Spongetech Delivery Systems, Inc. (fka SPNGQ)

[ThePennyTrader]

EPS is calculated from ALL issued and outstanding shares which is listed on the 10Q as approximately 723M shares, not just the float.

While I will agree that 100:1 is too much at this point it would take about a 32:1 r/s to get the share price to $4.00 which is the minimum for listing.

At 32:1 that would leave 22M shares outstanding. 10M income / 23M shares = .43 per share x 10 p/e = $4.30 which is just about where they need to be to maintain that $4.00 long enough to get the listing.

Not saying an r/s is going to happen, but fundamentally speaking it would be far more likely than assuming SPNG could maintain a market cap of nearly 3 billion dollars.