Spongetech Delivery Systems Inc (fka SPNGQ)

[harvard homeboy]

<< 2. They never make a profit >>


Spongetech's profits are an accounting fiction. If you don't believe me, take SPNG's most recent Form 10-Q to the CPA of your choice and ask the following question, which will take him all of 3 minutes to answer: "How much cash did Spongetech take to the bank from their normal, ongoing, day-to-day business activities for the 9 months ending Feb 28, 2009?

The number is not $4.9 million; it's a negative number and it's big. But go ahead and ask and see what kind of answer you get.

Remember to let us all know what he says, okay?