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To the moon!!
How long usually before someone pumps a dead symbol again?
Freakin MM's man. They're driving the price down. Shorty is trying to ruin this one man. I'm tired of all these bashers. CFGX to the moon. This company's headquarters is a half built mailbox store next to an office depot. Must be legit.
We're all going to be rich. I'm going to buy all the longs ferraris to celebrate since they are all sticking it out with me. Except they will be moon ferraris because that's where this stock is headed!
I love all you guys like family.
I tried to do that at the end of 2011 and 2012 and Scottrade denied it because they said something about restrictions on the stock that wouldn't allow it to change hands. In 2013, I called and they looked into it and said no problem if I wanted to unload it as worthless. I'm assuming it might start trading again regularly once the next pump and dump factory spins up around it. Hai Guys! MGLG found gas! pump pump pump... news is coming. News drops on dd/mm/yyy... then dump it the day before, just like all these stinky pinkies.
Screw penny stocks. Invest in cryptocurrencies for that Lottery like thrill - at least then nothing is hidden and everyone is speculating on the same info. CasinoCoin to the moon!! Buy it on Cryptsy.
Looks like no one is selling! I've had an order in for .0042 and bumped it to .0043 since yesterday. Still hasn't filled. I even created a smaller order at ask to see if it would fill and it still hasn't.
I contacted Scottrade before the end of the year to submit a Request for Removal of Worthless Securities on my MGLG shares. In this process, they take the shares into their account for $0.00. and I get to write off my losses. They attempted to process my request, but said the stock is restricted and cannot be traded, so there is nothing we can do but wait.
Anyone who considers this stock an investment is foolish, unless they're the type of investor who gets into these pennies to buy extremely low and flip for profit on hyped up PRs. If you consider it a long shot bet, that is also understandable as long as you can afford to lose every dime you put in without any sweat off your back.
If SuperGoldRush isn't a paid pumper, I'd be surprised. The guy personally calls the CEO and gets insider info and then posts it on a web forum? He goes to the demo and takes minutes, promises to post them - then after a few days decides that his notes do not sufficiently convey all of the points talked about in the meeting, so he decides to not post them until another member who went (also a paid pumper) has a video of the meeting professionally edited?
Two things:
One - SuperGoldPump posts his opinions and supposed DD here all day. He is EXTREMELY active on this stock's board. How much time would it take for him to post his notes as is, or consolidate them into the main points and post those here? He spends more than that much time posting his claimed DD and excuses as to why he's not delivering the minutes, so why not spend that time giving other users what he promised?
If the video was coming out immediately, I would understand - but WHERE IS THE VIDEO???
Two - What is the need to professionally edit the video? Drop it to SD quality, compress it, and post it to Mega Upload for all of us to download. If there even is a video - what needs to be edited out of it? These people scour this board all day for information. I don't think they'd mind watching the entire video to gather DD on the company/ stock. Post the raw footage for the sake of getting the info out there and then edit and post the concise version for those who don't want to watch the whole thing.
I'm not saying this isn't real and I do have a position in the stock, but don't buy all of the hype of the pumpers when they cannot provide any of the hard DD that they promise, and instead just keep feeding you hype and stories of insider info they got or will get from their telephone calls with the CEO.
Have fun with penny stocks, but never bet the farm on them - no matter how much hype there is.
Exactly. I purchased the product myself and thought it worked fine, but not worth the price by any means and had terrible packaging (as in terribly marketed). Also, being on the shelf means nothing. If you were selling $250-500 million worth of stock illegally and had some $$ to make yourself look bigger, you can easily pay for shelf space in big retailers. In fact, most unproven products must go this route anyway and if sales projections aren't met, there are penalties that the company must pay to the retailer. Hence - WalGreens got $295k worth of product on consignment and it barely sold, so they had only come out of pocket for $10,000 over 3 years.
I'm sure Dicon's products are selling, but the company was purchased for 5 or 6 million outright. The sale included a lot of manufacturing assets, which means their sales weren't that great either.
