Replies to post #314140 on Spongetech Delivery Systems Inc (fka SPNGQ)

[harvard homeboy]

The filed IRS 1120 and the SEC documents will match up perfectly.


I doubt it, but if they do it will be a coincidence more than anything else. There are usually significant diferences between what a company reports as GAAP-compliant net income and what a company reports as net income to the IRS.

After all, there are timing differences for tax purposes in the depreciation of fixed assets, for one thing, and most of the timing differences for tax purposes are captured in the deferred tax asset and deferred tax liability accounts.

[Christy from Google]

Would you like the IRS Corp 1120 Tax instructions or Mosky's own statements???????

Per IRS (Page 3) - Due date is Aug. 15th, 2009 and the extended due date is Feb 15th, 2010.

Per IRS (page 21) - Schedule L - Balance Sheet per Books. "The balance sheet should agree with the corporation's books and records." Pretty clear Kitt.

Schedule M-1 - Reconciliation of Income per Books with Income per Return. Again, very clear Kitt.

Mosky's statements to the SEC and shareholders.

As of February 28th, 2009 10Q, the Federal income tax provision and related liability is $1,290,011. Per Balance Sheet, Income statement and related Footnote #6

Per Sept 1st 10k extension to SEC - Profit of roughly $11.0 Million.

I have no reason to doubt the words or actions of Mosky concerning the above disclosures.

I hope this helps Kitt.