Spongetech Delivery Systems Inc (fka SPNGQ)

[puppydotcom]

First off, it's sitting on his desk because SPNG has the option to file the 10K at ANY time. They have chosen not to file it, thus making it late for many months. Second, using the smallest amount of reason and deduction can enable someone to easily conclude the reason it has not been filed is because the information contained therein is false and fraudulant and was not signed off by their auditor

and

in the press release telling everyone about the suspension spongy stated they anticipate the 10K filed by Oct 16th .. leading everyone to believe it was done and will be filed in 10 days

a totally misleading announcement directed to the public

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SpongeTech® Delivery Systems, Inc. Addresses Temporary Suspension in Trading
October 6, 2009 5:17 PM ET

Spongetech Delivery Systems Inc (SPNGE) Stock Quote, Chart, News, Add to Watchlist

Business WireAll Business Wire news

SpongeTech® Delivery Systems, Inc. (the “Company”) “The Smarter Sponge™”, SPNGE, today announced that its shares of common stock were temporarily suspended from trading on the OTC Bulletin Board by the U.S. Securities and Exchange Commission (SEC) on Monday October 5, 2009 and expects the suspension to terminate at 11:59 p.m. EDT on Oct. 16, 2009. The Company and its auditors are in the process of finalizing the re-audit of its 2008 financial statements and the audit of its 2009 financial statements and anticipates on filing them with the SEC by October 16, 2009.

The SEC announced that trading was temporarily suspended because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning among other things, the amount of sales and customer orders received by the Company, investment agreements entered into by the Company and the Company’s revenues as reported in its financial statements. In addition, the SEC’s announcement noted that the Company has not filed any periodic reports since its Quarterly Report on Form 10-Q for the period ended February 28, 2009.

As reported in the Company's recent press release dated October 2, 2009, the delay in filing its Annual Report on Form 10-K for year ended May 31, 2009 is due to the Company’s former auditor having its registration revoked by the PCAOB (Public Company Accounting Oversight Board). As a result, the Company’s financial statements for the 2008 fiscal year is being re-audited and the financial statements for the 2009 fiscal year is being audited by the Company’s new auditing firm, Robison, Hill & Co.

Steven Moskowitz, the Company’s Chief Financial Officer, stated, “We were surprised to see that the staff of the SEC decided to suspend trading in our shares yesterday. We are cooperating fully with the SEC staff in connection with their investigation and are working diligently with our new auditors to finalize our Annual Report. It is our intention to provide the SEC staff with all requested materials so that they can conclude their investigation as soon as possible.”