Last document had 2.7 billion and the A/S supports that. But then again the management is not even honest enough to tell shareholders how many shares are out. Why anyone would by a stock with people like that in charge is beyond me.
I paid for this Buyins.Net Report today just out of curiosity, and as you can see the data is showing a Short Position of about 2.1B Shares as of today. I ran this report last month and it shows a Short Position of 1.89B shares. In just one month, someone thought it a good idea to add about 200M shares to their portfolio short position. What is even more interesting is we did not even see that kind of volume for the entire month! So can you say MMs hiding the truth from everyone as usual???
http://www.buyins. net/ (Sorry but you have to pay like I did to get the report, $199.99). And I noticed that the report changes daily due to the changes in information that they find through their research.
The question I have to ask is why? Why would anyone add more to their short position. That is a lot of shares to add no matter what the situation.
Spongetech Delivery (SPNG)
SqueezeTrigger Price: $0.075
Days on Threshold List: -136
Current Price: $0.033
Current Volume: 3051900
Totals
Short Volume (number of shares) 2,161,010,020. 00
Short Dollar Value $205,309,483. 34
Monthly SqueezeTrigger Price .0623
Price at End of Month .033
Amount Above/Below Avg, Short Price
% Above/Below Avg. Short Price
Total Short Interest 10,636,900.00
Volume Weighted Average Short Price
Shares Outstanding 722866061
% of Shares Outstanding Shorted 299.3%
Float (stock not owned by insiders) 0.00
% of Float Shorted 100.00%
% Owned by Institutions 49.68%
% Owned by Insiders 50.32%
Total Change in Short Interest 491.63%
Days to Cover -136
Average Daily Volume 24,099,268
Think about this, first Buyins.Net is showing such a large short position which is available to the public. Second, the shorts obviously do not seem worried about their short position at all.
Third, what happens once SPNG gets off of the Pinks/Greys, and goes back to the OTCBB with such a large short position.
Fourth, what happens if the filings show that SPNG's sales from March of last year to March of this year to be about $180M to $225M in Sales???
Up to last March from the last known Quarterly, there were approximately $50M in Sales. Net Revenue approximately $7.6M. We can kiss the $7.6M by because of all the attorneys fees over the last year and the complete re-audit from 2007 as the SEC requested.
But does that really matter considering the potential sales of about $180M to $225M? Just figure a net revenue of about 15% and their good.
There has to be some type of balancing that will need to happen from the number of shares shorted to the current publically known O/S of 722M, in which the Buyins.Net Report is stating to be $0.075 cents on average to be the squeeze price.
So 2.1B shares minus the 722M O/S = -1,438,143,959. Well I guess that means the float is just GONE.
So you do your own DD and check your own math, IMHO, this is nuts no matter how you look at this situation. One filing out of SPNG, 10K, 10Qs, 8K of A/S or O/S changes, 8K or Revenues, anything including a 15-c211 to get back to the OTCBB could spell disaster for the shorts.
Oh, yeah! So what about those FILINGS SPNG Management, what is your response to this post? What are you going to do for your Shareholders? ??
OS between 2.75 and 3.1 Billion shares. More to be dumped this week and next. Beware of wordy press releases devoid of meaning, unverifiable statements and "good" intentions.
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