The company had until 9/15 to release the 10k on time, but received the letter from SEC on 9/11 due to Drakesford status with the SEC and for its work on some other companies in 2004 having nothing to do with spongetech. Spongetech has done nothing wrong based on those public facts and there are no other facts indicating otherwise that I can tell. IMO.
GuFu is a legitimate separate company and there is PR and financial statments to prove such and they have a separate client base. Spongetech has made an investment in this company to assist spongetech with its own marketing program in such an up ahd coming copany with 2d generational technology. If you have not read about or understand what GuFu does then you should take the time to do it. I do not understand your comments about hiding money in GuFu, as there are no facts to indicate this. There is no law which prevents sponge from investing in another company such as GuFu. IMO.
Vanity is also a separate company with closer ties to songetech. Vanity has an agreement with Spongetech to use the Trademark "america's cleaning company". The books and share structure of Vanity are separate from sponge. And based on the facts there is no hiding of anything, IMO. I do not know what you are referring to.
Circumstances happen which make public companies delay dates to release things filings, product releases (such as windows 7 by Msft), etc., etc., thousands of times each week. Sponge is NOT unique in what it had to do in legally extending the 10k date to 9/15. Sponge has no control over the SEC as to what it does, and must stop and comply with its requests which it is doing.
So I do not understand your comments at all viewed from the perspective of known facts. I am holding my shares. You have chosen to sell yours.
Sponge is still a company with strong fundamentals. Delaying the release of the 10k or having to redo the 2008 10k or reaudit thru no fault of its own does NOT change that, IMO. Spino
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