Essentially. Walgreens said they never paid SpongeTech more than $10,000 out of only $295,000 in orders over their entire relationship. A Dicon Exec said Dicon never sold them enough sponges to do near the business they claimed they were doing. All international sales were to companies that did not exist and SPNG was only able to show a minor portion of the amount of money they claimed was coming in from these fictional customers. These transactions were from multiple off shore accounts in countries with banking systems known for making it easy to launder money... AND the comments on the wire transfers cited things like "investment" that had nothing to do with sales. This doesn't even get into the proven fact that SpongeTech Execs forged documents to try to prove these companies existed. They even used zip codes that didn't exist on multiple documents that were supposedly from multiple companies. Read the criminal complaint and you will know this is over.
As far as salvaging the company... what is there to salvage? If you believe in the product or think it has potential - so what. It will be sold off in the bankruptcy sale. All creditors, especially those with judgements against the company for fraud, will get their money first and sock holders will get $0. Whoever buys the assets and rights to any IP they own may continue to sell the products, but that doesn't matter to current stock holders. There will be a completely different entity behind it.
And don't think I'm a basher. I always thought something smelled fishy here and planned to get out after the 10K, but I was positive throughout. I definitely protected myself and didn't come out negative due to flipping the stock some, but I didn't think the fraud was as big as it is until recently. I guess I gave these guys the benefit of the doubt in thinking that they weren't stupid enough to hide everything right out in the open... which they did.
There are almost no sales. That is 100% proven fact at this point. Just addressing (fighting, settling, etc.) the law suits will bankrupt the company. Sell at .01 while you still can.
I haven't really been following much in the past couple of days, figuring this thing is pretty much dead. Virtually no REAL sales and liabilities will be piling on, especially due to law suits that have been and will continue to come. Also, Dicon is not worth as much as once suspected since the sponges weren't really selling as advertised and the rest of the product line is not necessarily generating very much revenue. Also, it was bought with illegaly obtained money, so I'm sure it's future will be in limbo for awhile.
With that said, why does the stock keep hitting .01? It took 2-3 days for it to go through, but I offloaded everything for .01 this morning. Prior to all the fluff, it was selling for .006. Now, more shares are outstanding and the liabilities are unknown, but definitely outrageous. Also, the company has no credibility.
Is there something I've been missing? Maybe I should flip some between .005 and .01?
And by the looks of the complaint, it's mostly all sitting in foreign banks known for being good places to hide money. My guess - they are apparently facing 5 years, they only serve 1 in a nice country club fed prison... then they get out and disappear and live pretty good lives with all the money they have hidden away.
All fines, judgements, etc. will never be paid because they will never show a dime in their own names again.
The company will liquidate since they have almost no real sales. $195k to Walgreens over the entire period of time and Walgreens had only paid $10k of it, probably because it was based on the actual numbers WalGreens sold to the end cstomers. The $10k in sales was probably us investors. All other store placements were probably bullshit anyway. In a lot of these transactions, the supplier pays the store for the shelf space to prove to the store their product can sell before the store starts buying.
I flipped it enough to not be out any of my own money, and I did think it was looking very much like a fraud, but I doubted that because I didn't think they'd hide everything right out in the open like they did.
Oh well. I actually think the last chunk of money I had long was worth losing to finally get to see behind the curtain.
I know some others probably lost more than they could afford to, but that's really their own fault. Never gamble what you can't afford to lose... and penny stocks are ALWAYS a gamble and almost always just hype.
Links for DD on the Wells Notice. Sticky this.
5(a), 5(c) and 17(a) of the Securities Act of 1933
http://www.law.uc.edu/CCL/33Act/sec5.html
http://www.law.uc.edu/CCL/33Act/sec17.html
Sections 10(b), 13(b)(5) of the Exchange Act of 1934
http://www.law.uc.edu/CCL/34Act/sec10.html
http://www.law.uc.edu/CCL/34Act/sec13.html
Exchange Act Rules 10b-5, 13b2-1, and 13b2-2
http://www.law.uc.edu/CCL/34ActRls/rule10b-5.html
http://www.law.uc.edu/CCL/34ActRls/rule13b2-1.html
http://www.law.uc.edu/CCL/34ActRls/rule13b2-2.html
Sections 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Exchange Act
http://www.law.uc.edu/CCL/34Act/sec13.html
Exchange Act Rules 12b-20, 13a-1, 13a-11, 13a-13, and 13a-14
http://www.law.uc.edu/CCL/34ActRls/rule12b-20.html
http://www.law.uc.edu/CCL/34ActRls/rule13a-1.html
http://www.law.uc.edu/CCL/34ActRls/rule13a-11.html
http://www.law.uc.edu/CCL/34ActRls/rule13a-13.html
http://www.law.uc.edu/CCL/34ActRls/rule13a-14.html
They haven't received any orders/payments to write stories about SpongeTech lately.
