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0001165527-12-000542.txt : 20120525 0001165527-12-000542.hdr.sgml : 20120525 20120525122701 ACCESSION NUMBER: 0001165527-12-000542 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20120525 DATE AS OF CHANGE: 20120525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNERGY INC CENTRAL INDEX KEY: 0001261487 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52767 FILM NUMBER: 12870136 BUSINESS ADDRESS: STREET 1: 14362 N. FRANK LLOYD WRIGHT BLVD., STREET 2: SUITE 1000 CITY: SCOTTSDALE STATE: AZ ZIP: 85260 BUSINESS PHONE: 480-477-5810 MAIL ADDRESS: STREET 1: 14362 N. FRANK LLOYD WRIGHT BLVD., STREET 2: SUITE 1000 CITY: SCOTTSDALE STATE: AZ ZIP: 85260 10-Q 1 g6017.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2011 or [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 000-52767 SUNERGY, INC. (Exact name of registrant as specified in its charter) Nevada 26-4828510 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 14362 N. Frank Lloyd Wright Blvd., Suite 1000, Scottsdale, AZ 85260 (Address of principal executive offices) (Zip Code) 480.477.5810 (Registrant's telephone number, including area code) n/a (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [ ] YES [X] NO Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] YES [ ] NO Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act [ ] YES [X] NO APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. [ ] YES [ ] NO APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 1,559,689,258 common shares issued and outstanding as of March 31, 2012. PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The interim financial statements included herein are unaudited but reflect, in management's opinion, all adjustments, consisting only of normal recurring adjustments that are necessary for a fair presentation of our financial position and the results of our operations for the interim periods presented. Because of the nature of our business, the results of operations for the quarterly period ended September 30, 2011 are not necessarily indicative of the results that may be expected for the full fiscal year. 2 SUNERGY, INC. (An Exploration Stage Company) CONSOLIDATED BALANCE SHEETS (unaudited)

The accompanying notes are an integral part of these statements. 3 SUNERGY, INC. (An Exploration Stage Company) CONSOLIDATED STATEMENTS OF OPERATION (unaudited)

The accompanying notes are an integral part of these statements. 4 SUNERGY, INC. (An Exploration Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

5 SUNERGY, INC. (An Exploration Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

The accompanying notes are an integral part of these statements. 6 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 1. GENERAL ORGANIZATION AND BUSINESS SUNERGY, Inc. (The Company) was organized in the state of Nevada on January 28, 2003 and is an exploration phase mineral and mining company. The Company has mineral properties located in the Republic of Ghana and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts from these properties will be dependent upon the discovery of economically recoverable reserves located within the property interests held by the Company, the ability of the Company to obtain necessary financing to satisfy the expenditure requirements under the property agreements to complete the development of the properties and upon future profitable production or proceeds for the sale thereof. The Company entered into a purchase agreement, which closed October 18, 2010, to acquire Allied Mining and Supply LLC., a Nevada limited liability company. Allied Mining and Supply LLC also has one subsidiary, a Sierra Leone company, Allied Mining and Supply Ltd. As part of the acquisition the Company now has a concession in Sierra Leone. The Company has been in the exploration phase of this concession since the purchase. No revenues have been generated as of yet. This concession, if determined to be economically feasible, may produce gold and rare metals. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended December 31, 2010 and notes thereto included in the Company's 10-K annual report and all amendments. The Company follows the same accounting policies in the preparation of interim reports. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Sunergy, Inc and its subsidiaries Mikite Gold Resources Limited, a Ghanaian company (100%) and Allied Mining and Supply LLC, a Nevada limited liability company (100%). Allied Mining and Supply LLC also has one 100% owned subsidiary, a Sierra Leone company, Allied Mining and Supply Ltd which are 100% consolidated in the financial statements. All material inter-company accounts and transactions have been eliminated. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. ACCOUNTING BASIS The statements were prepared following generally accepted accounting principles of the United States of America. The Company operates on a December 31 fiscal year end. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. 7 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 FAIR VALUE OF FINANCIAL INSTRUMENTS Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, requires disclosing fair value to the extent practicable for financial instruments that are recognized or unrecognized in the balance sheet. Fair value of financial instruments is the amount at which the instruments could be exchanged in a current transaction between willing parties. The Company considers the carrying amounts of cash, certificates of deposit, accounts receivable, accounts payable, notes payable, related party and other payables, customer deposits, and short term loans approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. The Company considers the carrying amount of notes payable to approximate their fair values based on the interest rates of the instruments and the current market rate of interest. EXPLORATION STAGE COMPANY The Company complies with Accounting Standards Codification (ASC) Topic 915 for its characterization of the Company as exploration stage. All losses accumulated since inception has been considered as part of the Company's exploration stage activities. The Company is subject to several categories of risk associated with its exploration stage activities. Mineral exploration and production is a speculative business, and involves a high degree of risk. Among the factors that have a direct bearing on the Company's prospects are uncertainties inherent in estimating mineral deposits, future mining production, and cash flows, particularly with respect to properties that have not been fully proven with economic mineral reserves; access to additional capital; changes in the price of the underlying commodity; availability and cost of services and equipment; and the presence of competitors with greater financial resources and capacity. MINERAL PROPERTY COSTS Mineral property exploration costs are expensed as incurred. Mineral property acquisition costs are initially capitalized when incurred. The Company assesses the carrying costs for impairment at each fiscal quarter end. When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, the costs then incurred to develop such property, are capitalized. Such costs will be amortized using the units-of-production method over the estimated life of the probable reserve. If mineral properties are subsequently abandoned or impaired, any capitalized costs will be charged to operations. PROPERTY, PLANT AND EQUIPMENT Property and equipment are recorded at historical cost. Minor additions and renewals are expensed in the year incurred. Major additions and renewals are capitalized and depreciated over their estimated useful lives. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The Company uses other depreciation methods (generally accelerated) for tax purposes where appropriate. The estimated useful lives for significant property and equipment categories are as follows: Furniture and Fixtures 5 - 7 Years Equipment 3 - 5 Years RECENT ACCOUNTING GUIDANCE NOT YET ADOPTED The Company has reviewed recently issued accounting pronouncements and believes none will have any material impact on our financial statements. 8 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 3. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has accumulated a loss of $3,324,629 during its exploration stage and has a working capital deficit of $365,201 as of September 30, 2011. This raises substantial doubt about the Company's ability to continue as a going concern. These financials do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. It should be noted that all mining, mineral and oil and gas companies show a loss in the exploration stage of each project. By its very nature exploration is expenditures with no income. To expect otherwise is not reality. In the exploration stage almost all of the expenditures are expensed and not capitalized. At the end of the exploration phase revenues begin with the production phase and result in a better match of revenue with expenses. In the production phase many expenses are capitalized and spread over the expected life of the mining project. Sunergy will continue to seek additional funds from its investors to complete its exploration stage of determining when a particular project is economically feasible. NOTE 4. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at September 30, 2011 and December 31, 2010: September 30, December 31, 2011 2010 ---------- ---------- Exploration equipment $ 221,768 $ -- Rolling stock 10,000 -- Power generating equipment 13,307 -- Office furniture and equipment 2,254 2,254 ---------- ---------- Subtotal 247,329 2,254 Less accumulated depreciation (22,934) -- ---------- ---------- Property, and equipment - net $ 224,395 $ 2,254 ========== ========== NOTE 5. NOTES PAYABLE During the nine month period ended September 30, 2011 we issued $290,000 in note payables to various investors, which consisted of $245,000 in loans and $45,000 in originally issued discount due at maturity for the purchase of equipment used in exploration. During the period we amortized $45,000 of the $45,000 of originally issued discount. As an incentive for the note holders we also agreed to issue 14,200,000 units with each unit consisting of one restricted share of common stock and one 12 month common share purchase warrant and were valued at $37,700 and recorded as prepaid financing cost. As of September 30, 2011, the Company has amortized the entire $37,700 of prepaid financing cost. Of the above loans, $105,500 were collateralized by 34,000,000 equity units with each unit consisting of one share of common stock and a one year warrant. Of the 34,000,000 warrants 14,000,000 are exercisable at $0.005 per share, 15,000,000 are exercisable at $0.0075, and 5,000,000 are exercisable at $0.007 per share. In the event of default, the note holders are able to convert the outstanding balance owed to the common share collateral. 9 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 As of September 30, 2011, the company was in default on $52,500 of the above notes, including $7,500 in accrued interest. As such, the Company has recorded $1,300 in penalty fees. On July 30, 2011 the Company issued 8,000,000 equity units with each unit consisting of one common share and one twelve month warrant exercisable at $0.005 per share to settle $17,500 note and $2,500 accrued interest. On September 26th, 2011 the Company issued 7,000,000 equity units with each unit consisting of one common share and one twelve month warrant exercisable at $0.0075 per share to settle $17,500 note and $7,000 accrued interest A summary of the outstanding balance for the periods ended September 30, 2011 and December 31, 2010 follows: September 30, December 31, 2011 2010 ---------- ---------- Notes Payable $ 290,000 $ -- Payments (46,915) Loan Settlements (35,000) -- ---------- ---------- Total Notes Payable $ 208,085 $ -- ========== ========== NOTE 6. STOCKHOLDERS' EQUITY COMMON STOCK The following provides a summary description of the common stock and equity-linked instruments issued during the nine months ended September 30, 2011. For a detailed description of the issuances prior to January 1, 2011 please refer to our previous filings, most recently our Form 10-K for the year ended December 31, 2010. On January 11, 2011 the Company issued 125,400,000 units consisting of one common share and one 12 month warrant exercisable at $0.005 for $0.0025 per share for $313,500 cash. The Company entered into various transactions to issue equivalent units of one common stock and one 12 month purchase warrant exercisable at $0.005 during the quarter. On January 11, 2011 the Company settled $47,500 in accounts payable through the issuance of 19,000,000 units at $0.0025 with each unit consisting of one common share and one 12 month warrant exercisable at $0.005. On January 11, 2011 the Company issued 18,779,960 units consisting of one common share and one 12 month warrant exercisable at $0.005 for total consideration of $44,861. On January 11, 2011 the Company issued 4,000,000 units consisting of one common share and one 12 month warrant exercisable at $0.005 for total consideration of $10,000. On January 11, 2011 the Company issued 15,440,000 units consisting of one common share and one 12 month warrant exercisable at $0.005 for total consideration of$38,600 to settle operational advances. On January 11, 2011 the Company issued 2,500,000 units consisting of one common share and one 12 month warrant exercisable at $0.005 for total consideration of $6,250 of consulting services. On February 24, 2011 the Company issued 10,000,000 shares of common stock valued at $0.0025 per share or $25,000 for consulting services and is recorded in exploration expense. 10 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 COMMON STOCK CONT. On May 3, 2011 the Company issued 1,000,000 shares of common stock for $5,000 cash in the exercise of 1,000,000 warrants. On June 22, 2011, the Company issued 13,300,000 units consisting of one common share and one 12 month warrant with 13,000,000 warrants exercisable at $0.005 and 300,000 warrants exercisable at $0.0075 per share as incentive to enter into note payable agreements. The shares were valued at $34,550. On June 22, 2011, the Company issued 7,714,285 units for $27,000 cash consisting of one common share and one 12 month warrant exercisable at $0.006. On June 22, 2011, the Company issued 1,200,000 units for $3,000 cash at $0.025 per unit with each unit consisting of one common share and one 12 month warrant exercisable at $0.005 and 27,928,567 units for $97,750 cash at $0.0035 per unit with each unit consisting of one common share and one 12 month warrant exercisable at $0.006. On June 22, 2011, the Company issued 100,000,000 units at $0.0035 for $350,000 cash with each unit consisting of one common share and one 12 month warrant exercisable at$0.007 per share. Upon exercise each original warrant will be issued an incentive warrant if exercised within seven months. The number of incentive warrants issued for each original warrant exercised will decrease to 80%, 70%, 60%, 50%, and 40% if exercised on the 8th, 9th, 10th, 11th or 12th month respectively. Incentive warrants will be exercisable at a 30% discount of the preceding five day average price per share. On June 22, 2011, the Company issued 900,000 units consisting of one share of common stock and one 12 month warrant exercisable at $0.0075 per share, as incentive to enter into various loan agreements. The units were valued at $3,350 based on the $0.0035 unit price from subscriptions sold for cash in the same period. During the third quarter of 2011, the Company issued 10,000,000 common shares at $0.0025 for $25,000 cash and 8,000,000 common shares at $0.005 for $40,000 cash for the exercise of warrants. During the third quarter of 2011, the Company issued 3,000,000 common shares for various services. These shares were valued at $10,500 based on the $0.0035 cash subscription price sold during the same period. During the third quarter 2011, 10,357,142 units were issued for $36,250 cash at $0.0035 per unit with each unit consisting of one common share and one 12 month warrant exercisable at $0.007 per share. OUTSTANDING WARRANTS On October 18, 2010, the Company authorized the issuance of 100,000,000 one year warrants exercisable at $0.0025 and 100,000,000 one year warrants exercisable at $0.005 per share. The warrants were issued as consideration for the acquisition of Allied Mining and subsidiary. 11 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 On January 11, 2011, the Company issued 125,400,000 one year warrants exercisable at $0.005 per share. The warrants were issued as consideration for the cash purchase of an equal number of common shares at $0.0025 per share. OUTSTANDING WARRANTS CONT. On January 11, 2011, the Company issued 18,779,960 one year warrants exercisable at $0.005 per share. The warrants were issued as consideration to settle related party management services. The warrants were valued with their associated common stock issued as units at the current private placement price of $0.0025 per unit. On January 11, 2011, the Company issued 4,000,000 one year warrants exercisable at $0.005 per share for services. The warrants were valued as units with common stock at the current private placement price of $0.0025 per unit. On January 11, 2011, the Company issued 19,000,000 one year warrants exercisable at $0.005 per share for settlement of debt. The warrants were valued as units with common stock at the current private placement price of $0.0025 per unit. On January 11, 2011, the Company issued 15,440,000 one year warrants exercisable at $0.005 per share for the settlement of debt. The warrants were valued as units with common stock at the current private placement price of $0.0025 per unit. In a 2012 resolution, the Company extended the expiration date on most of the outstanding warrants by six months. The new expiration dates are reflected in the below listed schedules. On September 30, 2011 the Company had warrants outstanding for the purchase of an aggregate of 545,459,954 shares of its common stock, which are summarized in the table below: Warrants Exercise Expiration Outstanding Price Date ----------- ----- ---- 90,000,000 0.0025 16-Jul-2012 100,000,000 0.005 16-Jul-2012 194,059,960 0.005 16-Jul-2012 14,200,000 0.005 22-Dec-2012 35,642,852 0.006 22-Dec-2012 100,000,000 0.007 22-Dec-2012 1,200,000 0.0075 22-Dec-2012 6,000,000 0.007 31-Jan-2013 1,428,571 0.007 1-Feb-2013 1,500,000 0.007 4-Feb-2013 1,428,571 0.007 16-Mar-2013 ----------- Total 545,459,954 =========== 12 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 OUTSTANDING WARRANTS CONT. Information relating to warrant activity during the reporting period follows:

