Spongetech Delivery Systems, Inc. (fka SPNGQ)

[loanranger]

z,
"I'm still wondering how many warrants exist. "

I think that you'll be wondering forever. The general rule for presentation is:
Basic earnings per share is based upon the weighted average number of common shares outstanding. Diluted earnings per share is based on the assumption that all dilutive convertible shares and stock warrants were converted or exercised.

The latest 10Q and 10K (don't say it!) do not distinguish between basic and diluted eps........implication being that there are no "dilutive convertible shares and stock warrants". However, we know that the Class B shares are convertible into one common share each....I believe that their existence should have resulted in a distinction between the number of basic and diluted shares.

As far as other issuances of warrants and options are concerned, there aren't any reported and I suspect that that fact means nothing. Then again, the company's sense of freedom to issue actual shares as compensation for stuff is clear from the list in the last 10K so who needs warrants anyway? The typical reasons for warrant and option issuances---deferral of dilution, incentive to perform, etc.---appear to be absent here.