Spongetech Delivery Systems, Inc. (fka SPNGQ)

[DBS02892]

Well if you look at it objectively, they haven't really screwed up per se, they did get one curve ball thrown at them (previous auditor getting their license revoked) which they could have handled better (e.g. go hire D&T right away instead of yet another small unknown accounting firm), and the sequence of events was pretty much inevitable from there: unable to file the 2009 10K (somebody pointed out they need the re-audited 2008 10K to make year to year comparisons), which in turns led to the addition of the 'E' on the stock ticker, and prevented them from executing the reverse split ...

The only thing that I would consider a screw-up was that Fungus (or whatever) investment because the 'buy a sponge on impulse with your phone' thing just doesn't make a lot of sense to me.

This being said, it's always easy to be critical from the sideline: only those who do nothing never make mistakes.

Again SpongeTech has real products in retail stores, and these products are actually quite nice. They're also advertising all over the place so those clamoring it's just a giant scam are simply pushing their own agenda.

So yeah, I'm sure some people are having fun making SPNG jokes right now, but the reality is that there is a real promising company, and longs will be rewarded for their loyalty.

Stay Long And Prosper