Solar Energy Initiatives Inc (SNRY)

[Bucks4Buckeyes]

When posting information, it certainly helps if people provide links.

The 10-Q from 6/20/2011 did not have any reference to the former employee and legal proceedings.

http://www.sec.gov/Archives/edgar/data/1421665/000101376211001778/form10q.htm

ITEM 1. Legal Proceedings

From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. The Company is currently not aware of, nor has any knowledge of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse affect on our business, financial condition or operating results

Also, the outstanding shares were listed at 545m.

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: as of June 16, 2011 the Company had 545,549,132 shares of its common stock, par value per share $0.001, issued and outstanding

The first time this was posted was in the 10-K from 11/15/2011

http://www.sec.gov/Archives/edgar/data/1421665/000101968711003587/solar_10k-073111.htm

ITEM 3. LEGAL PROCEEDINGS

Other than routine litigation arising in the ordinary course of business that we do not expect, individually or in the aggregate, to have a material adverse effect on us, and except as noted below, as far as we are aware, no governmental authority is contemplating any proceeding to which we may be a party or to which any of our properties is subject.

We have received notice of a claim from a previous employee based on compensation matters in the amount of $892,500 plus interest from 2009. The matter is being reviewed by our legal staff and no determination has been made as to is merits. Offer for settlement has been made for an amount of $100,000 consistent with discussions with claimant. Currently the Company has reserved for these amounts and will continue to work toward a settlement.

There have been judgments on the Company in the amounts of approximately $11,000, which have been reserved for within the financial statements as of July 31, 2011.

And the stated outstanding shares were up about 150m

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of November 10, 2011, the Company had outstanding 702,171,901 shares of its common stock, par value $0.001.

On 11/10/2011 the share price was .0011, so the "extra" 157m shares would be worth around $172k - more if it was calculated earlier when it was consistenly around .002 to .0018.

The next 10-Q was filed on 12/15/2011 and the outstanding shares were listed as exactly the same in the previous 10-K.

http://www.sec.gov/Archives/edgar/data/1421665/000101968711003863/0001019687-11-003863-index.htm

ITEM 1. LEGAL PROCEEDINGS

Other than routine litigation arising in the ordinary course of business that we do not expect, individually or in the aggregate, to have a material adverse effect on us, and except as noted below, as far as we are aware, no governmental authority is contemplating any proceeding to which we may be a party or to which any of our properties is subject.

We have received notice of a claim from a previous employee based on compensation matters in the amount of $892,500 plus interest from 2009. The matter is being reviewed by our legal staff and no determination has been made as to is merits. Offer for settlement has been made for an amount of $100,000 consistent with discussions with claimant. Currently the Company has reserved for these amounts and will continue to work toward a settlement.

There have been judgments on the Company in the amounts of approximately $11,000, which have been reserved for within the financial statements as of October 31, 2011.

The most recent filing is dated 3/20/2012, of course post-split

http://www.sec.gov/Archives/edgar/data/1421665/000149315212000179/form10q.htm

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: as of March 15, 2011 the Company had 7,021,860 shares of its common stock, par value per share $0.001, issued and outstanding.

Exact same outstanding shares, except exactly one one-hundredth less.

ITEM 1. LEGAL PROCEEDINGS

Other than routine litigation arising in the ordinary course of business that we do not expect, individually or in the aggregate, to have a material adverse effect on us, and except as noted below, as far as we are aware, no governmental authority is contemplating any proceeding to which we may be a party or to which any of our properties is subject.

We have received notice of a claim from a previous employee based on compensation matters in the amount of $892,500 plus interest from 2009. The matter is being reviewed by our legal staff and no determination has been made as to is merits. Offer for settlement has been made for an amount of $100,000 consistent with discussions with claimant. Currently the Company has reserved for these amounts and will continue to work toward a settlement.

There have been judgments on the Company in the amounts of approximately $11,000, which have been reserved for within the financial statements as of January 31, 2012.

Since the company has repeatedly reported that they have reserved those amounts for this settlement, it is already accounted for and will not be an additional drain to the share price or to the sale price of SNRY.

If I remember right, I think it has something to do with the Solar Park Initiatives spin-off and the hiring of an executive to run it. I can't be sure but I will try to find out.

BTW, if those (now) 1.57m shares were sold this week at .05 they would have only sold for $78k, so I am sure they are seeking a much higher pps like we are.

All The Best