The 10-K for YTB is due to be filed with the SEC by the end of this month. The last report (10-Q) was not covered here at all--it was more of the same....reps down, travel agents down, losses up, revenues down. Yet YTB remains bullish on their ability to sell coffee and girdles. When the 10-K comes out, we will be better able to analyze it.
In an 8-K filed with the SEC today, YTB announced that their CFO, Jeffrey Hermann has decided to jump ship on March 14th. This will leave CEO (and wife of YTB Exclusive Supplier) Bob Patten as the acting CFO. This is a role in which he is familiar as YTB has seen many top executives leave in the past few years.
Also in the 8-K, the terms of the agreement with Sixth Scott, LLC for the asset purchase of YTB have been changed. From the language, it seems that the performance was not as expected and rather than paying YTB a fixed sum of money, the revised agreement is based on an earn-out based on the productivity (or lack of) of the network. The 8-K also alluded that the current employees of YTB operating within the asset groups being acquired will likely be terminated.
