Storytime7 has posted the concept of the spin-off in it's topic.
"Concept: I'll post a bunch of screenshots that I took from Spongebob episodes to make up my own stories, somethings I use will be completely random and others will actually tell a story."
Only three episodes have been made, with one Halloween episode unaired. It has been confirmed by Storytime7 himself that the series was cancelled.
Season One Edit
(1) 1. The End of the World (We've Been Cancelled) (8/27/2010)
(2) 2. SpongeBob Eats Cereal (9/4/2010)
(3) 3. Spongebob's Halloween of Stuff You've Seen Before (10/17/2010)
(4) 4. SpongeBob's Real Halloween (TBA)