Labor Smart Inc (OTCMKTS:LTNC) is trading just over its 52 week lows of $0.0001 on decelerating volume. The stock had been in steep decline in recent months and has fallen a long way since the $0.80 levels this one was trading at 2 years ago.
In recent news LTNC reported improved operating cash flow and provide its shareholders with an update on its strategy to improve its balance sheet.
As reported in an 8-K filing on January 27, 2015, the Company entered into three Partial Note Payment Agreements with holders of outstanding convertible promissory notes. In aggregate, the Company shall pay $153,000 in cash to satisfy $126,000 of principal due under convertible promissory notes.
CEO Ryan Schadel said “As expected, recent changes and improvements in internal processes continue to bear fruit. After negotiating with some of our note holders we were able to come to a reasonable agreement to redeem portions of three promissory notes in cash, preventing the potential issuance of approximately 700 million shares in a conversion of debt to equity.”
Labor Smart Inc (OTCMKTS:LTNC) provides On-Demand temporary labor to a variety of industries through 30 offices. The Company’s clients range from small businesses to Fortune 100 companies. Labor SMART was founded to provide reliable, dependable and flexible resources for on-demand personnel to small and large businesses in areas that include construction, manufacturing, hospitality, event-staffing, restoration, warehousing, retailing, disaster relief and cleanup, demolition and landscaping.
Back in October the Company said that they will be expanding their social media presence to include, on occasion, material non-public financial information.
To Find out the inside Scoop on LTNC Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
“The SEC has provided guidance to issues regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information on our investor relations page, which can be found on our website, laborsmart.com. In addition, we will be expanding our presence on social media to include it as another means of communicating with the public about our company and our services.”
According to the Company’s website ”Labor SMART is emerging as one of the premier temporary labor providers in the United States because of our commitment to reliability, flexibility and dependability. Our staffing professionals are ready at a moment’s notice to help your business meet its immediate production deadlines, staff shortages, or short notice temp labor needs for any task.
When it’s your business to maximize productivity with a temporary labor staff, it’s our business to provide you with the best of the best in on-demand labor. Whether you need a short-term helping hand, a skilled team of craftsmen, or a team of long-term laborers, Labor SMART will provide the muscle you need for your business.”
From the last 10Q LTNC announced $6,437,976 in sales for the 3 months ended June 27, 2014 up from $ 4,037,040 for the comparable period in 2013. This puts the Company on track to to $20 million in 2014, huge numbers for any bb stock.
LTNC is a growing Company with significant revenues and a CEO that seems serious about growing the Company long term. Maybe if they can get the debt holders out at current cheap prices and put these shares into strong hands going forward LTNC might be ready to for a significant reversal in fortune. Currently trading just over its recent $0.011 all-time lows LTNC is a stock to watch here and might just provide a spectacular trade opportunity in the coming weeks and months ahead.
We have a Monster Pick Coming. Subscribe Right Now!
The stock has come to life after reversing off $0.0013 and shareholders are finally excited again as LTNC sees an explosion of trading volume and price.
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Disclosure: we hold no position in LTNC either long or short and we have not been compensated for this article.