Southridge Enterprises Inc (SRGE)

[terry_mathews]

Lets try this simple math back...

On September 19, 2012 Southridge claimed in a pre-market filing that:

The Company also announces it is continuing (implies it was already started) their share Buyback with plans to increase the overall program. To date, Southridge has bought back a total of 443,576,000 shares and retired them to the treasury. The total outstanding shares to date are 545,874,868 with a Public Float of 215,957,230 and Restricted shares 329,917,638.

And yet, on August 31, 2012 SEC filings claim that the share structure was 923,276,868. While it could be possible for Southridge to facilitate a major stock buyback between August 31, 2012 and September 18, 2012 the likelihood is remote. The likelihood becomes more remote when you compare the corporate actions between Southridge and a possibly fictitious fund called Rockridge Capital. according to the public filings by Southridge, Southridge made the following share for debt conversions to Rockridge in 2012. Rockridge received 480,192,000 restricted 144 shares between April and August 2012


Taking into consideration that these shares are restricted due to the non-filing status of SRGE, this quantity of restricted shares exceeds the quantity of restricted shares identified in the press release (480,192,000 >> 329,917,638).

SRGE also claimed that 200,000,000 restricted shares were being held by Novamex making the total restricted shares on August 21, 2012 at least 680,192,000.

So how does SRGE execute any buyback that would support the numbers posted?
1. Irrational to expect any buyback from Rockridge since they just issued major shares to them in August.
2. None of the buyback can include the share for debt swap with Novamex because the share swap quantity now exceeds the number of shares converted by august 2012 (600,000,000 >>> bought back a total of 443,576,000 shares)


So lets see the math you come up with using all the data and numbers SRGE has reported.