NOTE 7. RELATED PARTY TRANSACTIONS Operational Advances - Related Party Operational advances are short-term, unsecured, non-interest bearing operational loans made by various related parties to maintain day-to-day operations. Summary of balance follows: September 30, December 31, 2011 2010 -------- -------- Operational Advances $ 29,463 $ 83,991 Accruals - Related Party Related party transactions include accruals of unpaid management and director fees. Summary of balance follows: September 30, December 31, Related Party-Accruals 2011 2010 ---------------------- -------- -------- Management & Director Fees $ 41,242 $ -- Advisor Fees 9,000 -- -------- -------- Total Related Party Accruals $ 50,242 $ -- ======== ======== NOTE 8. RESTATED FINANCIALS On September 30, 2010 the Company had used erroneous market prices to calculate the fair value of certain stock issues which it corrected in its 10-K annual report dated December 31, 2010. The correction impacted reported interest expense in the statement of operations and the statement of cash flows. The Company had determined that it was unnecessary to restate its September 30, 2010 10-Q filing because the calculation error was not discovered until the audit of its annual report and the corrections were made there. Because both reports were over nine months late, restatement of the September 30, 2010 10-Q would have been irrelevant to potential users. 13 SUNERGY, INC. AND SUBSIDIARIES (An Exploration Stage Company) NOTES TO CONSOLIDTED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 NOTE 8. RESTATED FINANCIALS CONT Following is a summary of the restated amounts as they affect the comparative amounts currently being reported: Three Months Nine Months Ended Ended September 30, September 30, 2010 2010 ------------ ------------ As Previously Reported $ (1,252,388) $ (1,901,388) As Restated (868,627) (1,043,627) ------------ ------------ Affect of Restatement $ (383,761) $ (857,761) ============ ============ NOTE 9. SUBSEQUENT EVENTS During the fourth quarter of 2011, the Company issued 22,000,000 units to settle $52,500 of debt with each unit consisting of one common share and one 12 month warrant with 14,000,000 exercisable at $0.0075 and 8,000,000 exercisable at $0.005 per share. During the fourth quarter of 2011, 1,428,571 units were issued for cash at $0.0035 per unit with each unit consisting of one common share and one 12 month warrant exercisable at $0.007 per share. During the fourth quarter of 2011, 4,500,000 shares were issued for consulting services at $0.0035 per share. During the fourth quarter of 2011, 6,000,000 units were issued for consulting services at $0.0035 per unit with each unit consisting of one common share and one 12 month warrant exercisable at $0.005 per share. During the fourth quarter of 2011, 5,000,000 common shares were issued for cash in the exercise of warrants at $0.0025 per share. During the fourth quarter of 2011, 2,000,000 common shares were issued for cash in the exercise of warrants at $0.005 per share. During the first quarter of 2012, the Company issued 18,800,000 common shares in the exercise of warrants at $0.005 per share and 14,600,000 common shares in the exercise of warrants at $0.0025 per share. During the first quarter of 2012, the Company issued 17,071,425 units for cash at $0.0035 per unit, with each unit consisting of one common share and one 12 month share purchase warrant. Of the total warrants issued 14,642,855 are exercisable at $0.005 and 2,428,570 are exercisable at $0.007 per share. During the first quarter of 2012, the Company issued 37,571,428 units at $0.0035 to settle debt with each unit consisting of one common share and one 12 month share purchase warrant. Of the total warrants issued 30,571,428 are exercisable at $0.005 and 7,000,000 are exercisable at $0.0075 per share. During the first quarter of 2012, the Company issued 6,000,000 units at $0.0025 per share for consulting services with each unit consisting of one common share and one 12 month share purchase warrant exercisable at $0.005 per share. 14 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD-LOOKING STATEMENTS This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results. Our unaudited financial statements are stated in United States dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report. In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "common stock" refer to the common shares in our capital stock. As used in this quarterly report, the terms "we", "us", "our", "our company" and "Sunergy" mean Sunergy, Inc. and our wholly owned subsidiaries, Mikite Gold Resources Limited, a Ghanaian company and Allied Mining and Supply LLC, a Nevada limited liability, unless otherwise stated. OVERVIEW AND CURRENT BUSINESS We were incorporated in the State of Nevada, USA, on January 28, 2003. We are an exploration stage company engaged in the acquisition, exploration and development of mineral properties with a view to exploiting any mineral deposits we discover that demonstrate economic feasibility. Our current exploration efforts are focused on our two properties; one of which is located in Sierra Leone, Africa and the other is located in Ghana, Africa. NYINAHIN CONCESSION, GHANA: We have commenced the exploration stage of our operations on Nyinahin but can provide no assurance that we will discover economic mineralization on the property, or if such minerals are discovered, that we will enter into commercial production. This year's exploration is designed to confirm initial discoveries of gold on our concession contained in a report that accompanied the purchase of the property. A budget of $50,000 was committed to initiate this sampling program. The program commenced in the third quarter beginning July 2011 and ended in November 2011 with a Technical Report filed in December with the Minerals Commission in Ghana. The results indicate further exploration involving geochemical and geophysical work which, if successful, should set the stage for drilling in the bedrock that is a direct extension of the Keegan Esaase-Jeni Project. . Alluvial mining operations for gold have sprung up along the Offin River which runs through the eastern portion of our concession, and surround this area of our concession. Immediately adjacent on the east to the Nyinahin concession are the Esaase-Jeni (Gyeni) properties, held by Keegan Resources of Canada. Prior to 15 Keegan's acquisition of the Bonte (now called Esaase) and the Jeni (Gyeni) concessions, they were mined for alluvial gold by Bonte Gold Mines, a subsidiary of Akrokeri-Ashanti Gold Mines of Canada. This recent alluvial activity suggests the strong viability of the alluvial opportunity on our concession and alluvial Joint Venture partners are being sought at this time. The Nyinahin concession is located between two geological gold belts, the Bibiani Belt to the west and the Asankrangwa to the east. The license allows for the exploration and mining of gold, silver, base metals and diamonds. About 80% of the Nyinahin concession lies to the west of the Offin River within the Ashanti region of Ghana. There are several historical pits and adits with a strong clustering of artisan pits located along the Offin River. Three old gold prospects exist on the concession. The property is accessed via the main Kumasi-Bibiani trunk road. It falls under the jurisdiction of the Atwima Mponua District Assembly with headquarters at Nyinahin. The Offin River area offers strong alluvial operations potential as well as the underlying bedrock is a continuation of the Keegan Esaase-Jeni Project. The large area west of the Offin River area contain some significant geological anomalies that warrant additional exploration activities. In the overall, this concession represents a significant future development opportunity for our Company. PAMPANA RIVER CONCESSION, SIERRA LEONE: The Pampana River concession is an alluvial mining concession consisting of Exploration License No. EXPL 5/2009 which was issued to Allied Mining and Supply Ltd. (AMS) on August 12, 2009. The license is located in the Kholifa Rowalla, Kafe Simiria and Tane Chiefdoms in the Tonkolili District of the Northern Province of Sierra Leone covering an area of 141.3 km2. The concession is situated on the western fringes of the southern Sula Mountains greenstone belt and for most of the northern and central part it straddles the Pampana River. On the west of the southern part, the concession runs along the Pampana River. The property is south of the Sula Mountains in the Greenstone belt, around 120 miles east of the capital, Freetown. When we purchased the Pampana River concession in 2010, Allied Mining and Supply had been conducting exploration there for two years and had laid out a program to exploit the newly discovered rare earth elements in the heavy mineral sands that exist in association with the gold. To further that program, we contracted to purchase approximately $200,000 worth of dredges and associated support equipment to deploy on the Pampana River directly to establish our ability to recover the gold and other valuable minerals, commonly referred to as rare earth elements (REE), associated with the heavy mineral sands (HMS). Rare earth elements are a unique group of chemical elements that exhibit a range of special electronic, magnetic, optical and catalytic properties. REEs are used in a wide range of alloys and compounds, and can greatly affect the performance of complex engineered systems. They occur in a variety of chemical forms and have a wide variety of applications, including the processing of materials. REEs are used in components in engineered products, and their uses include fluid cracking catalysts, automotive catalytic convertors, polishing materials, permanent magnets, energy storage, phosphors, and glass additives. In modern society, many of these uses are critical for high tech devices including electronics, jet planes and rocks, and vital engineered components. The REEs include the 15 elements of the lanthanide series, (Atomic Numbers 57 through 71), and consist of lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium. In addition, several non-lanthanides, which have similar or related properties and uses, are sometimes classified with the REEs, and these include yttrium, niobium, and tantalum. In furtherance of the exploration activities carried out by Allied in 2010, and based on the preliminary results of their prior efforts, we commenced our initial dredging April 16, 2011, well into the mining season which generally ends with the beginning of rainy season (July). The dredging took place in the Masanga Area that is believed to have limited overburden and has good river accessibility. Shortly after deployment in April 2011, the two Allied dredges 16 were producing daily quantities of heavy mineral sands (HMS). The early estimate range of 400 to 500 pounds of HMS per dredge per 10 hour day, were validated. The process involved regular performance evaluation and modifications and adjustments of the dredges and support equipment in order to maximize the efficiency of the advanced exploration activity. Multiple areas along the river were sampled involving considerable de-staging, repositioning and deployment in order to generate target appraisals and gauge future recovery potential. Operations were suspended in July 2011 during the rainy season. Results of 2011 operations will be discussed once finally tallied in an upcoming report to be filed with the Minerals Commission in Sierra Leone. Due to the complex nature and broad range of apparent minerals of the Pampana sands, additional mineralogy is required in order to prove their full mineralogical and elemental content, and to accurately describe the economical value and overall potential of the Allied EXPL. Once additional mineralogical studies are completed under the control and supervision of Sunergy board advisor, Alexander Beckmann, are completed, Allied stands ready and committed to opening up an entirely new area in the mining sector in Sierra Leone. Allied is currently in conversation with development partners who have the capacity and experience to design, build and operate the necessary processing equipment for the heavy mineral sands. Markets for the variety of recoverable mineral fractions are actively being investigated with the goal of securing off-take agreements in the near term. Allied/Sunergy's steadfast commitment to community development has led to our current standing in the district of Tonkolli which has never been higher. Our employees, some of whom have been with us for three years, are capable, hard working and well respected among the villages on our concession. Allied has typically employed 70 to 80 men and women each year during the mining season. Most are full-time, while others are part-time or temporary help. This effort is important to maintain a high level of confidence in the communities and the country of Sierra Leone, which gives Sunergy a strong foundation to develop additional business in the Country. RESULTS OF OPERATIONS The following discussion should be read in conjunction with our unaudited financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this quarterly report, particularly in the section entitled "Risk Factors" of this quarterly report. Our unaudited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles. THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

17 EXPENSES Our operating expenses for the three and nine months ended September 30, 2011 and 2010 are outlined in the table below:

