Spongetech Delivery Systems, Inc. (fka SPNGQ)

[smokey888]

Posted by: smokey888 Date: Friday, June 26, 2009 12:16:03 AM
In reply to: None Post # of 318753

As posted before:

From Ihub Financils on SPNG,

Accounts Rec.
Average Collection Period 254
Receivables Turnover 2.8

1) They cannot even collect what they are owed in a timely manner (over 70 % by over seas companies)

Why no Line of Credit yet based on AR as PR'd? Think the banks know a little more than we do about their collections?

AR Has to be Huge item on Books now with all this PR'd sales news, and still no Line of Credit?

Do Longs really believe that they are not using some A/S to pay current liabilities? Yes, they can do that without us knowing from a filing.

Are they still buying back shares? Who knows. Have to wait for filing.

Are they using A/S to pay current bills in hope of buying back before filing like they did in the past?

So sick of these games.