You'll notice that in the SEC filings for Vanity Events (see page 24 on the link below) that Moskowitz owns 2.3 M shares and his buddy Lazauskas (who owns the Dominos Pizza stores in Newark, NJ) owns 1.5 M shares.
The most recent financial statements (Mar 31 2009) show a grand total of $24,315 of cash in the bank, which makes VAUV a veritable cash cow compared to Spongetech.
For the year ending Dec 31 2008 (shown on page F-4) the statements only show 62k of revenues vs 376k of expenses for an operating loss of 314k.
That, of course, raises the question: What do you need a publicly-held company for that generates essentially no revenues, since the average photographer's one-man operation generates more revenues than that?
Predictably, operating cash flow is negative to the tune of 264k, though that's still overstated since VAUV used its stock as well to pay their lawyers (following in the footsteps of SPNG) -- so the real operating cash flow number would be 10k less than that.
Have you seen the Spongetech ad with the two twentysomething girls in bikinis washing the car along with one another?
I guess this is why Moskowitz has announced all the PR stuff with the NFL teams of late -- to exploit the obvious synergies between aging wannabe jocks with a gambling problem (who are apparently the company's major investors) and twentysomething girls engaged in a little soft porn, girl on girl action with sponges.
Meanwile, they're butting heads with the SEC over what should be some fairly basic accounting conventions, not that Spongetech or Vanity Holdings are really competent in those areas to begin with.
And last, but certainly not least, you'll notice that even the now-disgraced accounting firm of Drakeford & Drakeford had enough going for it by way of business ethics to give VAUV a going-concern opinion.
From the 10-K on page F-1:
<< The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note B to the financial statements, the Company has incurred operating losses for the period August 25, 2004 (inception) to December 31, 2008, has no significant revenues and has not commenced planned principal operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding those matters are also described in Note B. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. >>
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