Spongetech Delivery Systems, Inc. (fka SPNGQ)

[OldTymer]

loanranger, it appears that this post is incorrect by tattletell because he's using the franchise tax section that does not apply to a company with a par value for their stock, which SPNG has. There are two sections to the page I posted: calculating the tax based on a par value and no par value. It appears to me that the post below is using the section for the no par value.

Posted by: ttattletell Date: Wednesday, December 23, 2009 11:31:18 PM
In reply to: hasher who wrote msg# 271583 Post # of 271658

Yep hash, they only paid $2267.50 of the $180,000.00 Franchise tax owed...

HOW TO CALCULATE FRANCHISE TAXES

A domestic stock for profit corporation incorporated in the State of Delaware is required to pay annual franchise tax. The minimum tax is $75.00 with a maximum tax of $180,000.00. Corporations owing $5,000.00 or more make estimated payments with 40% due June 1st, 20% due by September 1st, 20% due by December 1st, and the remainder due March 1st.

The Annual Franchise Tax assesment is based on the authorized shares. Use the method that results in the lesser tax. The total tax will never be less than $75.00 or more than $180,000.00.

http://corp.delaware.gov/frtaxcalc.shtml