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Wednesday, September 14, 2011

D Landreth Seed Co accounts for their math

original post D. Landreth needs your help.

There has been a bit of red flags thrown up for some people. Why would they need to sell 1 million catalogs, how big is the company? and so forth. Yesterday the company released a statement for there accounting;

Why we are trying to sell 1 million catalogs.

To print and mail 1 million catalogues will cost approximately $3.5 million. We are selling these catalogues using pre-orders so that we do not incur any additional debt. We will manufacture only what we have sold. We have priced these catalogues at $5, which will cover the manufacturing and shipping costs as well as produce reasonable profit of $1.5 million dollars. Our aim was to keep the price low enough to be to affordable for the average person. This catalogue is made on good stock (high quality paper), is made locally in Pennsylvania - promoting small, local businesses and keeping jobs in America. The catalogue is a true collector’s piece filled with agricultural history and art. It contains beautiful replicas of our original advertisements, descriptions of our products and, new this year, a background on how certain plants came to be (for example the history of the tomato, cucumber, eggplant etc).

How the $1.5 million dollar profit will be disbursed:
$500,000 - taxes
$250,000 - noteholder who initiated the garnishment notice
$175,000 - second noteholder who will file suit if we do not settle concurrently with both noteholders
$34,000 - interest (approximate)
$540,000 - approximate remaining capital to be disbursed among other noteholders (family and friends who will not initiate suits); operating costs and lawyer fees

read the entire statement on google docs>>>

If you wish to bypass the catalog and donate directly, the homepage has a chip in widget towards the bottom of the page. or got directly to the chip page here>>>

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