Replies to post #66489 on Sunergy, Inc. (fka SNEY)

[pooter03]

For whatever it's worth, a previous PR says they do have a MM lined up.

http://ih.advfn.com/p.php?pid=nmona&article=50569738


Sunergy, Inc (the "Company") (PINKSHEETS: SNEY) is pleased to report it is filing its Form 10-K for the year ending, December 31, 2010 with the SEC today. The three 10 Q's for 2011 will follow as soon as they are available. Once these filings are complete, the Company will be fully compliant with its SEC reporting requirements and www.otcmarkets.com will be notified of the updated financials and disclosure statements so that the Company can be listed as "Current" in its filings, thereby removing the Caveat Emptor.
In addition, the Company has also made suitable arrangements with a Market Maker to have the 15c 211 form filed to up-list the Company to the OTCBB.

The Company is proud to have achieved the following positive financial results in 2010:

During 2010 the Company nearly doubled its Assets from $1,000,054 to $1,903,002, largely through the completion of Allied Mining and Supply ($753,497) and its 140.1 sq.km. Gold, Diamond and Rare Earth Pampana River Concession in Sierra Leone, West Africa.
Finalized the debt settlement ($664,402) on its 150 sq. km. Nyinahin Gold, Diamond and base metal concession in Ghana, West Africa.
Reduced short term debt from $635,531 to $91,592.
Raised $322,461 in Cash through issuance of restricted shares and warrants.
Raised Stockholder's Equity from $364,523 to $1,811,910.
Increased Paid in Capital from $340,283 to $2,709,121
Initiated purchase of Dredge and related equipment through $50,000 deposit on $200,000 of equipment for Pampana River operations which were fully paid for and delivered in Q'1- 2011.
Explanation of other items:

Management compensation was paid for entirely by restricted stock and warrants. None have been sold.
Interest expense reflects the write up of the fair value differential for restricted shares issued and the fair market value of the shares and warrants issued.
Chairman P.K. Medhi said: "Management is pleased that this task of catching up the financials is entering its final phase. We have implemented changes and systems that should enable us to comply with our ongoing reporting requirements without fail. We remain committed to up-listing our Company at the earliest possible opportunity once full compliance is attained."

Mark Shelley, the Company's CFO, views the financials for 2010 in a very positive light. He says: "The Company's financial position at the end of 2010 shows a marked improvement over 2009. As mentioned above, shareholder equity increased by over $1,400,000. We completed acquisitions and readied for operations which put us in a strong position going forward. After our exploration phase is completed for each of our concessions, we will begin the production phases, which will generate revenues. We plan to complete the exploration phase by 2011 and begin production activites in 2012."

About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 SQ. Km. Nyinahin mining concession with a full prospecting license in Ghana, West Africa and the 140.1 sq. km. Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are focused on near term production of these properties this season. We are production and acquisition oriented and are considering several additional projects suitable for near term production in West Africa.

Please see attached comparative Balance Sheet for the years ended December 31, 2010 and December 31, 2009. Make sure to review the notes to the Financial Statements contained in their entirety in the 10K filed on www.sec.gov or on www.sunergygold.com under SEC Filings.

[havocjohn]

I am going on the assumption that they are ready to move from an exploration company to a mining company; no other reason to get current. IMO

Which is why I am curious when they will get a better record keeper. I don't know enough about Shelly to comment either way. I don't neccessarily find him with complete fault on the books. It starts where the work is. Who ever is running the show on site needs to keep better records of their day to day activities and expenses whether in the form of a graft or day labor.

If those records/log whatever you want to call it are well kept it should be a fairly simple job convert them to what the sec wants.


I remember the discussion I think it was you and Risk had in regards to this topic: I came away from that conversation with the impression that the CE had to be removed before an MM would touch them.

No I don't want to revisit it :).

[coloradoKid]

Mikey, can you point me to the PR that says Mark is on staff? I thought he was just on the board and heading the audit committee.

At this stage they appear properly staffed. If the company begins making money they will likely fire Mark Shelly and hire a real accountant