is Loving China.. considering learning Mandarian
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"further it isn't true"
If it is not true, explain to me how Reg SHO operates and how Reg SHO and the DTC work together. I'm always willing to learn something new.
btw, FTD's can be both long... and short.
*cough!
That would explain Reg SHO if it is true.
The company is very real, nobody should dispute that, even I have bought the car wash sponge. What many question is whether the company is really in it to sell sponges, or to sell stock.
One thing any novice penny trader should understand is that more than often, a company and its stock are two different things.
I enjoy consulting start-ups, not operating companies.
If it quacks like a duck...
An honest company would provide its shareholders share structure upon request. Hiding the O/S from shareholders is simply not cool.
Well three things will happen in my opinion..
SPNG submits its 10K and everything is peachy.
SPNG submits its 10K and everything is not peachy.
SPNG doesn't submit anything, gets de-listed to the pinks and becomes just another penny stock P&D.
Interesting, the link says the article hasn't even been published yet.
"or is that edgarized"
haha.. I almost spit my coffee on my screen!
That is a good point, the audit firm gets paid the same in either case. But there is no such thing as "bogus info" if the auditor does it's job right.
It is self explanatory. If you don't understand it, then explaining it any further won't help.
Either management didn't conduct DD on the audit firm they chose, or they hired them because they were shady, or maybe they were simply cheap.
It takes about 5 mins to look up an audit firm, if management didn't know how to do this, well then maybe they are not cut out to run a public company?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=41522037
As for market manipulation, you're right I do know a thing or two about it. In my experience it has almost always been insiders or financiers who are manipulating the market, not some outside participant. Companies can show up on REG SHO when unregistered shares are being sold, it doesn't always have to be NSS.
http://investorshub.advfn.com/boards/read_msg.aspx?Message_id=39476526&txt2find=reg
You state "fundamentals are there", how can you be so sure now that the SEC is requiring SPNG to restate and re-audit its financial statements? This is not normal, something is amiss.
Of course nothing anyone says at this point is relevant, the facts are simple, the company is being required to restate it's financials and nobody, not me, not you, not another poster, knows what the results will be until the 10K comes out.
So in essence you are playing a game of chance if you are a long at this point.
Stuck? Looks like they might be making money to me.
Seems I recall a few folks questioning those financial statements for some time now. The SEC is always a day late and dollar short.
"spreading possibile scenarios"
That's all I ever read on this board, so what exactly is your point? I'm stating my opinion, and you have yours. I guess we will have to wait and see who is right.
I already have a big tub.. we could use more butter though. I'm curious to see how it effects their A/R's. I never understood how they could book A/R's for consignments without an invoice.
The contractor preformed the audits.. thus if the auditor has been proven to be flawed, it would only suggest there is a possibility the materials prepared by said auditor are flawed.
It really is basic common sense, but if folks want to dismiss the logic they are certainly in their right to do so.
Okay, so what your saying is the Auditor had his licensed revoked, the SEC is requiring SPNG to restate 2008 audits and there is nothing to worry about?
Hmm.. if you hire someone to build a house, and after it is built the City inspects it and fails it. Then you find out the builder wasn't even licensed to build houses... you would not be worried your house might have a problem?
Why does it not makes sense to you?
If 2008 numbers are being required to be re-audited, it would make sense that it could impact 2009 numbers. So.. until the company re-audits 2008, 2009 numbers could be inaccurate.
If you make a mistake in your check book ledger, that mistake continues until you go back and fix the original mistake. This is accounting 101.
So if it doesn't makes sense to you..
No more than anyone else, so I guess you could say that until the 10K is released anything said here is "insane clutter".
What we do know is SPNG is now being required to restate their 2008 audit. That means there is something wrong with it which obviously leads any person with any common sense to understand that there is a good chance the numbers will change.
It also means that investors can no longer rely on the financial information for 2008, or 2009. If you consider that "insane clutter" then.. hey.. whatever floats your boat, it's your money after all.. not mine.
The transition to the new auditor has resulted in delays in completing the audit of SpongeTech’s financial statements for fiscal 2009, as well as the re-audit of its financial statements for fiscal 2008, which the SEC notified SpongeTech on September 11, 2009 would be required as a result of the revocation of Drakeford’s PCAOB registration.
What a convenient way to pass the blame to the auditor. I bet there is going to be an entirely different picture painted of the company now. I wonder if those insane A/R's will now be presented as they really are... consignments that have not been invoiced.
Buddhism is flexible where Religion is by its very nature not.
Some may wish to consider it a "Religion" but it is more of a philosophy as Buddhism promotes thinking for oneself, which is probably why Asians tend to be more intelligent... they think for themselves.
http://www.buddhanet.net/nutshell03.htm
"It is neither a religion in the sense in which that word is commonly understood, for it is not "a system of faith and worship owing any allegiance to a supernatural being."
