LTC stands for Linear Timecode and is a signal used in media production to time synchronize multiple sources of audio and video involved in same production.
LTC is an analog audio signal and because of it can be easily transmitted among stations.
As faster your sound card driver is, minor is the jam interval.
This script needs some improvements, but the main feature (read timecode) is working perfectly.
Import module in your script and call start_read_ltc()
import ltc_reader
ltc_reader.start_read_ltc()