Spongetech Delivery Systems, Inc. (fka SPNGQ)

[ThePennyTrader]

Not only that but the Q says the company INTENDS to cancel the shares, it does not say they HAVE. In which case such shares could easily find their way back onto the market if the company should so choose. Given the rate of A/S increases in the past 3 months I would not be surprised at all if this was the case.

Here you have a company stating they are buying back shares at the price they issued them at .. roughly .03 a share, and yet they are fully capable of selling shares at the current market prices and bringing in a ton of cash while they are at it.

Figure that one out ... tell people you are buying back shares and indeed perhaps you are at .03, but then issuing them at .10, .12, .20 whatever price. Talk about generating volume.

The problem the company is going to have come the beginning of August is reconciling it's statements and giving the appearance that they weren't actually selling shares. The K may just provide a shocking statement that many people really don't want to see.

Just an opinion though.