Replies to post #284140 on Spongetech Delivery Systems Inc (fka SPNGQ)

[Mingy]

REAL SPNG DD

$500 investment worth $50,000 if spongetech is legit, which I truly believe it is and why I have my own money invested. You put 500 in at 3 cents, and at what I deem fair value of spongetech of $3.40, that’s more than $50,000. Clearly defined risk reward.

Math for 323m Outstanding Shares. Remember, the 3 billion number some quote, includes the phantom/airshares. Those are illegal shares that will have to be bought back during the short squeeze.


The math that scares Shorty to death,
RME Bought 272,636,791*
RME Bought 61,230,000
RME Bought 74,900,000
RME Bought 409,953,442
RME Bought 306,412,290
RME Bought 415,327


Total issuance to RME= 1,125,547,850

On January 13, 2009, RM agreed to return an aggregate of 133,577,066

On April 16, 2009, RM Enterprises cancelled 526,585,544 common shares to reduce the common shares issued and outstanding from 1,249,451,605 to 722,866,061 common shares. These common shares were put back into the treasury.

Which leaves us with 465,385,246

As of 09/28/2009, RME is only left with 66,154,875 shares.
http://sec.gov/Archives/edgar/data/1201251/000114420409054225/xslF345X02/v163363_ex.xml

465,385,246 - 66,154,875 = 399,230,371

Where did 399,230,371 shares go?????

They went the same place the RME shares went back on April 16, 2009. Canceled and returned to SPNG.


So we take the previous OS of 722,866,061, subtract the RME shares of 399,230,371, and we are left with 323M shares.

The new OS of 323M. Now add up all the ownership, and we get 352M, thus showing proof of an OFFICAL Naked Short Position of 29 MILLION!

Now, we all know the Naked Short position is in the billions, but its nice to see proof that it officially is shown in the fillings.


*267,154,132+5,482,659 because these occurred later in month.

[brpoker]

and just imagine the 1000's of percentage points to the upside if spng wins. This stock was on a tear months ago and could be again...or not, i'll take a gamble...after all, we're in pennyland. Some are out for quick flips and some are here for jackpots.