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Even if GDSM was fully diluted, it would still be a great investment. They are committed to no R/S or Toxic financings! That is a lot more than I can say for most companies in this market.
The Company maintains the position that while it may need to issue shares as debt is settled and as part of securing funding for the joint venture, management has been and remains committed to no reverse splits and/or toxic financings as part of this process. The issued and outstanding stock is currently at 629,887,086.
Since each share of Series A Preferred Stock is worth 350 votes on all matters, I don't foresee any problems with them getting an increase in A/S approved.
J. Rod alone holds 500,000 @ 350 votes/share = 175M votes
Between J. Rod and Timothy Benjamin, they have 350M votes from those shares alone!
Each share of Series A Preferred Stock entitles the holder to 350 votes on all matters submitted to a vote of the shareholders.
Furthermore, the board of directors approved issuance of 500,000 shares of Series A Preferred Stock each to Timothy Benjamin, Chairman, and J. Rod Martin, CEO. The Board of Directors deemed it necessary and in the best interests of this corporation to create this series of preferred stock in order to compensate the company’s chairman and chief executive officer,
Plus, where are they going to get the $150,000 to pay J. Rod's salary and the $100,000 to pay Travis Snider's salary this year? There will be no revenue in 2012, and all they have are shares to dilute. They will soon run out of shares to fulfill the convertible notes!
Effective January 1, 2012 the Company agreed to an Employment agreement with J. Rod Martin the Company’s CEO. The agreement provides
for an annual salary of $150,000 until the Company begins production at the Chloride Copper Mine at which time the rate shall increase to
$250,000 per year. The agreement also includes a bonus to be determined in good faith by the Board of Directors at the end of each fiscal year
with a target of $350,000 adjusted in accordance with performance.
On February 20, 2012 the board of directors approved and the Company agreed to an Employment agreement with Travis Snider, Senior Vice
President of Operations. The employment agreement has a three-year term and is effective January 1, 2012. It provides for an annual salary of
$100,000.
Don't forget this portion from the I-box:
Pre production operations include a new heap pond, repair of the PLS pond, Reconstruction of the raffinate pond and replacement of heap piping and pumping. The SX/EW facility needs repairs as well. Estimates for the work to re-open the mine are $4,218,829 to $6,741,537
Did you miss the sarcasm in that post???
OMG! GDSM seriously used pictures of what they strive to achieve??? I think that is pretty AWESOME personally. LOL...
I'm fairly sure he is talking about the failed attempt to increase the share structure to 1.5B A/S.
On January 11, 2012, the company filed an Amendment to its Articles with the Nevada Secretary of State. The Amendment had been approved
by the company's board of Directors on December 28, 2011. The purpose of the Amendment was to increase the authorized common stock of
the company from 460,000,000 to 1,500,000,000 shares, as set forth in the Company’s Definitive Information Statement on SEC Form 14C, filed
on February 3, 2012. Subsequent to filing the Amendment, it was determined that shareholder approval for the Amendment had inadvertently not
been obtained in compliance with Nevada law, and the company filed a Certificate of Correction on April 13, 2012 with the Nevada Secretary of
State to cancel the Amendment. Therefore, the change in the number of authorized shares described in this paragraph are not effective, and the
company continues to operate with 460,000,000 shares of authorized stock under its Articles of Incorporation, as amended prior to the filing of
the Amendment and also under the Certificate of Designation filed with the Nevada Secretary of State on February 9, 2012.
I think reviewing the 10-K prior to investing in this stock is crucial! Never blindly enter a stock. Know what you own!
JMHO
The share structures weren't linked to anything relevant to the actual share structure. It was obviously a link that wasn't placed in the correct location. There are/were several links to the same location in the I-box. I added in an additional link to the financials for ease of use. It takes you directly to the OTC Market SIRG filings page. Why wouldn't you want the I-box to be more user friendly??? I also adjusted the alignment of images and links. I tried to make it look a little better. After all, it is the first thing potential investors see when they come to the page. You want it to look good and contain the proper links don't you???
I added another link to the financials in the I-box, and Warmy, I removed the links in the share structure section.
Agreed! Far too much!!!
Good to have you back Homey_g!!!
The pictures are EVERYTHING, aren't they? LOL... I think they provide an EXCELLENT example of what GDSM is striving to achieve over the next few years.
