Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

The text of Rule 15c2-11 is here:
http://www.law.uc.edu/CCL/34ActRls/rule15c2-11.html

A 10-K filing would make the MM's application relatively easy. While an MM could, according to the letter of the rule, file the 211 supported by financial information in a form other than a 10-K, it is my understanding that no MM would do so in a case where an established filer has not filed. I believe that non-10K 211 filings are only used in the case of issuers who are not required to file 10k's, not those who have failed to file them.

The underlying requirement is for the MM to indicate that he/they find the information to be reliable. That is virtually impossible to do with information that is subject to regulated filing and yet hasn't been filed.

In other words, no 10k = no 211.