Further, the retention of Robison & Hill as the auditors of record is much the same. This firm has a reputation for conducting forensic accounting and would also clearly be in a position to uncover any major accounting irregularities along the lines of fabricated customer lists, phony revenue recognition and income generation. Does it makes sense to any objective observer that the company would willingly subject itself by its own hand to an external audit in the event that it was indeed a scam operation of the magnitude that is being publicly alleged?
> >
> >
> >
> > If Spongetech were indeed a scam operation it would make far more sense for it never to have engaged an outside auditor and instead lowered its exchange listing on a voluntary basis to the pink sheets, where audits are not required. There it could survive without the scrutiny of external auditors wading their way through its books and records and the company would not be required to report in accordance with the strict accounting standards of the OTCBB. If it were indeed a scam operation it would certainly make far more sense for it to linger in anonymity rather than placing itself on the spotlight by aspiring to continue on a higher exchange.


It simply defies logical interpretation to presume that the company is a scam and that it voluntarily exposed itself to such a large measure of scrutiny and criticism as a result of the hiring of two reputable outside accounting firms to expose its own internal deficiencies. Would you do this if you were running a scam? I have therefore come to the personal conclusion that the resignation of Deloitte & Touche is wholly unrelated to any discovery of a "scam" and believe that a logical interpretation of the available facts should lead to the conclusion that this company would not be engaged in an outside audit of its own books and records in the event that it was running the type of huge scam that is being alleged by many in the "media" and the public chat forums

If this company were indeed a scam operation several questions come to the forefront; why would they have initially engaged D&T, knowing that they would have to open up their books and records to a highly reputable and undoubtedly thorough accounting firm that would assuredly be able to discover any accounting irregularities of the magnitude that are being alleged in the public domain by the shorts? Does it make ANY SENSE for SPNG do walk straight into the teeth of a thorough audit in the event that they were indeed a scam operation?

First of all, an objective reading of the press release from SPNG regarding the resignation of D&T clearly leads one to the conclusion that they did not resign over any disagreements with either past or pending accounting statements or practices. This is clearly stated in the PR. It also states that D&T has been asked to provide a letter to the SEC stating this and that it will be forthcoming.
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> >
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> > What this leads me to believe is that they resigned for reasons that have nothing to do with SPNG's books and records being deficient or scandalous. A very logical reason for their resignation could be that they simply did not want to become mired in the current controversy that is swirling about and elected to opt out of the engagement while they still had no accounting attachment to the company. While I am not stating that I know anything like this to be the case, I am merely pointing out one possibility for their sudden resignation. However it needs to be highlighted that the recent PR in no way indicates that there was any hint of a resignation due to "accounting irregularities" or any other material type of disagreement with D&T, thereby seemingly discarding the notion that they resigned due to anything of a materially negative or harmful nature.

How does that prove fraud???

Yes just your oppinion...

SPNG will rise off the grays...
Market Makers will jump back in this week, they just need the financials

What happens when trading in a Pink Sheet security is suspended by the SEC?
SEC suspensions last 10 days for OTC securities. When a security is suspended, Pink Sheets removes all market makers and their quotes from the system and displays a "Halted/Suspended" message. After 10 days, market makers may re-enter the stock if they comply with Rule 15c2-11, which requires filing a new From 211, which must include the issuers' current financial information.


What is Rule 15c2-11?
Securities and Exchange Act of 1934 (Exchange Act) Rule 15c2-11 governs the submission and publication of quotations by brokers and dealers for certain non-Nasdaq over-the-counter equity securities. Specifically, the rule applies to a broker/dealer's initiation or resumption of quotations for such securities in any inter-dealer quotation medium, including the OTC Bulletin Board and the Pink Sheets. Pursuant to the rule, brokers and dealers are required to review and maintain specified information about the issuer of the security before publishing a quotation for that security. See complete text of Rule 15c2-11. Get a copy of the Form 211.

Well said, I agree

The coming week will be an eye opener

Best of luck longs
Have a great sunday

Part of thier job is to sell stock, and make money.
I can't complain, I've made money.

Scams don't have real products, or major advertising, they don't buy companies or spend money.

I believe we will see positive PR this week
SPNG will survive

SPNG will be off the greys very soon

Amazing
For a dead company SPNG still has hundreds of post

WHY???

Thanks for the info

But that doesn't explain the sudden increase on no news

Any ideas on the Vol spike

Is this really nessacery.

Grow up

Excellent post no_BS
Good to see there are still some clear thinking posters around
We could all benifit from useing our brains and not our emotions at this time.

Spongetech produces are still out everywhere
I checked walgreens, Ace hardware, Petsmart, Sears,and others.
All there web sites have the products listed and the reviews are great. So much for a scam company.
Anyone that can't find them just are not looking.

Have a great day

Still a good day all in all
Hope the green goes all week.

Good point

I hope SPNGE turns out as well for me as SIRI did. I held thru all the BS and did well. I feel SPNGE will also

Very good point.

The curtain will be lifted this week.

Then there will be no need for guessing. IMO management is doing what the can, and we will win this battle. All this started when the talk of uplisting began, and the shorts started running scared.

Been catching up on the post today.
Lot of B.S. floating around.

SPNGE IMO is not a scam company, far to mugh work has been put into it, to many other major companies ( ie CVS, Walgreens, Sears, Kroger's, and many more) associated with the products.

If SPNGE is dead and headed into the abyss then why are there so many Bashers and haters spending their weekend trying to push them down. There have been many hundreds of negitive post today,some out rite lies. A lot of time and energy is being spent on a company in it's death throws. Could it be, that the shorts are worried that maybe SPNGE is going to servive this and gain PPS? Nobody spends this much time on somethig unless their getting somethig for it.

We longs are getting something, at least I have. I hope others have also. And I hope we all gain more in the near future.

Good luck LONGS the weekend will be over soon.

Mine are not for sale
But I will pick up more SPNGE every chance I get

If you read it right.

GetFugu has informed Spongetech and Vanity that it will not accept any further funds and that it will return the amounts received to date, plus accrued interest, as soon as it is able.

the 1.7mil will be returned, the intrest as sone as able

Look at it this way

By being out of the deal with Getfugu
SPNG saves as much money in one day
as they made all last year.

Don't you think that D&T
would have taken a look at the 09
before agreeing to take SPNG on.
There not the type of company not to.

The game can be tough sometimes.
But as my dear departed Daddy would say...
If you can't handle the game, don't play

Spnge is strong it will win

Might not be tomorrow
But we will see .20 again.. soon
Long and strong

Am I seeing this right 1mil pre market

12+ EOD

All this green and no PR?
Someone starting to cover?

at least it's green paint

How's everyone enjoying the ride this morning?

So much fun they should sell tickets

Good morning all

Long and strong this week
Good things come to those that wait

Question to the negetive posters

If you don't like this stock, and believe they have no future, then why are you wasting your time and energy posting on a message board? Unless... there is an under-lying reason for you to spend your time here. We all know there is and always will be people who short stocks. Just be honest and say you are short, stop the lying, and bashing.

Spongtech is a good startup company, yes they have had thier share of set backs. What young company hasn't? But IMHO, and many others, there is a strong future here.

If you think otherwise then for all means go short. But if you want to lie to someone, go talk to your wife.

Good day all

80000 here

AEHI is moving

http://finance.yahoo.com/news/AEHI-Nuclear-Plant-Rezone-May-iw-15401238.html

http://finance.yahoo.com/news/AEHI-Signs-Agreement-With-iw-15449292.html