This is for a SponeBob pouch bag with strap, officially licensed by Nickelodeon in 2004. It features an illustration of SpongeBob with the caption "Absorbency with Attitude". I haven't been able to find anything on this bag on the internet, it was given away as part of a contest in a gift bag by the studio in 2004 when the first movie came out, making it potentially a very rare piece of SpongeBob merchandise. It was never used and has all the original tags and the strap is still wrapped in its original wrapping.