Operating expenses for the three months ended September 30, 2011, increased by approximately 4.5% as compared to the same period in 2010. The increase is primarily the result of an increase in general and administrative expenses, professional fees and exploration costs and related party interest expenses. Operating expenses for the nine months ended September 30, 2011, increased by approximately 60% as compared to the same period in 2010. The increase is primarily as a result of an increase in general and administrative expenses, professional fees, exploration costs and interest expenses. During the nine months ended September 30, 2011 the company increased its exploration resulting in exploration costs for the period nearly 16 times the amount spent during the corresponding period in the previous year. REVENUE We have not earned any revenues since our inception on January 28, 2003. We do not anticipate earning revenues until such time as we have entered into commercial production on the Nyinahin and Pampana properties. We have not commenced the commercial development stage of our business and can provide no assurance that we will discover economic mineralization on the properties, or if such minerals are discovered, that we will enter into commercial production. EQUITY COMPENSATION We currently do not have any formalized equity compensation plans or arrangements, however, we enter into agreements with employees, consultants, and other service providers that allows us to issue equity instruments in settlement of accrued expenses and financing arrangements. 18 LIQUIDITY AND FINANCIAL CONDITION WORKING CAPITAL At At September 30, December 31, Increase/ 2011 2010 (Decrease) ---------- ---------- ---------- Current Assets $ 15,841 $ 147,251 $ (131,410) Current Liabilities 381,042 91,592 289,450 ---------- ---------- ---------- Working Capital (deficit) $ (365,201) $ 55,659 $ (420,860) ========== ========== ========== The decrease in working capital is a result of short-term loans obtained during the nine month period ended September 30, 2011 used to purchase $195,076 of exploration equipment and finance operations. CASH FLOWS Nine Months Ended September 30, ---------------------------- 2011 2010 ---------- ---------- Net Cash (used) in Operating Activities $ (669,993) $ (73,551) Net Cash (used) in Investing Activities (195,075) -- Net Cash Provided by Financing Activities 783,658 73,529 ---------- ---------- INCREASE/(DECREASE) IN CASH DURING THE PERIOD $ (81,410) $ (22) ========== ========== We have been aggressive in working to obtain capital through both sales of stock and borrowings to fund our operations. During October 2010 we acquired our subsidiary with its Pampana River concession and began dredging operations. We have used over 50% of the cash raised to directly finance those operations. We anticipate that additional funding will be required in the form of equity financing from the sale of our common stock. At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors to meet our obligations over the next twelve months.. There are a substantial amount of warrants that when exercised could provide a significant amount of additional equity funding that will assist in the future exploration and development of our Company's mining businesses in both Ghana and Sierra Leone, however, there is no guarantee that investors will exercise any of these warrants or that we will be successful at raising additional capital. CONTRACTUAL OBLIGATIONS As a "smaller reporting company", we are not required to provide tabular disclosure obligations. OFF-BALANCE SHEET ARRANGEMENTS We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders. 19 CRITICAL ACCOUNTING POLICIES The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. There has been no change in our critical accounting estimates during the periods presented in this report. ITEM 3. QUANTITATIVE DISCLOSURES ABOUT MARKET RISKS As a "smaller reporting company", we are not required to provide the information required by this Item. ITEM 4. CONTROLS AND PROCEDURES MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer, principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance's with US generally accepted accounting principles due to the existence of significant deficiencies constituting material weaknesses. A material weakness is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, 20 officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest. ITEM 1A. RISK FACTORS In addition to other information in this quarterly report, the following risk factors should be carefully considered in evaluating our business because such factors may have a significant impact on our business, operating results, liquidity and financial condition. As a result of the risk factors set forth below, actual results could differ materially from those projected in any forward looking statements. Additional risks and uncertainties not presently known to us, or that we currently consider to be immaterial, may also impact our business, operating results, liquidity and financial condition. If any such risks occur, our business, operating results, liquidity and financial condition could be materially affected in an adverse manner. Under such circumstances, the trading price of our securities could decline, and you may lose all or part of your investment. OUR PROPERTIES ARE IN THE EXPLORATION STAGE. THERE IS NO ASSURANCE THAT WE CAN ESTABLISH THE EXISTENCE OF ANY MINERAL RESOURCE ON OUR PROPERTIES IN COMMERCIALLY EXPLOITABLE QUANTITIES. UNTIL WE CAN DO SO, WE CANNOT EARN ANY REVENUES FROM OPERATIONS AND IF WE DO NOT DO SO WE WILL LOSE ALL OF THE FUNDS THAT WE EXPEND ON EXPLORATION. IF WE DO NOT DISCOVER ANY MINERAL RESOURCE IN A COMMERCIALLY EXPLOITABLE QUANTITY, OUR BUSINESS COULD FAIL. Despite pre-exploration work on our mineral properties, we have not established that they contain any mineral reserve, nor can there be any assurance that we will be able to do so. If we do not, our business could fail. A mineral reserve is defined by the Securities and Exchange Commission in its Industry Guide 7 (which can be viewed over the Internet at http://www.sec.gov/divisions/corpfin/forms/industry.htm#secguide7) as that part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. The probability of an individual prospect ever having a "reserve" that meets the requirements of the Securities and Exchange Commission's Industry Guide 7 is extremely remote; in all probability our mineral resource property does not contain any 'reserve' and any funds that we spend on exploration will probably be lost. Even if we do eventually discover a mineral reserve on one of our properties, there can be no assurance that we will be able to develop our properties into producing mines and extract those resources. Both mineral exploration and development involve a high degree of risk and few properties which are explored are ultimately developed into producing mines. The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade and other attributes of the mineral deposit, the proximity of the resource to infrastructure such as a smelter, roads and a point for shipping, government regulation and market prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral resource unprofitable. MINERAL OPERATIONS ARE SUBJECT TO APPLICABLE LAW AND GOVERNMENT REGULATION. EVEN IF WE DISCOVER A MINERAL RESOURCE IN A COMMERCIALLY EXPLOITABLE QUANTITY, THESE LAWS AND REGULATIONS COULD RESTRICT OR PROHIBIT THE EXPLOITATION OF THAT MINERAL RESOURCE. IF WE CANNOT EXPLOIT ANY MINERAL RESOURCE THAT WE MIGHT DISCOVER ON OUR PROPERTIES, OUR BUSINESS MAY FAIL. Both mineral exploration and extraction require permits from various foreign, federal, state, provincial and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. There can be no assurance that we will be able to obtain or maintain any of the permits required for the continued exploration of our mineral property or for the construction and operation of a mine on our property at economically viable costs. If we cannot accomplish these objectives, our business could fail. 21 We believe that we are in compliance with all material laws and regulations that currently apply to our activities but there can be no assurance that we can continue to remain in compliance. Current laws and regulations could be amended and we might not be able to comply with them, as amended. Further, there can be no assurance that we will be able to obtain or maintain all permits necessary for our future operations, or that we will be able to obtain them on reasonable terms. To the extent such approvals are required and are not obtained, we may be delayed or prohibited from proceeding with planned exploration or development of our mineral properties. IF WE ESTABLISH THE EXISTENCE OF A MINERAL RESOURCE ON ONE OF OUR PROPERTIES IN A COMMERCIALLY EXPLOITABLE QUANTITY, WE WILL REQUIRE ADDITIONAL CAPITAL IN ORDER TO DEVELOP THE PROPERTY INTO A PRODUCING MINE. IF WE CANNOT RAISE THIS ADDITIONAL CAPITAL, WE WILL NOT BE ABLE TO EXPLOIT THE RESOURCE, AND OUR BUSINESS COULD FAIL. If we do discover mineral resources in commercially exploitable quantities on our property, we will be required to expend substantial sums of money to establish the extent of the resource, develop processes to extract it and develop extraction and processing facilities and infrastructure. Although we may derive substantial benefits from the discovery of a major deposit, there can be no assurance that such a resource will be large enough to justify commercial operations, nor can there be any assurance that we will be able to raise the funds required for development on a timely basis. If we cannot raise the necessary capital or complete the necessary facilities and infrastructure, our business may fail. MINERAL EXPLORATION AND DEVELOPMENT IS SUBJECT TO EXTRAORDINARY OPERATING RISKS. WE DO NOT CURRENTLY INSURE AGAINST THESE RISKS. IN THE EVENT OF A CAVE-IN OR SIMILAR OCCURRENCE, OUR LIABILITY MAY EXCEED OUR RESOURCES, WHICH WOULD HAVE AN ADVERSE IMPACT ON OUR COMPANY. Mineral exploration, development and production involve many risks which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Our operations will be subject to all the hazards and risks inherent in the exploration for mineral resources and, if we discover a mineral resource in commercially exploitable quantity, our operations could be subject to all of the hazards and risks inherent in the development and production of resources, including liability for pollution, cave-ins or similar hazards against which we cannot insure or against which we may elect not to insure. Any such event could result in work stoppages and damage to property, including damage to the environment. We do not currently maintain any insurance coverage against these operating hazards. The payment of any liabilities that arise from any such occurrence would have a material adverse impact on our company. MINERAL PRICES ARE SUBJECT TO DRAMATIC AND UNPREDICTABLE FLUCTUATIONS. We expect to derive revenues, if any, either from the sale of our mineral resource property or from the extraction and sale of precious and base metals. The price of those commodities has fluctuated widely in recent years, and is affected by numerous factors beyond our control, including international, economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global or regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the economic viability of any of our exploration properties and projects, cannot accurately be predicted. THE MINING INDUSTRY IS HIGHLY COMPETITIVE AND THERE IS NO ASSURANCE THAT WE WILL CONTINUE TO BE SUCCESSFUL IN ACQUIRING MINERAL CLAIMS. IF WE CANNOT CONTINUE TO ACQUIRE PROPERTIES TO EXPLORE FOR MINERAL RESOURCES, WE MAY BE REQUIRED TO REDUCE OR CEASE OPERATIONS. The mineral exploration, development, and production industry is largely un-integrated. We compete with other exploration companies looking for mineral resource properties. While we compete with other exploration companies in the effort to locate and acquire mineral resource properties, we will not compete with them for the removal or sales of mineral products from our properties if we should eventually discover the presence of them in quantities sufficient to make production economically feasible. Readily available markets exist worldwide for the sale of mineral products. Therefore, we will likely be able to sell any mineral products that we identify and produce. 22 In identifying and acquiring mineral resource properties, we compete with many companies possessing greater financial resources and technical facilities. This competition could adversely affect our ability to acquire suitable prospects for exploration in the future. Accordingly, there can be no assurance that we will acquire any interest in additional mineral resource properties that might yield reserves or result in commercial mining operations. RISKS RELATED TO OUR COMPANY WE HAVE A LIMITED OPERATING HISTORY ON WHICH TO BASE AN EVALUATION OF OUR BUSINESS AND PROSPECTS. We have been in the business of exploring mineral resource properties since 2003 and we have not yet located any mineral reserve. As a result, we have never had any revenues from our operations. In addition, our operating history has been restricted to the acquisition and exploration of our mineral properties and this does not provide a meaningful basis for an evaluation of our prospects if we ever determine that we have a mineral reserve and commence the construction and operation of a mine. We have no way to evaluate the likelihood of whether our mineral property contains any mineral reserve or, if it does that we will be able to build or operate a mine successfully. We anticipate that we will continue to incur operating costs without realizing any revenues during the period when we are exploring our properties. We therefore expect to continue to incur significant losses into the foreseeable future. We recognize that if we are unable to generate significant revenues from mining operations and any disposition of our property, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses and difficulties frequently encountered by companies at the start up stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition. There is no history upon which to base any assumption as to the likelihood that we will prove successful and we can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations. THE FACT THAT WE HAVE NOT EARNED ANY OPERATING REVENUES SINCE OUR INCORPORATION RAISES SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO CONTINUE TO EXPLORE OUR MINERAL PROPERTIES AS A GOING CONCERN. We have not generated any revenue from operations since our incorporation and we anticipate that we will continue to incur operating expenses without revenues unless and until we are able to identify a mineral resource in a commercially exploitable quantity on either of our mineral properties and build and operate a mine. We had cash in the amount of $15,841 as of September 30, 2011. At September 30, 2011, we had a working capital deficit of $365,201. We incurred a net loss of $965,560 for the nine months ended September 30, 2011 and $3,324,630 since inception. We will have to raise additional funds to meet our currently budgeted operating requirements for the next 12 months. As we cannot assure a lender that we will be able to successfully explore and develop our mineral properties, we will probably find it difficult to raise debt financing from traditional lending sources. We have traditionally raised our operating capital from sales of equity and debt securities, but there can be no assurance that we will continue to be able to do so. If we cannot raise the money that we need to continue exploration of our mineral property, we may be forced to delay, scale back, or eliminate our exploration activities. If any of these were to occur, there is a substantial risk that our business would fail. These circumstances lead our prior independent registered public accounting firm, in their report dated December 15, 2011, to comment about our company's ability to continue as a going concern. Management has plans to seek additional capital through a private placement of our capital stock. These conditions raise substantial doubt about our company's ability to continue as a going concern. Although there are no assurances that management's plans will be realized, management believes that our company will be able to continue operations in the future. 23 RISKS ASSOCIATED WITH OUR COMMON STOCK TRADING ON THE PINK SHEETS MAY BE VOLATILE AND SPORADIC, WHICH COULD DEPRESS THE MARKET PRICE OF OUR COMMON STOCK AND MAKE IT DIFFICULT FOR OUR STOCKHOLDERS TO RESELL THEIR SHARES. WE ARE CURRENTLY UNDER THE CAVEAT EMPTOR STATUS ON THE PINK SHEETS, SINCE DECEMBER 15, 2010, DUE TO THE FACT THAT WE ARE A FULLY REPORTING COMPANY AND OUR FINANCIALS ARE NOT YET FULLY UP TO DATE. WE HAVE SUCCESSFULLY FILED THE 10K FOR DECEMBER 31, 2009, Q'S 1,2,3 AND THE 10K FOR 2010AND Q'S 1,2 AND 3 FOR 2011. ONCE OUR 10K FOR DECEMBER 31, 2011 AND OUR Q 1 FOR 2012 ARE FILED, WE WILL BE COMPLIANT IN OUR REQUIRED FILINGS AND CAN APPLY FOR REMOVAL OF THE CAVEAT EMPTOR STATUS. THE CAVEAT EMPTOR STATUS PREVENTS ANY SHARES, RESTRICTED OR UNRESTRICTED TO BE DEPOSITED FOR TRADING IN THE BROKERAGE SYSTEM. COUPLED WITH THE FACT THAT THE COMPANY'S SHARES TRADE AT LESS THAN $0.01, MAKES IT IMPOSSIBLE TO GET ANY SHARES DEPOSITED FOR TRADING. WE HAD 591,198,629 UNRESTRICTED COMMON SHARES AVAILABLE FOR SALE IN THE SYSTEM AS OF SEPTEMBER 30, 2011. SHOULD THE CAVEAT EMPTOR BE SUCCESSFULLY REMOVED AND THE MARKET PRICE RISE ABOVE $0.01 SIGNIFICANTLY MORE SHARES MAY BE MADE AVAILABLE FOR SALE BY BEING ALLOWED TO BE DEPOSITED IN THE MARKET SYSTEM. THIS COULD HAVE AN ADVERSE EFFECT ON OUR MARKET. Our common stock is quoted on the Pink Sheets . Trading in stock quoted on the Pink Sheets is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects. This volatility could depress the market price of our common stock for reasons unrelated to operating performance. Moreover, the Pink Sheets is not a stock exchange, and trading of securities on the Pink Sheets is often more sporadic than the trading of securities listed on a quotation system like NASDAQ or a stock exchange like Amex. Accordingly, shareholders may have difficulty reselling any of their shares. OUR STOCK IS A PENNY STOCK. TRADING OF OUR STOCK MAY BE RESTRICTED BY THE SEC'S PENNY STOCK REGULATIONS AND FINRA'S SALES PRACTICE REQUIREMENTS, WHICH MAY LIMIT A STOCKHOLDER'S ABILITY TO BUY AND SELL OUR STOCK. Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors". The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in, and limit the marketability of, our common stock. In addition to the "penny stock" rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make 24 reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, the Financial Industry Regulatory Authority believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The Financial Industry Regulatory Authority requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock. OTHER RISKS TRENDS, RISKS AND UNCERTAINTIES We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks may be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all of such risk factors before making an investment decision with respect to our common stock. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS On May 3, 2011 we issued 1,000,000 shares of common stock for $5,000 cash in the exercise warrants at $0.005 per share. These securities were issued pursuant to an exemption from registration relying on Regulation D of the Securities Act of 1933. On June 22, 2011 we issued 13,300,000 units consisting of one common share and one 12 month warrant with 13,000,000 warrants exercisable at $0.005 and 300,000 warrants exercisable at $0.0075 per share in satisfaction of subscriptions payable of $34,550. These securities were issued pursuant to an exemption from registration relying on Regulation D of the Securities Act of 1933. On June 22, 2011 we issued 7,714,285 units consisting of one common share and one 12 month warrant exercisable at $0.006 to satisfy subscriptions payable of $27,000 shares. These securities were issued pursuant to an exemption from registration relying on Regulation D of the Securities Act of 1933. On June 22, 2011 we issued 900,000 units consisting of one share of common stock and one 12 month warrant exercisable at $0.0075 per share as incentive to enter into various loan agreements with the company at the current market price of $0.0035 per share. These securities were issued pursuant to an exemption from registration relying on Regulation D of the Securities Act of 1933. On June 22, 2011 we issued 129,128,604 units for $450,750 cash. Each unit consists of one share of common stock and one 12 month warrant. Of the total warrants issued 1,200,000 are exercisable at $0.005; 100,000,000 exercisable at $0.007 and 27,928,604 exercisable at $0.006. These securities were issued pursuant to an exemption from registration relying on Regulation D of the Securities Act of 1933. ITEM 3. DEFAULTS UPON SENIOR SECURITIES Of the outstanding loans, $105,500 were collateralized by 34,000,000 shares of common stock, 14,000,000 one year share purchase warrants exercisable at $0.005 per share, 15,000,000 one year purchase warrants exercisable at $0.0075, and 5,000,000 one year share purchase warrants exercisable at $0.007 per share. In the event of default, the note holders are able to convert the outstanding balance owed to the common share collateral. As of June 30, 2011, the company was in default on $52,500 of the above notes, including $7,500 in accrued interest. As such, the Company has recorded $1,300 in penalty fees. As of the June 30, 2011, none of the note holders have converted any of the 19,000,000 collateralized shares of common stock or warrants related to the notes. 25 ITEM 4. MINE SAFETY DISCLOSURES None. ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS Exhibit Number Description ------ ----------- (3) ARTICLES OF INCORPORATION AND BY-LAWS 3.1 Articles of Incorporation (incorporated by reference from our Registration Statement on Form SB-2 filed on February 23, 2004) 3.2 Bylaws (incorporated by reference from our Registration Statement on Form SB-2 filed on February 23, 2004) 3.3 Certificate of Change (incorporated by reference from our Current Report on Form 8-K filed on October 8, 2008) 3.4 Certificate of Amendment (incorporated by reference from our Current Report on Form 8-K filed on August 26, 2010) (10) MATERIAL CONTRACTS 10.1 Mineral Property Staking and Purchase Agreement dated April 10, 2003 (incorporated by reference from our Registration Statement on Form SB-2/A filed on June 30, 2004) 10.2 Mining Acquisition Agreement dated October 31, 2008 between our company and General Metals Corporation (incorporated by reference from our Current Report on Form 8-K filed on December 10, 2008) 10.3 Amending Agreement to the Mining Acquisition Agreement dated December 5, 2008 between our company and General Metals Corporation. (incorporated by reference from our Current Report on Form 8-K filed on December 10, 2008) 10.4 Membership Purchase Agreement dated October 18, 2010 between our company and Allied Mining and Supply, LLC. (incorporated by reference from our Current Report on Form 8-K filed on February 4, 2011) (14) CODE OF ETHICS 14.1 Code of Ethics and Business Conduct (incorporated by reference to our Annual Report on Form 10-K filed on April 20, 2009) (21) SUBSIDIARIES OF THE REGISTRANT 21.1 Allied Mining and Supply, LLC, a Nevada limited liability company Mikite Gold Resources Limited, a Ghanaian company 26 (31) RULE 13A-14(A)/15D-14(A) CERTIFICATIONS 31.1* Certification of the Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2* Certification of the Principal Financial Officer and Principal Accounting Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (32) SECTION 1350 CERTIFICATIONS 32.1* Certification of the Principal Executive Officer filed pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.1* Certification of the Principal Financial Officer and Principal Accounting Officer filed pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101** INTERACTIVE DATA FILES 101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE XBRL Instance Document XBRL Taxonomy Extension Schema Document XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension Definition Linkbase Document XBRL Taxonomy Extension Label Linkbase Document XBRL Taxonomy Extension Presentation Linkbase Document ---------- * Filed herewith ** Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections. 27 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SUNERGY, INC. Date: May 25, 2012 By: /s/ Bryon Miller ------------------------------------------------ Name: Bryon Miller Title: Chief Executive Officer, President, Director Date: May 25, 2012 By: /s/ Mark Shelley ------------------------------------------------ Name: Mark Shelley Title: Chief Financial Officer (Principal Financial and Accounting Officer) 28 EX-31.1 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION PURSUANT TO 18 U.S.C. SS 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Bryan Miller, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Sunergy, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 25, 2012 By: /s/ Bryon Miller ------------------------------------------------ Name: Bryon Miller Title: Chief Executive Officer, President, Director EX-31.2 3 ex31-2.txt EXHIBIT 31.2 CERTIFICATION PURSUANT TO 18 U.S.C. SS 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Mark Shelley, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Sunergy, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 25, 2012 By: /s/ Mark Shelley ------------------------------------------------ Name: Mark Shelley Title: Chief Financial Officer (Principal Financial and Accounting Officer) EX-32.1 4 ex32-1.txt EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Bryan Miller, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Quarterly Report on Form 10-Q of Sunergy, Inc. for the period ended September 30, 2011 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Sunergy, Inc. Date: May 25, 2012 By: /s/ Bryon Miller ------------------------------------------------ Name: Bryon Miller Title: Chief Executive Officer, President, Director A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Sunergy, Inc. and will be retained by Sunergy, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. EX-32.2 5 ex32-2.txt EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 I, Mark Shelley, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Quarterly Report on Form 10-Q of Sunergy, Inc. for the period ended September 30, 2011 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Sunergy, Inc. Date: May 25, 2012 By: /s/ Mark Shelley ------------------------------------------------ Name: Mark Shelley Title: Chief Financial Officer (Principal Financial and Accounting Officer) A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Sunergy, Inc. and will be retained by Sunergy, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. EX-101.INS 6 sney-20110930.xml 10-Q 2011-09-30 false SUNERGY INC 0001261487 --12-31 1559689258 Smaller Reporting Company Yes No No 2011 Q3