"Buddhism does not demand blind faith from its adherents. Here mere belief is dethroned and is substituted by confidence based on knowledge, which, in Pali, is known as saddha. The confidence placed by a follower on the Buddha is like that of a sick person in a noted physician, or a student in his teacher. A Buddhist seeks refuge in the Buddha because it was he who discovered the path of deliverance."
Saddam Hussein pleaded with the UN on several occasions because Kuwait was sucking oil out from under Iraq. The U.S. saw Kuwait as a more strategic ally and turned its back on Iraq after supporting it in the Iran/Iraq war. That lead to the invasion of Kuwait, the Gulf War and the following sanctions that destroyed Iraq allowing us to invade and set up new strategic bases in the middle east.
Global domination.. The Romans tried it, the English tried it.. so many have tried and failed and so will we. Our intentions have never been noble as a country and that is why so many in the middle east hate us.
Well for one thing Buddhism is not a religion.
http://www.buddhanet.net/nutshell03.htm
The Amish and Mennonites are just a sect of Christianity. They are extremely ideological causing them to avoid modern culture.
People are the core of the problem yes, but religion is what is used to control them. The Amish may not wage war, but their followers nonetheless live under a life of strict rules. Obedience is the key to religions hold over people allowing a select few to hold power over the masses.
Probably need to sell more shares quick.. wouldn't surprise me that the 10K spoils the party. However, we are all going to have to wait.. pumpers and bashers alike.
I guess you'll know if FINRA slaps an "E" on the end that something is amiss.
Top notch?
I'll let someone else determine who is the better firm..
Deloitte & Touche LLP
http://www.pcaob.org/Inspections/Public_Reports/2009/Deloitte_Touche.pdf
Robison, Hill & Co
http://www.pcaob.org/Inspections/Public_Reports/2009/Robison_Hill.pdf
SEC filings are updated instantly through EDGAR. When a company files, the document must be "edgarized" or in other words made into a html document. That way it is automatically posted to EDGAR. Nobody is waiting on someone to "update" the site, it is all done automatically.
Are you sure they were fired, or quit?
hehe now we can call it "spongie" SPNGE
10K (annual report) must be independently audited by a PCAOB registered accounting firm to comply with SEC regulations. Quarterly reports on 10Q do not have to be audited.
If the auditor won't sign off on the 10K it means there is a disagreement between the auditor and the company.
My guess has to do with the way the company is attempting to account for it's A/R's. I bet they will be forced to restate their previous filings.
All IMHO of course.
Probably can't get the auditor to sign off on those "booked revenues" from consignments lol. You don't have accounts receivable unless someone has been invoiced.
That 1% has the nations elected leaders in their back pocket too. Amazing what one can do when money is no object.
Loke you? At least you didn't say lick.. lol.
but something I find encouraging is that for most every one that dislike me there seems to be one that does loke me.
Religion is what poisons the world. Maybe we will evolve past such nonsense in the future.
What Is The Status Of The Religious Right?
Summit sponsors bring considerable money and grassroots troops to the political table.
The most recent available Internal Revenue Service filings show the budgets of Summit sponsors to be:
* Family Research Council: $14,646,344 (2008)
* FRC Action: $2,075,183 (2008)
* Focus on the Family Action: $10,544,226 (2007)
* American Family Association: $22,547,087 (2007)
* Heritage Foundation: $65,765,247 (2007)
* American Values: $1,335,990 (2007)
* In addition, Focus on the Family, while not a direct sponsor of the event, will obviously have considerable influence over it, given the close relationship between FOF and FRC. (FOF President Jim Daly is speaking at the event.) Although FOF’s income has taken some hits in recent months, its budget in 2007 was a staggering $145,194,701.
http://www.au.org/homepage/features/archive/2009/less-pious-more-partisan/
Farewell Everyone!
I have spoken to Chinastockpicker about taking over the moderator position on the board. He has accepted and the change should be made shortly. After some consideration I thought he was the best for the job.
My involvement on Ihub will be limited moving forward. I have accepted a job that no longer allows me to actively participate in stock related online discussions. Due to regulatory issues that may pose a problem should I continue to actively post, I have decided to limit my liability and posting on Ihub.
I will still be hanging around though, I just will no longer comment on stocks.
I appreciate those who have helped turn this board into the great place it has become and now I turn it over to what I believe is a good solid group to move it forward.
Thanks everyone!
If your using a public message board to help you in picking stocks you need to blame yourself. Message boards are a tool only the most experienced traders know how to use and they are not used to pick stocks lol.
Trading on emotion will leave your accounts broke.
And your mad at the "hippies"? No, your Government let you down by wagging a useless war just as it did with Iraq. The decisions by the Government created the environment in which "hippies" came to be. If Obama doesn't pull the plug on Afghanistan soon he will loose even my support.
If I didn't believe in war as a solution I would have never signed up to serve. But fighting wars for ideological reasons are simply not worth it.
Put blame where it belongs.