Spongetech Delivery Systems Inc (fka SPNGQ)

[harvard homeboy]

You forgot about that SPNG probably has negative equity on their balance sheet right now.


Add in all the off-balance sheet liabilities this company has and it's a certainty that SPNG does have negative equity. But the shareholders will find that out soon enough for themselves, when SPNG is forced into Chapter 11 and starts to liquidate assets, at which point they'll get zeroed out.

The only significant asset SPNG has is Dicon, and I'd bet that they can't sell Dicon for what they bought the company for a year ago.

Otherwise, SPNG has no fixed assets to liquidate that are meaningful, it's obvious that there are major problems with the receivables, and there's no way of quantifying the off-balance sheet liabilities.

And people on investment message boards talk about this company as if it's an investment? ! ? ! ? !