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Over 70 PR's in 3 years...all 100% bullshit!
LMFAO! 853DAYS SINCE BULLSHITTER COX SAYS HE FILED FOR NAZ!
Surge Holdings Inc. Files Application for Uplisting to the NASDAQ Capital Market
Download as PDF
March 06, 2019 8:05am EST
MEMPHIS, Tenn., March 6, 2019 /PRNewswire/ -- Surge Holdings Inc. ("Surge") (OTCQB: SURG), a Memphis-based Technology and Blockchain FinTech Software Company is pleased to announce today it has filed an application for uplisting on the NASDAQ Capital Market.
SurgeHoldings Logo (PRNewsfoto/Surge Holdings)
"We believe uplisting from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets," stated Brian Cox, Surge's CEO and Chairman of the Board. "An up-list will open the investment opportunity to a larger pool of investors and help create greater shareholder value. We have made significant progress in strengthening our financial performance, governance and liquidity, positioning the Company for future growth and profitability. A listing on the Nasdaq Capital Market is a natural progression for the Company and our shareholders."
The Company's common stock will continue to trade on the OTCQB under its current symbol, SURG, during the NASDAQ review process and while the Company prepares to meet all the requirements for uplisting to NASDAQ.
DUMP DUMP DUMP!
WHOOPSIES! BWAAAAAAAAAAAA HAAAAAAAAAAAAAA!!
I'VE SENT 28 EMAILS TO IR AND NOT A SINGLE REPLY!
SURG SUPPLYING FREE OFFICES TO UNDER-BANKED MANAGEMENT
FREE RENT FOR ALL MANAGEMENTS PRIVATE BUSINESS'S!
COX PROVIDING FREE OFFICES TO MANAGEMENTS PRIVATE COMPANIES!
ONCE AGAIN COX RIPPING OFF SHAREHOLDERS...ENDLESS DILUTION LIES AND THIEVERY
COX WILL USE ANY EVENT TO CREATE A PRESS RELEASE...FUNNY HE DIDNT RELEASE NEWS ABOUT TRIPLING THE NUMBER OF OFFICES????
FUNNY THERE WAS NO 8K FILED EXPLAINING THE EXPANSION????
WE ALL KNOW WHY!!!!!!
BUSTED! Glass Mountain Capital, LLC IS OWNED BY SURG COO Anthony P. Nuzzo, Jr. WHICH JUST HAPPENS TO BE THE SAME EXACT NEW SURG OFFICE LOCATION THAT QUIETLY APPEARED IN THE 10K WITHOUT ANY NEWS OR OFFICIAL 8K OF A MATERIAL EVENT. LOOKS LIKE SURG SHAREHOLDERS ARE PAYING FOR NUZZO'S OFFICE NOW TOO! ....SEC WILL BE HAPPY TO LOOK INTO THIS!
ITEM 2. PROPERTIES
We presently occupy space at 3 locations: 3124 Brother Blvd, Suite 410, Bartlett, TN 38133, (This building is owned by an entity owned by Mr. Cox, our CEO and Chairman and the controlling shareholder of the Company), 1375 E Woodfield Road, Schaumburg IL 60173 and1615 S Ingram Mill, Building B, Springfield, Missouri 65804.
HERE IS THE LINK TO GLASS MOUNTAIN...SCROLL DOWN AND YOU CAN SEE THEY OCCUPY LIST THE IDENTICAL ADDRESS...
http://www.glassmountaincapital.com/
1375 E Woodfield Rd
Suite 400
Schaumburg, IL 60173
877-214-0276 (Toll Free)
info@glassmountaincapital.com
And the 3rd address is for Winfrey's business....so all the managements private business get free rent! Below the address listed in the SURG Q1 and of course no 8-k filed of news expaling why...
1615 S Ingram Mill, Building B, Springfield, Missouri 65804.
https://www.dnb.com/business-directory/company-profiles.electronic_check_services_inc.4df799dcaa1b721967199381561df1b3.html
https://ir.surgepays.com/company-information/management-team
https://missouri-company.com/co/electronic-check-services-inc
On January 30, 2020, the Company entered into a Membership Interest Purchase Agreement (the “MIPA”) by and among the Company, ECS Prepaid, LLC, a Missouri limited liability company (“ECS Prepaid”), Dennis R. Winfrey, an individual, and Peggy S. Winfrey, an individual (together, the “Winfreys”), whereby the Company purchased from the Winfreys all of the Membership Interests of ECS Prepaid owned by the Winfreys (the “ECS Prepaid Membership Interests”). In consideration for the ECS Prepaid Membership Interests, the Company issued to Suray Holdings LLC, an entity jointly controlled by the Winfreys, 450,000 shares of Common Stock of the Company.