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<pre>NOTE 1.  GENERAL ORGANIZATION AND BUSINESS</pre><pre> </pre><pre>SUNERGY,  Inc. (The Company) was organized in the state of Nevada on January 28,</pre><pre>2003 and is an exploration phase mineral and mining company.</pre><pre> </pre><pre>The Company has mineral  properties located in the Republic of Ghana and has not</pre><pre>yet determined  whether these properties  contain reserves that are economically</pre><pre>recoverable.  The  recoverability  of  amounts  from  these  properties  will be</pre><pre>dependent upon the discovery of economically recoverable reserves located within</pre><pre>the property interests held by the Company, the ability of the Company to obtain</pre><pre>necessary  financing to satisfy the expenditure  requirements under the property</pre><pre>agreements  to  complete  the  development  of the  properties  and upon  future</pre><pre>profitable production or proceeds for the sale thereof.</pre><pre> </pre><pre>The Company entered into a purchase agreement, which closed October 18, 2010, to</pre><pre>acquire  Allied  Mining and Supply LLC.,  a Nevada  limited  liability  company.</pre><pre>Allied Mining and Supply LLC also has one  subsidiary,  a Sierra Leone  company,</pre><pre>Allied Mining and Supply Ltd. As part of the  acquisition  the Company now has a</pre><pre>concession in Sierra  Leone.  The Company has been in the  exploration  phase of</pre><pre>this concession  since the purchase.  No revenues have been generated as of yet.</pre><pre>This concession, if determined to be economically feasible, may produce gold and</pre><pre>rare metals.</pre><pre> </pre><pre>These  statements  reflect  all  adjustments,  consisting  of  normal  recurring</pre><pre>adjustments,  which  in the  opinion  of  management,  are  necessary  for  fair</pre><pre>presentation of the information  contained  therein.  It is suggested that these</pre><pre>interim  financial   statements  be  read  in  conjunction  with  the  financial</pre><pre>statements of the Company for the year ended December 31, 2010 and notes thereto</pre><pre>included in the  Company's  10-K annual report and all  amendments.  The Company</pre><pre>follows the same accounting policies in the preparation of interim reports.</pre>

<pre>NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES</pre><pre> </pre><pre>PRINCIPLES OF CONSOLIDATION</pre><pre> </pre><pre>The consolidated  financial  statements include the accounts of Sunergy, Inc and</pre><pre>its subsidiaries  Mikite Gold Resources  Limited,  a Ghanaian company (100%) and</pre><pre>Allied Mining and Supply LLC, a Nevada limited liability company (100%).  Allied</pre><pre>Mining  and  Supply  LLC also  has one 100%  owned  subsidiary,  a Sierra  Leone</pre><pre>company,  Allied  Mining  and  Supply  Ltd  which are 100%  consolidated  in the</pre><pre>financial statements.  All material inter-company accounts and transactions have</pre><pre>been eliminated.</pre><pre> </pre><pre>CASH AND CASH EQUIVALENTS</pre><pre> </pre><pre>Cash and cash equivalents include cash in banks and financial  instruments which</pre><pre>mature within three months of the date of purchase.</pre><pre> </pre><pre>ACCOUNTING BASIS</pre><pre> </pre><pre>The statements were prepared following generally accepted accounting  principles</pre><pre>of the United  States of America.  The Company  operates on a December 31 fiscal</pre><pre>year end.</pre><pre> </pre><pre>USE OF ESTIMATES</pre><pre> </pre><pre>The preparation of financial statements in conformity with accounting principles</pre><pre>generally  accepted in the United States of America requires  management to make</pre><pre>estimates  and  assumptions  that  affect  the  reported  amounts  of assets and</pre><pre>liabilities  and disclosure of contingent  assets and liabilities at the date of</pre><pre>the financial statements and the reported amounts of revenue and expenses during</pre><pre>the reporting period. Actual results could differ from those estimates.</pre><pre> </pre><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre> </pre><pre>Accounting  Standards  Codification  ("ASC") 820,  Fair Value  Measurements  and</pre><pre>Disclosures,  requires  disclosing  fair  value to the  extent  practicable  for</pre><pre>financial  instruments that are recognized or unrecognized in the balance sheet.</pre><pre>Fair value of financial instruments is the amount at which the instruments could</pre><pre>be exchanged  in a current  transaction  between  willing  parties.  The Company</pre><pre>considers  the  carrying  amounts of cash,  certificates  of  deposit,  accounts</pre><pre>receivable,  accounts payable, notes payable,  related party and other payables,</pre><pre>customer deposits, and short term loans approximate their fair values because of</pre><pre>the short period of time between the  origination of such  instruments and their</pre><pre>expected realization. The Company considers the carrying amount of notes payable</pre><pre>to approximate  their fair values based on the interest rates of the instruments</pre><pre>and the current market rate of interest.</pre><pre> </pre><pre>EXPLORATION STAGE COMPANY</pre><pre> </pre><pre>The Company complies with Accounting Standards  Codification (ASC) Topic 915 for</pre><pre>its characterization of the Company as exploration stage. All losses accumulated</pre><pre>since inception has been considered as part of the Company's  exploration  stage</pre><pre>activities.</pre><pre> </pre><pre>The  Company  is  subject  to several  categories  of risk  associated  with its</pre><pre>exploration   stage  activities.   Mineral   exploration  and  production  is  a</pre><pre>speculative business, and involves a high degree of risk. Among the factors that</pre><pre>have a direct bearing on the Company's  prospects are uncertainties  inherent in</pre><pre>estimating  mineral  deposits,   future  mining  production,   and  cash  flows,</pre><pre>particularly  with  respect to  properties  that have not been fully proven with</pre><pre>economic mineral reserves; access to additional capital; changes in the price of</pre><pre>the underlying commodity;  availability and cost of services and equipment;  and</pre><pre>the presence of competitors with greater financial resources and capacity.</pre><pre> </pre><pre>MINERAL PROPERTY COSTS</pre><pre> </pre><pre>Mineral property  exploration  costs are expensed as incurred.  Mineral property</pre><pre>acquisition costs are initially capitalized when incurred.  The Company assesses</pre><pre>the carrying  costs for  impairment at each fiscal quarter end. When it has been</pre><pre>determined that a mineral property can be economically  developed as a result of</pre><pre>establishing  proven and probable  reserves,  the costs then incurred to develop</pre><pre>such  property,  are  capitalized.  Such  costs  will  be  amortized  using  the</pre><pre>units-of-production  method over the estimated life of the probable reserve.  If</pre><pre>mineral properties are subsequently abandoned or impaired, any capitalized costs</pre><pre>will be charged to operations.</pre><pre> </pre><pre>PROPERTY, PLANT AND EQUIPMENT</pre><pre> </pre><pre>Property and  equipment  are recorded at historical  cost.  Minor  additions and</pre><pre>renewals are expensed in the year  incurred.  Major  additions  and renewals are</pre><pre>capitalized and depreciated over their estimated useful lives. When property and</pre><pre>equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated</pre><pre>depreciation  is removed  from the accounts  and any  resulting  gain or loss is</pre><pre>included in the results of operations for the respective period. Depreciation is</pre><pre>provided  over the  estimated  useful  lives of the  related  assets  using  the</pre><pre>straight-line  method for financial statement  purposes.  The Company uses other</pre><pre>depreciation methods (generally accelerated) for tax purposes where appropriate.</pre><pre>The estimated useful lives for significant property and equipment categories are</pre><pre>as follows:</pre><pre> </pre><pre>               Furniture and Fixtures     5 - 7 Years</pre><pre>               Equipment                  3 - 5 Years</pre><pre> </pre><pre>RECENT ACCOUNTING GUIDANCE NOT YET ADOPTED</pre><pre> </pre><pre>The Company has reviewed recently issued accounting  pronouncements and believes</pre><pre>none will have any material impact on our financial statements.</pre>

