SurgePays Inc (SURG)

[StockItOut]

SurgePays Scam $SURG trades 3-cents from 5 year lows.

While skank CEO Kevin Brian Cox awards himself $5 Million to $8 Million in salary plus cash bonus and stock award compensation, per year.

SurgePays, Inc. = Insiders self-enriching SCAM!

Fact.

Analysts jump right on board to support this scam company too.

[StockItOut]

SurgePays Scam $SURG trades 8cents from 5 year lows.

While skank CEO Kevin Brian Cox awards himself $5M to $8 Million in salary and cash bonus and stock award compensation per year.

SurgePays, Inc. = SCAM!

Fact.

Analysts jump right on board to support this scam too.

Fact.

[StockItOut]

Coxy's SurgePays self-dealing scam paying himself hugely!


Chief Executive Officer

In December 2023, the Company finalized the terms of its employment agreement with its Chief Financial Officer as follows:

1. Term – through December 31, 2028
2. Base salary

a. For the year ended December 31, 2023 - $750,000,
b. For each year thereafter an increase of 3%

3. Annual cash bonus

a. For the year ended December 31, 2023, and all other years throughout the term of the employment agreement - $870,000.

4. Restricted Stock Awards

a. Effective March 1, 2024, future stock awards totaling 2,500,000 shares of common stock.
b. The shares will be issued and vest as follows:

i. 500,000 shares ratably over the period July 2024 – December 2024 (83,333 shares per month over a six-month period). The fair value of this grant was $3,800,000, based upon the quoted closing price of $7.60/share, 500,000 on June 1, of each subsequent year (2025, 2026, 2027 and 2028), at which time these shares will have their fair value determined. These shares have no stated performance or service requirements, other than to be remain as the Chief Executive Officer, and the expense will be recorded on the grant date; and
ii. Shares shall immediately vest if any of the following occur and the Chief Executive Officer is employed by the Company at the time of:

1. Death,
2. Total disability,
3. Termination without cause; and
4. Change in control

5. Annual Revenue Goals (only one (1) award per goal may be earned until next threshold is achieved

a. $250,000,000 – value of restricted stock award will be $6,250,000,
b. $500,000,000 – value of restricted stock award will be $25,000,000,
c. $1,000,000,000 – value of restricted stock award will be $50,000,000,
d. $2,000,000,000 – value of restricted tock award will be $100,000,000; and
e. Each additional $1,000,000,000 – value of restricted tock award will be $50,000,000,

6. Annual EBITDA Goals (only one (1) award per goal may be earned until next threshold is achieved

a. $50,000,000 - value of restricted stock award will be $2,500,000,
b. $100,000,000 - value of restricted stock award will be $5,000,000; and
c. Each additional $50,000,000 - value of restricted stock award will be $2,500,000

7. Market Capitalization Goals (only one (1) award per goal may be earned until next threshold is achieved

a. $250,000,000 - value of restricted stock award will be $25,000,000,
b. $500,000,000 - value of restricted stock award will be $50,000,000,
c. $1,000,000,000 - value of restricted stock award will be $100,000,000,
d. $2,000,000,000 - value of restricted stock award will be $200,000,000; and
e. Each additional $1,000,000,000 - value of restricted stock award will be $100,000,000

8. Other

a. Vacation,
b. Car allowance of $500 per month; and
c. Home office expense reimbursement of $667 per month,
d. 401(K) plan participation,
e. Life insurance; and
f. Liability insurance

See Note 9 regarding the vesting provisions of these shares.

[Monksdream]

Naturally I wept

[StockItOut]

Ha! See that $2.5M money launder "goodwill" shuffled to ClearLine Mobile, Inc.

[Monksdream]

Wouldn’t touch it with a barge pole

[StockItOut]

You're long this scam?

[Monksdream]

I am peeing tears

[StockItOut]

SURG 136 week low!

SURG - 136 week low today!

(click link to load 3 yr. weekly chart)

[Monksdream]

SURG new 52 week low

[StockItOut]

SURG $1.99. Down 27% today. -$0.66 per share loss. YoY that's $1.06 per share lower.