LOCO RABBIT WITH RABIES....SCURG SCAM ALWAYS REBRANDING JUNK
Naz Uplist? 848 DAYS AND COUNTING!LMFAO!SCAM 100%
Surge Holdings Inc. Files Application for Uplisting to the NASDAQ Capital Market
Download as PDF
March 06, 2019 8:05am EST
MEMPHIS, Tenn., March 6, 2019 /PRNewswire/ -- Surge Holdings Inc. ("Surge") (OTCQB: SURG), a Memphis-based Technology and Blockchain FinTech Software Company is pleased to announce today it has filed an application for uplisting on the NASDAQ Capital Market.
SurgeHoldings Logo (PRNewsfoto/Surge Holdings)
"We believe uplisting from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets," stated Brian Cox, Surge's CEO and Chairman of the Board. "An up-list will open the investment opportunity to a larger pool of investors and help create greater shareholder value. We have made significant progress in strengthening our financial performance, governance and liquidity, positioning the Company for future growth and profitability. A listing on the Nasdaq Capital Market is a natural progression for the Company and our shareholders."
The Company's common stock will continue to trade on the OTCQB under its current symbol, SURG, during the NASDAQ review process and while the Company prepares to meet all the requirements for uplisting to NASDAQ.
The only asset they have is a fake revenue ECS deal from a scampinksheet listed comapny GTCH that had to sue SURG to get paid after COX screwed them over....
Naz Uplist? 843 DAYS AND COUNTING!LMFAO!SCAM 100%
Surge Holdings Inc. Files Application for Uplisting to the NASDAQ Capital Market
Download as PDF
March 06, 2019 8:05am EST
MEMPHIS, Tenn., March 6, 2019 /PRNewswire/ -- Surge Holdings Inc. ("Surge") (OTCQB: SURG), a Memphis-based Technology and Blockchain FinTech Software Company is pleased to announce today it has filed an application for uplisting on the NASDAQ Capital Market.
SurgeHoldings Logo (PRNewsfoto/Surge Holdings)
"We believe uplisting from the OTC Market to the Nasdaq Capital Market will increase corporate visibility, improve liquidity, and broaden awareness in the financial markets," stated Brian Cox, Surge's CEO and Chairman of the Board. "An up-list will open the investment opportunity to a larger pool of investors and help create greater shareholder value. We have made significant progress in strengthening our financial performance, governance and liquidity, positioning the Company for future growth and profitability. A listing on the Nasdaq Capital Market is a natural progression for the Company and our shareholders."
The Company's common stock will continue to trade on the OTCQB under its current symbol, SURG, during the NASDAQ review process and while the Company prepares to meet all the requirements for uplisting to NASDAQ.
About Surge Holdings Inc:
Surge Holdings Inc. is a publicly traded company headquartered in Memphis, TN. Surge wholly owns and actively operates subsidiaries that utilize emerging technology to improve the quality of life for the unbanked, under-banked, and the overlooked. Surge products are delivered to a nationwide network of convenience stores and corner markets connected to the SurgePays Wholesale Marketplace Portal software platform. Current focus and holdings include Blockchain FinTech Software as a Service (SaaS) subsidiaries, Reloadable Debit Cards for the unbanked and Telecommunications subsidiaries. Surge Holdings, Inc is traded under the stock ticker symbol: SURG.
Another $100K of monthly lawsuit payment shares coming!
BUT ITS' A BLOCKCHAIN COVID TELECOM HEMP FINTECH NETWORK SUPPLY CHAIN WHOLESALES GOODS FINANCIAL SERVICE DISTRIBUTION OF BULLSHIT COMPANY! HEE-HAW HEE HAW!
SURGHOLDING TWITTER ACCOUNT ..POOF!
COX ALWAYS RUNNING AND HIDING..SWITCHING NAMES AND DELETING OLD LIES...
https://twitter.com/surgeholdings
COX destroyed True wireless...BUT BUT BUT NOW WE GO TO NAZ WITH PINKSHEET ECS SCAM! LMFAO!
LOVE THE "HEEHAW" "HEEHAW"!
NASDAQ...HOLY SHEET THATS HILARIOUS!
COX WITH SOME FRESH 100% BULLSHIT...
