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Bear with me because I'm catching up. Miller will now be operating Magellan's wells? The DD on Miller is excellent.
Thanks for the quick reply. I was lucky enough to get in at .0004 and doubled my position at .0016, leaving my CA at .001. This one looks good, hoping for a long fun ride.
LBatt,
I am new to this stock. I hve seen a few posts on MIller Energy today. What is the connection between Miller and Magellan.
Looks like everyone is dotting the "i"s and crossing the "t"s....
And no gagged TA, go figure.
Just trying to keep it real. Wasn't the Gag supposed to be lifted Tuesday? Wasn't it written in email from SM himself? I'm sorry, but i see the news today as a smokescreen. The single most important thing SPNG can do, and I request this as a shareholder, is ungag the TA.
SIMPLE!
I still have my core position left, but get more skeptical everyday. I want to believe in this stock, I want it to make me money, but get more frustrated every day. This was not real news today.
ANd this concerns me...
type in SPNG at ticker...
http://www.auditintegrity.com/
In short, something smells funny.
Spongetech Delivery Systems, Inc.
Very Aggressive (8)
2nd Percentile
AGR Summary (OTC:SPNG)
Industry: Personal & Household Prods. Period End: Feb 28, 2009 (Fiscal 2009 Q-3) Statement Filing: Apr 20, 2009 (10-Q)
Market Cap: USD 10.7mm (Nano Cap) Last Audit: Drakeford & Drakeford, LLC Rating Published: May 1, 2009
OVERVIEW
Spongetech Delivery Systems, Inc. is currently rated as having Very Aggressive Accounting & Governance Risk (AGR), receiving an AGR Score of 8 out of a possible 100. This places them in the 2nd percentile among all companies, indicating higher accounting and governance risk than 98% of companies.
RISK SUMMARY
The forensic risk summary highlights material risks, if any, and lists the most material business issue for each risk. AGR Impact shows the deductions from a perfect 100 AGR score due to flagged metrics.
Risk AGR
Impact Cumulative
Impact Top Issue
Corporate Governance Events 0.0 0.0 Director Issues
High Risk Events -26.4 -26.4 Organizational Structure
Revenue Recognition -15.6 -42.0 Operating Income
Expense Recognition -38.6 -80.6 Depreciation Policies
Asset-Liability Valuation -11.4 -92.0 Asset Valuation
I am new to this stock.
Just bought in on Wednesday, and looking to add next week. I like this one... will be keeping my eye on the board.
JP.
GG...
Market Cap is $12,950,000, not sure where you came up with $32m.
I'm using 700m as the OS.
Glad I could help, good luck next week.
IMO...
Totally agree that R/S is a bad move for this stock at this time. Between the gagged TA and the wide band between OS and AS, many suspect dilution already. Add an R/S and there would be a major sell-off.
As we all know, the 3 key areas for raising sp are ungagging the TA, lowering the AS and sustaining or lowering the OS. Add an RME reprice or retirement to debt and this stock rocks. From what I see, they have supplemented revenues with dilution to grow the company at a very fast pace. If they were up front with US shareholders, I think we would feel better about it.
What I want to see is the trigger point when the revenue sustains the growth and there is no longer a need for dilution. If this Q tells us the TA is ungagged, the AS is lowered to 1.2b, the float is still ~700m and RME shares have been repriced, we will see that trigger. Period. Any combination of those things begins to unwind this coiled spring. Combine all together in 1 Q, then hang on.
Thats my story and I'm sticking to it. Give me a sign SPNG, and I stay long!!!!
I believe SPNG made a mistake as has been reported on this and other boards. The source has been reported as an email from SPNG. I have an idea how it could happen, and believe for now, it was an error. Having said that, if it shows 1.8b on the Q, I'm out. I am above my cost average, and that would be the straw that breaks the camels back. FOr now however, i will NOT lose sleep over this because there is nothing I can do to change the events that will unfold over the next few days. I dont watch this stock every second, and still believe in this companies potential. If they're playing games and lying, I'm out. If they report 700m float and 1.2b as, I hold as planned til I hit my target. At target price I sell one third and keep rest as core.
Between now and Friday night.
IMHO...
700m share float
1.2b AS
have no reason to believe otherwise.
I am here either way, and couldn't be happier with the last week. Love it when my brokerage account is GREEN!
RD,
My 2 cents (no pun). I am and and have been long in this stock. Have accumulated 1m shares. Not as big a shareholder as most on this board. but wanted to state my affiliation, i never bash this stock. I will say however, i am not an NSS believer. I believe in this companies fundamentals and I believe they avoid debt by leveraging stock. This supports a healthy long term plan. If the company is successful they buy back the stock, if it goes south, it falls on the shareholder. This is the risk and gamble we take on, and I believe in SPNG, so in my mind it's worth the risk (My portfolio proves it).
Having said that, the 10Q must show us a float of 700m or less. If they have become cash positive they should either retire RME shares to debt or buy them back, further reducing float to 440 million once and for all. If one or both of those things happen this stock flies, even IF there is no significant NSS. The company may not be able to control NSS (if it is here), but they can control float and RME shares.
I don't want to get slammed by folks telling me how big the NSS is here, I've heard it since August. SPNG can help us with the things i mentioned.
I continue to buy and hold... GLTA.
Totally agree. Will no longer reply to them.
Means the company (SPNG) has a PO to build the order.
Market is closed on Friday and open on Monday.
Taki, we missed you last week, craziness. Hope all is well.
