Thanks, glad to see someone who understands this stuff. Can you explain the -10,032,291 (increase) in receivables in the cash flow statement and how that links into your analysis TIA

LOL yep that's where this is heading. 31 PR's last month, I think they are trying to beat that record this month with 6 PR's so far.

flaflyersfan,
The facts have been twisted anyway, I never said it will go down lower and in fact I even predicted a bounce in sp at the time. All I said is that I thought about buying but didn't do it because I thought it to risky. I don't see anything wrong with being cautious. I rather miss a run 10 times than buy in and lose money and become a stuckholder. If you are too aggressive and too optimistic, you end up averaging up and mostly down when buying at .024 and at .0028. If you bought at both these prices, you are barely at break even.

I hope you know that Dicon has tried to sell "medical sponges" thru another pinksheet company and failed. I think they went under last year.

Looking at the last 10Q again, trying to make sense out of the numbers. As we already know, SPNG recognizes every order as revenue. for the nine months prior I see:

revenue $ 31,050,633

then I see receivables $14,007,301
and in cash flow a decrease in receivables of $10,032,491

I assume that the decrease of receivables happened before the A/R was noted so
31,050,633 - 10,032,491 - 14,007,301 = $7,010,841 out of the $31 million is all they received over nine months. Am I missing something?

Just because Viacom is licensing Spongebob to SPNG (not even exclusive), doesn't mean Viacom will be promoting or buying it. Take a moment and think about the product. A soap filled sponge for kids? My kids hated to get soap in there eyes, and when they tried to wipe the eyes with a soapy sponge, crying and tears would be under way. Wrong kind of product. Besides, other than a faint outline of Spongebob, the sponge really looks like any other sponge. If you really wanted to get little kids excited about the product, there would be the "Square Pants" visible in a different color etc. to make it look more like a puppet.
What really turns me off, is that apparently all Spongetech sponges have the same "soap and wax" formula in them that the original car wash sponges have. If you watch the dog sponges sales pitch on the shopping channel, they suggest that you can use the dog sponge for your car as well. Can I use my Spongebob sponge for my car too? Can I use my car sponge for my kids or dogs? Apparently they all are interchangeable. Maybe I buy a car-pack, wash my dogs with the sponge and let my wife wax her legs with the shammy. sheesh

"What is your revenue projection for Spongebob Sponge sales?"

Maybe $1 million of revenue, of course they will show orders for something like $30 million. Most of the orders will come from Chile or some other country like that. Of course we probably will never know. IMO your prediction of $300 million in revenue is completely unrealistic.

fact: 5 PR's in the last 3 days

How many PR's will we have today? Will they prop up the sp one more day?

fact: 31 PR's in 31 days.

Re "Winning Brands Boosts Sales Force",
that PR has an obvious error and should read: "Winning Brands Boots Sales Force" because they haven't produced anything over the last 4 years. But maybe it's not them, maybe it is all Eric's fault or the market is just over saturated with stain removers.

you better believe it

OT,
The letter dated 3/3 you posted, I rest my case:

http://investorshub.advfn.com/boards/read_msg.aspx?Message_id=36151836&txt2find=letter

From the 10Q:

Preferred stock, $0.001 par value, 55,000,000 shares authorized, 0 shares issued and outstanding
0 0
Common stock, $0.001 par value, 1,250,000,000 shares authorized, 1,249,451,605 and 365,473,214 shares issued and outstanding at February 28, 2009 and May 31, 2008

and of course the companies official OS announcement in the letter to shareholders:
Our third quarter ended February 28, 2009 and we expect to file our Form 10-Q with the SEC by April 15, 2009. We last updated the Company's capital structure to you on February 2, 2009 and at that time we had approximately 700,000,000 issued and outstanding shares of which RM Enterprises held approximately 480,000,000 shares. These shares held by RM Enterprises are (R144) restricted common shares of stock which legally can be bought back by only the Company itself. We have and will continue to retire as needed the remaining restricted shares held by RM Enterprises.

Apparently, this company and its officers are above the law as we know it. No form D seems to be necessary for 506 sales, and no Form 3,4 or 5 is necessary for insider buying. Also 8k's for A/S increases need to be filed only when convenient.

They might be spreading themselves a little thin.

"Looks like we are entering a downtrend. Not too happy with the last two days trading."

Time to pay the piper.

"Ya see, this is why your performance in the markets have been so poor... You dont understand the mechanics "

Are you talking to Eric about WNBD's performance?

If WNBD were profitable and traded at a PE of 20 (a generous number for a cleaning products company) it would need about $6 million in net profits for a sp of .10 with an OS of 1.2 billion. Unfortunately, WNBD is not even close to being profitable as they sell $1 million/year in stock just to pay the bills. WNBD doesn't even have $6 million in revenue, in fact they don't even have $1 million in revenue and it appears that they lose more money than they have in sales. From an accounting point of view, shareholders would be better off, if the company shut down all operations and just sold stock.

