SurgePays Inc (SURG)

[StockItOut]

SurgePays Inc. cooks its books!

Here, and as described below:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=153543014


SurgePays only began AATAC store installation June 18, 2019.

That's just 2.5 months of the three-month Third Quarter only.

Also, was only 2.5 months of the first 3 Quarters of 2019, that the unaudited 10-Q Q-3 Earnings Report conveys as the SurgePaysPortal revenue.

Cox gave no update on these just 750 beta installation in the Tampa, FL area.

Then, on the January, 2020 Surge Holdings conference call Brian Cox said that around the Holiday season (nearer the end of 2019, and now in Q-4 2019) Cox personally had to go to an AATAC Tampa store, or even some stores, to help train the actual installation of SurgePays at the convenience store, that showed how incompetent Surge Holdings had been for months, that its own people did not know how to train AATAC or stores to install SurgePays Portal in the first place.

There essentially were no stores installed with SurgePays. No stores installed meant there were no sales, and no actual revenue. That meant AATAC stores were not selling any Surge Holdings products through the SurgePaysPortal.

So, SurgePays Portal sales and revenue for 9 months of 2019 is fabricated!


Where did the SurgePays revenue actually come from if not actually SurgePays revenue?


Here's how it started: Big Lie! Brian 'The Grifter' Cox lied!

And this is where Cox tricked me, because the fu*ker Surge Holdings CEO lied to the Market!

Surge Provides Update on Rollout of SurgePays Network and Announces 15% Increase in Revenue to $3.9 Million for the First Quarter of 2019
May 16, 2019 8:00am EDT

Announces initial placement order for SurgePhones and SIM Starter Kits valued at over $17.5 million

** "Under our initial agreement with AATAC, the participating retailers will purchase a minimum of 6 Surge Android smartphones and 10 SurgePhone SIM Starter Kits per store. We estimate the minimum guaranteed value of the initial purchase order alone to be well in excess of $17.5 million."
https://ir.surgeholdings.com/news-events/press-releases/detail/37/surge-provides-update-on-rollout-of-surgepays-network-and

Bullshit from grifter Cox.



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Surge Holdings Announces Launch of SurgePays™ Network Installations with AATAC
July 18, 2019 9:00am EDT

Initial Deployment Underway to Over 700 Independent Retail Stores in Florida

** "SurgePays™ is expected to go live in over 700 AATAC-affiliated stores in the Tampa region over the next 30 days."
https://ir.surgeholdings.com/news-events/press-releases/detail/41/surge-holdings-announces-launch-of-surgepays-network

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Surge Holdings Reports Progress on Phase 1 Rollout of SurgePays™ Network and Expansion of Facilities for Accelerated Growth; Provides Update for the Second Quarter of 2019
August 15, 2019 12:49pm EDT

** "The first 750 stores being installed in Tampa provide us the real data to refine the installation process and create efficiencies to ramp to over 3,000 stores a month."

And

** "Announces $2.8 million of purchase orders related to SurgePays™ Network."... for "Initial product placement orders for 250,000 SurgePhones and 500,000 SIM Starter Kits. for planned deployment into 40,000 stores"

** "Our phase one with AATAC has already resulted in approximately $2.8 million in purchase orders and we look forward to quickly scaling into phase two and additional target markets."
https://ir.surgeholdings.com/news-events/press-releases/detail/42/surge-holdings-reports-progress-on-phase-1-rollout-of

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So, Surge was paying $2.8 million to buy phones and SIM cards, and lying about it via a PR news story as if Surge Holdings sold $2.8 million in revenue. What a lying skank, right?


So CEO Cox has counted $2.8M in Surge Holdings spending as $2.8M incoming SurgePays revenue for Q3. All Cox did is redefine "revenue" going through SurgePaysPortal, and this the Q3 calls "Disaggregation", which is shuffling money from one area and calling it relevant to somewhere else, which it in fact is not.


Cox is counting Surge purchasing through SurgePaysPortal, as SurgePaysPortal revenue.

________

Cox is probably also counting additional Surge purchasing as SurgePays revenue too, like the $535,000 in "shipped" products" from the Weekend Wellness deal. Man, that CBD must be getting old still in boxes in the Surge warehouse.

Surge Holdings Signs Agreement with Weekend Warrior Wellness to Distribute Hemp Energy Shots, CBD Mints and CBD Mint Strips on the SurgePays™ Network
June 12, 2019 9:00am EDT

** "The impact of the agreement is already being realized, with Weekend Warrior Wellness products already shipped that are expected to generate revenue of approximately $275,000, and further products shipping next week that are expected to generate an additional $260,000 in revenue."
https://ir.surgeholdings.com/news-events/press-releases/detail/38/surge-holdings-signs-agreement-with-weekend-warrior

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And Surge did not even sign a deal with AATAC until after two months of 2019 were past.

Therefore, SurgePays revenue for the first three Quarters of 2019, as claimed in the Q3 Earnings Report was for just 7 months.

And AATAC stores did not even begin installing SurgePays until mid June, 2019, and failed, as closer to the Holidays (end of year Q4) Cox had to go install a few personally, meaning his staff trained to install SurgePays are none or incompetent.

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Surge Holdings Partners With AATAC To Place SurgePays Blockchain Portal Into 40,000 Retail Locations .
February 28, 2019 8:00am EST
https://ir.surgeholdings.com/news-events/press-releases/detail/41/surge-holdings-announces-launch-of-surgepays-network

See how Cox tricks anyone reading the 10-Q for Q3 2019?

So the poor manager Cox has been counting outgoing Surge's purchase expenditures, the big orders which shipped, as incoming SurgePays revenue, which was in fact Surge Holdings buying product to sell, and is NOT Surge product selling revenue.

Brian Cox is fraudulent!


On that Q3 10-Q,
Don't miss the most important preface to all the SurgePays revenue numbers listed in the Q3 Earnings Report: which shows Cox is shuffling money, moving revenue goal posts to make it seem as if SurgePays has revenue which it in fact does not.

In the unaudited 10-Q. Fact! The 10-Q is unaudited.

"Disaggregation of Revenue from Contracts with Customers. The following table disaggregates gross revenue by entity for the nine months ended September 30, 2019 and 2018:"

Disaggregation = is money shifting from one are to another.