The current O/S listed in the I-box is 335M. Considering that if Asher converted the notes from April, June and July on the dates they came due, Asher would have received approximately 75M shares. That means they would currently have an O/S of ~410M. That only leaves 30M shares to fulfill future convertible notes that are due prior to possible production. How are they going to fulfill those notes???
Please show me where I said SIRG was a scam. I merely pointed out the fact that they are using toxic financing and will soon run out of shares to fulfill future convertible notes.
Please keep your posts on topic, SIRG. If you are in question as to if your post will violate the TOS, please review the TOS prior to posting. Thanks!
We are currently waiting for that information.
Oh yes, I was mistaken. It was in a "1/2" year. To me that makes it sound even worse. What about the numbers doesn't add up? They are spelled out in black and white.
Date 7/12/2011 $4,700
Date 7/8/2011 $12,000
Date 7/7/2011 $7,250
Date 2/3/2011 $80,000
Date 2/3/2011 $80,000
Date 2/3/2011 $80,000
Date 2/3/2011 $80,000
Date 2/3/2011 $5,000
Date 2/3/2011 $80,000
Date 2/2/2011 $10,000
Total Compensation: $438,950
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.01 Volume: 1,600,109
Change: 0.001 % Change: 11.111
3 Month : High/Low: 0.065 / 0.009 Volume 3m : 500,103
Promoter: Stock Guru
Compensation:
none listed
Date: 7/14/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.0096 Volume: 1,292,808
Change: -0.0024 % Change: -20
3 Month : High/Low: 0.065 / 0.0096 Volume 3m : 458,143
Promoter: Stock Guru
Compensation:
forty seven hundred dollars
Date: 7/12/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.012 Volume: 2,054,854
Change: -0.0023 % Change: -16.084
3 Month : High/Low: 0.074 / 0.012 Volume 3m : 437,098
Promoter: Stock Guru
Compensation:
none
Date: 7/11/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.0143 Volume: 638,142
Change: -0.0007 % Change: -4.667
3 Month : High/Low: 0.074 / 0.0123 Volume 3m : 407,225
Promoter: Stock Guru
Compensation:
forty seven hundred dollars and will likely be compensating us a total of twelve thousand dollars additionally
Date: 7/8/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.015 Volume: 1,571,716
Change: 0.0027 % Change: 21.951
3 Month : High/Low: 0.074 / 0.0123 Volume 3m : 400,836
Promoter: Stock Guru
Compensation:
seventy two hundred dollars and fifty thousand shares of restricted 144 stock for the period ending August 31, 2011
Date: 7/7/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Cool Penny Stocks
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. Coolpennystocks.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Coolpennystock
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Stock Egg
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. StockEgg.com does not own any shares of SIRG. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. StockEgg.com encourages readers and investors to supplement the information in these reports with independent research and o
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Bull Rally
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. BullRally.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Bullrally.com encourag
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Stock Rich
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. StockRich.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. StockRich.com encour
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: OTC Advisors, LLC
Compensation:
$5,000 from a third party for coverage on SIRG. All information on featured companies is provided by the companies profiled, or is available from public sources and Otc-advisors.com makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. Otc-advisors.com nor any of its affiliates are not registered investment advisors or a broker dealers. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any suc
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Hot OTC
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. Hototc.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Hototc.com encourages r
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.485 Volume: 1,072,943
Change: -0.055 % Change: -10.185
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 94,198
Promoter: Shamrock Stocks
Compensation:
We are expecting a total of $10,000 and we have been paid $5,000 from a third party for coverage on SIRG.
Date: 2/2/2011
Agreed! That is an excellent post!
Selectively leaving out data does not validate your claim.
Below is the omitted data which clearly shows that during the month of July there were a total of 5 promotions, 3 of which were paid.
I'm not talking about today. I'm talking about the dates listed in that post. To be precise, 1 yr and 5 months, "a little over a year".
