Replies to post #271657 on Spongetech Delivery Systems Inc (fka SPNGQ)

[ttattletell]

Nope OT, TT does not have it wrong and loanranger explained it:

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.

ttattletell has it all wrong. He's basing that payment on revenues. According to Delaware, it's based on Authorised shares

SPNG owes Delaware over $367,000 in Franchise Tax fess but suppossedly paid GFGU $1.75M and paid off Dicon's $2M+ debt and another $2M to boot...something very fishy is going on here...just a matter of time and Delaware will REVOKE SPNG for non payment of their Franchise Taxes, right?