Spongetech Delivery Systems, Inc. (fka SPNGQ)

[patchman]

The problem you face, a majority of SPNG's sales were fake. Their major clients don't exist and the $50 million is bogus. The fact that they announced Record first quarter 2010 bookings (not sales/revenues) and yet several of their customers no longer carry the product should concern you.

CVS no longer has their product on-line and while you may see it in the store, that is simply getting rid of inventory. Same for all but Walgreens from those PO's published.

If SPNG can't hold new customers (by majority), and we can't locate the big guys, that is a red flag.