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Prospector
Profile
204-04
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| Spongetech Delivery Systems, Inc. |
NAICS |
326299 |
| The Empire State Building, 350 Fifth Ave.
New York, NY 10118 |
Description |
Sponge Mfg. |
| (212) 594-4175 |
Employees |
5 |
| http://www.spongetech.com/ |
Revenue |
(mil) |
0.0550 |
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Income |
(mil) |
-0.8170 |
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Assets |
(mil) |
0.1100 |
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Liability |
(mil) |
0.2680 |
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(for the year ended 2007-05-31) |
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Category:
Audit Concerns
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Event:
Drakeford & Drakeford LLC raised substantial doubt about the ability of Spongetech Delivery Systems, Inc. to continue as a going concern after auditing its financial statements for the year ended May 31, 2007. The auditor notes that the company has incurred operating losses since the date of organization and requires additional capital to continue operations. The Company had a net loss of $817,217 for the year ended May 31, 2007, compared to a net loss of $101,764 during the year ended May 31, 2006. The Company's balance sheet showed an accumulated deficit of $3,652,718 and shareholders' deficiency of $158,519 as of May 31, 2007. It also has strained liquidity with $387 in total current assets available to pay $268,885 in total current liabilities.
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Intellectual Property:
The Company's cleaning products for vehicular use utilizes patented technology relating to sponges containing hydrophilic, which are liquid absorbing, foam polyurethane matrices. The Company has a license agreement with H.H. Brown Shoe Technologies, Inc. (dba Dicon Technologies), which owns the patent rights to the technology related to hydrophilic sponges. [SEC Filing 10-KSB 08-29-07]
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Description:
Spongetech Delivery Systems engages in the design, production, marketing, and distribution of hydrophilic polyurethane sponge cleaning and waxing products primarily for vehicular use in the United States.
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Officers:
Michael Metter (Pres., CEO & Dir.); Steven Moskowitz (Sec., Treas., CFO & Dir.); Frank Lazauskas (Dir.)
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Auditor:
Drakeford & Drakeford LLC
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Securities:
Common Stock-Symbol SPNG.OB; OTC BB;
111,842,406 common shares outstanding as of January 10, 2008.
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