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.01 Volume: 1,600,109
Change: 0.001 % Change: 11.111
3 Month : High/Low: 0.065 / 0.009 Volume 3m : 500,103
Promoter: Stock Guru
Compensation:
none listed
Date: 7/14/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.0096 Volume: 1,292,808
Change: -0.0024 % Change: -20
3 Month : High/Low: 0.065 / 0.0096 Volume 3m : 458,143
Promoter: Stock Guru
Compensation:
forty seven hundred dollars
Date: 7/12/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.012 Volume: 2,054,854
Change: -0.0023 % Change: -16.084
3 Month : High/Low: 0.074 / 0.012 Volume 3m : 437,098
Promoter: Stock Guru
Compensation:
none
Date: 7/11/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.0143 Volume: 638,142
Change: -0.0007 % Change: -4.667
3 Month : High/Low: 0.074 / 0.0123 Volume 3m : 407,225
Promoter: Stock Guru
Compensation:
forty seven hundred dollars and will likely be compensating us a total of twelve thousand dollars additionally
Date: 7/8/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.015 Volume: 1,571,716
Change: 0.0027 % Change: 21.951
3 Month : High/Low: 0.074 / 0.0123 Volume 3m : 400,836
Promoter: Stock Guru
Compensation:
seventy two hundred dollars and fifty thousand shares of restricted 144 stock for the period ending August 31, 2011
Date: 7/7/2011
Give it time, SIRG will get there too. They already tried once, and the next time they will succeed.
On January 11, 2012, the company filed an Amendment to its Articles with the Nevada Secretary of State. The Amendment had been approved by the company's board of Directors on December 28, 2011. The purpose of the Amendment was to increase the authorized common stock of the company from 460,000,000 to 1,500,000,000 shares, as set forth in the Company’s Definitive Information Statement on SEC Form 14C, filed on February 3, 2012. Subsequent to filing the Amendment, it was determined that shareholder approval for the Amendment had inadvertently not been obtained in compliance with Nevada law, and the company filed a Certificate of Correction on April 13, 2012 with the Nevada Secretary of State to cancel the Amendment. Therefore, the change in the number of authorized shares described in this paragraph are not effective, and the company continues to operate with 460,000,000 shares of authorized stock under its Articles of Incorporation, as amended prior to the filing of the Amendment and also under the Certificate of Designation filed with the Nevada Secretary of State on February 9, 2012.
However, they will soon run out of shares to fulfill their convertible notes, and they still have no source of income. Like I said, they will then only have three options. 1. Increase the A/S. 2. Do a R/S. 3. Default on the note. Which option do you think they will choose???
Considering that if Asher converted the notes from April, June and July on the dates they came due, Asher would have received approximately 75M shares. I would have to say, Asher has plenty of shares to dump. It is only a matter of when they decide to dump them and if they decide to run a pump and run. IMO
They get shares at a 42% discount! They also calculate the value of the "average pps" as the average of the LOWEST three trading prices out of the ten previous trading days.
For the $26,002 they owed Asher in April, the "average pps" calculated as stated below would have been 0.0018. They would have received a "discount rate of 42% of the then going Market Price" which means Asher received the shares at $0.0008, and if they converted the entire note they received 35M shares. That is in April alone!
June 28M Shares
July 12M Shares
The holder of shall have the right from time to time, and at any time during the period beginning on the date which is
one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the
Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and
unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price
representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest
three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading
Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
I think dumping millions of shares qualifies.
The saying "never catch a falling knife" seems quite fitting here. There never seem to be enough "longs" to hold up the pps of a stock that is being diluted.
There are only two options when dilution starts. 1. Sell at the start and buy back in when it stops. 2. "Hold the bag" and wait for the next pump to bring the price back up.
Agreed! They will only hold those shares so long before they dump them.
Seeing as Asher was the company dumping shares to bring the pps down to the trips from January through March of this year, what was to stop them from converting all of the notes at the bottom of that dump? They would have received a massive number of shares for a very cheap pps.
The holder of shall have the right from time to time, and at any time during the period beginning on the date which is
one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the
Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and
unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price
representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest
three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading
Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
They key word is that they have not dumped the shares YET!
All notes can be converted 180 days after issuance.
The holder of shall have the right from time to time, and at any time during the period beginning on the date which is
one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the
Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and
unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price
representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest
three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading
Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
Based on their history, I would say it's HIGHLY LIKELY!
