Replies to post #220570 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[SRV-90]

Yes, laughed so hard I got hungry for an Angus Bacon Cheeseburger from McD's.

[Jandrsn21]

"We believe that a number of documents cited in press reports about the Company are Internet forgeries being used by short sellers and stock speculators to undermine the integrity of the Company and profit from the adverse publicity."

This all I thought of when I read your post.

[DBS02892]

Fair enough, let's assume for the sake of argument that the first 3 large customers were fake and used by SPNG to hide their shenanigans back when they did not yet know that SpongeTech could be a successful company.

But now they have Costco, PetSmart, CVS, Walgreens, Ace Hardware, AutoBarn, etc. selling their stuff, and those are not shady shell distributors !!! Why don't you discuss these at all to try to provide a real balanced analysis of what is going on ?

[Carpedeim357]

Again the revenue recognition is very simple here. Ship and book the sale. The first thing any audit will require and so basic not even Drake missed doing this. No audit does.

YOu ask for support of sales to all the top 10 or 20 customers. That includes copies of invoices, proof of shipping and the big one proof of payment.

All those outside US clients where there for fiscal 08. So clearly when no revenue adjustments on 08 10K from what June 08 pr told us for sales they are real.

Right down to auditors seeing proof of shipment to them and proof of payment from them.

Make up again theories but this is accounting or auditing 101. You just do not miss doing what is required to verify sales. Just to basic and simple.