Terry, I doubt you will rcieve a answer to this problem. It seems the SRGE press release team majored in creative writing and not accounting.
Thanks for dissecting the share structure oversight in the SRGE financial filing.
It will be very interesting to see how the SRGE guys spin this problem.
I was wondering about the last filings in SRGE. In the filings they claimed:
On July 14, 2010, the Company received a notice from Rockridge Capital Holdings Corporation to convert $800,000 of its outstanding loan to the Company and 80,000,000 restricted shares were issued at $.01 per share to retire this portion of the debt outstanding, per agreement. (Math is correct @$0.01/share $800K = 80M shares)
On August 10, 2011, the Company converted $86,800 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 86,800,000 restricted shares at $.01 per share to retire that portion of the debt outstanding, per agreement. (Math is not correct @$0.01/share $86,800 at $0.01 = 8.6M not 86M shares why does SRGE claim 86 Million?)
On November 23, 2010, the Company converted $76,147 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 76,147,000 restricted shares at $0.01 per share to retire that portion of the debt outstanding, per agreement. (date is incorrect/out of sequence; Math is not correct @$0.01/share $76K at $0.01 = 7.6M not 76M shares)
On April 10, 2012, the Company converted $82,254 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 82,254,000 restricted shares at $.01 per share to retire that portion of the debt outstanding, per agreement.( Math is not correct @$0.01/share $82K at $0.01 is 8.2M not 82M shares.)
On May 21, 2012, the Company converted $74,562 of its outstanding debt to Rockridge Capital Holdings Corporation, at their request, and issued 74,562,000 restricted shares at $.01 per share to retire that portion of the debt outstanding, per agreement.( Math is not correct @$0.01/share $74K at $0.01 is 7.4M not 74M shares.)
The problem here is that SRGE has carefully tried to lay out the use of the share structure and if the share structure issuance to Rockridge is real, the amount of debt conversion is HUGE. Not only huge but the extra money does not show up in their financials. Since the share structure is correct, SRGE has failed to account for over $2 Million in their own quarterly filing.
So why did SRGE use a bad reference all over their filing? It seems like they didn't actually have any control of monies or shares but made up the numbers and did so in massive error.
AI
