Spongetech Delivery Systems Inc (fka SPNGQ)

[zomniac]

Wasn't the company they announced shown to likely even be a related party and by no means at all a bank.

Hmmmm
sounds like skimming

[EDIT]: On that factoring thing......I ran a company where all sales were factored, reason I did it was because I didn't have to credit check. All sales were cleared by them so it alleviated the agg dealing with new customers and credit.
There are all kinds of factoring deals around, with varying interest rates depending what is offered and given. Some do all the receivables collections and simply direct deposit to your account. Some do "selective factoring", where you selectively pick and choose. With varying percentage points, I must add.