Surgepays (NASDAQ:SURG) reported quarterly losses of $(0.66) per share. This is a 265 percent decrease over earnings of $0.40 per share from the same period last year. The company reported quarterly sales of $15.086 million which missed the analyst consensus estimate of $15.154 million by 0.45 percent. This is a 57.96 percent decrease over sales of $35.886 million the same period last year.



Not long now to hit my $1.50 share short cover target. Probably should wait to cover until SURG is in penny land back under $1 per share again.

.

[StockItOut]

New 2 year SURG low today. You're waayyy underwater.... still ..... and again.
Your Brian Cox scam is being seen for the scam it is.

[StockItOut]

Heck of an engulfing candle on today's SURG big price drop.

[StockItOut]

Shorts have yet covered on this garbage scam company.
Brian Cox has to bottom feed on government handouts. ACP is done. Extreme SURG revenue drop still onging.
And you're once again underwater on $SURG.

[SurgeGuy2.0]

I see Surg shooting up through $5 very soon.

[SurgeGuy2.0]

SURG, easy double from here!

[StockItOut]

$SURG new 2-year low. Back to OTC-like business-as-usual.

[StockItOut]

Now you're desperate. As we see in your stock pump.


$SURG

[StockItOut]

Underwater is more like it.

[SurgeGuy2.0]

SURG well undervalued.

[Televet]

Why Cable and Telecom Stocks Were Soaring Today
Story by Billy Duberstein • 4d • 3 min read

The Affordable Connectivity Program (ACP) is alive

Yesterday, a bipartisan group of Senators introduced an amendment to the 2024 Federal Aviation Administration (FAA) Reauthorization Act, which would provide roughly $6 billion in funding toward the Affordable Connectivity Program (ACP), along with another $3 billion to "rip and replace" equipment from Chinese telecom equipment providers ZTE and Huawei.
Telecom and cable stocks have been facing headwinds, as the current ACP, which provides a $30 per month broadband subsidy to low-income households, is in its final month of funding. Thus far, Congress has balked on continuing to fund the program or find room for it in the federal budget. If the subsidy were to go away, some 23 million households would either not pay their bills or pay only a portion to their current broadband provider, creating a big risk for those providers.

But late Tuesday, a bipartisan group of six Senators introduced an amendment that would attach the ACP to the FAA Reauthorization Act, which must be passed at some point.

Notably, the amendment is a modified form of the ACP bill that was shot down earlier this year. It shrinks the subsidy by about $1 billion from $7 billion to $6 billion, lowering the wage threshold for subsidy qualification while also implementing measures meant to curb waste and abuse.

On their recent conference calls, Charter, Comcast, and Shenandoah all referred to the expiration of the ACP as a potential risk for elevated churn in the upcoming second and third quarters. Charter noted it had 5 million ACP customers out of its roughly 30 million (or 17%) residential relationships. Comcast has about 1.4 million ACP recipients out of about 31.6 (4.4%) million residential customers. And Shenandoah said it had less ACP exposure than large players, at less than 4% of its customer base.

Therefore, should the program be revived, that would be a relief to all these companies' financials. It's a bit curious that Shenandoah is up much more than the others, given its lower proportion of ACP customers. But Shenandoah is a much smaller company at just a $900 million market cap, and positive or negative news tends to have an outsized effect on smaller-cap companies. Shenandoah had also seen its stock essentially cut in half in just the past five months or so. So, it was perhaps due for a bounce on any good news.

[SurgeGuy2.0]

SURG looking strong......looking forward to earnings!!!!!!

[StockItOut]

$SURG gaps at $2.12 & $1.88: $SURG on its way back down to fill.

[StockItOut]

The federal government should just force the telcom/ISPs to provide no-cost or very very low-cost internet. Back in the new internet day corporate America was looking to cover internet as free for everyone, to get America online. It certainly can do it for low-income Americans.

Internet was created by the govt. Now, $50/month base for internet is standard corporate rip-off provided by initial govt handout. Yes, networks were built yet efficiencies lead to lower costs, not higher costs that we experience. Further, govt is reliant upon the quasi-private ISP networks and network operators to deliver all internet traffic and much data to the govt.

The Affordable Connectivity Program (ACP) is yet another corporate giveaway, evidenced clearly by scam SurgePays, Inc. raking in millions in revenue on internet infrastructure it does not own or operate. That's waste and abuse as fueled by govt spending.

