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Over coffee with Mosky. Sit with a sealed box from DD, and man will tell you anything and back it up with documentation.
In this matter - Mosky has told the truth
Due Feb 15th per IRS regs. per Mosky,$3,000,000 IRS tax bill. Thus making "Failure to File" penalty Ungodly.
YES, have no doubt.
Managed properly????? Who the hell knows!!!!!!!!!
I haven't seen ANYTHING concerning assets purchased and/or liabilities assumed from the July 9th purchase.
Pre-July 9th, it was a big joke. Based on a "handshake agreement".
And what about the $250,000 LC needed!!!!!! What happened to all the Cash advanced Dicon from Feb 28th ($2.8 Million per 10q Balance Sheet) to July 9th. Big mystery!!!!!!!
LOLOLOL but I think that "handshake agreement" really hurt SPNG. No control over the cash advances. YIPPEE!!!!!!!!!!!
I have information directly from Mosky and Metter.
I have information concerning Cash Flow projections and manufacturing concerns.
Actually, I have a bunch of stuff from various places. So should you.
But I would love to get my hands on that Sept 13th SEC letter.
No way Rosen is dismissed. In fact, the judge may get downright nasty with Mosky et al. Should be fun.
If dismissed, I'm adding.
The only way to get your hands on the FY 2009 SPNG Corporate Income Tax Return is to call Mosky and ask for a copy.
Or better yet, read the 10k for FY 2009.
Could you restate this question or questions.
On or before Feb 15th. At the IRS I hope.
Agree. And I have no reason to doubt these numbers.
But I have very serious concerns regarding -
The OS - YES; Dicon - Absolutely; Mosky's personal investments - YES; No Shareholder Letter - LOLOLOL YES; The Wells Notice - OMG Yes; Metter's bankruptcy - Yes; Unpaid employees and on and ob and on. I'll stop there.
Its a circus. The paid stock promoters are a good one too.
And the Sept 13th letter from the SEC. "Hello Mosky, We are here to Help, Serve and Protect."
LOL but I could actually prepare the SPNG Federal Corporate return for 2009, assuming the 02/28/09 numbers from the 10Q were the final numbers for the year.
Outside the state and local income tax accruals, its a very easy exercise. A properly prepared 10k, or Annual Report, has the return return included except its just not in the IRS format A very easy analysis, if one is comfortable with IRS business return formats (1120, 1120S and 1065).
Another example of the sloppy 10q work, is the lack of the state and local tax accruals.
Hopefully the IRS has the return and the related tax due. Same with the states. If NOT, Mosky is facing a very serious problem. I'm sure the "NY state revenue" guys are looking for unpaid taxes right now.
And "reasonable cause" is just a HUGE joke. Just because his own lawyers are advising whatever, Mosky and Metter control the situation.
Would you like the IRS Corp 1120 Tax instructions or Mosky's own statements???????
Per IRS (Page 3) - Due date is Aug. 15th, 2009 and the extended due date is Feb 15th, 2010.
Per IRS (page 21) - Schedule L - Balance Sheet per Books. "The balance sheet should agree with the corporation's books and records." Pretty clear Kitt.
Schedule M-1 - Reconciliation of Income per Books with Income per Return. Again, very clear Kitt.
Mosky's statements to the SEC and shareholders.
As of February 28th, 2009 10Q, the Federal income tax provision and related liability is $1,290,011. Per Balance Sheet, Income statement and related Footnote #6
Per Sept 1st 10k extension to SEC - Profit of roughly $11.0 Million.
I have no reason to doubt the words or actions of Mosky concerning the above disclosures.
I hope this helps Kitt.
15th
Tax return filed - YES
10K filed - Apparently NOT
They will both match-up, except for the "Sch M" stuff.
LOLOL Chairs, but payroll taxes are employees' cash. You knew that, right?????? Thats right, SPNG takes employee earnings and turns it over to the "tax guys".
Lets hope they did, for employee's personal lives are important. Don't you think?????
Do you have proof they're making payroll.
How about Payroll taxes???? When "cash flow" problems exist, these taxes are usually not paid on a timely basis.
