Not much has changed here, operations wise. The company still does nothing, as is evidenced by its recently filed Form 10-K, for the year ending July 31, 2013 and it's latest financials, Form 10-Q for the quarter ending October 31, 2013. Neither filing shows any significant exploration expenditures, in spite of several promising press releases issued in 2012, like this one, this one, this one and this one. It should come as no surprise that each of these press releases coincided with promotional newsletters that appeared in the Inboxes of obliging penny stock players. And of course, not one of the press releases was worth spit.
The debt creation is disturbing, aside from the fact that we can't reconcile it. In 2013 alone, we see $95,000 in Promissory Notes issued to recently appointed, SRGL President, Dhugald Pinchin, $99,978.26 to Syndication Capital, LLC and $27,500 to an unknown party, for a total of $222,478.26. Here is an excerpt from of one of the notes to Syndication Capital, LLC:
The required disclosures about a non-arms length agreement with Syndication Capital is not provided, nor can we find the required Form 4 disclosures regarding SRGL holdings by the Pinchins. Effectively, what we have here, is a set up to gut the Pinchins' own company by converting debt and selling stock, which would be a violation of insider "dribble out" requirements.
After the VYEY Board of Directors removed Fullenkamp as an officer and director, the company sued him (Midland County, Texas Case No. CV-47230O) and criminal associate, Jim Dial, for fraud, breach of fiduciary duty, and other claims, seeking to recover damages in excess of $10.0 million, plus punitive damages. Dial is currently serving time for his part in the Grifco International (GFCI) penny stock fraud. While a settlement agreement agreement resulted in the dismissal of Fullenkamp from the Victory Energy lawsuit, the funds lost to his schemes by the company and shareholders were gone forever.
With Tim Pinchin unable to visibly run the show and Jon Fullenkamp's dubious past likely to be a reason for his short term at the helm of SRGL, it is not difficult to imagine that Dhugald and Jody Pinchin are risking any credibility that their names may still retain by continuing to be mixed up in the schemes of these boys.
Those buying into the SRGL Pump & Dump look to be waving goodbye to their money.