Southridge Enterprises Inc (SRGE)

[Sooah]

Mr. Alex Smid currently owns over a $1,000,000 in debt in this shell.

First of all, Smid currently does not own over $1 million in debt. If anything, he might be due $41,590 from 2006 as he gave a short-term loan in this amount to the Company. The loan was clearly stated to be non-interest bearing and unsecured (check SEC filing for period ended 11/2006).

This is a clear accounting error which would allow SRGE to book over $1MM in other income as interest has been erroneously calculated and provisions made accordingly every quarter since 11/2006.

Additionally, this item is current liability from 2006 which can be written off in its entirety.

This is a very important lesson in accounting and looking through all the facts.