Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

What Pike paid and when he paid it:

These numbers came out of an attempt to determine when the Pike Funds acquired the original 100,000,000 shares that they reported holding as of 9/28/09.
http://www.sec.gov/Archives/edgar/data/1201251/000101359409001619/xslF345X02/spongetechfm3-102909_ex.xml

I compiled the number of shares purchased and the dollars spent to purchase them on the first 2 Form 4's that were filed.
They totaled 45,570,000 shares and $2,037,825 (resulting in an average pps of $.0447).
http://www.sec.gov/Archives/edgar/data/1201251/000101359409001621/xslF345X03/spongetechfm4-102909_ex.xml
http://www.sec.gov/Archives/edgar/data/1201251/000101359409001678/xslF345X03/spongetechfm4-122409_ex.xml

The cumulative shares purchased and dollars spent were first reported by Pike on their 13D filed on 12/24.
It reflected a total of 145,570,000 shares and $15,871,027 (an avg pps of $.109).
http://www.sec.gov/Archives/edgar/data/1201251/000101359409001676/spongetech13d-122409.htm

Deducting the intervening purchases from the cumulative purchases resulted in the original 100,000,000 shares having a cost of $13,833,202.....or an average pps of $.138.

According to Nasdaq. com, the last time that the pps was ABOVE $.138 was on 9/14.
http://www.nasdaq.com/aspx/historical_quotes.aspx?symbol=SPNG&selected=SPNG

Unfortunately, all that we can be SURE OF mathematically from all of this is that at least SOME of the shares in the original 100,000,000 were purchased PRIOR TO 9/14.

Just for time frame purposes:
1. The NT 10K, which included the statement "|X| (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form D N-SAR or FormN-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date", was filed on 9/1. It also included the following: "Both our sales and net income for the year ended May 31, 2009 increased. Sales for the year ended May 31, 2009 were approximately $50,000,000 compared to $5,633,084 for the year ended May 31, 2008. As a result, our net profits for the year ended May 31, 2009 also increased to approximately $11,000,000, compared to $1,244,455 for the year ended May 31, 2008."
2. The 1:100 reverse split was PR'ed on 9/8 and scheduled for 9/22....it was then canceled on 9/22.
3. The formal SEC investigation began on 9/18, but was not filed until 9/25.