Southridge Enterprises Inc (SRGE)

[nodummy]

Did you read the annual report?

http://www.otcmarkets.com/financialReportViewer?symbol=SRGE&id=96742

It is full of even more contradictions and mistakes

SRGE lists the outstanding share count at 923,276,868 as of August 31, 2012

They then claim to have an outstanding share count of 545,874,868 as of November 2, 2012 on the OTC website and in press releases.

Since the Annual report is dated December 13, 2012 it should list in the subsequent events section the cancellation of 443,576,000 shares, but it does not.

So is this a misleading press release?

http://ih.advfn.com/p.php?pid=nmona&article=54226697

Where would they even get 443,576,000 shares to buy back? NovaMex only still owned 200,000,000 of the original 800,000,000 shares allegedly paid for the property as of August 31, 2012. The other 600,000,000 had already allegedly been bought back. So that only leaves 200,000,000 shares which could be bought back.

The only other shareholder with any significant share ownership is the mysterious Rockridge Capital Holdings entity that exists as a front for some insider to get discounted free trading stock and since Rockridge isn't listed as a beneficially owner that would suggest that Rockridge is dumping their stock just as quickly as they are getting it.

Even if it was Rockridge's stock that got bought back that would be pretty dirty to issue stock to somebody to pay off debt then buy the stock back at a higher price.

Speaking of Rockridge Capital Holdings - did you notice that they still have the math wrong for the conversions? They list all of the Rockridge debt conversions at $.01/share when just by doing the simple math anybody can see that the debt conversions were all done at $.001/share.

So if SRGE really has $3.2 in cash from operations then why in the world are they issuing Rockridge free trading stock at $.001/share (well below the market price) instead of paying back the debt with the cash made from operations? Sounds like either the cash is a lie or SRGE is being run as an insider enrichment scheme to me.

Are we to believe that SRGE is buying back stock from the market at between $.005/share and $.01/share at the same time that they are issuing free trading stock to Rockridge at $.001/share? What sense would that make?


----------


Back to NovaMex. Did you notice that the money they are using to buyback the shares from NovaMex is actually money they are borrowing from NovaMex?

"On November 4, 2011 and May 30, 2012, the Company entered a 3 year, 6% interest promissory notes with Novamex Mineral S.A. for a share purchase and retirement for a total value of $3,750,000. The principal amount outstanding and accrued interest on this loan at August 31, 2012, was $3,812,997 and $38,255 respectively"

So they buy back the 600,000,000 shares (prior to August 31, 2012) from NovaMex at $.00625/share by borrowing $3,750,000. The $3,750,000 accumulates interest, then some day down the road the debt Note will become due and then SRGE will probably end up having to issue NovaMex shares to pay off that debt Note at a much lower price than $.00625/share. NovaMex will probably end up with something like 2.5 billion shares for the 800,000,000 shares retired.

Again this is called in an insider enrichment scheme.


--------


And we still have debt Notes with other mystery companies that cannot be proven to exist:

$2,500,000 owed to Duvernoi Capital Investments plus $87,569 in interest and a commitment to borrow another $3,500,000 from Duvernoi

$5,879,880 owed to Quixstone Investments Inc plus $687,170 in interest

$1,075,224 owed to Alex Smid plus $222,437 in interest

$3,812,997 owed to NovaMex Mineral S.A. plus $38,225 for money used to buy back shares from NovaMex


What is still sorely lacking from the SRGE filings is any mention of any buyout talks, any documentation that proves ownership of the properties, and any documentation showing signatures, addresses, or any other disclosure from these debt Note holders



--------


Obviously SRGE raised their Authorized share count to 1,5000,000,000 for a reason. So they could issue more shares than what the previous authorized share count of 1,000,000,000 would allow them.

Money owed is probably coming due and shares are being issued towards these questionable debts from these mystery entities.

Throwing out the history of the SRGE shell, the plagiarized press releases, the plagiarized management bios, the obvious connections to the group that ran the SAEI scam, the contradicting and confusing information surrounding the ownership of the properties, the lies about buyouts, the fake LinkedIn pages, the fake promotional newsletters, the plants on this forum, the Luis Carrillo drama, the debt conversion price mistakes, the death treats, the possible connections between WallStreetInvestorNews and WallStreetCapitalFunding, the lies about becoming an SEC reporting entity again, the lies told about Magna, the carrot chasing PRs that intentionally lack disclosure, and all the other areas of contention debated back and forth this forum.

Whether you trust SRGE and its touts or you consider SRGE one of the biggest penny stock scams of all-time like I do, two things cannot be argued and should not be ignored

The authorized share count was raised and the TA is gagged

Those two things = recipe for dilution