Spongetech Delivery Systems, Inc. (fka SPNGQ)

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Per SEC filings SPNG has been heavily dilluting over the last year. Per filings the O/S has gone from 58 million to 800 million plus in a year....

October 12, 2007,
58,842,406 shares of common stock issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420407054263/v090256_10qsb.txt

January 10, 2008
111,842,406 shares of common stock issued and outstanding
http://www.sec.gov/Archives/edgar/data/1201251/000114420408002171/v099655_10qsb.htm

April 11, 2008,
196,294,078 shares of common stock issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420408022423/v110634_10qsb.htm

July 16, 2008 (8k)
399,955,873 shares of common stock issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420408042150/v121013_8k.htm

August 28, 2008,
521,085,873 outstanding shares of Common Stock
http://www.sec.gov/Archives/edgar/data/1201251/000114420408050704/v125324_10ksb.htm

As of October 14, 2008
809,885,873 shares issued and outstanding.
http://www.sec.gov/Archives/edgar/data/1201251/000114420408057701/v128905.htm#notes

Effective October 8, 2008, the Board of Directors of the Company amended the Company’s Certificate of Incorporation to increase its authorized capital to 1,000,000,000 shares consisting of 950,000,000 shares of common stock, par value $0.001, 40,000,000 shares of preferred stock, par value $0.001, and 10,000,000 shares of Class B Stock, par value $0.001. The Class B Stock is a newly created designation.
(same filing as above)

IMO The O/S - A/S is just one of MANY red flags I found doing some prelim DD into SPNG.