BARLETT, Tenn., June 22, 2021 (GLOBE NEWSWIRE) -- SurgePays, Inc. (OTCQB: SURG) (“SurgePays” or the “Company”), a blockchain fintech company building a next generation supply chain network that offers wholesale goods and financial services for the underbanked more cost efficiently than traditional distribution models, today announces the expansion of sales activities by strategically centralizing its sales operations through the appointment of two national sales managers and the launch of the Company’s proprietary, blockchain-supported sales funnel, customer relationship management (CRM) and business intelligence (BI) platform, BLITZ.
Brian Cox, the Company’s Chief Executive Officer, commented, “The appointment of two national sales managers and the launch of Blitz represents an important transition in the SurgePays business evolution from focusing on software development, systems and product integrations, to a full blown, in-house sales effort on a national level. Previously, the bulk of our sales growth has been executed through independent third-party sales organizations. Developing our own sales centric CRM will allow us to manage rapid growth nationwide while monitoring and maximizing sales per store. The Blitz launch was the timing trigger for naming Daniel Anderson as our national direct sales manager and Patrick Crean as sales manager for special and indirect accounts.”
BLITZ, the Company’s proprietary blockchain supported sales funnel, customer relationship management (CRM) and business intelligence (BI) platform, was developed entirely and is owned entirely by SurgePays and maintains a database of more than 34,000 retail stores. The platform supports and activates new store from first contact to live transactions over the SurgePays network, while also targeting messaging to specific stores based on data collected. BLITZ, which also includes a ticketing system, is the single point of access for customer relationship management, providing a fluid, searchable knowledge base that allows the support team to provide accurate, uniform responses to merchants with escalation alerts at specified intervals to ensure tickets are handled quickly. Finally, it provides a multi-channel business intelligence engine featuring actionable BI dashboard analytics to track objectives and key results (OKR), all using a blockchain supported database to ensure data utilization, integrity, and security.
IS THIS A JOKE..APRIL FOOLS?
COX..NOW HE IS PUMPING A NEW customer relationship management platform ...ARE YOU KIDDING...CUSTOMER REALATIONS??? WHAT A FOOKING JOKE
SurgePays falls 2.8% amid launch of customer relationship management platform
LOOKS LIKE SOME FRESH BULLSHIT FROM COX TODAY!
ALL THATS LEFT IS THE BS ECS DEAL FROM PINKSHEET SCAM GTCH....AND EVEN THAT THEY GOT SUED FOR NON-PAYMENT...COX ALWAYS SCAMMING SOMEONE!
YOU MEAN COX IS A FRAUD? LMFAO!
BWAAAAAAAAAAAAA!!!.---HAAAAAAAAAAAAAA!
TRUE WIRELESS JUST SOLD FOR A PENNY! LMFAO!
COX RAN UP ALL THE DEBT LOANS ETC...AND NOW WAS FORCED TO GIVE IT AWAY FOR A PENNY OR GO BANKRUPT SINCE THERE IS ZERO PROFITS FROM ALL THE LIES AND BULLSHIT STORIES COX HAS SPEWED FOR 3 YEARS....
BWAAAAAAAAAAAAAAAHAAAAAAAAAAAAAAAAAAAAAAAAAAAA!
HOUSE OF LIES...ALL CRUMBLING!
8K COX HAS BEGUN LIQUIDATION! LMFAO!
On May 7, 2021, SurgePays, Inc., a Nevada corporation (the “Company”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Blue Skies Connections, LLC, an Oklahoma limited liability company (the “Buyer”). Under the Stock Purchase Agreement, the Buyer agreed to purchase all of the issued and outstanding shares owned by the Company of the common stock, par value $0.001 per share (the “True Wireless Shares”), of True Wireless, Inc., an Oklahoma corporation (“True Wireless”). The Stock Purchase Agreement provides that the aggregate purchase price for the True Wireless Shares shall be the value of the specific known liabilities and debts assumed by the Buyer under the Stock Purchase Agreement (the “Assumed Liabilities). The aggregate amount of the Assumed Liabilities is equal to $2,408,873.04. This amount consists of a line of credit in the amount of $912,869.95, a Small Business Administration Loan in the amount of $153,898.16, a debt in the amount of $176,850.56 owed by True Wireless to the Company and other debts in the aggregate amount of $1,165,254.37 owed by True Wireless to various service providers.