Rather, simply have govt force the hand of public/private ISPs and telcoms to provide free or very very low-cost internet to those eligible for the ACP program. Corporate can absorb the costs just fine.

SurgePays, Inc. an OTC scam company without ACP proves ACP is a waste of govt money.

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[bUrRpPPP!]

Thurs last chance for ACP vote link... https://broadbandbreakfast.com/discharge-petition-on-fate-of-7-billion-acp-now-active/

[bUrRpPPP!]

Coxy gunna have to find another GOV program to scam...whoopsie!

[SurgeGuy2.0]

Whoopsie! SURG heading higher.........load them up!

[StockItOut]

$SURG $1s coming.

[bUrRpPPP!]

!Whoopsies! headed lower every day!

[StockItOut]

I suppose Nasdaq wasn't presented SurgePay's cooked books where the CFO resigned because he refused to sign off on the 10-K.

It does seem like Nasdaq lists scams with some frequency where previously it had appearance of integrity.

Maybe Nasdaq lamented when days later after the new listing all that fraudulent SurgePays naked short selling washed money through 18.5 X the entire SURG outstanding in a day.

Why ask to rehash it? That's weird.

[SurgeGuy2.0]

IF it was a SCAM, then how was it upgraded up to the NASDAQ? lolzzzzzzzzzzzz

[StockItOut]

So just trade. You don't deny SurgePays is-a scam!

[SurgeGuy2.0]

SURG moving up again! Nice loading under $4.00 again! lolzzzzz

[StockItOut]

Even Maxim, SurgePays's financier, changed $SURG from buy-to-hold rating.

Now notice how Ascendiant Capital scammers today rated SURG a buy even with the national Affordable Connectivity Program ending full ACP payments this month. Does scammy Ascendiant Capital have inside knowledge to know that the ACP will be refunded?

Funny, because Ascendiant 11 months ago did the exact same buy price target adjustment from $11.50 to $10.00. Looks like scammers just republished year old news as if it is new.

If ACP does get refunded, watch your short.

Without ACP, SurgePays is a short sell, where SurgePays, Inc. will continue to go right back to its lame misleading books cooking OTC type company.

https://www.sec.gov/news/press-release/2021-24

SEC Charges Investment Adviser and Others With Defrauding Over 17,000 Retail Investors

Washington D.C., Feb. 4, 2021 —
The Securities and Exchange Commission today charged three individuals and their affiliated entities with running a Ponzi-like scheme that raised over $1.7 billion from securities issued by a New York-based asset management firm and registered investment adviser, GPB Capital. The SEC also charged GPB Capital with violating the whistleblower protection laws.

The SEC’s complaint alleges that David Gentile, the owner and CEO of GPB Capital, and Jeffry Schneider, the owner of GPB Capital’s placement agent Ascendant Capital, lied to investors about the source of money used to make an 8% annualized distribution payment to investors. According to the complaint, these defendants along with Ascendant Alternative Strategies, which marketed GPB Capital’s investments, told investors that the distribution payments were paid exclusively with monies generated by GPB Capital’s portfolio companies. As alleged, GPB Capital actually used investor money to pay portions of the annualized 8% distribution payments. GPB Capital and Gentile with assistance from Jeffrey Lash, a former managing partner at GPB Capital, also allegedly manipulated the financial statements of certain limited partnership funds managed by GPB Capital to perpetuate the deception by giving the false appearance that the funds’ income was closer to generating sufficient income to cover the distribution payments than it actually was.

The SEC’s complaint further alleges that GPB Capital and Ascendant Capital made misrepresentations to investors about millions of dollars in fees and other compensation received by Gentile and Schneider. As alleged, the fraudulent scheme continued for more than four years in part because GPB Capital kept investors in the dark about the limited partnership funds’ true financial condition, failing to deliver audited financial statements and register two of its funds with the SEC. GPB Capital allegedly violated the whistleblower provisions of the securities laws by including language in termination and separation agreements that impeded individuals from coming forward to the SEC, and by retaliating against a known whistleblower.

“As alleged in our complaint, the defendants told investors that they would be paid distributions from profits of the portfolio companies when, in reality, many of the payments were being made from the investors’ own funds,” said Richard Best, Director of the SEC’s New York Regional Office. “This action shows our continued pursuit of those who deceive investors and conceal their misconduct to reap profits for themselves.”