<pre>NOTE 3. GOING CONCERN</pre><pre> </pre><pre>The  accompanying  financial  statements  have been  prepared  assuming that the</pre><pre>Company will continue as a going concern,  which contemplates the realization of</pre><pre>assets and the liquidation of liabilities in the normal course of business.  The</pre><pre>Company has accumulated a loss of $3,324,629  during its  exploration  stage and</pre><pre>has a working  capital deficit of $365,201 as of September 30, 2011. This raises</pre><pre>substantial  doubt about the Company's  ability to continue as a going  concern.</pre><pre>These financials do not include any adjustments  relating to the  recoverability</pre><pre>and  classification  of recorded asset amounts or amounts and  classification of</pre><pre>liabilities that might result from this uncertainty.</pre><pre> </pre><pre>It should be noted that all  mining,  mineral and oil and gas  companies  show a</pre><pre>loss in the exploration stage of each project. By its very nature exploration is</pre><pre>expenditures  with  no  income.  To  expect  otherwise  is not  reality.  In the</pre><pre>exploration   stage  almost  all  of  the  expenditures  are  expensed  and  not</pre><pre>capitalized.  At the  end of the  exploration  phase  revenues  begin  with  the</pre><pre>production  phase and result in a better match of revenue with expenses.  In the</pre><pre>production phase many expenses are capitalized and spread over the expected life</pre><pre>of the mining project.</pre><pre> </pre><pre>Sunergy will  continue to seek  additional  funds from its investors to complete</pre><pre>its exploration  stage of determining when a particular  project is economically</pre><pre>feasible.</pre>

<pre>NOTE 4. PROPERTY AND EQUIPMENT</pre><pre> </pre><pre>Property  and  equipment  consisted of the  following at September  30, 2011 and</pre><pre>December 31, 2010:</pre><pre> </pre><pre>                                             September 30,          December 31,</pre><pre>                                                 2011                  2010</pre><pre>                                              ----------            ----------</pre><pre>Exploration equipment                         $  221,768            $       --</pre><pre>Rolling stock                                     10,000                    --</pre><pre>Power generating equipment                        13,307                    --</pre><pre>Office furniture and equipment                     2,254                 2,254</pre><pre>                                              ----------            ----------</pre><pre>     Subtotal                                    247,329                 2,254</pre><pre>Less accumulated depreciation                    (22,934)                   --</pre><pre>                                              ----------            ----------</pre><pre>     Property, and equipment - net            $  224,395            $    2,254</pre><pre>                                              ==========            ==========</pre>

<pre>NOTE 5. NOTES PAYABLE</pre><pre> </pre><pre>During the nine month period ended September 30, 2011 we issued $290,000 in note</pre><pre>payables to various investors,  which consisted of $245,000 in loans and $45,000</pre><pre>in originally issued discount due at maturity for the purchase of equipment used</pre><pre>in  exploration.  During  the  period we  amortized  $45,000  of the  $45,000 of</pre><pre>originally issued discount.  As an incentive for the note holders we also agreed</pre><pre>to issue  14,200,000  units with each unit consisting of one restricted share of</pre><pre>common stock and one 12 month common share  purchase  warrant and were valued at</pre><pre>$37,700 and recorded as prepaid  financing  cost. As of September 30, 2011,  the</pre><pre>Company has amortized the entire $37,700 of prepaid financing cost.</pre><pre> </pre><pre>Of the above loans, $105,500 were collateralized by 34,000,000 equity units with</pre><pre>each unit consisting of one share of common stock and a one year warrant. Of the</pre><pre>34,000,000 warrants  14,000,000 are exercisable at $0.005 per share,  15,000,000</pre><pre>are  exercisable at $0.0075,  and 5,000,000 are exercisable at $0.007 per share.</pre><pre>In the event of default,  the note  holders are able to convert the  outstanding</pre><pre>balance owed to the common share collateral.</pre><pre> </pre><pre>As of  September  30,  2011,  the company was in default on $52,500 of the above</pre><pre>notes,  including $7,500 in accrued interest.  As such, the Company has recorded</pre><pre>$1,300 in penalty fees.</pre><pre> </pre><pre>On July 30,  2011 the  Company  issued  8,000,000  equity  units  with each unit</pre><pre>consisting  of one common  share and one twelve  month  warrant  exercisable  at</pre><pre>$0.005 per share to settle $17,500 note and $2,500 accrued interest.</pre><pre> </pre><pre>On September 26th, 2011 the Company issued 7,000,000 equity units with each unit</pre><pre>consisting  of one common  share and one twelve  month  warrant  exercisable  at</pre><pre>$0.0075 per share to settle $17,500 note and $7,000 accrued interest</pre><pre> </pre><pre>A summary of the  outstanding  balance for the periods ended  September 30, 2011</pre><pre>and December 31, 2010 follows:</pre><pre> </pre><pre>                                             September 30,          December 31,</pre><pre>                                                 2011                  2010</pre><pre>                                              ----------            ----------</pre><pre>Notes Payable                                 $  290,000            $       --</pre><pre>Payments                                         (46,915)</pre><pre>Loan Settlements                                 (35,000)                   --</pre><pre>                                              ----------            ----------</pre><pre>Total Notes Payable                           $  208,085            $       --</pre><pre>                                              ==========            ==========</pre>

<pre>NOTE 6. STOCKHOLDERS' EQUITY</pre><pre> </pre><pre>COMMON STOCK</pre><pre> </pre><pre>The  following   provides  a  summary   description  of  the  common  stock  and</pre><pre>equity-linked  instruments  issued  during the nine months ended  September  30,</pre><pre>2011.  For a  detailed  description  of the  issuances  prior to January 1, 2011</pre><pre>please refer to our previous  filings,  most recently our Form 10-K for the year</pre><pre>ended December 31, 2010.</pre><pre> </pre><pre>     On January 11, 2011 the Company issued 125,400,000 units consisting of one</pre><pre>     common share and one 12 month warrant exercisable at $0.005 for $0.0025 per</pre><pre>     share for $313,500 cash. The Company entered into various transactions to</pre><pre>     issue equivalent units of one common stock and one 12 month purchase</pre><pre>     warrant exercisable at $0.005 during the quarter.</pre><pre> </pre><pre>     On January 11, 2011 the Company settled $47,500 in accounts payable through</pre><pre>     the issuance of 19,000,000 units at $0.0025 with each unit consisting of</pre><pre>     one common share and one 12 month warrant exercisable at $0.005.</pre><pre> </pre><pre>     On January 11, 2011 the Company issued 18,779,960 units consisting of one</pre><pre>     common share and one 12 month warrant exercisable at $0.005 for total</pre><pre>     consideration of $44,861.</pre><pre> </pre><pre>     On January 11, 2011 the Company issued 4,000,000 units consisting of one</pre><pre>     common share and one 12 month warrant exercisable at $0.005 for total</pre><pre>     consideration of $10,000.</pre><pre> </pre><pre>     On January 11, 2011 the Company issued 15,440,000 units consisting of one</pre><pre>     common share and one 12 month warrant exercisable at $0.005 for total</pre><pre>     consideration of$38,600 to settle operational advances.</pre><pre> </pre><pre>     On January 11, 2011 the Company issued 2,500,000 units consisting of one</pre><pre>     common share and one 12 month warrant exercisable at $0.005 for total</pre><pre>     consideration of $6,250 of consulting services.</pre><pre> </pre><pre>     On February 24, 2011 the Company issued 10,000,000 shares of common stock</pre><pre>     valued at $0.0025 per share or $25,000 for consulting services and is</pre><pre>     recorded in exploration expense.</pre><pre> </pre><pre>     On May 3, 2011 the Company issued 1,000,000 shares of common stock for</pre><pre>     $5,000 cash in the exercise of 1,000,000 warrants.</pre><pre> </pre><pre>     On June 22, 2011, the Company issued 13,300,000 units consisting of one</pre><pre>     common share and one 12 month warrant with 13,000,000 warrants exercisable</pre><pre>     at $0.005 and 300,000 warrants exercisable at $0.0075 per share as</pre><pre>     incentive to enter into note payable agreements. The shares were valued at</pre><pre>     $34,550.</pre><pre> </pre><pre>     On June 22, 2011, the Company issued 7,714,285 units for $27,000 cash</pre><pre>     consisting of one common share and one 12 month warrant exercisable at</pre><pre>     $0.006.</pre><pre> </pre><pre>     On June 22, 2011, the Company issued 1,200,000 units for $3,000 cash at</pre><pre>     $0.025 per unit with each unit consisting of one common share and one 12</pre><pre>     month warrant exercisable at $0.005 and 27,928,567 units for $97,750 cash</pre><pre>     at $0.0035 per unit with each unit consisting of one common share and one</pre><pre>     12 month warrant exercisable at $0.006.</pre><pre> </pre><pre>     On June 22, 2011, the Company issued 100,000,000 units at $0.0035 for</pre><pre>     $350,000 cash with each unit consisting of one common share and one 12</pre><pre>     month warrant exercisable at$0.007 per share. Upon exercise each original</pre><pre>     warrant will be issued an incentive warrant if exercised within seven</pre><pre>     months. The number of incentive warrants issued for each original warrant</pre><pre>     exercised will decrease to 80%, 70%, 60%, 50%, and 40% if exercised on the</pre><pre>     8th, 9th, 10th, 11th or 12th month respectively. Incentive warrants will be</pre><pre>     exercisable at a 30% discount of the preceding five day average price per</pre><pre>     share.</pre><pre> </pre><pre>     On June 22, 2011, the Company issued 900,000 units consisting of one share</pre><pre>     of common stock and one 12 month warrant exercisable at $0.0075 per share,</pre><pre>     as incentive to enter into various loan agreements. The units were valued</pre><pre>     at $3,350 based on the $0.0035 unit price from subscriptions sold for cash</pre><pre>     in the same period.</pre><pre> </pre><pre>     During the third quarter of 2011, the Company issued 10,000,000 common</pre><pre>     shares at $0.0025 for $25,000 cash and 8,000,000 common shares at $0.005</pre><pre>     for $40,000 cash for the exercise of warrants.</pre><pre> </pre><pre>     During the third quarter of 2011, the Company issued 3,000,000 common</pre><pre>     shares for various services. These shares were valued at $10,500 based on</pre><pre>     the $0.0035 cash subscription price sold during the same period.</pre><pre> </pre><pre>     During the third quarter 2011, 10,357,142 units were issued for $36,250</pre><pre>     cash at $0.0035 per unit with each unit consisting of one common share and</pre><pre>     one 12 month warrant exercisable at $0.007 per share.</pre><pre> </pre><pre>OUTSTANDING WARRANTS</pre><pre> </pre><pre>On October 18, 2010, the Company authorized the issuance of 100,000,000 one year</pre><pre>warrants exercisable at $0.0025 and 100,000,000 one year warrants exercisable at</pre><pre>$0.005 per share. The warrants were issued as consideration  for the acquisition</pre><pre>of Allied Mining and subsidiary.</pre><pre> </pre><pre>On  January  11,  2011,  the  Company  issued   125,400,000  one  year  warrants</pre><pre>exercisable at $0.005 per share. The warrants were issued as  consideration  for</pre><pre>the cash purchase of an equal number of common shares at $0.0025 per share.</pre><pre> </pre><pre>On January 11, 2011, the Company issued 18,779,960 one year warrants exercisable</pre><pre>at $0.005 per share. The warrants were issued as consideration to settle related</pre><pre>party management services. The warrants were valued with their associated common</pre><pre>stock  issued as units at the  current  private  placement  price of $0.0025 per</pre><pre>unit.</pre><pre> </pre><pre>On January 11, 2011, the Company issued 4,000,000 one year warrants  exercisable</pre><pre>at $0.005 per share for services.  The warrants were valued as units with common</pre><pre>stock at the current private placement price of $0.0025 per unit.</pre><pre> </pre><pre>On January 11, 2011, the Company issued 19,000,000 one year warrants exercisable</pre><pre>at $0.005 per share for  settlement  of debt.  The warrants were valued as units</pre><pre>with common stock at the current private placement price of $0.0025 per unit.</pre><pre> </pre><pre>On January 11, 2011, the Company issued 15,440,000 one year warrants exercisable</pre><pre>at $0.005 per share for the  settlement  of debt.  The  warrants  were valued as</pre><pre>units with common stock at the current  private  placement  price of $0.0025 per</pre><pre>unit.</pre><pre> </pre><pre>In a 2012  resolution,  the Company  extended the expiration date on most of the</pre><pre>outstanding  warrants by six months.  The new expiration  dates are reflected in</pre><pre>the below listed schedules.</pre><pre> </pre><pre>On September 30, 2011 the Company had warrants  outstanding  for the purchase of</pre><pre>an aggregate of 545,459,954  shares of its common stock, which are summarized in</pre><pre>the table below:</pre><pre> </pre><pre>                 Warrants          Exercise          Expiration</pre><pre>                Outstanding          Price              Date</pre><pre>                -----------          -----              ----</pre><pre>                 90,000,000          0.0025          16-Jul-2012</pre><pre>                100,000,000          0.005           16-Jul-2012</pre><pre>                194,059,960          0.005           16-Jul-2012</pre><pre>                 14,200,000          0.005           22-Dec-2012</pre><pre>                 35,642,852          0.006           22-Dec-2012</pre><pre>                100,000,000          0.007           22-Dec-2012</pre><pre>                  1,200,000          0.0075          22-Dec-2012</pre><pre>                  6,000,000          0.007           31-Jan-2013</pre><pre>                  1,428,571          0.007           1-Feb-2013</pre><pre>                  1,500,000          0.007           4-Feb-2013</pre><pre>                  1,428,571          0.007           16-Mar-2013</pre><pre>                -----------</pre><pre>    Total       545,459,954</pre><pre>                ===========</pre><pre> </pre><pre>Information relating to warrant activity during the reporting period follows:</pre><pre> </pre><pre>                                                                                            Weighted</pre><pre>                                                                                            Average</pre><pre>                                                         Number of          Contingent      Exercise</pre><pre>                                                          Warrants           Warrants        Price</pre><pre>                                                          --------           --------        -----</pre><pre> </pre><pre>Total Warrants outstanding at December 31, 2010         200,000,000                  --     0.00375</pre><pre>  Plus: Warrants Issued                                 364,459,954         100,000,000     0.0057</pre><pre>  Less: Warrants Exercised                              (19,000,000)</pre><pre>  Less: Warrants Expired</pre><pre>                                                        ------------       ------------</pre><pre>Total Warrants outstanding at September 30, 2011        545,459,954         100,000,000     0.0050</pre><pre>                                                        ============       ============</pre>