Section 2.7 of the Stock Purchase Agreement provides that in the event the Buyer is unable to obtain the licenses, permits, consents, authorizations, orders and approvals from all Governmental Authorities (as defined in the Stock Purchase Agreement) that may be or become necessary or desirable to operate the business of True Wireless as intended by the Buyer, at any time after the closing of the transactions contemplated by the Stock Purchase Agreement, the Buyer shall have the right to exercise an option to compel the Company to repurchase the True Wireless Shares.
The foregoing description contains only a brief description of the material terms and does not purport to be a complete description of the rights and obligations of the parties to the Stock Purchase Agreement, and such description is qualified in its entirety by reference to the full text of the Stock Purchase Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information provided in Item 1.01 of this Current Report on Form 8-K related to the aforementioned Stock Purchase Agreement is incorporated by reference into this Item 2.01.
The closing of the transactions contemplated pursuant to the Stock Purchase Agreement occurred on June 14, 2021.
Item 9.01. Exhibits.
(d) Exhibits
Exhibit No. Exhibit
10.1* Stock Purchase Agreement, dated May 7, 2021, by and between SurgePays, Inc., a Nevada corporation and Blue Skies Connections, LLC, an Oklahoma limited liability company
* Exhibits and/or Schedules have been omitted. The Company hereby agrees to furnish to the SEC upon request any omitted information.
HOLY SHIT...COX JUST SOLD TRUE WIRELESS FOR A PENNY 8K FILED!
On May 7, 2021, SurgePays, Inc., a Nevada corporation (the “Company”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Blue Skies Connections, LLC, an Oklahoma limited liability company (the “Buyer”). Under the Stock Purchase Agreement, the Buyer agreed to purchase all of the issued and outstanding shares owned by the Company of the common stock, par value $0.001 per share (the “True Wireless Shares”), of True Wireless, Inc., an Oklahoma corporation (“True Wireless”). The Stock Purchase Agreement provides that the aggregate purchase price for the True Wireless Shares shall be the value of the specific known liabilities and debts assumed by the Buyer under the Stock Purchase Agreement (the “Assumed Liabilities). The aggregate amount of the Assumed Liabilities is equal to $2,408,873.04. This amount consists of a line of credit in the amount of $912,869.95, a Small Business Administration Loan in the amount of $153,898.16, a debt in the amount of $176,850.56 owed by True Wireless to the Company and other debts in the aggregate amount of $1,165,254.37 owed by True Wireless to various service providers.
Section 2.7 of the Stock Purchase Agreement provides that in the event the Buyer is unable to obtain the licenses, permits, consents, authorizations, orders and approvals from all Governmental Authorities (as defined in the Stock Purchase Agreement) that may be or become necessary or desirable to operate the business of True Wireless as intended by the Buyer, at any time after the closing of the transactions contemplated by the Stock Purchase Agreement, the Buyer shall have the right to exercise an option to compel the Company to repurchase the True Wireless Shares.
The foregoing description contains only a brief description of the material terms and does not purport to be a complete description of the rights and obligations of the parties to the Stock Purchase Agreement, and such description is qualified in its entirety by reference to the full text of the Stock Purchase Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information provided in Item 1.01 of this Current Report on Form 8-K related to the aforementioned Stock Purchase Agreement is incorporated by reference into this Item 2.01.
The closing of the transactions contemplated pursuant to the Stock Purchase Agreement occurred on June 14, 2021.
Item 9.01. Exhibits.
(d) Exhibits
Exhibit No. Exhibit
10.1* Stock Purchase Agreement, dated May 7, 2021, by and between SurgePays, Inc., a Nevada corporation and Blue Skies Connections, LLC, an Oklahoma limited liability company
* Exhibits and/or Schedules have been omitted. The Company hereby agrees to furnish to the SEC upon request any omitted information.
COX THE SCAMMER...PAID FAKE VIDEOS ALL LIES!
500,000,000 shares A/S...and COX's greedy little scamming fingers are always figuring out a way to scam shareholders and put that cash in his pockets....he is the landlord..consultant...ceo...pays for other board members private biz leases...etc etc...
COX JUST BEING HIMSELF..SCAMMING AND LYING..WHAT A LIFE
Man accused of bilking more than $30 million from federal Lifeline program
Lifeline is a federal program that pays back phone companies for providing discounts to low income families.
Cox is accused of bilking more than $30 million from the program by submitting false claims.
No one came to the gate of Cox's lavish home in Arlington, but neighbors say he is a respected businessman and said he worked with a phone company.
The government says Cox and two Florida partners spent the money on a yacht, several automobiles, and put the money in several bank accounts. Cox is charged with wire fraud, false claims, and money laundering.