Jane Norberg, Chief of the SEC's Office of the Whistleblower, added, “Whistleblower protections are a cornerstone of the SEC’s whistleblower program. The charges filed today reinforce the Commission’s commitment to protecting whistleblowers from retaliation and attempts to stifle the free flow of information to the Commission about possible securities law violations.”

The SEC’s complaint, filed in federal court for the Eastern District of New York, charges Gentile, Schneider, GPB Capital, Ascendant Alternative Strategies, and Ascendant Capital with violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Lash with aiding and abetting certain of those violations. The complaint also charges GPB Capital and Gentile with violating the antifraud provisions of the Investment Advisers Act of 1940 and charges GPB Capital with violating the registration and whistleblower provisions of the Exchange Act and the Advisers Act’s custody and compliance rules. The complaint seeks disgorgement of ill-gotten gains plus prejudgment interest and penalties.

The SEC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of New York, Federal Bureau of Investigation, Financial Industry Regulatory Authority, Alabama Securities Commission, Illinois Securities Department, South Carolina Office of the Attorney General’s Securities Division, Office of the Georgia Secretary of State’s Securities Division, Missouri Securities Division, New Jersey Bureau of Securities, New York State Office of the Attorney General, and Texas State Securities Board.

The SEC’s investigation was conducted by Kristin M. Pauley, Lindsay S. Moilanen, Kerri L. Palen, David Stoelting, Neal Jacobson, Melissa A. Coppola, Alistaire Bambach, and Sheldon L. Pollock, and supervised by Lara S. Mehraban. The SEC’s examination that led to the investigation was conducted by Anthony P. Fiduccia, Kristine E. Geissler, Todd Naznitsky, Amritpal Sidhu, Merryl Hoffman, and Thomas J. Butler. The litigation will be led by Mr. Stoelting, Ms. Pauley, and Ms. Moilanen.

.

[SurgeGuy2.0]

SURG looking Good! Another load well under $4.00, Easy double!!!!!

[StockItOut]

Weak hands buy the downtrend.

[SurgeGuy2.0]

Booooooom!!!! Love weak hands!!!!!! Easy double! lolzzzzzzzz

[SurgeGuy2.0]

Reloaded under $4.00!!! Weeeeeeeeeeeeeee

NASDAQ stocks are the best!!!!!!!!!

[StockItOut]

10-K:

the Company has seen a steady flow of tradeable warrants being exercised as of the new year. In January 2024, 4,125 warrants were exercised at $4.73 for cash proceeds of $19,511 and in February 2024, 1,773,606 warrants were exercised at $4.73 for cash proceeds of $8,389,156. The outstanding warrant balance as of February 29, 2024 is 3,468,355. As long as the tradeable warrants are in the money, the Company expects to see continued exercise of warrants for the remainder of the year, as these tradeable warrants expire in early November 2024.

[StockItOut]

$SURG back below pre-Nasdaq price levels.

[StockItOut]

Coxy siphoning $4,758,088.74 in 33 monthly payments. That’s $144,184 per month for 33 months. That’s for a while back selling his regulatory in legal trouble True Wireless company for just $10.00 and Coxy got tons of $SURG shares.

[StockItOut]

$SURG gap below at $2.12. And at $1.88.

[StockItOut]

Now that $5s then $3s hit, trend-line broken, support broken, $SURGIE has no real support now until low $2s.

[bUrRpPPP!]

Never buy a stock that the Institutional holding are only 7%...they know the scams!
https://finviz.com/quote.ashx?t=SURG&ty=c&ta=1&p=d

[bUrRpPPP!]

$3.75... just another $3 down to go! whoopsies!

[bUrRpPPP!]

Headed back to OTCBB...cook the books!

[bUrRpPPP!]

I may start to cover shares around .75 cents... maybe

[bUrRpPPP!]

Here come the $3's... shareholders now very underbanked! whoopsies!

[bUrRpPPP!]

Last $4.16 Still short from $9.20 !!! I love Coxy Woxy!

[bUrRpPPP!]

SO glad I shorted this @ $9.20...easy money when you understand this scam!