Solar Energy Initiatives Inc (SNRY)

[Bucks4Buckeyes]

Combining 2 replies in 1 post:

BOOGIE21, what advantage does SNRY bring to Suntech if they merge?
They don't have customers.
They don't have a business.
All they have right now are shares.

I can't get past that question...

To me, SNRY only has value as an option to sell shares - funding for a private company which chooses to go public. Especially since they now have 743M more shares to sell.

PENNYSTOCKPRO1, I noticed that phrase in the last 10-Q, but didn't really research it. I would think that it MUST be involved in the negotiations for the new company. It didn't show up until the announcement of the 'mystery internet marketing company.'

10-Q filed June 2011 - NO Mention of Another Company

Operating Leases

On December 15, 2011, we entered into a renegotiated lease agreement for the corporate offices. Our corporate headquarters is located at 818 A1A, Suite 202, and Ponte Vedra Beach, FL 32082. The annual least cost for the 2,800 square feet of office space is $33,600. We have entered into a19 month lease.

In March, 2010 the Company signed a 3-year lease agreement, with option to purchase, with the Williamsburg County Development Corporation for the use of a building in Kingstree, SC. Approximately 6,000 sq. ft. of the building will be used for technical and dealer training of solar applicants. The remaining 230,000 sq. ft. of building space will be used as a distribution and light manufacturing facility. The annual lease rate for the building is $5.00 per year. If the Company creates 200 or more permanent jobs as a result of its activities in South Carolina, it will be able to purchase the building for $1.00 at the end of the 3-year lease term.

Rent expense was $10,234 and $33,024 for the three month period ending April 30, 2011 and 2010, respectively.

From the 10-K filed November 2011

ITEM 2. DESCRIPTION OF PROPERTY

In March, 2010 the Company signed a 3-year lease agreement, with option to purchase, with the Williamsburg County Development Corporation for the use of a building in Kingstree, SC. Currently the address of the Company is at 119 Milliken Drive, Kingstree, SC 29556. Approximately 6,000 sq. ft. of the building will be used for technical and dealer training of solar applicants. The remaining 230,000 sq. ft. of building space will be used as a distribution and light manufacturing facility. The annual lease rate for the building is $5.00 per year. If the Company creates 200 or more permanent jobs as a result of its activities in South Carolina, it will be able to purchase the building for $1.00 at the end of the 3-year lease term.

Also

During November, 2011 the Company has also pursued plans to acquire the assets of an Internet marketing firm. The company has signed a definitive agreement and the close of the acquisition is scheduled for November 30, 2011.

From the 10-Q filed in December 2011

Note 10 – Commitments and Contingencies

Operating Leases

The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year.

Fiscal period ending October 31, 2011

In March, 2010 the Company signed a 3-year lease agreement, with option to purchase, with the Williamsburg County Development Corporation for the use of a building in Kingstree, SC. Approximately 6,000 sq. ft. of the building will be used for technical and dealer training of solar applicants. The remaining 230,000 sq. ft. of building space will be used as a distribution and light manufacturing facility. The annual lease rate for the building is $5.00 per year. If the Company creates 200 or more permanent jobs as a result of its activities in South Carolina, it will be able to purchase the building for $1.00 at the end of the 3-year lease term. The company is continuing its efforts to create the required number of jobs by the end of the lease term. The company is in negotiations with another company to fulfill its obligations.

Also

During November, 2011 the Company has also pursued plans to acquire the assets of an Internet marketing firm. The company has signed a definitive agreement and the close of the acquisition is scheduled for December 31, 2011.

Of course, it may just be a phrase so they can still use the address of the empty warehouse legally (since their offices have been shut down).

But it IS curious.

All The Best