Do you have proof, the federal, state and local payroll taxes are being paid in a timely manner?????
Hmmmmmmmmmmmmmmmmm chairs!!!!!!!!!
They could go a year without paying payroll taxes, and not effect the production line. Expensive, but it happens all the time.
Trying to beat the "cash flow" game is so much fun!!!!!!!!
Silly "chairs", because there's evidence to prove otherwise. The term "bankers" has been used twice in previous statements by Metter and Mosky regarding financing packages.
Maybe more!!!!!!
Absolutely. The filed IRS 1120 and the SEC documents will match up perfectly. There could be some minor "Sec M" differences, but they match up.
But that doesn't mean the sales numbers are "real". I personally believe the sales numbers are "Golden", but a lot of posters believe they are fake.
If the numbers are, in fact, "FAKE", then Mosky still would have filed a IRS return and paid the taxes on the "fake" numbers. The only thing this effects is the "bankruptcy trustee" and the consequences of the SOL (Statue of Limitations). Not a factor IMO for SPNG, because there'll be plenty of time to beat the SOL. I have personally seen this situation several times. If you don't beat the SOL, the IRS keeps the taxes paid on "fake" numbers.
You're wrong Harvard. Yes the SPNG "Cash Flow" statement was misrepresented, no big deal (just a reclass adjust). But there are no grants and the "40% stock" was properly acounted for on the Balance Sheet and Income statement IMO, but I didn't do an audit.
No offense, you're way off Dude. A Non-Issue for me. Just another example of sloppy disclosure in the 10k. Thats it. They just passed paper for services, and these services were properly expensed in the income statement. D&D may have made some mistakes, but he's not stupid. (I HOPE)
Now RME may have a problem, But I don't care about them.
The only thing I have ever cared about is "cash flow" and all the related problems. ("WOW No debt", YIPPEE)
Just look at P&Gs financing package. It covers 32% to 40% of their annual revenue. Not SPNG!!!!!!
If Metter had a BANKER, he would have used the term "BANKER" in the PR. Not "factor".
And he would have proudly named the Banker. I buy more, if he did. But he didn't.
Morgan, you may be right. Everything depends on the "float" and the % cost. Its Credit card interest rates, no matter how you cut it.
But the really distrubing thing about "factors" is Mosky is "stealing" cash from future "cash flow" periods. And when that "future" comes around, he'll be forced to do it all over again.
Its one thing to do it ONCE, quite another to keep repeating it over and over.
Here's a clue for you. Go to any "factor" link and guess who the advertisers are??????
The repeated use of a "factor", is not good news.
Agree, except the "Pike angle" thing. Disclose who the "limited partners" are and everything falls into place.
Everyone is hiding something.
Answered this months ago for you Harvard. Its a big N/A. I guess you forgot already. Reread 121 and the 10k again. Way off base Sir.
IMO its a three year amortization of their comp package, on the date they had "construction reciept" (2008 ~ 2010) and fully taxable to them individually in 2008. Just not material.
But the inter workings of RME is a HUGE mystery. So who really knows. It appears to me an IRS agent would have a "field-day" with RME. I wouldn't be surprised if the SEC referred RME, Mosky and Metter to the IRS clowns. "Construction Receipt" is a Bitch. That Class B stock could be interesting. But like I said previously,
The 10Ks, a few 10Qs and a shareholder letter would be nice. Not to much to ask. I'm JUST a shareholder.
Thats not my understanding. Every SEC investigation has an IRS agent assigned, for questions and whatnot. Not a statutory "IRS audit notice", or anything like that; but a "phone number", in case anything comes up during the investigation.
And I agree with that Morgan, its the only reason to be here. THE ONLY REASON. And that is, "THE PRODUCTS".
So please Mosky and Metter, get the hell out of the way!!!!!!
I just don't see SPNG VALUE, as long as Mosky is driving the bus. I'll let him wash it, every so often, but thats about it.
Harvard. The SEC have the "FINANCIALS".
Via 1120 Corporate tax return filed on Feb 15th, 2010. The 2009 and 2008 Balance Sheets and the 2009 Income Statement are part of that return.
