Proceed with caution. You need to see the 10k and this qtr to start with that kind of post. If revs are what the company is saying, and S&GA are low and they are profiting like they PR they are, then this price is sustainable. Indeed, northward bound. But its just speculation until the company publishes.
Current Market cap of approx $145M is balanced against a monthly multi million dollar (MMMD? lol) rise in revs.
This should tell you something:
PART III -- NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, l0-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Despite diligent efforts, the work necessary for Spongetech Delivery Systems, Inc.'s (the "Company") preparation of its Annual Report on Form 10-K could not be completed due to unforeseen delays in the collection and review of information and documents affecting disclosures in the Report on Form 10-K.
Accordingly, the Company requests additional time to compile and review all the information necessary to accurately complete the Form 10-K.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
Arthur S. Marcus, Esq. (212) 752-9700
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). Yes |X| No |_|
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? Yes |X| No |_|
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Both our sales and net income for the year ended May 31, 2009 increased. Sales for the year ended May 31, 2009 were approximately $50,000,000 compared to $5,633,084 for the year ended May 31, 2008. As a result, our net profits for the year ended May 31, 2009 also increased to approximately $11,000,000, compared to $1,244,455 for the year ended May 31, 2008.
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