That's exciting Soapy, is Seaway still a good buy?

A PR with substance could do the trick. Like actual revenue/net income numbers.

What makes you so sure that the documents produced now are fakes. Back when you produced that letter from the TA, a lot claimed it was an obvious fake especially since it contradicted what Moskowitz was saying in a PR (the OS is around 700 million...). I think the opinion letter, the TA document and the letters to the SEC are all real. Of course nobody can prove it either way and the opinion letter is a forgery one way or another as that law firm doesn't exist and the number on it is Moskowitz's Fax number.

.014 Looks like WNBD is on the slide again today

yep, I'm just calling it how I see it. so far I have been right on today. SPNG .1481 x .1485

Still not enough volume, .15 won't hold and this will move yet lower.

.15 just falling, still not enough volume to stop the slide.

Volume low, no demand, sp is breaking down. Watch out below...

Right now you also have to watch out for Rejuvenate {sp} which is coming up fast behind Spongetech in the direct marketing department. They don't spend endless $$$ in ballparks and stadiums yet their sales seem to be climbing quickly.

Where does it say a broker/dealer gets banned?

Yes, that brings up some really good questions. How much is Spongetech charging for that car sponge in third world countries. According to the sales numbers published by the company, it appears that either, people are willing to shell out a weeks or even a months salary for one sponge, or Spongetech is making lots of sales but has negative margins in those countries or those sponges marked as "sold" are collecting dust in some warehouse.

LOL, I have been telling this before, but I say it again. I highly doubt that we will see the 10K for Spongetech on time for more than one reason. Your point certainly makes a good first reason.

"The position of naked shares is so big that a lot of MM's will be banned from trading the stock,hence the reduced volume."

Where do you get that info? I have never seen any company where MM's were banned because the company was on the regsho list!

"SEC turns always blind eye to OTC and Pinks."

Not true, the SEC has shut down many OTCBB and Pinksheets for scamming innocent investors. SPNG might soon join the ranks.


"150 million buyback by SPNG is nothing compared to the counterfeit shares out."

Are you talking about the shares that were illegally issued with fake opinion letters by the company? I would agree if we only knew how many fake opinion letters there are. I think we will find out soon.

That's not what I was taught in my Microeconomics class. They taught me that the price always moves to where the supply and demand curves meet. If your statement was correct, the demand for the stock and the lack of supply at this price would have moved the sp significantly up, but that is not what happened yesterday.

"Barely 37-Millions shares traded yesterday on FANTASTIC NEWS!!!! "

Did you mean no one is buying? Usually if you have "fantastic news" you would see an increased up volume.

Where does it say it's a BDC? Anyway, I only got interested in this company to see who Spongetech associates nowadays. I found a kind of ashes to ashes or better yet earth to earth type relationship. Wouldn't touch this with a ten foot pole.
Good luck

"Let's debate the merits of the pps, whether it is overpriced or underpriced."

Yes, IMO the sp should be frozen due to a SEC trading suspension until the whole mess is sorted out. IMO

No filings Tavy, we don't even know the state of incorporation as it is apparently not Nevada as stated in pink sheets + that address seems to be invalid. White seems to be running this shell. Not much info otherwise that can be found. You can look for some very old filings when you use the CIK from pinksheets. The Michigan address (probably Whites home address) seems to be the only working one.

OldTymer, was the letter from Olde Monmouth that you produced stating the OS to be 1.2... billion a fake letter as well?

If you mean the hand written note with SM's phone number? That was put on there obviously by someone later (probably a broker). Same goes for the seal, which I believe comes from a free hosting site. Obviously I'm not talking about notes added, I'm talking about the opinion letter, but you can believe whatever you want, it's your money.

"lol, why would someone at spongetech make up a fake opinion letter and then post it online???"

One thing is for sure, Spongetech never wanted those letters to show up on the internet. They also didn't want us to see the Olde Monmouth letter That Oldtymer posted or the letters to the SEC. Of course, I never claimed that Spongetech posted the letter on the internet.

Thanks HH,
It was tattletell who posted the letter, so he would know where it came from, it just is another piece in the puzzle of Spongetech deception. Whether it was made to damage Spongetech or whether it was made by Spongetech to deceive shareholders will be ultimately up to the SEC/DOJ/FBI, but I venture to guess that it was fabricated by someone at Spongetech. With all the other red flags that have been raised by the company and the apparent outward lies by management, that is what I have to go by.

3 PR's in 2 trading days, 31 PR's last month alone. It is more than obvious what the company is up to.