http://stockpromoters.com/View-Stock-Promotions-By-Symbol.aspx
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.01 Volume: 1,600,109
Change: 0.001 % Change: 11.111
3 Month : High/Low: 0.065 / 0.009 Volume 3m : 500,103
Promoter: Stock Guru
Compensation:
none listed
Date: 7/14/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.0096 Volume: 1,292,808
Change: -0.0024 % Change: -20
3 Month : High/Low: 0.065 / 0.0096 Volume 3m : 458,143
Promoter: Stock Guru
Compensation:
forty seven hundred dollars
Date: 7/12/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.012 Volume: 2,054,854
Change: -0.0023 % Change: -16.084
3 Month : High/Low: 0.074 / 0.012 Volume 3m : 437,098
Promoter: Stock Guru
Compensation:
none
Date: 7/11/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.0143 Volume: 638,142
Change: -0.0007 % Change: -4.667
3 Month : High/Low: 0.074 / 0.0123 Volume 3m : 407,225
Promoter: Stock Guru
Compensation:
forty seven hundred dollars and will likely be compensating us a total of twelve thousand dollars additionally
Date: 7/8/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.015 Volume: 1,571,716
Change: 0.0027 % Change: 21.951
3 Month : High/Low: 0.074 / 0.0123 Volume 3m : 400,836
Promoter: Stock Guru
Compensation:
seventy two hundred dollars and fifty thousand shares of restricted 144 stock for the period ending August 31, 2011
Date: 7/7/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Cool Penny Stocks
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. Coolpennystocks.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Coolpennystock
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Stock Egg
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. StockEgg.com does not own any shares of SIRG. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. StockEgg.com encourages readers and investors to supplement the information in these reports with independent research and o
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Bull Rally
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. BullRally.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Bullrally.com encourag
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Stock Rich
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. StockRich.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. StockRich.com encour
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: OTC Advisors, LLC
Compensation:
$5,000 from a third party for coverage on SIRG. All information on featured companies is provided by the companies profiled, or is available from public sources and Otc-advisors.com makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. Otc-advisors.com nor any of its affiliates are not registered investment advisors or a broker dealers. None of the materials or advertisements herein constitute offers or solicitations to purchase or sell securities of the companies profiled herein and any decision to invest in any suc
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.35 Volume: 1,577,100
Change: -0.135 % Change: -27.835
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 119,459
Promoter: Hot OTC
Compensation:
eighty thousand dollars for one week SIRG advertising services contract. Hototc.com does not own any shares of SIRG. The third party may have shares and may liquidate it, which may negatively affect the stock price. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data. Hototc.com encourages r
Date: 2/3/2011
Company: Sierra Resource Group Inc. ( SIRG )
End of Day: Close: 0.485 Volume: 1,072,943
Change: -0.055 % Change: -10.185
3 Month : High/Low: 0.56 / 0.2201 Volume 3m : 94,198
Promoter: Shamrock Stocks
Compensation:
We are expecting a total of $10,000 and we have been paid $5,000 from a third party for coverage on SIRG.
Date: 2/2/2011
I didn't say SIRG would run a paid promo. I clearly stated Asher would since that is who SIRG is continuously giving shares to for convertible notes. IMO
There will obviously be another pump and run paid for by Asher in the future.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on June 8, 2011 in the amount of $32,500. The note has an interest rate of 8% with the maturity date of March 13, 2012.
During the course of the year ended December 31, 2011 Asher Enterprises converted $10,000 in principle balance of the note to the Company’s common stock in accordance to the terms of the Agreement.
Convertible Promissory Note with Asher Enterprises Inc. on July 1, 2011 in the amount of $25,000. The note has an interest rate of 8% with the maturity date of April 5, 2012.
Convertible Promissory Note with Asher Enterprises Inc. on August 30, 2011 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of June 4, 2012.
Convertible Promissory Note with Asher Enterprises Inc. on January 13, 2012 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of January 7, 2013.
Convertible Promissory Note with Asher Enterprises Inc. on February 29, 2012 in the amount of $30,000. The note has an interest rate of 8% with the maturity date of February 23, 2013.
Since each share of Series A Preferred Stock is worth 350 votes on all matters, I don't foresee any problems with them getting an increase in A/S approved.
J. Rod alone holds 500,000 @ 350 votes/share = 175M votes
Between J. Rod and Timothy Benjamin, they have 350M votes from those shares alone!
Each share of Series A Preferred Stock entitles the holder to 350 votes on all matters submitted to a vote of the shareholders.
