Replies to post #271652 on Spongetech Delivery Systems Inc (fka SPNGQ)

[Carpedeim357]

HI OT its simple for me. You owe tax when the co makes money. Some here try to tell us SPNG doesn't make money and are wrong. Just being profitable puts them above 95% who don't.

[loanranger]

OT,
In case my other post didn't make it clear:
You're right.....the company should have used the "Assumed Par Value Capital Method ". However, Delaware law says that if a company fails to provide the numbers required to calculate the tax based on that method, then the state will calculate the tax using the "Authorized Share Method".........which they are able to do because, as we all know, the share authorization changes are in their possession already. And it appears that, for 2008, that's what they did. And for 2009, they would appear to be preparing to do it again.