Spongetech Delivery Systems, Inc. (fka SPNGQ)

[retireb455]

I still have my core position left, but get more skeptical everyday. I want to believe in this stock, I want it to make me money, but get more frustrated every day. This was not real news today.

ANd this concerns me...

type in SPNG at ticker...
http://www.auditintegrity.com/

In short, something smells funny.


Spongetech Delivery Systems, Inc.
Very Aggressive (8)
2nd Percentile
AGR Summary (OTC:SPNG)
Industry: Personal & Household Prods. Period End: Feb 28, 2009 (Fiscal 2009 Q-3) Statement Filing: Apr 20, 2009 (10-Q)
Market Cap: USD 10.7mm (Nano Cap) Last Audit: Drakeford & Drakeford, LLC Rating Published: May 1, 2009

OVERVIEW
Spongetech Delivery Systems, Inc. is currently rated as having Very Aggressive Accounting & Governance Risk (AGR), receiving an AGR Score of 8 out of a possible 100. This places them in the 2nd percentile among all companies, indicating higher accounting and governance risk than 98% of companies.
RISK SUMMARY
The forensic risk summary highlights material risks, if any, and lists the most material business issue for each risk. AGR Impact shows the deductions from a perfect 100 AGR score due to flagged metrics.
Risk AGR
Impact Cumulative
Impact Top Issue
Corporate Governance Events 0.0 0.0 Director Issues
High Risk Events -26.4 -26.4 Organizational Structure
Revenue Recognition -15.6 -42.0 Operating Income
Expense Recognition -38.6 -80.6 Depreciation Policies
Asset-Liability Valuation -11.4 -92.0 Asset Valuation