Furthermore, the board of directors approved issuance of 500,000 shares of Series A Preferred Stock each to Timothy Benjamin, Chairman, and J. Rod Martin, CEO. The Board of Directors deemed it necessary and in the best interests of this corporation to create this series of preferred stock in order to compensate the company’s chairman and chief executive officer,
There will soon be no shares left to issue for convertible notes. They will then have to do one of three things, 1. increase A/S, 2. R/S, 3. default on their notes. Up to this point there method of choice has been to default on their notes, but I agree with you. They will likely try to increase their A/S very soon. IMO
Notes currently in default:
Brian Hebb: August 16, 2010 in the amount of $34,527. Interest rate of 8% with the maturity date of July 15, 2011. Current amount with interest $46,765
Black Diamond Realty Mgmt: August 6, 2010 in the amount of $25,000. The note does not have an interest rate on the principal balance and matured on August 16, 2011. Current amount with interest $26,126
Brian Hebb: May 5, 2010 in the amount of $125,000. The note has an interest rate of 8% with the maturity date of August 16, 2011. $172,402
The Company entered into the purchase interest of the Chloride Copper Project from Medina Property Group, LLC which resulted in the Company acquiring the debt and a promissory note dated March 22, 2010 in the amount of $360,000. The note has an interest rate of 8% with the maturity date of September 22, 2010. The Company is currently in default of the note, $421,239
Convertible Promissory Note with South Concord, a related party, on September 30, 2010 in the amount of $30,000. The note has an interest rate of 10% with the maturity date of September 30, 2011 $38,539
Wow, that is a total of $448,600 in paid promotions for this company in a little over a year! There will obviously be another pump and run paid for by Asher in the future. It's only a matter of time.
I too would like to see the reports that state SIRG is doing well in securing their permits.
SIRG is working through the government agencies to secure permits and approvals. This takes time but reports are that SIRG is doing well.
For example, you can look at the 11 notes that were fulfilled with shares to asher from Jan. 31st through March 31st of this year. Below is the historical data. If you average the historical data for all of those dates you get an average low of 0.0019.
0.0019 x 42% = 0.0008
The notes were satisfied at a pps of 0.0009.
$84,119 / 94,387,340 shares = 0.0009
Of course the number isn't precise because I calculated all of the daily lows for those dates instead of the lowest three of any 10 day period since it only states there were 11 notes converted, but it does give you an idea of how it works.
Fram January 31, 2012 through March 31, 2012 the Company issued Asher Enterprises during eleven dates a total of 94,387,340 shares of the Company’s Common stock. The stock was issued in exchange for the conversion of notes payable totaling $84,119 issued during 2012.
The price I stated is correct. It states it is a discount rate of 42% of the then going Market price. That is 42% of the then going price, not a 42% discount. 42% of anything is always 42% times that number. Furthermore, the market price is defined as the average of the lowest three trading prices for the previous ten trading days. Thus, the lowest prices that shares were sold at on those three days. I was giving an example of the number of shares that would have been converted if they converted the entire notes on the dates they came due.
The holder of shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
I find it very important that SIRG has notes due with no source of funds to pay them. You also have to keep in mind that they issued 94M shares to pay $84,119 in issued notes from Jan. 31st to March 31st.
Fram January 31, 2012 through March 31, 2012 the Company issued Asher Enterprises during eleven dates a total of 94,387,340 shares of the Company’s Common stock. The stock was issued in exchange for the conversion of notes payable totaling $84,119 issued during 2012.
Perhaps you should look a little closer.
They get shares at a 42% discount! They also calculate the value of the "average pps" as the average of the LOWEST three trading prices (not closing pps) out of the ten previous trading days.
To clarify, for the $26,002 they owed Asher in April, the "average pps" calculated as stated below would have been 0.0018. They would have received a "discount rate of 42% of the then going Market Price" which means Asher received the shares at $0.0008, and if they converted the entire note they received 35M shares. That is in April alone!
June Note: Shares were received for 0.0013pps, and if they converted the entire note they received 28M shares!
July Note: due tomorrow, shares will be received at 0.0027pps, and if they converted the entire note they will receive 11.8M shares! The lowest three trades out of the previous 10 trading days were 0.0065, 0.0065 & 0.0066.
So that you don't have to do the math, it is as follows:
(0.0065 + 0.0065 + 0.0066) = 0.006533 * 42% = 0.0027 pps
Add April, June and July: 75M shares total
Convertible Note Conditions:
The holder of shall have the right from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of the Convertible Promissory Note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, to convert all or any part of the outstanding and unpaid principal amount of this Convertible Note into shares of the Company’s Common Stock at a conversion price representing a discount rate of 42% of the then going Market Price which shall be defined as the average of the lowest three (3) Trading Prices for the Company’s Common Stock during the ten (10) Trading Day period ending one Trading Day prior to the date the Conversion Notice is sent by the holder of this Convertible Note to the Company.
After a company defaults on an excessive number of notes, there are very few companies that will assist them with financing. JMHO