I flipped and made my money. I'm holding free shares that I can afford to lose. I would say this could go either way, but the upside is much more significant than my possible loss of $0.00 of my own money and some free shares I could have sold for a low 5 figures.
95% of penny stocks are scammy, so if following them for educational purposes is what you do, you're wasting your time. Study the ones that aren't scams.
Read the first paragraph. I posted a possibility for the positive and you have one or more for the negative. It doesn't matter, neither my arguments, or yours are based on facts. We know the TA is gagged, but we don't know the reason... so why argue about it?
Last post.
I'm sure they could, but it means nothing to anyone because none of their financials for the past few years are official any more or even filed lately. It might drive the stock price up temporarily, but still, no one knows what position they are in financially, so any move in price would be based on emotions and probably wouldn't stick.
Whether this is a scam or not, these guys aren't stupid and know exactly what they were and/ or are doing. You would have to be pretty competent to run a company like they are (if it's all legit) or to run a scam like they are if that's the case.
Yeah, but they were making acquisitions and if they raised AS or OS to fund the acquisition, they didn't want investors getting that information out of context prior to the acquisition being announced. -- not fact, 100% opinion, but just as possible as whatever argument you have for the contrary.
Uhh- because there wasn't the same uncertainty of how the SEC would interpret everything at that point (if it was in fact legit). When you're being investigated by the SEC, it's not business as usual... whether you're guilty of something or not.
No one says they are refusing to do it. I'm sure they under strict legal advice to not PR about anything that is under investigation or related to the investigation until after the investigation has concluded.
Agreed. Someone posted a link to the anatomy of a short attack and this case is fitting it to a T, including repeatedly tipping off SEC to "possible" violations, forcing an investigation, and baseless lawsuits being filed. Why not wait for SEC to report on the investigation so you even know what you're suing for, if there, in fact, is anything? That is a red flag there.
After I sell my entire position and don't plan a reentry, I pay absolutely no attention to a stock. The only reason I would spend my time paying attention to or posting about a stock is if I am holding it, or doing DD and looking for an entry. I don't ever go short, but if I did, I would sure be hitting the boards every day to bash.
Now I'm not saying that there won't end up being something wrong with the financials, etc., but there is definitely a coordinated effort to beat the stock down. Everything points to this being the case: news articles, tips to the SEC, law suits, and plentiful bashing - all based on unproven theories that aren't even partially backed up by fact. Spongetech has surely made mistakes and these may cause their downfall, but like I've said before, only spng, Robison, SEC, and maybe the lawyers have any clue what mistakes those were and how significant they are.
I can completely understand someone coming to a forum to argue just to be right or for the sake of arguing, but not for several months, every day... unless they have some other motivation (financial).
Good luck to anyone holding still. If we win, we win huge. If we lose, move on. If you lose more than you can afford to... it's no one's fault but your own.
I'm all for wishful thinking, but wouldn't all the k filings need to be brought current before they can even think about trying to get back on the OTCBB?
I wouldn't doubt that this has something to do with it. It's also quite possible that they saw what a mess this was turning into and didn't want to be involved in the uncertainty of where this might go. Like they said, they never touched the books, so they don't know what the truth is. The only people who know what's going on are SpongeTech, SEC, and Robison.
Good find!
I disagree. SEC is all in the books, so why plead the 5th? If they were in the wrong and wanted to mitigate the harshness of the punishment now that they are caught, they would put everything out if it was ready. The SEC is not likely holding the 10K, but you can bet that their investigation is holding it up. They are investigating the validity of various numbers which belong in the Q's and K's that have to be refiled as well as possibly the recent ones that were not filed.
