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This is a scam stock, only buy if it goes under 0.001 then flip for profits.
What's making this turkey move? Ive been long for a while and I dont see anything that would make me think this is more than a paper company.
"but spongetech is in wallmart" the bagholders cry. Haha
I hope so and to all you guys who bought at .0001ish, props to you but dont make the same mistakes I did, this isnt an oil company this is a paper company, take profits and bounce there is nothing going on with this firm except deception.
Damn oilin07, you have been here almost as long as I have and you are still keeping the faith? Man, I dont know what to say about this crap shell company except I hope it runs to so I can sell my shares and bounce.
I have been watching this stock for over a year and it is crap, does the fact that the last PR is from January bother any of you? This is a scam, nothing more, the only reason I follow as I was one of the fools who was buying millions when it was 0.001+, now Im just hoping to off load my toilet paper when it bumps up, dont buy into the hype this is a scam.
we all lost our money, this stock was a gamble to begin with and I learned not to buy crap penny stocks.
we are going to take over the sponge industry. 15cents here we come.
THE RUN IS OVER, GET OUT.
I think its an indication the run is over and you guys are just treading water, THE RUN IS OVER, GET OUT.
And youre proud of this? This stock is crap, the big dogs got in and made our money and the bagholders are hanging around wondering silly minute details that will not make or brake this stock. THE RUN IS OVER, GET OUT.
BUY BUY BUY
I told you all, now is the time to buy. This stock is going back up to .15 in the future, lets do it.
I told you all not to buy. Haha, this company is toilet paper, check out the below.
How Much is SpongeTech Worth?
By Justin • on July 13, 2009
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Spongetech Delivery Systems, Inc. (SPNG) has surged more than 1,000 percent from just months ago when it began its nationwide advertising campaign. Now the company is booking millions in sales, but is the stock still a bargain?
Spongetech Delivery Systems, Inc. (SPNG.OB: 0.1043 -0.67%), a producer of cleaning sponge products that are pre-loaded with detergents and waxes, has seen its shares rise more than 1,000 percent since it began a hugely successful nationwide advertising campaign. The company is now booking millions in sales, but is a good bargain at these prices or should investors wait?
During the first quarter, Spongetech booked a shocking $13.2 million in revenues, which far exceeded the prior year’s $1.3 million. Cost of goods sold and advertising expenses also rose as a result of the advertising campaign and ramped up production, but the company still increased its net profits from $188,482 to over $1.5 million.
Unfortunately, Spongetech’s net income had to be divided by a large number of new shares that flooded the market. The company’s number of shares outstanding jumped from 115 million to over 1 billion during the first quarter, which resulted in an earnings per share number still below the $0.01 mark. And many investors are concerned about additional dilution.
A closer look reveals that many of these shares appear to be the result of convertible debt at low prices. In fact, a large number of the new shares issued this quarter went to RM Enterprises International, who received over 306.4 million shares in consideration for the conversion of $1.18 million in debt or an average of $0.0039 per share
Dont buy until the stock price is under a dime.
SELLLLLLLLLLLLLLLLLL
Spongetech Bancruptcy?
SELL SELL SELL SELL SELL SELL
Has anyone else filed a complaint with the SEC? We have to at least warn future generations about this stinker and the guys who run it, same with the PR company that endorses it, everything and everyone that is associated with mmte must be red flagged for other people to know they are fraudulent.
wow look out world our sponges are amazing. Haha, dont you guys know how silly it is, this is a penny sponge company, play the hype.
I am not doubting this thing has made people money, I bought in at 0.006 and sold at 0.29cents so dont worry but if you think a novelty sponge company is going to go higher than this you are dreaming. Dude, there are 700million + shares, if this thing went to 0.5 it would make it almost a half billion dollar company. Do you know how many sponges you would have to sell to make that much money? Look, this thing is a penny play, dont invest long-term, you play the herd mentality and you leave, let it drop below a dime, buy, then the hype will start up again and sell around 0.15-0.2, its real simple kid.
This company is crap and a scam, I lost about 1500 bucks.
Keep dreaming, the idea that spongetech is going to monopolize the sponge industry is a daydream, is everybody still waiting until it goes under 0.10 like I instructed? This stinkers got one last run in it if the cheerleading on this board is indicative of the hype surrounding this penny play.
spngwho, remember my advice dont buy until it dips below a dime.
As I told all of you two weeks ago not to buy until this stinker gets under 10cents my predictions were right, wait until it dips below and then buy, all the bagholders are worrying and selling shares.
What part of 1 billion shares dont you understand? This company sells novelty sponges. For this to go above 30cents is insane, think about it.. that would mean this company is almost worth half a billion dollars, selling sponges? Dude, come on, use some common sense, you play pennies, you dont invest in them, this thing will dip below 0.10 and then it would be good to buy as I see it coming back to 0.15 at some point but thats it, if you didnt cash out at 29cents you missed out.
Rob, I totally agree. Its good to hear from someone on the ground about what goes on in Walmart considering you work there. I think a reverse split is going to happen as there is almost a billion in shares for this popsicle stand operation. This stock is absolute hype and its great to hear from the little people like yourself about your career stocking sponges at walmart.
Just as I predicted, when this puppy goes below 0.10 then it will be a great buying opportunity but not until then. Right now the bagholders who bought into the hype around 0.20ish are getting out as they were never even interested in investing in the first place, let this shake out the rotten fruit back down until 0.05-0.10 and then get in for a slow climb back to 0.15-0.20, unless of course this company turns out to be lying, very easily could as we are in penny land.
This stock is done, they just released the pr of all pr's regarding millions in new orders and this stock just flounders about. Look, the annual operating revenue is vastly outperforming the total equity of the stock with current liabilities vastly outnumbering cash from operating activities. This stinker is going down, have fun bagholders, I was one of the guys who bought at 0.0009 and sold at 29cents.
Let it pop a little and then buy when low.
Excellent analysis, this company is a penny hype play, dont buy into the hype, this thing is not worth playing until it dips below 0.10 and then only to 0.15ish.
Oilin07 and Tommer and anyone else,
What are our options at this point?
Do you honestly think this company is worth more than a couple cents? Dude, they have almost a billion shares circulating throughout the system, Do you think they are going to go to 0.50, that would make them a 500 million dollar company (almost), off of what sponges? Wake up kid, this is a penny hype play, not for long term investments, wait until it drops below 0.10, buy, wait until a new pr comes out, sell at above 0.15, its real simple.
Hey kid, you want to run with the big dogs and make real money or you want to gossip on websites. Dont roll with the trend on this stock, let it dip, and then buy more.
Dont buy until it goes below 0.10, I see this stock dipping and then bouncing back to 0.15-0.20 then back to nothing. Play pennies dont invest.
Thanks for doing this, I speak for a lot of people when I say I appreciate it.
Spngwho,
I own enough to have you come perform at my birthday party.
Charts mean squat when it comes to pennies. Play the hype and make your cash and get out. This stock is crap.
No bashing necessary, this is penny play. You dont hold or go long on pennies, you play them. This was a great play for the people who got in under 0.10 but I dont think this stock has any more juice in it. Right now its being held at 0.14 because that is the level most current bagholders got in and dont want to lose their money.