Spongetech Delivery Systems Inc (fka SPNGQ)

[OldTymer]

overachiever, here's a link to that Corporate update given by Metter. Scroll towards the bottom for the actual letter:

http://www.smallcapnetwork.com/SPNG-SpongTech-CEO-Michael-Metters-Writes-Letter-to-Shareholders-Micro-Cap/af/archive/20080605-1/

Here's one part:

FINANCES

Un-audited revenues for our fiscal fourth quarter ending May 31, 2008, were approximately $3,875,000; approximately $600,000 ahead of guidance and an increase of $2,315,000 over our fiscal third quarter.


ORDERS

Confirmed signed orders for fiscal year 2009, which started four day ago, are $27,000,000. We see no reason why these orders won't be shipped in their entirety. We are experiencing strong demand in the United States and very strong demand from international buyers

Under "FINANCES" it clearly states "revenues," i.e., this is what their revenues were for that period in 2008.

"ORDERS" are not the same as "revenues." When you refer to confirmed signed orders, that means their customers, as a group, have submitted to them confirmation of $27M in new orders. Obviously these orders were coming in during their 2008 year. So, as of fiscal year 2009, which started 4 days ago, the total dollar amount of their orders that have been called into them, stretching from 2008 to the time of the Corporate Update totalled $27M.

In their revenues section, they were simply talking about how much money they had already made.

The $27M dollars represents the new orders they have received during 2008 and 4 days into 2009.