Labor Smart Inc (OTCMKTS:LTNC) Takes A Step Back

[[tagnumber 0]][[tagnumber 1]]Labor Smart Inc (OTCMKTS:LTNC) has been trading into triple zero land for quite some time now. Just last month the ticker was scraping the bottom of the barrel at $0.0001 and we often saw sessions in which not a single share of the company stock was traded.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]This was rather strange, as we rarely see so much determination to remain at rock bottom in any stock. Furthermore, the latest financial report, although quite bad didn’t suggest such a fate. Here are some of the numbers that were contained in the balance sheet.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 9]] [[tagnumber 10]]cash: $127 thousand[[tagnumber 11]] [[tagnumber 10]]current liabilities: $8.4 million[[tagnumber 11]] [[tagnumber 10]]quarterly revenues: $5.7 million[[tagnumber 11]] [[tagnumber 10]]net loss: $560 thousand[[tagnumber 11]] [[tagnumber 18]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Some of you might wonder why the company stock was stuck in the bottom of the charts, despite these numbers. The ones that have done their due diligence will know that there is a pretty good reason for this to happen.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Between November 2014 and November 2015 the company’s outstanding shares grew from 55 million to a massive 6.6 [[tagnumber 26]]BILLION.[[tagnumber 27]] In other words, the company stock was diluted by some 11,000%. Another way to paraphrase it is that it seems the management doesn’t care for shareholder value at all.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, we did see [[tagnumber 26]]LTNC[[tagnumber 27]] make some decent jumps lately and it climbed to $0.0008 in the first session for the week, hinting that it might return to double zero land. Unfortunately, that didn’t happen and we saw the ticker lose 12.50% in yesterday’s session, closing at $0.0007 after generating $249 thousand in daily dollar volume.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Despite the fact that there have been over 100 million traded shares in today’s session so far we see that [[tagnumber 26]]LTNC[[tagnumber 27]] has moved absolutely nowhere. Do your own due diligence and trade [[tagnumber 26]]LTNC[[tagnumber 27]] at your own risk.[[tagnumber 2]]