Hello thick -
Not lurking, just got on to read some posts. I will use this post to try to explain a few things.
1) Below is the 4.01 that D&T's letter to the SEC stated they agreed with...nothing mysterious here. They agreed with the company's assessment.
Item 4.01 Changes In Registrant's Certifying Accountant.
On October 13, 2009, Deloitte & Touche LLP (“D&T”) resigned as the independent registered public accounting firm for SpongeTech Delivery Systems, Inc. (“SpongeTech”) for the year ending May 31, 2010. During the fiscal years ended May 31, 2009 and 2008, and during any subsequent period through the date hereof, D&T did not issue any reports on SpongeTech’s consolidated financial statements. During the fiscal years ended May 31, 2009 and 2008, and during any subsequent period through the date hereof, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of D&T would have caused it to make reference to the subject matter of the disagreement(s) in connection with its reports, and (ii) there were no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K.
The decision to change SpongeTech’s auditors was made by D&T, and therefore no approval of SpongeTech’s Board of Directors or Audit Committee was obtained.
SpongeTech provided D&T with a copy of the foregoing disclosures and requested from D&T a letter addressed to the U.S. Securities and Exchange Commission stating whether it agrees with such statements, and, if not, stating the respects in which it does not agree. The letter from D&T will be filed by an amendment to this Current Report on Form 8-K when it becomes available.
2) You must take note of this part of the 4.01 to understand that D&T, while not fully engaged for those '08 and '09 filings, were overseeing the process.
"During the fiscal years ended May 31, 2009 and 2008, and during any subsequent period through the date hereof, D&T did not issue any reports on SpongeTech’s consolidated financial statements. During the fiscal years ended May 31, 2009 and 2008, and during any subsequent period through the date hereof, there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of D&T would have caused it to make reference to the subject matter of the disagreement(s) in connection with its reports, and (ii) there were no “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K."
3) D&T received 100s of calls, probably from both shareholders and "others," to the point they stepped away from their involvement.
These same "others" will continue to attempt to undermine the company from running its business. It really does not take a genius to see this. Look at tonight's board...nothing more needs to be said. The question then becomes why? I again can only conclude that someone (illegal NSS positions?) is/are still worried about the amount of money still remaining to be lost if business continues and filings become up-to-date.
4) This segues into my conclusion regarding Metter's filing of stock ownership. Using a little foresight, it becomes clear that all filings are in the process of becoming updated...one step at a time.
The filing states Metter's portion of RME ownership of SPNG shares is 66M. The other principal owners of RME also control shares of SPNG through their portion of RME ownership. How much is this? We won't know until we see it.
Lastly, I have seen musings about RME possibly dumping shares into the market. These were unregistered and restricted. I just cannot see taking this risk, and tend to believe if total ownership of SPNG shares by RME is less than last reported, it is due to retirement of said shares, not selling into the market.
Let's not forget that both MM & SM understand the rules of the market and I personally do not think they would risk disobeying the law and risking prison sentences...and instead believe they continue to concentrate their efforts on building the company.
Let's also not forget that with both LeBron James and Shaquille O'Neal plaing for the Cleveland Cavaliers they will be far-and-away the most televised team in the NBA...yet another marketing genius move on the part of OUR company.
With all the filings taking form and more outstanding contracts, I see an end to this mess in the near future and a very handsome reward for those who have had to stomach the reckless behavior of illegal naked short sellers and their associates.
I apologize for the length of this post, but wanted to lay out the facts as best I could in response to many requests.