<pre>NOTE 7.  RELATED PARTY TRANSACTIONS</pre><pre> </pre><pre>Operational Advances - Related Party</pre><pre> </pre><pre>Operational advances are short-term, unsecured, non-interest bearing operational</pre><pre>loans made by various related parties to maintain day-to-day operations. Summary</pre><pre>of balance follows:</pre><pre> </pre><pre>                                             September 30,          December 31,</pre><pre>                                                 2011                  2010</pre><pre>                                               --------              --------</pre><pre> </pre><pre>Operational Advances                           $ 29,463              $ 83,991</pre><pre> </pre><pre> </pre><pre>Accruals - Related Party</pre><pre> </pre><pre>Related party  transactions  include accruals of unpaid  management and director</pre><pre>fees. Summary of balance follows:</pre><pre> </pre><pre>                                             September 30,          December 31,</pre><pre>Related Party-Accruals                           2011                  2010</pre><pre>----------------------                         --------              --------</pre><pre> </pre><pre>Management & Director Fees                     $ 41,242              $     --</pre><pre>Advisor Fees                                      9,000                    --</pre><pre>                                               --------              --------</pre><pre>Total Related Party Accruals                   $ 50,242              $     --</pre><pre>                                               ========              ========</pre>

<pre>NOTE 8. RESTATED FINANCIALS</pre><pre> </pre><pre>On September 30, 2010 the Company had used erroneous  market prices to calculate</pre><pre>the fair value of certain  stock  issues  which it  corrected in its 10-K annual</pre><pre>report dated  December 31,  2010.  The  correction  impacted  reported  interest</pre><pre>expense in the  statement of  operations  and the  statement of cash flows.  The</pre><pre>Company had determined that it was unnecessary to restate its September 30, 2010</pre><pre>10-Q filing because the calculation  error was not discovered until the audit of</pre><pre>its annual report and the corrections were made there. Because both reports were</pre><pre>over nine months late,  restatement  of the  September  30, 2010 10-Q would have</pre><pre>been irrelevant to potential users.</pre><pre> </pre><pre>Following  is a summary of the restated  amounts as they affect the  comparative</pre><pre>amounts currently being reported:</pre><pre> </pre><pre>                                         Three Months              Nine Months</pre><pre>                                            Ended                    Ended</pre><pre>                                         September 30,            September 30,</pre><pre>                                             2010                     2010</pre><pre>                                         ------------             ------------</pre><pre>As Previously Reported                   $ (1,252,388)            $ (1,901,388)</pre><pre>As Restated                                  (868,627)              (1,043,627)</pre><pre>                                         ------------             ------------</pre><pre>Affect of Restatement                    $   (383,761)            $   (857,761)</pre><pre>                                         ============             ============</pre>

<pre>NOTE 9.  SUBSEQUENT EVENTS</pre><pre> </pre><pre>During the fourth quarter of 2011, the Company issued 22,000,000 units to settle</pre><pre>$52,500 of debt with each unit  consisting  of one common share and one 12 month</pre><pre>warrant with  14,000,000  exercisable  at $0.0075 and 8,000,000  exercisable  at</pre><pre>$0.005 per share.</pre><pre> </pre><pre>During  the  fourth  quarter of 2011,  1,428,571  units were  issued for cash at</pre><pre>$0.0035 per unit with each unit  consisting of one common share and one 12 month</pre><pre>warrant exercisable at $0.007 per share.</pre><pre> </pre><pre>During the fourth quarter of 2011,  4,500,000  shares were issued for consulting</pre><pre>services at $0.0035 per share.</pre><pre> </pre><pre>During the fourth  quarter of 2011,  6,000,000  units were issued for consulting</pre><pre>services at $0.0035 per unit with each unit  consisting  of one common share and</pre><pre>one 12 month warrant exercisable at $0.005 per share.</pre><pre> </pre><pre>During the fourth quarter of 2011,  5,000,000 common shares were issued for cash</pre><pre>in the exercise of warrants at $0.0025 per share.</pre><pre> </pre><pre>During the fourth quarter of 2011,  2,000,000 common shares were issued for cash</pre><pre>in the exercise of warrants at $0.005 per share.</pre><pre> </pre><pre>During the first quarter of 2012, the Company issued 18,800,000 common shares in</pre><pre>the exercise of warrants at $0.005 per share and 14,600,000 common shares in the</pre><pre>exercise of warrants at $0.0025 per share.</pre><pre> </pre><pre>During the first quarter of 2012, the Company issued  17,071,425  units for cash</pre><pre>at $0.0035 per unit,  with each unit  consisting  of one common share and one 12</pre><pre>month share  purchase  warrant.  Of the total  warrants  issued  14,642,855  are</pre><pre>exercisable at $0.005 and 2,428,570 are exercisable at $0.007 per share.</pre><pre> </pre><pre>During the first quarter of 2012, the Company issued 37,571,428 units at $0.0035</pre><pre>to settle debt with each unit  consisting  of one common  share and one 12 month</pre><pre>share purchase warrant.  Of the total warrants issued 30,571,428 are exercisable</pre><pre>at $0.005 and 7,000,000 are exercisable at $0.0075 per share.</pre><pre> </pre><pre>During the first quarter of 2012, the Company issued  6,000,000 units at $0.0025</pre><pre>per share for consulting  services with each unit consisting of one common share</pre><pre>and one 12 month share purchase warrant exercisable at $0.005 per share.</pre>

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Cash acquired through acquisition of subsidiary RELATED PARTY TRANSACTIONS GOING CONCERN {1} GOING CONCERN Warrants issued to acquire subsidiary Non cash investing and financing activities The fair value of restricted stock or stock options granted to acquire subsidiary Shares issued to acquire subsidiary Non cash investing and financing activities Shares issued to acquire subsidiary SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING: INVESTMENT ACTIVITIES L0NG TERM ASSETS Cash and cash equivalents Cash and cash equivalents, beginning of period CASH AND CASH EQUIVALENTS, END OF PERIOD Entity Current Reporting Status Entity Common Stock, Shares Outstanding GOING CONCERN SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES {1} SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES Original issue discount amortization Common Stock, shares authorized Entity Registrant Name Proceeds from notes payable OPERATING ACTIVITIES Interest expense (Restated) Net loss from operations Net loss from operations Operating Expenses {1} Operating Expenses Deposits {1} Deposits RELATED PARTY TRANSACTIONS {1} RELATED PARTY TRANSACTIONS Operational advances Repayment of notes payable Changes in assets and liabilities Entity Voluntary Filers SUBSEQUENT EVENTS NOTES PAYABLE Assets acquired through acquisition of subsidiary Stock issued to acquire assets Non cash investing and financing activities Stock issued to acquire assets NET CASH USED BY OPERATING ACTIVITIES NET CASH USED BY OPERATING ACTIVITIES Net loss {1} Net loss General and administrative RESTATED FINANCIALS {1} RESTATED FINANCIALS Proceeds from sale of common stock TOTAL LIABILITIES TOTAL LIABILITIES Statement [Line Items] Entity Central Index Key Amendment Flag RESTATED FINANCIALS PROPERTY, PLANT AND EQUIPMENT Net loss Net loss TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Current Fiscal Year End Date Document and Entity Information SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES Increase in accruals-related party Amortization of deferred finance costs Common Stock, shares outstanding Document Fiscal Period Focus Entity Filer Category EX-101.PRE 11 sney-20110930_pre.xml ZIP 12 0001165527-12-000542-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001165527-12-000542-xbrl.zip M4$L#!!0````(`&-CN4"GX?HSBS$``#BD`0`1`!P`2TR,#$Q,#DS,"YX M;6Q55`D``]JROT_:LK]/=7@+``$$)0X```0Y`0``U#UI<]O&DI]WJ_8_X'W8 M.*D2)1R\8"=Y1>OPT+YFYO?WY^ M/N>11X/ER_G<7XN[==O2DWN5^P1H/UC"3;IUP3P>$F].4ZA?.5/N?K;2>XV+ M?WV\GT^YS/N2]YQAV_:%N)K>NG>G2@]>?B1\!QFNLB/HCWAG2D#WB^YT7K_/N=,+@(7S;T`F[JP%TT8'-Y M+4Y&Q@F._D5\\0WHQ+_]B$QXRP6K'^A"$_Q[NPKHXJV%+'QYH$O&PX!XX82LRRF=?II`-2#NV'/H MUU_H2RE\':S'[!O=X4`&GX&PA7\9!0$NB?$Y<3]3$AS"[$[',$&G8_A%$+)+ M\-=KWYN&_OS+=$4"RN^B$*T)?9L6>2S&%%]ZHV"_-LQ?P7X<.F=KD,9/;\:3 M&]"@7L_N#VVS-U2668(E0Q!ZR^`2"%WZ03E'IX`6[M4>Z,8/0J07T&R(]R)C M5L!EUQZS:/O\-"0AN.PRG)\I5]:5"R&#YC??C;R0!#$MY?`GO@P^\V0&[N_4 M=7_Q_&=O2@GW/>J,.8^`'X?#+X"P9^\[);J!;\I7@!:OVGKFZ0+HL4>HAO^K ME0==>EK`3SS]VTO"5R//P7^N_XS8$W'A$3X*+TD0O(#`?B-N1'=Z_FEZE55R MXUF+U&1%V!%G,&]W!.0YZH]M&\T7TQIH&/:MK#W;X M\J`V0YNSQJ.1)E=>[ET(QZ#;J-<;]`%UUFR:7-YO1=173F/U`7DAGGG@1-.-;3S:[$L6+( M;1"PSP_]8-10X+Z]`ZL@(93-Q!TY3UCH<>F!E^,MW^[VP0H.`-T*"?O+'UJV M;1Q.0,JJB1_25&GJ"M[4A_I0\GHY,!OA+)5U%;(67($U-'19LRM,JK%EVT;/ MKH6NS975PG',6M3<=5?+UN[UN'^O#(HCUT>7$)KW;-^Q#D8T$^8 M,_8NR8:%Q#U>6-VAV>_+,2D?<&/D^PNV#-.RA]9QJ*_H$W5]D6Q`";ND4![2 M8!,P3J_H@LU9"!$J6D?",5U%`90/V2>.9E''LLQNW[3ES+TI$:^YIGW.=TRK M-QP,C).M2"CMRG<=&G!,#FO$/J-OF'U;(G$?9A.4.?8W-(RNH1^,4/(ZD!BU ML>)LUEN%H3UR#LB4CR)&_UJ3O4[[XZ9>5Z7Y=OV#3\2#PH#46-2%P2E!4A^3H. 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PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
Sep. 30, 2011
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 4. PROPERTY AND EQUIPMENT Property and equipment consisted of the following at September 30, 2011 and December 31, 2010: September 30, December 31, 2011 2010 ---------- ---------- Exploration equipment $ 221,768 $ -- Rolling stock 10,000 -- Power generating equipment 13,307 -- Office furniture and equipment 2,254 2,254 ---------- ---------- Subtotal 247,329 2,254 Less accumulated depreciation (22,934) -- ---------- ---------- Property, and equipment - net $ 224,395 $ 2,254 ========== ==========

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2011

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 4. PROPERTY AND EQUIPMENT

Property  and  equipment  consisted of the  following at September  30, 2011 and

December 31, 2010:

                                             September 30,          December 31,

                                                 2011                  2010

                                              ----------            ----------

Exploration equipment                         $  221,768            $       --

Rolling stock                                     10,000                    --

Power generating equipment                        13,307                    --

Office furniture and equipment                     2,254                 2,254

                                              ----------            ----------

     Subtotal                                    247,329                 2,254

Less accumulated depreciation                    (22,934)                   --

                                              ----------            ----------

     Property, and equipment - net            $  224,395            $    2,254

                                              ==========            ==========

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

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GOING CONCERN	9 Months Ended
Sep. 30, 2011
GOING CONCERN
GOING CONCERN	NOTE 3. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has accumulated a loss of $3,324,629 during its exploration stage and has a working capital deficit of $365,201 as of September 30, 2011. This raises substantial doubt about the Company's ability to continue as a going concern. These financials do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. It should be noted that all mining, mineral and oil and gas companies show a loss in the exploration stage of each project. By its very nature exploration is expenditures with no income. To expect otherwise is not reality. In the exploration stage almost all of the expenditures are expensed and not capitalized. At the end of the exploration phase revenues begin with the production phase and result in a better match of revenue with expenses. In the production phase many expenses are capitalized and spread over the expected life of the mining project. Sunergy will continue to seek additional funds from its investors to complete its exploration stage of determining when a particular project is economically feasible.

