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LOCL on NYSE. Market value $25m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 24 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Charles R. Schwab
    Insider or founder
    at least 84.4%+4.6 pts
    (filed with 5 related holders)
    Since 7 August 2026
  • Craig M. Hurlbert
    Insider or founder
    16.2%
    Since 1 January 2025
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by inserting the following text at the end thereof: On April 25, 2024, Mr. Hurlbert was granted 120,000 RSUs, which will vest in three equal installments on February 1, 2025, February 1, 2026 and February 1, 2027,…

    Read the filing
  • Craig M. Hurlbert
    Insider or founder
    at least 7.4%−6.2 pts
    (filed with 1 related holder)
    Since 2 July 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended and supplemented by inserting the following text at the end thereof: On July 2, 2026, Mr. Hurlbert sold 45,766 shares of the Issuer's Common Stock to cover tax withholding obligations in connection with the settlement of equity…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 3 sold $646,849, $18,670 of it under preset trading plans.

  • VALIASEK KATHLEEN
    President and CEO, Director
    Sold
    Date
    2 October 2026
    Shares
    118,720
    Price
    $1.06
    Value
    $125,843
  • VALIASEK KATHLEEN
    President and CEO
    Sold
    Date
    2 July 2026
    Shares
    118,720
    Price
    $1.30
    Value
    $154,336
  • Hurlbert Craig M.
    Executive Chairman, Director
    Sold
    Date
    1 April 2026
    Shares
    100,000
    Price
    $1.16
    Value
    $116,000
  • VALIASEK KATHLEEN
    President and CEO
    Sold
    Date
    1 April 2026
    Shares
    200,000
    Price
    $1.16
    Value
    $232,000
  • Nordby Matthew
    Director
    Sold
    under a preset trading plan
    Date
    7 January 2026
    Shares
    1,000
    Price
    $2.22
    Value
    $2,220
  • Nordby Matthew
    Director
    Sold
    under a preset trading plan
    Date
    31 December 2025
    Shares
    1,000
    Price
    $2.14
    Value
    $2,140
  • Nordby Matthew
    Director
    Sold
    under a preset trading plan
    Date
    24 December 2025
    Shares
    1,000
    Price
    $2.19
    Value
    $2,190
  • Nordby Matthew
    Director
    Sold
    under a preset trading plan
    Date
    17 December 2025
    Shares
    1,000
    Price
    $2.42
    Value
    $2,420
  • Nordby Matthew
    Director
    Sold
    under a preset trading plan
    Date
    10 December 2025
    Shares
    1,000
    Price
    $2.55
    Value
    $2,550
  • Nordby Matthew
    Director
    Sold
    under a preset trading plan
    Date
    3 December 2025
    Shares
    1,000
    Price
    $2.38
    Value
    $2,380

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 6 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 40% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, one customer represented approximately 40 % of the Company's revenue.”

    From the 10-K filed 27 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.