Michael Clark did some digging and learned that Cox is listed as co-owner of King Homes, which was just licensed as a new business by City of Bartlett. It sits in a building property listed in the indictment.
After searching records, more than 200 properties were found that may be affected by the court proceedings. There is no allegation in the indictment that any of the properties were used in the alleged money laundering scheme.
Paperwork shows the federal government just informed the Shelby County Register's Office that it plans to forfeit several properties all across the city depending on the outcome of the court case.
It is unclear what would happen to the people or businesses using the properties in question.
Yikes! Cell Phone Company Owner Arrested On Fraud Charges
Prosecutors say all three men charged in the federal case created a cell phone company and turned in false reports to the government which gave them $32 million in subsidies.
The men are accused of 15 counts of wire fraud, false claims and money laundering.
The feds say the men used the program, designed to provide cell phones to the poor, to make themselves millionaires, buying a Lamborghini, a Mercedes, a Cadillac Escalade, an Audi R-8, a corvette, a limo, a private jet and a boat, among other things, all of which the government now wants to repossess.
One of the men indicted is Kevin Brian Cox, the owner of True Wireless which we've reported on here in Oklahoma for allegedly breaking the Lifeline rules.
As of June 14, 2021, we were authorized to issue 500,000,000 shares of Common Stock, $0.001 par value, 13,000,000 shares of Series A preferred stock, $0.001 par value, and 1,000,000 shares of Series C preferred stock, $0.001 par value.
As of June 14, 2021, there were 152,513,146 shares of Common Stock issued and outstanding.
Compensation of Executive Officers WOWSA!
Effective May 1, 2020, we began to compensate Mr. Anthony Evers, our Chief Financial Officer, an annual salary of $270,000 paid in accordance with our standard employee payroll practices. We also paid the full cost of Mr. Evers’ health insurance premiums.
Effective August 20, 2020, we began to compensate Mr. Kevin Brian Cox, our Chief Executive Officer and Chairman of the Board, an annual salary of $250,000 paid in accordance with our standard employee payroll practices. We also provide Mr. Cox with a monthly car allowance of $1,800.
Effective August 20, 2020, we began to compensate Mr. Anthony P. Nuzzo, our President, Chief Operating Officer and a member of the Board, an annual salary of $323,333.36 paid in accordance with our standard employee payroll practices. We also provided Mr. Nuzzo with a monthly car allowance of $1,800.
MR FAKE HANDSHAKE LAWSUITS WOWSA!
The following is summary of threatened, pending, asserted or un-asserted claims against us or any of its wholly owned subsidiaries.
1. Regulatory matter before the Corporation Commission of Oklahoma: Oklahoma Corporation Commission v True Wireless, Inc., Cause No. PUD 202000038
On February 14, 2020, the Oklahoma Corporation Commission filed a complaint against True Wireless, Inc., related to a compliance dispute. The Oklahoma Corporation Commission has taken issue with some subscribers enrolled outside the designated service area. Local counsel is preparing filing of exceptions and Motion for Hearing En Banc in before Oklahoma Corporation Commission. The Oklahoma Corporation Commission is seeking a substantial fine in excess of $100,000.00 and revocation of its license in Oklahoma.
2. Global Reconnect, LLC and Terracom, Inc. v. Jonathan Coffman, Jerry Carroll, True Wireless, & Surge Holdings: In the Chancery Court of Hamilton County, TN, Docket # 20-00058, filed on Jan 21, 2020.
On January 21, 2020, a complaint was filed related to a noncompetition dispute. Terracom believes Mr. Coffman and Mr. Carroll are in violation of their non-compete agreements by working for us and True Wireless, Inc. Oklahoma and Tennessee state law does not recognize non-compete agreements and are not usually enforced in the state courts of these states, as such we believe True Wireless has a strong case against Terracom. The matter is entering the discovery process. Both Mr. Carroll and Mr. Coffman are no longer working for True Wireless in sales. Mr. Carroll is off the payroll and Mr. Coffman works for SurgePays, Inc., but not in wireless sales. The complaint requests general damages plus fees and costs for tortious interference with a business relationship in their prayer for relief. They have made no written demand for damages at this point in time. This matter is simply an anti-competitive attempt by Terracom to cause distress to True Wireless.
