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  4. Sierra Resource Group Inc (SIRG) Message Board

SIRG believes the promissory note to Brian Hebb d

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Post# of 4018
Posted On: 08/21/2012 9:24:41 AM
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Posted By: Lmcat

SIRG believes the promissory note to Brian Hebb dated August 16, 2010, the promissory note to Black Diamond Realty Management dated August 6, 2010, the promissory note to Brian Hebb dated May 5, 2010 and the promissory note to South Concord Corp dated September 30, 2011 are not legitimate debt instruments of the Company. The Company has attempted to acquire documented proof of these obligations but none has been obtained. The Company has contacted the creditors and the Company’s prior Auditors for proper documentation but none has been provided. The Company has written-off these presumed fictitious debt instruments and has recognized the resulting Forgiveness of Debt Income as of June 30, 2012.


The Company has obtained documentation from Medina Property Group, Inc. releasing the Company’s obligation on the promissory note dated March 22, 2010. The Company has recognized the resulting Forgiveness of Debt Income as of June 30, 2012.


The Company entered into a demand Promissory Note with Blackpool Partners LLC; a company owned by the Company’s CEO and a related party, on May 18, 2011 in the amount of $6,700. The note has an interest rate of 4%. The Company has satisfied this obligation as of June 30, 2012.


The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on June 8, 2011 in the amount of $32,500. The note has an interest rate of 8% with the maturity date of March 13, 2012. During the course of the year ended December 31, 2011 Asher Enterprises converted $10,000 in principle balance of the note to the Company’s common stock in accordance to the terms of the Agreement. This obligation has been satisfied as of June 30, 2012.


The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on July 1, 2011 in the amount of $25,000. The note has an interest rate of 8% with the maturity date of April 5, 2012. This obligation has been satisfied as of June 30, 2012.


The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on August 30, 2011 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of June 4, 2012. This obligation has been satisfied as of June 30, 2012.


The Company entered into a Convertible Promissory Note with Tangiers on October 14, 2011 in the amount of $31,500. The note has an interest rate of 10% with the maturity date of July 14, 2012. The Company has renegotiated the terms of the note. The new terms require the Company to make two payments of $18,750, which one payment has been satisfied, and issue 3,000,000 shares of common stock to Tangiers.


The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 13, 2012 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of January 7, 2013.



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