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| | Business Summary: SpongeTech Delivery Systems, Inc. designs, produces, and markets unique lines of reusable cleaning products for car care, child care, home care, and pet care usages. | | | Address
43 West 33rd Street, Suite 600
New York
, NY 10001
Phone: 212-695-7850
Website: http://www.spongetech.com
| | Auditor |
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Drakeford & Drakeford
Royston
, GA | | Transfer Agent |
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Olde Monmouth Stock Transfer Co., Inc.
| Employees: 5
ShareHolders: 2365 | Founded: 1999
Domicile: Delaware | | | |
| | SpongeTech Delivery Systems, Inc. designs, produces, and markets unique lines of reusable cleaning products for car care, child care, home care, and pet care usages. These sponge-like products utilize SpongeTech's proprietary, patent (and patent-pending) technologies, and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices, or other ingredients. The company's sponge-like products are pre-loaded with specially formulated ingredients, such as soap, conditioner, and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SpongeTech Delivery Systems is exploring additional applications for its technology in the health, beauty, and medical markets. It plans to globally brand its company as America's Cleaning Company. The company was founded in 1999 and is based in New York, New York. | | History: INCORPORATED in Delaware Dec. 16, 2002, as Spongetech Sub, Inc.; and on that date merged Spongetech International Ltd., a New York corporation, and also merged Spongetech Delivery Systems, Inc., the company's parent. The company then adopted the name Spongetech Delivery Systems, Inc.
Spongetech International Ltd. was incorporated in New York June 18, 1999, as Romantic Scents, Inc.; name changed to RSI Enterprises, Inc. June 18, 2001, and to Spongetech International Ltd. Oct. 3, 2002. On July 15, 2002, Spongetech International Ltd. (then known as RSI Enterprises, Inc.) was acquired by Nexgen Acquisitions VIII, Inc., a Delaware corporation. Nexgen subsequently changed its name to Spongetech Delivery Systems, Inc. | | | | | | | | | |
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Management
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| Officers | Position |
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| Michael Metter | President & Chief Executive Officer | | Steven Moskowitz | Secretary, Treasurer, Chief Operating Officer, Chief Financial Officer & Chief Accounting Officer |
| | Directors |
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| Frank Lazauskas | | Michael Metter | | Steven Moskowitz | | | |
| | | | Capitalization as of 05/31/2008: | | | | | Authorized Shares | Outstanding Shares |
|---|
| Common $0.001 par | 750,000,000 | 365,473,214 | | Preferred $0.001 par | 20,000,000 | None |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | |
Stockholders:
08/28/2008,
2365.
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Transfer Agent: Olde Monmouth Stock Transfer Co., Inc.
Atlantic Highlands
, NJ | | | | OTC Bulletin Board( Primary): SPNG | | | | Exchange | Year | High | Low |
|---|
| OTC Bulletin Board | 2008 | 0.0600 | 0.0200 | | OTC Bulletin Board | 2007 | 0.3000 | 0.0200 | | OTC Bulletin Board | 2006 | 0.3500 | 0.1000 |
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| | | | DIVIDENDS: Common $0.001 par: No cash. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2008 | 2007 |
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| Revenue | $5,633,084 | $55,112 | | Cost of goods sold | 2,083,519 | 38,898 | | Gross profit | 3,549,565 | 16,214 | | Operating Expenses |
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| | Advertising and promotion | 2,027,727 | 0 | | Selling, general and administrative | 260,664 | 829,147 | | Depreciation and amortization | 16,175 | 4,284 | | Total operating expenses | 2,304,566 | 833,431 | | Net income (loss) from operations | 1,244,999 | (817,217) | | Other expenses-interest | 544 | 0 | | Net income (loss) | $1,244,455 | $(817,217) | | Net income (loss) per share from continuing operations: |