GOING CONCERN

9 Months Ended

Sep. 30, 2011

GOING CONCERN

GOING CONCERN

NOTE 3. GOING CONCERN

The  accompanying  financial  statements  have been  prepared  assuming that the

Company will continue as a going concern,  which contemplates the realization of

assets and the liquidation of liabilities in the normal course of business.  The

Company has accumulated a loss of $3,324,629  during its  exploration  stage and

has a working  capital deficit of $365,201 as of September 30, 2011. This raises

substantial  doubt about the Company's  ability to continue as a going  concern.

These financials do not include any adjustments  relating to the  recoverability

and  classification  of recorded asset amounts or amounts and  classification of

liabilities that might result from this uncertainty.

It should be noted that all  mining,  mineral and oil and gas  companies  show a

loss in the exploration stage of each project. By its very nature exploration is

expenditures  with  no  income.  To  expect  otherwise  is not  reality.  In the

exploration   stage  almost  all  of  the  expenditures  are  expensed  and  not

capitalized.  At the  end of the  exploration  phase  revenues  begin  with  the

production  phase and result in a better match of revenue with expenses.  In the

production phase many expenses are capitalized and spread over the expected life

of the mining project.

Sunergy will  continue to seek  additional  funds from its investors to complete

its exploration  stage of determining when a particular  project is economically

feasible.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

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CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 15,841	$ 97,251
Deposits	0	50,000
TOTAL CURRENT ASSETS	15,841	147,251
L0NG TERM ASSETS
Exploratory properties	1,753,497	1,753,497
Property and equipment	224,395	2,254
TOTAL ASSETS	1,993,733	1,903,002
CURRENT LIABILITIES
Accounts payable and accrued liabilities	93,252	7,601
Accruals - related party	50,242	0
Operational advances - related party	29,463	83,991
Notes payable	208,085	0
TOTAL CURRENT LIABILITIES	381,042	91,592
TOTAL LIABILITIES	381,042	91,592
STOCKHOLDERS' EQUITY
Common Stock, authorized 3,750,000,000 shares, par value $0.001, issued and outstanding on September 30, 2011 and December 31, 2010 is 1,454,657,834 and 1,046,197,880, respectively	1,454,658	1,046,198
Additional paid in capital	3,482,662	3,123,983
Accumulated deficit during exploration stage	(3,324,629)	(2,358,771)
TOTAL STOCKHOLDERS' EQUITY	1,612,691	1,811,410
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,993,733	$ 1,903,002

XML 18 R6.htm IDEA: XBRL DOCUMENT

GENERAL ORGANIZATION AND BUSINESS

9 Months Ended

Sep. 30, 2011

GENERAL ORGANIZATION AND BUSINESS

GENERAL ORGANIZATION AND BUSINESS

NOTE 1.  GENERAL ORGANIZATION AND BUSINESS

SUNERGY,  Inc. (The Company) was organized in the state of Nevada on January 28,

2003 and is an exploration phase mineral and mining company.

The Company has mineral  properties located in the Republic of Ghana and has not

yet determined  whether these properties  contain reserves that are economically

recoverable.  The  recoverability  of  amounts  from  these  properties  will be

dependent upon the discovery of economically recoverable reserves located within

the property interests held by the Company, the ability of the Company to obtain

necessary  financing to satisfy the expenditure  requirements under the property

agreements  to  complete  the  development  of the  properties  and upon  future

profitable production or proceeds for the sale thereof.

The Company entered into a purchase agreement, which closed October 18, 2010, to

acquire  Allied  Mining and Supply LLC.,  a Nevada  limited  liability  company.

Allied Mining and Supply LLC also has one  subsidiary,  a Sierra Leone  company,

Allied Mining and Supply Ltd. As part of the  acquisition  the Company now has a

concession in Sierra  Leone.  The Company has been in the  exploration  phase of

this concession  since the purchase.  No revenues have been generated as of yet.

This concession, if determined to be economically feasible, may produce gold and

rare metals.

These  statements  reflect  all  adjustments,  consisting  of  normal  recurring

adjustments,  which  in the  opinion  of  management,  are  necessary  for  fair

presentation of the information  contained  therein.  It is suggested that these

interim  financial   statements  be  read  in  conjunction  with  the  financial

statements of the Company for the year ended December 31, 2010 and notes thereto

included in the  Company's  10-K annual report and all  amendments.  The Company

follows the same accounting policies in the preparation of interim reports.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

9 Months Ended

Sep. 30, 2011

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

PRINCIPLES OF CONSOLIDATION

The consolidated  financial  statements include the accounts of Sunergy, Inc and

its subsidiaries  Mikite Gold Resources  Limited,  a Ghanaian company (100%) and

Allied Mining and Supply LLC, a Nevada limited liability company (100%).  Allied

Mining  and  Supply  LLC also  has one 100%  owned  subsidiary,  a Sierra  Leone

company,  Allied  Mining  and  Supply  Ltd  which are 100%  consolidated  in the

financial statements.  All material inter-company accounts and transactions have

been eliminated.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in banks and financial  instruments which

mature within three months of the date of purchase.

ACCOUNTING BASIS

The statements were prepared following generally accepted accounting  principles

of the United  States of America.  The Company  operates on a December 31 fiscal

year end.

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles

generally  accepted in the United States of America requires  management to make

estimates  and  assumptions  that  affect  the  reported  amounts  of assets and

liabilities  and disclosure of contingent  assets and liabilities at the date of

the financial statements and the reported amounts of revenue and expenses during

the reporting period. Actual results could differ from those estimates.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Accounting  Standards  Codification  ("ASC") 820,  Fair Value  Measurements  and

Disclosures,  requires  disclosing  fair  value to the  extent  practicable  for

financial  instruments that are recognized or unrecognized in the balance sheet.

Fair value of financial instruments is the amount at which the instruments could

be exchanged  in a current  transaction  between  willing  parties.  The Company

considers  the  carrying  amounts of cash,  certificates  of  deposit,  accounts

receivable,  accounts payable, notes payable,  related party and other payables,

customer deposits, and short term loans approximate their fair values because of

the short period of time between the  origination of such  instruments and their

expected realization. The Company considers the carrying amount of notes payable

to approximate  their fair values based on the interest rates of the instruments

and the current market rate of interest.

EXPLORATION STAGE COMPANY

The Company complies with Accounting Standards  Codification (ASC) Topic 915 for

its characterization of the Company as exploration stage. All losses accumulated

since inception has been considered as part of the Company's  exploration  stage

activities.

The  Company  is  subject  to several  categories  of risk  associated  with its

exploration   stage  activities.   Mineral   exploration  and  production  is  a

speculative business, and involves a high degree of risk. Among the factors that

have a direct bearing on the Company's  prospects are uncertainties  inherent in

estimating  mineral  deposits,   future  mining  production,   and  cash  flows,

particularly  with  respect to  properties  that have not been fully proven with

economic mineral reserves; access to additional capital; changes in the price of

the underlying commodity;  availability and cost of services and equipment;  and

the presence of competitors with greater financial resources and capacity.

MINERAL PROPERTY COSTS

Mineral property  exploration  costs are expensed as incurred.  Mineral property

acquisition costs are initially capitalized when incurred.  The Company assesses

the carrying  costs for  impairment at each fiscal quarter end. When it has been

determined that a mineral property can be economically  developed as a result of

establishing  proven and probable  reserves,  the costs then incurred to develop

such  property,  are  capitalized.  Such  costs  will  be  amortized  using  the

units-of-production  method over the estimated life of the probable reserve.  If

mineral properties are subsequently abandoned or impaired, any capitalized costs

will be charged to operations.

PROPERTY, PLANT AND EQUIPMENT

Property and  equipment  are recorded at historical  cost.  Minor  additions and

renewals are expensed in the year  incurred.  Major  additions  and renewals are

capitalized and depreciated over their estimated useful lives. When property and

equipment  are  retired  or  otherwise  disposed  of,  the cost and  accumulated

depreciation  is removed  from the accounts  and any  resulting  gain or loss is

included in the results of operations for the respective period. Depreciation is

provided  over the  estimated  useful  lives of the  related  assets  using  the

straight-line  method for financial statement  purposes.  The Company uses other

depreciation methods (generally accelerated) for tax purposes where appropriate.

The estimated useful lives for significant property and equipment categories are

as follows:

               Furniture and Fixtures     5 - 7 Years

               Equipment                  3 - 5 Years

RECENT ACCOUNTING GUIDANCE NOT YET ADOPTED

The Company has reviewed recently issued accounting  pronouncements and believes

none will have any material impact on our financial statements.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	Sep. 30, 2011	Dec. 31, 2010
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	3,750,000,000	3,750,000,000
Common Stock, shares issued	1,454,657,834	1,046,197,880
Common Stock, shares outstanding	1,454,657,834	1,046,197,880

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

XML 22 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2011	Mar. 31, 2012
Document and Entity Information
Entity Registrant Name	SUNERGY INC
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Entity Central Index Key	0001261487
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,559,689,258
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3

XML 23 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended		104 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Income	$ 0	$ 0	$ 0	$ 0	$ 0
Operating Expenses
General and administrative	17,658	35,792	131,854	65,118	365,892
Depreciation	12,489	0	22,934	0	22,934
Management salary	69,150	186,000	99,750	347,500	621,250
Professional fees	62,548	23,750	164,744	73,750	549,662
Exploration costs	102,018	6,861	395,489	23,861	542,098
Total expenses	263,863	252,403	814,771	510,229	2,101,836
Net loss from operations	(263,863)	(252,403)	(814,771)	(510,229)	(2,101,836)
Other expenses
Interest expense (Restated)	(86,703)	(868,627)	(151,089)	(1,043,627)	(1,222,794)
Total other expenses	(86,703)	(868,627)	(151,089)	(1,043,627)	(1,222,794)
Net loss	$ (350,566)	$ (1,121,030)	$ (965,860)	$ (1,553,856)	$ (3,324,630)
Loss per share-basic	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average number of shares-basic	1,347,649,299	648,078,197	1,347,649,299	648,078,197

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RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2011

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7.  RELATED PARTY TRANSACTIONS

Operational Advances - Related Party

Operational advances are short-term, unsecured, non-interest bearing operational

loans made by various related parties to maintain day-to-day operations. Summary

of balance follows:

                                             September 30,          December 31,

                                                 2011                  2010

                                               --------              --------

Operational Advances                           $ 29,463              $ 83,991

Accruals - Related Party

Related party  transactions  include accruals of unpaid  management and director

fees. Summary of balance follows:

                                             September 30,          December 31,

Related Party-Accruals                           2011                  2010

----------------------                         --------              --------

Management & Director Fees                     $ 41,242              $     --

Advisor Fees                                      9,000                    --

                                               --------              --------

Total Related Party Accruals                   $ 50,242              $     --

                                               ========              ========

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details

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STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2011

STOCKHOLDERS' EQUITY {1}

STOCKHOLDERS' EQUITY

NOTE 6. STOCKHOLDERS' EQUITY

COMMON STOCK

The  following   provides  a  summary   description  of  the  common  stock  and

equity-linked  instruments  issued  during the nine months ended  September  30,

2011.  For a  detailed  description  of the  issuances  prior to January 1, 2011

please refer to our previous  filings,  most recently our Form 10-K for the year

ended December 31, 2010.

     On January 11, 2011 the Company issued 125,400,000 units consisting of one

     common share and one 12 month warrant exercisable at $0.005 for $0.0025 per

     share for $313,500 cash. The Company entered into various transactions to

     issue equivalent units of one common stock and one 12 month purchase

     warrant exercisable at $0.005 during the quarter.

     On January 11, 2011 the Company settled $47,500 in accounts payable through

     the issuance of 19,000,000 units at $0.0025 with each unit consisting of

     one common share and one 12 month warrant exercisable at $0.005.

     On January 11, 2011 the Company issued 18,779,960 units consisting of one

     common share and one 12 month warrant exercisable at $0.005 for total

     consideration of $44,861.

     On January 11, 2011 the Company issued 4,000,000 units consisting of one

     common share and one 12 month warrant exercisable at $0.005 for total

     consideration of $10,000.