3. Juno Financial v. AATAC and Surge Holdings Inc. AND Surge Holdings Inc. v. AATAC; Circuit Court of Hillsborough County, Florida, Case # 20-CA-2712 DIV A:
On March 23, 2020, a complaint was filed related to a breach of contract dispute. The complaint was brought by a factoring company regarding Account Stated and Open Account claims against us. We have filed a cross-complaint against defendant AATAC for Breach of Contract, Account Stated, Open Account and Common Law Indemnity. The matter is currently in discovery. Juno Financial, a factoring company, is seeking in excess of $1,700,000.00. Surge never received any goods in this matter and has never owned or possessed the goods in this matter.
4. ALTCORP TRADING, LLC, a Costa Rica limited liability company; et al, Plaintiffs, vs. Surge Holdings, Inc., a Nevada corporation; VSTOCK Ttransfer, LLC, a California limited liability company, et al; District Court Clark County, Nevada; Case No.: A-20-823039-B:
In a settlement agreement signed on January 1, 2021 which became fully effective upon the court entering an order dismissing the case on January 19, 2021, Surge reached a settlement on all claims first asserted by plaintiffs AltCorp Trading, LLC and Stanley Hills, LLC in a case filed in Nevada state court in October 2020. On March 4, 2021, the plaintiffs filed a motion to enforce the settlement agreement (“Motion to Enforce”) in this action, seeking payment of a liquidated damages amount that Surge disputes and deny is due. Surge timely opposed this motion on March 18, 2021. The court heard the Motion to Enforce on April 12, 2021, and deferred ruling on the motion, instead ordering the parties to conduct supplemental briefing before a continued hearing on May 13, 2021. Surge timely filed its supplemental opposition as ordered by the court on April 23, 2020. At the hearing on the Motion to Enforce, the court concluded that a future hearing will be scheduled to consider the issues presented. At this time, such hearing has not been scheduled.
39
5. SurgePays, Inc., formerly named as Surge Holdings, Inc., a Nevada corporation, Plaintiff, vs. Glen Eagles Acquisition LP, a Delaware limited partnership, Defendant; District Court Clark County, Nevada; Case No.: A-21-831204-B:
On March 4, 2021, Glen Eagles Acquisition LP (“Glen Eagles”) demanded payment of either $1,000,000 cash or $2,500,000 worth of Surge’s common stock based on false allegations of impropriety. In sum, Glen Eagles contended that Surge had diluted its shares and denied Glen Eagles the benefit of its June, 2020 stock exchange transaction with Surge. At the time of Glen Eagles’ demand to Surge, however, Surge’s stock price was comparable to and even greater than its price at the time of the June 2020 exchange transaction. On March 16, 2021, Surge filed suit against Glen Eagles, seeking declaratory relief and alleging Glen Eagles breached the implied covenant of good faith and fair dealing inherent in the June, 2020 exchange agreement by demanding additional payment. On April 19, 2021, Glen Eagles filed an answer and a counterclaim against Surge and its Chief Executive Officer, Brian Cox, alleging claims for declaratory relief, breach of contract, breach of the implied covenant of good faith and fair dealing, unjust enrichment, fraudulent concealment, and seeking the appointment of a receiver. A scheduling order from the court is forthcoming, with tentative dates for a calendar call scheduled for June 2, 2021 and a bench trial scheduled for June 20, 2021.
Revenue decreased $4,798,851 (30%) primarily as a result of a decreases in revenue for: ECS of $2,832,287, LogicsIQ of $2,043,516 and Surge Blockchain of $260,668 offset by increase in True Wireless of $337,620 while gross profit increased $402,754 (55%) primarily as a result of an increase in gross profit of $643,640 in True Wireless.
We currently expect to use the net proceeds of this offering and any proceeds from the exercise of Warrants primarily for the following purposes:
? approximately $2,300,000 for the repayment of loans (used for general corporate expenses) that accrue interest at 15% per year and a maturity date of March 8, 2022:
? the remainder for working capital and other general corporate purposes.
so cox needs $3m to payoff his loans and then use the rest to pay himself.... lolollxzxzlolzzz
Investors in This Offering Will Experience Immediate and Substantial Dilution in Net Tangible Book Value.
The public offering price per share of our Common will be substantially higher than the net tangible book value per share of our outstanding Common Stock. As a result, investors in this offering will incur immediate dilution of $[ ] per share, based on the assumed public offering price of $[ ] per share. Investors in this offering will pay a price per share that substantially exceeds the book value of our assets after subtracting our liabilities. See “Dilution” for a more complete description of how the value of your investment will be diluted upon the completion of this offering.