group until he has time to review their next filing. Funny, we heard a similar song and dance about a conditional acquisition several months ago that never happened. Shareholders should be pissed that he wasted any money on that company's stock, but for it to be $165,000 is just insane.
One of questions I desperately wanted to present was, "The OS is near 10 billion shares with an AS of 20 billion. How do you propose to continue to meet the 3-5x share reserves your not holders require?"
I also wanted to ask about what happened to the late $1 million 2013 payroll taxes that couldn't have been anywhere near paid off by now with the payment schedule the IRS agreed to.
And then there's the question about what happened to the $1 million in branch sales since liabilities reduced by only $258K while total assets reduced by $600K including a $10K reduction in cash on hand.
Ridiculous games. I wonder how the market will react tomorrow.
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