|
| | Basic and diluted | $.01 | $(.02) | | Weighted average number of shares outstanding: |
|
| | Basic and diluted | 106,403,107 | 40,348,016 | | The accompanying notes are an integral part of these statements |
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| | | | Balance Sheet | |
| 2008 | 2007 |
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| ASSETS |
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| | CURRENT ASSETS |
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| | Cash and cash equivalents | $208,709 | $387 | | Accounts receivable | 3,974,810 | 0 | | Inventory | 387,531 | 0 | | Prepaid advertising and commission | 637,875 | 0 | | Total current assets | 5,208,925 | 387 | | PROPERTY AND EQUIPMENT, net | 32,554 | 19,979 | | OTHER ASSETS |
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| | Intangible assets, net | 369,243 | 90,000 | | Security deposit | 8,000 | 0 | | Total other assets | 377,243 | 90,000 | | TOTAL ASSETS | $5,618,722 | $110,366 | | LIABILITIES AND STOCKHOLDERS' EQUITY |
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| | CURRENT LIABILITIES |
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| | Accounts payable | $202,562 | $188,333 | | Accrued expenses | 78,975 | 78,952 | | Loan payable-related party | 7,021 | 0 | | Income taxes payable | 1,000 | 1,600 | | Total current liabilities | 289,558 | 268,885 | | LONG-TERM LIABILITIES | 0 | 0 | | STOCKHOLDERS' EQUITY |
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| | Preferred stock, $0.001 par value, 50,000,000 shares authorized, 0 shares issued and outstanding |
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| | at May 31, 2008 and 2007 | 0 | 0 | | Common stock, $0.001 par value, 750,000,000 shares authorized, 365,473,214 and 46,842,406 shares |
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| | issued and outstanding at May 31, 2008 and 2007, respectively | 365,473 | 46,843 | | Additional paid-in-capital | 7,371,954 | 3,447,356 | | Deficit | (2,408,263) | (3,652,718) | | Total stockholders' equity (deficiency) | 5,329,164 | (158,519) | | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $5,618,722 | $110,366 | | The accompanying notes are an integral part of these statements . |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | 5,540,000 | | 2009 |
2 | 10,000 | | 2009 |
3 | 13,160,000 | | 2008 |
1 | Nil | | 2008 |
2 | 280,000 | | 2008 |
3 | 1,280,000 | | 2008 |
4 | 4,070,000 | | 2008 |
Full Year
| 5,630,000 | | 2007 |
1 | 10,000 | | 2007 |
3 | 10,000 | | 2007 |
4 | 30,000 | | 2007 |
Full Year
| 60,000 | | 2006 |
3 | 10,000 | | 2006 |
Full Year
| 10,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2009 |
1 | 1,080,000 | | 2009 |
2 | 2,310,000 | | 2009 |
3 | 1,510,000 | | 2008 |
1 | (10,000) | | 2008 |
2 | 10,000 | | 2008 |
3 | 190,000 | | 2008 |
4 | 1,050,000 | | 2008 |
Full Year
| 1,240,000 | | 2007 |
1 | (10,000) | | 2007 |
3 | (530,000) | | 2007 |
Full Year
| (820,000) | | 2006 |
Full Year
| (100,000) | | 2005 |
Full Year
| (80,000) | | 2004 |
Full Year
| (2,060,000) |
| | | | | | Quarterly EPS, US$ |
|---|
| Year | Quarter | Revenue | | 2009 |
1 | Nil | | 2009 |
2 | Nil | | 2009 |
3 | Nil | | 2008 |
1 | Nil | | 2008 |
2 | Nil | | 2008 |
3 | Nil | | 2008 |
4 | .02 | | 2008 |
Full Year
| .01 | | 2007 |
1 | Nil | | 2007 |
2 | Nil | | 2007 |
3 | (.02) | | 2007 |
4 | Nil | | 2007 |
Full Year
| (.02) | | 2006 |
1 | Nil | | 2006 |
2 | Nil | | 2006 |
3 | Nil | | 2006 |
4 | Nil | | 2006 |
Full Year
| Nil | | 2005 |
1 | Nil | | 2005 |
2 | Nil | | 2005 |
3 | Nil | | 2005 |
4 | Nil | | 2005 |
Full Year
| N/A | | 2004 |
1 | Nil | | 2004 |
2 | Nil | | 2004 |
3 | (.05) | | 2004 |
4 | (.05) | | 2004 |
Full Year
| (.11) |
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