Its funny you guys attack and brand anyone with a question YOU DONT LIKE a basher , you think there are all these paid bashers etc.. that is so untrue , it is funny when I read posters believe bashers show up here and get paid to post - totally makes me laugh - then when someone posts a question that does not show the stock in the best of lights or asks a question you dont like the answer to you all cry basher basher basher.... lol.....
I believe SPNG will trade higher , and lower , it will trade quickly from .011 thru .049. I bleieve SPNG has a real product and is selling , growing sales.
However the FACTS prove SPNG filings and PR are FULL of red flags you normally see in pink sheet scam type companies. Does that make SPNG a scam , no it does not , but you have to ask the question > Why? Why does SPNG do these things if they dont have to?
Why do they issue a PR on share buybacks and retiring shares and use the word "INTENDS" why not wait until it is DONE and put out PR that says "COMPLETED" or is it going to be a really long time from "intends" to "completed"? Plus per the PR "Intends" is a forward looking statement , one of the main things you see pinkie stinkie companies hiding behind , makes no sense, just wait until share buyback and or retire shares is completed and issue PR that says "WE COMPLETED" that would get the stock moving FAST!
Why do they list strange verbiage under revenue recognition? Are revenues booked when product ships or is it > "In instances where products are configured to customer requirements, revenue is recorded upon the successful completion of the Company’s final test procedures." WHAT does this mean and why NOT disclose exactly how much revenue is booked using this method? And think are not all products configured to a customers requirement? Why is this in the filing and NOT disclosed, a few lines of simple disclosure and everyone knows exactly when revenues are booked and how much of each segment was booked...
Also Why do they disclose Purchase Orders in the same filing? Are these Purchase orders listed as sales and A/R? Why are they in the filing if not? Makes no sense.... Why not disclose the Purchase orders are or are NOT included in sales and A/R - Why are they in the filing?
To date we have received purchase orders of $4.7 million for Puddle Pal’s Children’s Sponge products and $6.4 million for Uncle Norman’s Pet Sponge products.
Are these included in the A/R and revenues? Are they produced and shipped? Why are they listed under revenues?
Why not disclose the private entities controlled by the family of the COO that are paying SPNG bills and not charging back the amounts to the comopany - WHY not disclose these companies names and the totals Not charged back to SPNG?
"In addition, during the six months ended November 30, 2008, a portion of our cost of goods sold, including costs related to warehousing, packaging, and shipping of products, were borne by (and not charged back to the Company) a privately-held company controlled by our Chief Operating Officer."
"During the 2007 fiscal year, a portion of our selling, general and administrative expenses, including costs related to product and package design as well as certain consultants, were borne by (and not charged back to the Company) a privately-held company controlled by the family of our Chief Operating Officer. During the current fiscal year, some of these costs are still being borne by (and not charged back to the Company) a privately-held company controlled by our Chief Operating Officer."
These are simple questions , why does SPNG fail to disclose all of the dealings of the company in a clear concise ,manner? They have a good little company working here , a chance to make a huge hit with this stock, but if they keep issuing these tyes if PR and filings you are going to have question askers all over place, and then the SEC is going to ask questions, these are so simple to avoid , it makes no sense why these issues are ongoing and NOT FULLY DISCLOSED?
AI