Anything the SEC is questioning that belongs in any of the 10's would likely not be put into the report until SEC clears it as being legit. This would surely hold up that report and any subsequent reports. This may not be an official rule, but no accounting firm is going to put numbers into a report that are being investigated as false by the SEC. Well maybe Drakeford would, but Robison is more reputable. In this view, the SEC is holding up the reports, but they definitely aren't filed yet.
The Spongebob commercial still comes on quite a bit. They are real and selling products, but is it really about the products or the stock? That's really where we're at now. The products are totally legit and useful and in some type of demand.
You can't dump on the grey's without a buyer.
I don't know the rules inside and out, but it is possible that the SEC has to complete investigation on the stuff reported in the old 10's before the reaudit can be filed since that is mostly what the investigation is about. Or it is even possible that the new acct won't stamp it as complete until they see what the SEC does. They audit based on documentation provided to them. If the documentation is now questionable and being investigated by SEC as possibly being fake, I'm sure they won't put their name on a 10k that is based on that documentation if and until it has been accepted by the SEC as genuine. That would hold up any subsequent filings. Whether or not the SEC finds wrongdoing in the older filings, it would definitely hold them up because the numbers behind them are in limbo and haven't been determined as being true or false at this time. The SEC has already started what they have been investigating and if I was an accountant, I wouldn't risk my name saying everything checks out before the SEC says it does.
I'm just curious, good or bad, if SEC holding up reports because they are questioning the documentation behind them would be a good enough excuse to appeal and get back on OTCBB more quickly.
I think it's just shorts covering and unless good news comes out, buying will die over the next few days and the price will drop.
I wish I was on the other end of that.
Yeah, a year ago. No one can disagree that spongetech is a lot bigger in the US now.
After everything has settled... that's if there is a legitimate business behind this, which there is. The products are on the shelves. No denying that.
True. They have had quite awhile to get them out. All the accountant changes, law suits, news articles, SEC investigation, etc. probably slow things down quite a bit though. They are still pretty small in employee numbers too, so I'm sure when the accountants come looking for documentation, Metter and Moskowitz are heavily involved in doctoring... I mean finding it for them.
I think it would be cool if one of their former employees could talk about what they know. I'm sure there has to be at least a temp or part timer who no longer works there. I doubt they make those types of people sign NDA's. It would be nice to know what was going on behind the scenes. I saw some people here looking for jobs. Maybe we can get a mole in there.
You haven't lost until you sell. Who knows, maybe the sales were fake and they are crooks, but it's a public company and if the US sales are good now due to the advertising and the fact that they are in so many stores, the company could continue and expand and possibly be bought out once all is said and done. You never know. I was recently in a stock that was a complete BS share selling scheme and was going nowhere. The technicals made it go up about 50% one day so I got out. A week later, they announced some BS 75 mil investment and it shot up 900% in one day. You never know where a penny is going no matter what happens. If we're already down this much, we might as well ride it out.
Agreed. I sold on Black Friday during the highs and pulled my original investment before buying back in very low, but I'm still losing a 10k profit I had sitting there just a few weeks ago. It's alright though. Like you said- cheaper than college. I could probably be CFO of a public company at this point with all I know about SEC filings and deadlines.
I honestly don't think that is the reason. I'm sure that recently exposed creative accounting/ SEC investigation is holding up the reaudits and the reaudits are holding all of the current financials up. At this point, the OS could be anything and it wouldn't make things any worse than they are already perceived to be. People already assume they've maxed it out to the full extent of the AS. If they do, now, have a legitimate, possibly profitable, business, I'm sure they would like to get all of this behind them ASAP, so the reports would come out as soon as possible. A selloff on Monday would be difficult anyway on the grey's. Who is going to buy? No MM's.
I guess I was wrong yesterday... not even a NT 10Q. Maybe the 10K is required to even file that? Maybe they aren't going to file anything on time because they are going to be on the grey's Monday?
Oh, I see. That can't be good. Even if things turn out to be less than destructive, it will be tough getting back on track because even service providers don't want their money.