Hey Romo, we seem to be holding on at 8 cents on pretty high volume. I picked up another chunk at just below .8Originally Posted by imromo24
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Hey Romo, we seem to be holding on at 8 cents on pretty high volume. I picked up another chunk at just below .8
feel free to pick up some chunks, but imo i think its going to go lower...
I looked up the history of two companies that had to reaudit, it took "itwo" voluntarily reviewed 4 years of books that took nearly 6 months to do (though they may not have been in a hurry until the delist notice came in May 2003) even after they were delisted they took until july to finish.
SO....
1) 4 years of books to review took 6 months. (we have 2 years to review)
2) itwo ended up losing $359MM from book cleanings (meaning they found they actually showed too much profit) (we only had $5MM or so revenue) I don't think it should take long to filter through that little amount....also, theres not much downside there either.
I did some very stupid math and it goes like this itwo $359MM spng 1/60th at $5MM and itwo took 6 month for 4 years of reaudit and spng only has 2 years..
so 2yrs/4yrs = half the amount of work (so it could take us 3 months because it took itwo 6)
then
itwo $359 spng $5MM so 1/60th of 90 days = 1.5 days to review the books
LOL, told you it was stupid math...
anyway, the point is its a smaller review, and im sure they have D&T involved now (i also read D&T does high profile reaudits)
another fact is the CEO said the accountant issues are unrelated to spng, so the books may be in good shape and could be turned around quickly, it wasn't a spng problem.
They got the notice to reaudit 2008/7 on September 11th (thanks sec real patriotic, come on its americas cleaning company) Its now 7 days later...In my completely unprofessional opinion I think we could see the 10k as early as Monday and as late as mid October.
If it isn't done by 9-22 i don't think they can do the RS, there was a stipulation that the RS needs regulatory approval, imo not filing a 10k on time would probably negate the RS.
The point of the whole thing is, if you have dry powder, wait....if you have shares, hold.
itwo went from .57 to $11 in april 2005, then in june or something it went from $8 to $22...spng should be the same type of movement, it is highly highly undervalued right now (problem is, it will continue to go lower until the reaudit is done)
HOLD and accumulate dry powder to buy lower...
Last edited by imromo24; 09-18-2009 at 10:28 AM.
i checked and it had gone back to .09, lol...don't get me wrong upwards is much much better than getting some more shares lower...
id watch for some headfakes to generate buying before the mm's take it lower, like i said, the 10k is the only real thing thats going to make this move (without coming back down after a move up)
Listening intently over here. My plan:
1. Move some funds over to my TDA account to buy some SPNGE next week, early.
2. Buy said stock. Sit on it.
3. Wait for the 10-K filing, see what happens.
4. Sell before reverse split.
5. Make money.
Am I on the right path here, guys?
the RS is supposed to be tuesday, your timeline would only work if the RS is extended or cancelled tuesday during the day (takes effect at 5pm 9-22)
Well, it sounds like ROMO has done his homework on this thing and the 10k should open a ton of eyes.
Are we saying that they HAVE to wait for the 10k to be completed before the R/S? If they could somehow pull off an R/S and wait to get listed, THEN release these ridiculous numbers, that would be NUTS.
Does everyone think S/P will definitely take a hit after R/S?
Okay, then based on what you said above, Romo...help me play this thing. I have funds available today to buy, if need be.
Or I can wait. You know this stock better than ANYBODY I know.
the post split pps is a tough one to call, there is something weighing the price down right now, depending on what events occur before or at the same time as the RS those weights could be removed...the true value of the stock is .30 IMO right now
if you don't have any shares any point under .20 is a buy, lets think this through smartly though... if you have zero shares buy 25% today at 3:45pm's price, wait the day out, i think this .09 is a headfake and they'll take it down again soon...
then, wait until tuesday to find out what happens with the RS. If its cancelled, maybe buy another 25%....then wait...when the 10k comes out buy the rest immediately (this could be days or weeks from now, the wait is on).
something like that...my brother sold half his shares today to try to play a move to .05, thats why it went green today LOL, he's the bottom indicator so it all may be out the window now.
Either way, the stock is not trading normal, neither fundamentals or TA...its on its own.. my brother said he had his ask set lower than the bid and it wouldn't go through, tell me what that means...i know people have said they place bids well over the ask and can't get them to go through...
sorry the price is worth .30 right now thats not my opinion, the fundamentals show that clearly, what we don't know is what the outstanding shares are...but we have been told by management their goal is 500MM, right now the databases show 722MM...the buyback ended 9-5-09, so the OS could be less than 600MM right now...
when the 10k shows the 11MM profit and forward statements show $50MM plus profits in 2010, you can do the math on that...
I read up on the chart called a double bottom, it seems the double bottom has to go lower than .08 to be official, i think we may have hit that today...maybe someone can explain and look at spng in respects to a double bottom chart....
by the way, the first bottom of the double bottom on spng was back in june on black friday, when it hit .28 then dropped to .08 in a day or two...
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