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GMGI looks like a mirror to SIML but

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nodummy   Monday, 08/22/16 03:26:01 PM
Re: kennypooh post# 111791
Post # of 163624 
GMGI looks like a mirror to SIML but instead of an oil&gas asset, SRGL/GMGI acquired a mining asset back in 2010 then that worthless asset turned into millions of dollars in debt and billions of shares of dilution.

Just like SIML, GMGI recently gave up that mining asset in exchange for the cancellation of some of the debt and bought a new technology related asset in instead.


Notice the Similarities

SIML:
On May 19, 2016, the Company entered into an agreement with Direct Capital Group, Inc., whereby Direct Capital Group, Inc., agreed to cancel $1,685,842 in notes payable in exchange for acquired oil and gas leases

GMGI:
February 22, 2016: The Company is buying back certain debt, in the form of Convertible Promissory Notes, in the amount of $2,141,897.00, from Note Holders in exchange for the mining claims held by the Company.


SIML:
On March 9, 2016, the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with RJM and Associates, LLC, a California limited liability company (“RJM”); thereby, acquiring Intellectual Property referred to as “Media IP” and inventory consisting of finished products and raw materials and supplies. RJM will assign the Media IP asset and inventories and provide “Know-How” that will enable the Company to launch a Broadcast Equipment and Digital Media Product Line, together valued at Six Million Two Hundred Fifty Thousand Dollars ($6,250,000). As consideration for the Media IP and the “Know -How”, the Buyer shall issue, or cause to be issued, $5,000,000 of Restricted Common Stock (PAR $.00001) Ninety (90) days from the date of this agreement and $1,250,000 of Preferred Series-A Shares of a GRPR Preferred Stock; (PAR $.001).

GMGI:
On February 22, 2016, the Company entered into an Asset Purchase Agreement with Luxor Capital, LLC, a Nevada limited liability corporation. The Company purchased a certain Gaming IP, along with the "know how" of that Gaming IP from Luxor. In consideration for the purchase, the Company has agreed to issue 1,666,667 shares of the Company's Common Stock and a Convertible Promissory Note in the amount of $2,374,712.



We already knew that Jon Fullenkamp was involved in both SRGL/GMGI and GRPR/SIML, but now I'm wondering if convicted frauster Scott Sand bought both tickers from Jon Fullenkamp based on the similarities of the way the old assets left and the similarities in the new assets that were brought into each of the tickers.


As far as people losing money in GMGI ... all they had to do was read the latest 10Q.

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11450508

If the $3.5m in convertible debt on the balance sheet (even after cancelling $2.1m in debt in exchange for the mining asset) and millions of outstanding convertible preferred shares were not big enough red flags, the way that they needed 25 pages just to list all the convertible debt Notes should have been enough to get anybody with common sense to stay away from the ticker.






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