~!~ been saying that since August 09 .. including this first one with the reference to not having to file that sale...since it's saturday...
Posted by: Dr.Frankittstein Date: Wednesday, August 19, 2009 4:04:21 PM In reply to: cashdenuts who wrote msg# 168785 Post # of 250655 [Send a link via email] It's right there in black and white in the SEC files. Rme is the 3 amigos and they are 'loaning' stock sales to the spng sub groups. The last 10Q has 9,000,000 in monies from a stock swap from Rme and used for 'income' AND 'cost of business' ????
Interestingly enough, many of those insider swaps somehow fell outside of any official reporting rules... how convenient.
One the cash note... if a company doesn't have cash on hand to cover other contingencies, they can't just make up money out of thin air... well, pink stock companies do that all the time... but anyways, Spng has filed that almost 90% of sales are from overseas. And spng manufacturing is totally overseas. So how would we check these sales figures. Making comments that companies don’t need cash on hand, or in accounts in excess of operations is just silly. Maybe that’s why the banks nailed us because all their accounts were paper with nothing in reserve. ------------------------------------------------------------
Posted by: Dr.Frankittstein Date: Sunday, August 16, 2009 11:11:55 PM In reply to: no_BS_plz who wrote msg# 166135 Post # of 250652 [Send a link via email] Because the company was still in the startup phase and growing so rapidly, they had the financing of those receivables available through the temporary issuance of shares, also the reason the latest 10Q was a few days late, while the accounting of those shares were properly assessed. It's that simple.
What growth? 34,500 operating cash. Zero growth. Officers selling stock to themselves to loan to the company? 9,000,000 in cash from stock issuance which makes up 60% of their income while at the same time representing A COST TO DO BUSINESS. Not to mention that almost 70% of alleged orders are international. (Probably internet sales perhaps?)
Looks like a ponzi scheme.
There will never be a opposing point of view posted here. -------------------------------------------
Posted by: Dr.Frankittstein Date: Sunday, August 16, 2009 2:25:20 AM In reply to: z4lover who wrote msg# 166125 Post # of 250651 [Send a link via email] Nice. So Spng hasn't created any real income from mass selling of product, just from buying their own shares so it won't LOOK like they haven't really made any money except to pay the owners and officers of the company with said money ... very slick. If your theory is even close to accurate, This should end up in a court somewhere. Enjoy your RME's.
I'll come back after the 10k or 10Q or whatever filing you wish is out and we can talk then.
Posted by: Dr.Frankittstein Date: Monday, August 17, 2009 1:17:06 AM In reply to: z4lover who wrote msg# 166581 Post # of 250652 [Send a link via email] And no money has gone into the officers pockets.
~~! That's right. All 3 officers do all this for FREE. It's called B class shares and preferred which are virtually guaranteed at time of issue pricing.
Effective March 10, 2009, Spongetech Delivery Systems, Inc. (the “Company”) amended its Certificate of Incorporation to increase its authorized capital from 1,305,000,000 to 1,555,000,000 consisting of 1,500,000,000 shares of Common Stock having a par value of $0.001 per share, 15,000,000 shares of Class B Stock having a par value of $0.001 per share, and 40,000,000 shares of Preferred Stock having a par value of $0.001 per share
Do you own class B or preferred.... ---------------------------------------------------------------
Posted by: Dr.Frankittstein Date: Tuesday, August 18, 2009 3:10:11 PM In reply to: spongeboy who wrote msg# 167791 Post # of 250655 [Send a link via email] And there were 7000 shareholders as of a month ago (probably more now). ~~! do you have a link to that number?
~~! While double checking the number of common shareholders, I keep getting this number, :2365 -->http://www.otcbb.com/sandp/SPNG.htm I know this is old but is there a up to date link to shareholder count?
... I found a number subsequent events that I don’t think people are really noticing. I believe the 3 officers are churning shares only amongst themselves. Spng is cancelling shares that they bought from themselves and IMO it makes it look like they are reducing share count in general. They keep increasing the AS all along. My contention is this is inside stock manipulation using a cheap product as the ‘front’ of the operation.
All the below is from the same sec file.... SPONGETECH DELIVERY SYSTEMS INC - 10-Q (Filed: 20-04-2009)
NOTE D – COMMITMENTS AND CONTINGENCIES (continued)
No person holding shares of Class B Stock of record may transfer, and the Company shall not register the transfer of, such shares of Class B Stock, as Class B Stock, whether by sale, assignment, gift, bequest, appointment or otherwise, except to a permitted transferee (as described in the Certificate of Amendment) and any attempted transfer of shares not permitted shall be converted into Common Stock as provided by subsection.
On July 16, 2008, the Company formed six wholly-owned subsidiaries under the laws of the State of Nevada: (1) Spongetech Kitchen & Bath, Inc.; (2) Spongetech Health & Beauty, Inc.; (3) Spongetech Auto, Inc.; (4) Spongetech Medical, Inc.; (5) Spongetech Pets, Inc.; and (6) America’s Cleaning Company. The Company plans to engage in its proposed different lines of business through each of the subsidiaries and to hold all intellectual property in its America’s Cleaning Company subsidiary.
Effective December 12, 2008, the Board of Directors of the Company amended the Company’s Certificate of Incorporation to increase its authorized capital to 1,305,000,000 shares consisting of 1,250,000,000 shares of common stock, par value $0.001, 40,000,000 shares of preferred stock, par value $0.001, and 15,000,000 shares of Class B Stock, par value $0.001.
NOTE E – SUBSEQUENT EVENTS
Subsequent to the date of the financial statements, the Company cancelled an aggregate of 526,585,544 shares of common stock. The shares originated from the repurchase of common stock of RM Enterprises. This reduces the number of outstanding shares of common stock from 1,249,451,605to 722,866,061 shares.
~~! Note who owns RME and now they have six subsie’s to operate in... the Spng big 3 are buying and selling with themselves....not cool.
In July 2008, RM Enterprises International, Inc., a company that is our majority stockholder and which is controlled by our officers and directors, agreed to grant the Company the right, exercisable by the Company at any time on or prior to February 28, 2010, to repurchase all or any portion of the 267,154,132 shares issued that RM Enterprises International, Inc. had purchased from the Company since January 1, 2008 at the original price paid by RM Enterprises International, Inc. to the Company for such shares, or an aggregate of $4,918,432.46 for all of such shares. Such shares were issued in tranches at the time of each of the advances of funds to the Company at a 40% discount from the market price on the date of each such advance. The average per share issuance price for the shares was $0.0184.
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