     On January 11, 2011 the Company issued 15,440,000 units consisting of one

     common share and one 12 month warrant exercisable at $0.005 for total

     consideration of$38,600 to settle operational advances.

     On January 11, 2011 the Company issued 2,500,000 units consisting of one

     common share and one 12 month warrant exercisable at $0.005 for total

     consideration of $6,250 of consulting services.

     On February 24, 2011 the Company issued 10,000,000 shares of common stock

     valued at $0.0025 per share or $25,000 for consulting services and is

     recorded in exploration expense.

     On May 3, 2011 the Company issued 1,000,000 shares of common stock for

     $5,000 cash in the exercise of 1,000,000 warrants.

     On June 22, 2011, the Company issued 13,300,000 units consisting of one

     common share and one 12 month warrant with 13,000,000 warrants exercisable

     at $0.005 and 300,000 warrants exercisable at $0.0075 per share as

     incentive to enter into note payable agreements. The shares were valued at

     $34,550.

     On June 22, 2011, the Company issued 7,714,285 units for $27,000 cash

     consisting of one common share and one 12 month warrant exercisable at

     $0.006.

     On June 22, 2011, the Company issued 1,200,000 units for $3,000 cash at

     $0.025 per unit with each unit consisting of one common share and one 12

     month warrant exercisable at $0.005 and 27,928,567 units for $97,750 cash

     at $0.0035 per unit with each unit consisting of one common share and one

     12 month warrant exercisable at $0.006.

     On June 22, 2011, the Company issued 100,000,000 units at $0.0035 for

     $350,000 cash with each unit consisting of one common share and one 12

     month warrant exercisable at$0.007 per share. Upon exercise each original

     warrant will be issued an incentive warrant if exercised within seven

     months. The number of incentive warrants issued for each original warrant

     exercised will decrease to 80%, 70%, 60%, 50%, and 40% if exercised on the

     8th, 9th, 10th, 11th or 12th month respectively. Incentive warrants will be

     exercisable at a 30% discount of the preceding five day average price per

     share.

     On June 22, 2011, the Company issued 900,000 units consisting of one share

     of common stock and one 12 month warrant exercisable at $0.0075 per share,

     as incentive to enter into various loan agreements. The units were valued

     at $3,350 based on the $0.0035 unit price from subscriptions sold for cash

     in the same period.

     During the third quarter of 2011, the Company issued 10,000,000 common

     shares at $0.0025 for $25,000 cash and 8,000,000 common shares at $0.005

     for $40,000 cash for the exercise of warrants.

     During the third quarter of 2011, the Company issued 3,000,000 common

     shares for various services. These shares were valued at $10,500 based on

     the $0.0035 cash subscription price sold during the same period.

     During the third quarter 2011, 10,357,142 units were issued for $36,250

     cash at $0.0035 per unit with each unit consisting of one common share and

     one 12 month warrant exercisable at $0.007 per share.

OUTSTANDING WARRANTS

On October 18, 2010, the Company authorized the issuance of 100,000,000 one year

warrants exercisable at $0.0025 and 100,000,000 one year warrants exercisable at

$0.005 per share. The warrants were issued as consideration  for the acquisition

of Allied Mining and subsidiary.

On  January  11,  2011,  the  Company  issued   125,400,000  one  year  warrants

exercisable at $0.005 per share. The warrants were issued as  consideration  for

the cash purchase of an equal number of common shares at $0.0025 per share.

On January 11, 2011, the Company issued 18,779,960 one year warrants exercisable

at $0.005 per share. The warrants were issued as consideration to settle related

party management services. The warrants were valued with their associated common

stock  issued as units at the  current  private  placement  price of $0.0025 per

unit.

On January 11, 2011, the Company issued 4,000,000 one year warrants  exercisable

at $0.005 per share for services.  The warrants were valued as units with common

stock at the current private placement price of $0.0025 per unit.

On January 11, 2011, the Company issued 19,000,000 one year warrants exercisable

at $0.005 per share for  settlement  of debt.  The warrants were valued as units

with common stock at the current private placement price of $0.0025 per unit.

On January 11, 2011, the Company issued 15,440,000 one year warrants exercisable

at $0.005 per share for the  settlement  of debt.  The  warrants  were valued as

units with common stock at the current  private  placement  price of $0.0025 per

unit.

In a 2012  resolution,  the Company  extended the expiration date on most of the

outstanding  warrants by six months.  The new expiration  dates are reflected in

the below listed schedules.

On September 30, 2011 the Company had warrants  outstanding  for the purchase of

an aggregate of 545,459,954  shares of its common stock, which are summarized in

the table below:

                 Warrants          Exercise          Expiration

                Outstanding          Price              Date

                -----------          -----              ----

                 90,000,000          0.0025          16-Jul-2012

                100,000,000          0.005           16-Jul-2012

                194,059,960          0.005           16-Jul-2012

                 14,200,000          0.005           22-Dec-2012

                 35,642,852          0.006           22-Dec-2012

                100,000,000          0.007           22-Dec-2012

                  1,200,000          0.0075          22-Dec-2012

                  6,000,000          0.007           31-Jan-2013

                  1,428,571          0.007           1-Feb-2013

                  1,500,000          0.007           4-Feb-2013

                  1,428,571          0.007           16-Mar-2013

                -----------

    Total       545,459,954

                ===========

Information relating to warrant activity during the reporting period follows:

                                                                                            Weighted

                                                                                            Average

                                                         Number of          Contingent      Exercise

                                                          Warrants           Warrants        Price

                                                          --------           --------        -----

Total Warrants outstanding at December 31, 2010         200,000,000                  --     0.00375

  Plus: Warrants Issued                                 364,459,954         100,000,000     0.0057

  Less: Warrants Exercised                              (19,000,000)

  Less: Warrants Expired

                                                        ------------       ------------

Total Warrants outstanding at September 30, 2011        545,459,954         100,000,000     0.0050

                                                        ============       ============

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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+ Details

XML 26 R13.htm IDEA: XBRL DOCUMENT

RESTATED FINANCIALS

9 Months Ended

Sep. 30, 2011

RESTATED FINANCIALS

RESTATED FINANCIALS

NOTE 8. RESTATED FINANCIALS

On September 30, 2010 the Company had used erroneous  market prices to calculate

the fair value of certain  stock  issues  which it  corrected in its 10-K annual

report dated  December 31,  2010.  The  correction  impacted  reported  interest

expense in the  statement of  operations  and the  statement of cash flows.  The

Company had determined that it was unnecessary to restate its September 30, 2010

10-Q filing because the calculation  error was not discovered until the audit of

its annual report and the corrections were made there. Because both reports were

over nine months late,  restatement  of the  September  30, 2010 10-Q would have

been irrelevant to potential users.

Following  is a summary of the restated  amounts as they affect the  comparative

amounts currently being reported:

                                         Three Months              Nine Months

                                            Ended                    Ended

                                         September 30,            September 30,

                                             2010                     2010

                                         ------------             ------------

As Previously Reported                   $ (1,252,388)            $ (1,901,388)

As Restated                                  (868,627)              (1,043,627)

                                         ------------             ------------

Affect of Restatement                    $   (383,761)            $   (857,761)

                                         ============             ============

- Definition

Tabular disclosure of the nature and effects of a restatement to correct an error in the reported results of operations of prior periods. When prior period adjustments are recorded, the resulting effects (both gross and net of applicable income tax) on the net income of prior periods are disclosed in the annual report for the year in which the adjustments are made, and amended filings of previously issued reports are typically issued.

+ References+ Details

XML 27 R14.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 9.  SUBSEQUENT EVENTS

During the fourth quarter of 2011, the Company issued 22,000,000 units to settle

$52,500 of debt with each unit  consisting  of one common share and one 12 month

warrant with  14,000,000  exercisable  at $0.0075 and 8,000,000  exercisable  at

$0.005 per share.

During  the  fourth  quarter of 2011,  1,428,571  units were  issued for cash at

$0.0035 per unit with each unit  consisting of one common share and one 12 month

warrant exercisable at $0.007 per share.

During the fourth quarter of 2011,  4,500,000  shares were issued for consulting

services at $0.0035 per share.

During the fourth  quarter of 2011,  6,000,000  units were issued for consulting

services at $0.0035 per unit with each unit  consisting  of one common share and

one 12 month warrant exercisable at $0.005 per share.

During the fourth quarter of 2011,  5,000,000 common shares were issued for cash

in the exercise of warrants at $0.0025 per share.

During the fourth quarter of 2011,  2,000,000 common shares were issued for cash

in the exercise of warrants at $0.005 per share.

During the first quarter of 2012, the Company issued 18,800,000 common shares in

the exercise of warrants at $0.005 per share and 14,600,000 common shares in the

exercise of warrants at $0.0025 per share.

During the first quarter of 2012, the Company issued  17,071,425  units for cash

at $0.0035 per unit,  with each unit  consisting  of one common share and one 12

month share  purchase  warrant.  Of the total  warrants  issued  14,642,855  are

exercisable at $0.005 and 2,428,570 are exercisable at $0.007 per share.

During the first quarter of 2012, the Company issued 37,571,428 units at $0.0035

to settle debt with each unit  consisting  of one common  share and one 12 month

share purchase warrant.  Of the total warrants issued 30,571,428 are exercisable

at $0.005 and 7,000,000 are exercisable at $0.0075 per share.

During the first quarter of 2012, the Company issued  6,000,000 units at $0.0025

per share for consulting  services with each unit consisting of one common share

and one 12 month share purchase warrant exercisable at $0.005 per share.

XML 28 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended		104 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
OPERATING ACTIVITIES
Net loss	$ (965,860)	$ (1,553,856)	$ (3,324,630)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation.	22,934	0	22,934
Stock based compensation	44,839	456,261	385,539
Non cash interest expense (Restated)	9,500	903,227	1,043,127
Amortization of deferred finance costs	37,700	0	37,700
Original issue discount amortization	45,000	50,000	245,000
Changes in assets and liabilities
Increase in accounts payable and accrued liabilities	85,652	22,335	85,652
Increase in accruals-related party	50,242	48,482	268,542
NET CASH USED BY OPERATING ACTIVITIES	(669,993)	(73,551)	(1,236,136)
INVESTMENT ACTIVITIES
Acquisition of property and equipment	(195,075)	0	(259,829)
Cash acquired through acquisition of subsidiary	0	0	39
CASH USED BY INVESTMENT ACTIVITIES	(95,075)	0	(259,790)
FINANCING ACTIVITIES
Proceeds from sale of common stock	601,500	0	1,232,350
Proceeds from notes payable	245,000	0	245,000
Repayment of notes payable	(46,914)	(46,914)	0
Contributed capital	0	8,960	13,268
Operational advances	(15,928)	64,569	68,063
CASH PROVIDED BY FINANCING ACTIVITIES	783,658	73,529	1,511,767
Net increase/(decrease) in cash	(81,410)	(22)	15,841
Cash and cash equivalents, beginning of period	97,251	54	0
CASH AND CASH EQUIVALENTS, END OF PERIOD	15,841	32	15,841
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS FOR:
Interest	0	0	0
Income taxes	0	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING:
Stock issued to settle operational advances	38,600	0	(703,003)
Debt issued to acquire assets	0	0	487,500
Stock issued to acquire assets	0	1,760,988	(500,000)
Assets acquired through acquisition of subsidiary	0	0	(753,497)
Shares issued to settle debt	0	654,402	654,402
Liabilities assumed through acquisition of subsidiary	0	0	42,725
Shares issued to acquire subsidiary	0	0	290,000
Warrants issued to acquire subsidiary	$ 0	$ 0	$ 420,811

XML 29 R10.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

9 Months Ended

Sep. 30, 2011

NOTES PAYABLE

NOTES PAYABLE

NOTE 5. NOTES PAYABLE

During the nine month period ended September 30, 2011 we issued $290,000 in note

payables to various investors,  which consisted of $245,000 in loans and $45,000

in originally issued discount due at maturity for the purchase of equipment used

in  exploration.  During  the  period we  amortized  $45,000  of the  $45,000 of

originally issued discount.  As an incentive for the note holders we also agreed

to issue  14,200,000  units with each unit consisting of one restricted share of

common stock and one 12 month common share  purchase  warrant and were valued at

$37,700 and recorded as prepaid  financing  cost. As of September 30, 2011,  the

Company has amortized the entire $37,700 of prepaid financing cost.

Of the above loans, $105,500 were collateralized by 34,000,000 equity units with

each unit consisting of one share of common stock and a one year warrant. Of the

34,000,000 warrants  14,000,000 are exercisable at $0.005 per share,  15,000,000

are  exercisable at $0.0075,  and 5,000,000 are exercisable at $0.007 per share.

In the event of default,  the note  holders are able to convert the  outstanding

balance owed to the common share collateral.

As of  September  30,  2011,  the company was in default on $52,500 of the above

notes,  including $7,500 in accrued interest.  As such, the Company has recorded

$1,300 in penalty fees.

On July 30,  2011 the  Company  issued  8,000,000  equity  units  with each unit

consisting  of one common  share and one twelve  month  warrant  exercisable  at

$0.005 per share to settle $17,500 note and $2,500 accrued interest.

On September 26th, 2011 the Company issued 7,000,000 equity units with each unit

consisting  of one common  share and one twelve  month  warrant  exercisable  at

$0.0075 per share to settle $17,500 note and $7,000 accrued interest

A summary of the  outstanding  balance for the periods ended  September 30, 2011

and December 31, 2010 follows:

                                             September 30,          December 31,

                                                 2011                  2010

                                              ----------            ----------

Notes Payable                                 $  290,000            $       --

Payments                                         (46,915)

Loan Settlements                                 (35,000)                   --

                                              ----------            ----------

Total Notes Payable                           $  208,085            $       --

                                              ==========            ==========

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