Cowtown Jay you make me laugh.
Lets for the sake of argument say that the filing was accurate relative to sales, profits, all of it. I don’t believe it to be true and the SEC appears to agree based on their Wells Notice relative to financial information but let’s just say it is accurate for your sake.
As of the February stats, the company had theoretically booked nearly $7 million in PROFITS and had $34,000 in cash. The filing likewise claims that they have $14 million in A/R with $1.1 million in inventory and $2.8 Million in deposits on inventory. There was also $1.8 Million in liabilities that needed to be paid.
If you look at past filings you will see that A/R is used to pay off the next level of production and is a rolling number. Payments are made net 30, 60, 90 days from sale and so A/R is a rolling number. When it comes in it goes right back out to pay for your entire General and administrative fees, Operating expenses, taxes, inventory for future sales, etc. You do understand this right? It is not like this $14 Million comes in and they go out and party with it. It is allocated against debt and future expenses.
So at the time of this filing, there was $31 million in revenues and after paying out their bills they had net income of $4.9 Million of which only $34,000 remained. So between this filing and the next due filing we are led to believe that they bought back nearly 600 million shares from RME and bought Dicon while increasing their paid advertising (new deals and stock promotion contracts)? How did they do that when A/R is used to buy the new inventory and labor to meet next quarter sales? What other “assets” did they have that they could use to buy up shares and buy Dicon?
Finally, if M&M were not taking salary, don’t you expect that their payment comes from RME? You can’t really think they are working for free at SPNG and giving up free money from RME do you? What would their incentive be, to make sure you were a happy investor? For the record, the company and RME are run by the same guys so there is no incentive for M&M to call in the RME shares at cost when it would give them nothing at RME. LMAO
And based on all this what I have to support my argument that you do not is an SEC Wells Notice that makes claims about the sale of unregistered securities against the company and M&M which would be RME SELLING SHARES and claims of cooked books. I also have lawsuits regarding the non payment of fees including the lawsuit by GFGU earlier this summer. A lawsuit that supported the fact that RME and not SPNG continued to pay SPNG debt and that ONLY happens if SPNG doesn’t have the money to pay.
Your “well it could be this and it could be that” response may sound great in a state of fear and disappointment but your theories don’t hold water even if you consider the last reported filing as being accurate relative to sales and receivables.
But go ahead and shoot the messenger. The SEC is wrong, the Mets are wrong, MSG is wrong, the Yankees are wrong, the evidence of forged documents are all wrong, the lack of a 10K is no cause for concern, the unknown O/S is insignificant, the prior legal history of M&M is insignificant. It is all a misunderstanding and a conspiracy to get your money. PIKE is buying this stock so it must be okay and Mingy claims they own 50% of the O/S because he is good at funny math.
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