Not much can be said about this 10Q that has not been said before. No one is confident in the management or future of YTB. They continue to lose money. They continue to broker insider deals; although it appears they are cutting back on the Beryl-Martin deal now that the cat is out of the bag and they already shuffled LOTS of money there. They are not sure how to repay the $2 million dollars that was due at the end of July and are thankful the bank has not demanded payment. Recruiting is still the top priority and money earner for the company and travel is a far distant second. Honestly this is the same $%@# different quarter.
However there were some numbers that did jump out at me.
It is obvious that it is becoming more and more difficult to sell the flopportunity. In the beginning of the year, they were selling 83 sites per day. Next quarter it was cut nearly in half. And this is the success of YTB 2.0? According to YTB's own income disclosure, there were 209,545 Associates or Reps selling this program. Of that number only 21,007 were qualified to actually close the sale (PTL or higher). So over the course of six months, in the course of any given day, 21,007 people managed to close only 64 sales? That's a big WOW!
I suppose on the plus side, the numbers indicate that they have done something to stop the hemorrhaging of the RTA/TSO numbers, but they are still losing significant numbers. In the most recent quarter, they lost nearly 25% of the RTA/TSOs--which as we all know are the source of income for the pyramid. However, this will escalate very soon when the truth comes out about PJ Jensen and his departure from YTB. And he may also take a formerly homeless woman who lived in her car along for the ride.
A few other comments, YTB was able to get the Illinois Attorney General, Lisa Madigan, to allow them to delay their response to her lawsuit until the end of August.
And just how do you sell and "asset" (Rez Connect) and have it ending up costing you $3 million dollars to do it?
And in case you were wondering, in the time it likely took you to read this post, YTB lost another TSO/RTA,