Sierra Resource Group Inc. (fka SIRG)

[StockKingArthur]

Do you need the link to the company's last 10Q?


The Company entered into a 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. Outstanding Balance: $38,922



The Company entered into a 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. Outstanding Balance: $30,802

TERMS OF NOTES:


Quote:
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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.
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Asher received 18,278,943 shares for a single note totaling $18,759.



$18,759 / 18,278,943 shares = 0.001 PPS



They can dilute all the way down to 0.001 PPS and still make a profit!!!




Quote:
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During the quarter ended June 30, 2012 the Company issued Asher Enterprises during a total of 18,278,943 shares of the Company Common stock. The stock was issued in exchange for the conversion of note payable issued in 2011. The conversions were transacted three (3) times during the quarter as per terms of the agreement.
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http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8784707