Nothing holding up Mosky, except maybe the opinion by R&H. Its not "Mosky vs the SEC", its "Mosky vs SPNG Shareholders". Mosky appears to be keeping something from the shareholders, not the SEC.
The SEC investigation team packed their bags a long time ago. They don't care anymore. Just a matter of time for the SEC guys. It's the shareholders that Mosky is worried about, and the SEC knows it.
And SEC warned the shareholders 8 months ago. And no retraction since that Sept day, plus the the Christmas package on 12/22. SPNG is a pure gamble, and it comes down to ONE thing.
DO YOU TRUST MOSKY & METTER!!!!!!!!!!!!!
Either way, the professional stock promoters are hard at work.
Because it involves the "mental" side of running a business. And that is, "File the return and deal with the IRS computers down the line". Its a form of financing, which the SPNG needs desperately (SP). Expensive, YES; but it can be effective. "Cash Flow" is King.
Not saying Mosky did this, but "cash flow" pressure is unbelievable. Mosky needs a Banker. And he needed it in Sept 2009. IMO, as a shareholder, the "factor" was the "kiss of death". Why Metter disclosed this, is beyond me.
I wonder if the SPNG income taxes were paid????? They had 1.6 Million accrued as of Feb 28th, 2009. An extended 1120 was due Feb 15th, 2010. Add in the 4th Qtr and maybe 3.0 Million.
I think it was 1.6 at 2/28/09. Checked 10Q, it was $1,269,011 buckeroos.
Patch, have you made a connection between the July 28th 8k and the Sept 16th 8k???
In addition, there was apparently a letter sent by the SEC to SPNG on Sept 13th concerning the audits and (whatever). This letter was never made public, but Mosky filed an amended 8k a couple of days later, clarifying his July 28th "false impression" on the D&D matter.
In addition, it takes time to hire a new CPA firm. R&H was retained on July 16th. So Mosky knew well before July 28th that a new Auditing firm was required. And the D&D's resignation, whether verbal or written, is a "material event". In fact, the circumstances of D&D was a very serious matter.
And the connection to "Black Friday" can be made with D&D's revocation.
I would ask, that you continue to state your opinion. Your post is the best I have ever read on any message board concerning SPNG.
It was just outstanding. Normal human beings trying to make decisions based on impossible regulations. End result - a Wells Notice.
Thank You Biscuit
Excellent Buscuit girl. The 'buck" stopped at someone's desk and they made a decision based on the facts.
I'm impressed with your post.
It appears Management is doing a GREAT job of "sabotaging" the company. Between Overboard and Management, it appears to be an easy win for Management.
JMO from where I sit. Would love to see the Balance Sheet(s) M&M showed the NY Bankers for the "financing package" deal discussed at the Noble thingy. I wonder if the Bankers even sent in their auditors for their required DD.
We have "factors".
No filings or Shareholder Letter = Sabotage (IMHO)
Show me SEC investigation results. It appears something is being hidden from Shareholders.
You guess your way, and I'll guess my way.
I love to make investment plays based on a GUESS.
OK on the new guy, but where's WAYNE C. ??????
Absolutely. Proof for the IRS guys. It is Business and/or investment related.
Sometime after Labor Day 2010. Just shareholders, no SPNG employees or management.
Legal shorts are invited too. Same with IHUB mods.
1st Annual SPNG Shareholder Tennis and Golf Outing at Westhampton Country Club (Long Island, Home of the NYI).
Please PM if interested. It'll be a Monday with lunch and dinner.
About $500, plus at least 2 jokes. No fighting will be allowed.
NEW STUFF!!!! Thanks Overboard, I missed some of this DD.
I own the stock
Yes, but not because of the AICPA code of ethics. The AICPA has taken a "backseat" since 2001 in these situations. SOX rules now.
Whole new ball game under SOX regulations. But since Mosky didn't have a SOX required "Audit Committee", this is very possible.
But IMO, unlikely. I believe the sales are good, but who really knows for sure. Even Stoxmagic believes they're phony.
I believe R&H has been sitting in a "foxhole" since Sept, and will not reappear until Mosky gives the order.