Sierra Resource Group Inc. (fka SIRG)

[Warmy]

They keep taking on new debt without paying any of the old. Notes payable increased from $872,765 to $2,479,688 in 6 months with still no revenue to pay them back with.

And then there are these issues for unpaid notes...

Promissory note payable dated February 5, 2013 due to
Paul C. Rizzo & Associates including accrued interest - $569,000

On July 30, 2013, the Company was issued a Letter of Understanding by Paul C. Rizzo Associates, Inc. whereby the Company and Paul C. Rizzo Associates, Inc. mutually forbear taking any actions against each other on any matters until January 1, 2014. Disputes have arisen with regards to the February 5, 2013 agreement (see Note 6) and the Company and Paul C. Rizzo Associates, Inc. have agreed to commence discussions and take no action against each other until after December 31, 2013.

Promissory notes payable dated July 31, 2012 due to
FOGO, Inc. including accrued interest - $227,048

The Company and Fogo Inc (“Fogo”) are presently in negotiations for an extension to the Promissory Note dated July 31, 2012. As of the date of this filing an extension agreement has not been finalized. The Company will continue negotiations with Fogo to finalize an extension agreement.