Looking for a strong open on Monday!!
u have been too spot-on for me to argue. This is your week, you called it.
OG...
TY, and yes.
Cannot private reply.
Taki u rock.
My 2 cents (no pun). If buyer is satisfied, then we see early jump, with new buyers tracking todays action, followed by pressure to dip down to force back weak shares. This doesn't feel like pre 10q action at all, but more like motivated buying.
Who is buying? Retail? Buyer, or SPNG retracing the float prior to 4/15?
tt was here earlier, but haven't seen Og. I believe he posted yesterday this would NEVER see .009 (oops).
My guess is that someone got in today in a big way, and may not be done. Very hard to push this kind of Share Structure up without REAL buying. If the buyer is done, I think we see MM trying to push this down. If Buyer(s) not done, watch out. They are buying more shares than MMs have to offer, creating a huge gap for us. I could be wrong and this is just IMHO, but something caused this strike today, and I don't think it was a voluntary cover.
No one has lost anything until they sell...
I have washed my car 3 times, and my truck once, with the same sponge, and it still suds up just fine. Recommend you don't use it on your wheels, use the other sponge for that. Still getting used to washing my car without a bucket.
Product is real deal!
Nice post. Seems like this board returns to sanity after 6pm. Bought additional 500K shares since Friday, may buy a bit more after open. I have order the sponge through their website. Product was in my hands 2 days after i ordered it. Also received the investor kit.
The product is not only real it works. I live in a warm weather state, so anticipate my CVS will have on shelves soon.
Good luck all, next 4 weeks will be interesting.
Didn't have those problems with my sponge. Not at all. I have washed my car twice and my truck once, still going strong with soap.
Maybe you should change your washing method. Watch "Karate Kid" and try using the "Wax on - Wax Off" system.
My kids love the Bath sponge. They have already made their request for Spongebob.
If price stays under .02 thru end of next Friday will finally hit 1m. Otherwise will be at 700K.
lazyeye. It is evident form you posts your are very knowledgeable in how retail works. I am a long in this stock, and I have a question on how something like a CVS order works...
One: Is payment like any other contract, Net30, 60 etc... or is it dependant on the CVS sales?
Two: Would you know if Spongetech is responsible for merchandise returns, or does CVS handle.
Appreciated your posts today!!
Ordered my kit today... (thanks Happy Guy for the email address!!!)
I'm right there with you. Smart money accumulates at these levels.
Good luck to you!!
Z4 see you have your hands full tonight.
What these folks (Bashers) need to realize is that most of us longs are holding or buying at these levels PERIOD.
This strategy of forcing my hand though lower pps isn't working. They know it and we know it. I am a patient man, and will wait for my price before selling. Its north of .10
Hang in there all, pleasure playing "Hold 'em" with ya
How do you get the investor kit?
u 2 are funny. Some of us invest to dream, sounds like u dream to invest. Almost at a million shares, w/o breakin a sweat, my guess is u are still at 0.
Careful who you are saying is being scammed bozo. I have alot of money invested here, and performed the DD to feel comfortsble. Can't help it f you're feeliing week kneed.
Ordered the sponge last week, got it in 3 days. Washed my car without a bucket, was awesome!! for those of you who havent tried this thing, I highly recommend you order one. Produces plenty of soap and holds up great!
Good luck all.
Happy long weekend everyone!!!!!
Am washing my car tomorrow with my new sponge. Next week is green. Corner is turned.
ordered a sponge from the website on Monday, got it in the mail yesterday. Washed my car last night.
Heck of a scam.
My guess, just opinion. Maybe this buyback round is complete. Price goes up to pre-buyback levels, watch it track slowly back to .03s
I like the board's tone after today's close. Better reading today than days past.
The Nascar thing is cool, ordered a car sponge from the website just to see how the process works. Was very tempted to order the puddle pals, for one of the little guys, but will hold out for Spongebob. He is HUGE in my house!!!
Looking for more green tomorrow. Good Luck all!
Well the doom and gloom on this board offically outnumbers the sunshine. Admittedly I dont check in as often as often as I used to, this board has gone from an investors forum to a crying game.
If you havent cashed in at a loss, you havent lost anything, although I suspect the majority of the bashing here, is from folks with no shares at all.
To those of you posting about the dog show, or the product line or the viacom deal, or anything else meaningful to a fellow investor, I always appreciate your posts. To the ones int the middle who have shares and have begun doubting your investment, you have 2 choices. Go back t your DD, not the rumor mill and stay long, or sell.
Have a good night, and good luck fellow investors.
Best post of the year!!!
Ungagging TA prior to buyback is not in the best interest of SPNG, actually would be kiind of stupid. They're buying back cheap right now. My sense is they ungag when they're done buying. Those of us who hold win.
RD, nice to see u online. I completed my position today, now its wait and see.
My advice (take it for what its worth) for many on this board is stop checking the "bid/ask every 10 minutes. I posted once on this board that the Peter Lynch (Fidelity Magellan) recommendation is to buy what you know, and know what u buy. I know what what I bought, and have used the product. It made sense then and it makes sense now. While I'm a fan of all the products, I have found the Pet sponge to be most practical in this house. I have pets (many), and this product is good. I bought what I know (although I wish they had a Horse sponge for my babies). I did an extensive DD, have the money to "hold" and did not over-extend so I know what I bought.
I am hopeful (no one knows for sure), that the CO. executes on a plan that has value for itself and its stockholders. Nothing over the last week, month or year leads me to believe otherwise.
Good luck to all, and keep the wind at your back!!!!