SURG on Nasdaq

SurgePays, Inc.

SurgePays, Inc. is an American telephone communications company based in Henderson.2

Price unavailable

Last updated Oct 20, 2026.

Overview

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  • TickerSURG on Nasdaq2
  • IndustryTelephone Communications (No Radiotelephone)2
  • HeadquartersHenderson, United States2
  • Incorporated inNV3
  • Business address3124 Brother Blvd, Suite 104, Bartlett, Tn 381333
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formProfit Corporation2
  • LEI549300107QZQ6Y0W4S202
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O NORTHWEST REGISTERED AGENT, LLC, 89502 Reno, United States2
  • Registered withBusiness Center (Secretary of State), E0618992006-32

This platform generates transaction-based revenue and provides real-time data that informs customer acquisition and retention strategies.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-59.9%Operating margin6
-63.3%Net margin6
-6.4%Revenue growth, 20256
-$21.3MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Point-of-Sale and Prepaid Services brought in 76% of the revenue SurgePays, Inc. broke down this way in fiscal 2025.

  1. Point-of-Sale and Prepaid Services$43.5M676%up 150% from 2024
  2. Mobile Virtual Network Operators$13.5M624%down 69% from 2024
Products and services by year
Products and services20242025
Point-of-Sale and Prepaid Services$17.4M$43.5M
Mobile Virtual Network Operators$43.5M$13.5M

Business segments

Point-of-Sale and Prepaid Services brought in 76% of the revenue SurgePays, Inc. broke down this way in fiscal 2025.

  1. Point-of-Sale and Prepaid Services$43.5M676%up 150% from 2024
  2. Mobile Virtual Network Operator$13.5M624%down 69% from 2024
Business segments by year
Business segments20242025
Point-of-Sale and Prepaid Services$17.4M$43.5M
Mobile Virtual Network Operator$43.5M$13.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue77¢$67.6M
  • Selling, general and admin23¢$20.1M

Out of $57.0M in revenue.6 The company lost money this year.

Financial statements

Revenue78910116$57.0M in 2025+121% since 2019
0$50.0M$100.0M$150.0M2019: $25.7M$25.7M20192020: $54.4M$54.4M2020+111%2021: $51.1M$51.1M2021−6%2022: $121.5M$121.5M2022+138%2023: $137.1M$137.1M2023+13%2024: $60.9M$60.9M2024−56%2025: $57.0M$57.0M2025−6%
Gross profit7$2.5M in 2020−21% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $3.1M$3.1M20192020: $2.5M$2.5M2020−21%
Operating income78910116-$34.1M in 2025+339% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$7.8M-$7.8M20192020: -$10.1M-$10.1M2020+31%2021: -$6.0M-$6.0M2021−41%2022: $633.8K$633.8K20222023: $18.9M$18.9M2023+2877%2024: -$43.5M-$43.5M20242025: -$34.1M-$34.1M2025−21%
Net income78910116-$36.1M in 2025+327% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M$40.0M2019: -$8.4M-$8.4M20192020: -$10.7M-$10.7M2020+27%2021: -$13.5M-$13.5M2021+26%2022: -$680.8K-$680.8K2022−95%2023: $20.6M$20.6M20232024: -$45.7M-$45.7M20242025: -$36.1M-$36.1M2025−21%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Revenues, net$57.0M$60.9M
Cost of revenues$67.6M$75.2M
General and administrative expenses$20.1M$27.5M
Impairment loss - note receivable$176.9K
Impairment loss - CenterCom$498.3K
Impairment loss - internal use software development costs$316.6K
Impairment loss - goodwill$3.3M$866.8K
Total costs and expenses$91.1M$104.3M
Loss from operations-$34.1M-$43.5M
Interest expense (including amortization of debt discount)-$2.0M-$554.2K
Loss on lease termination - net-$194.9K
Other income$7.1K$636.9K
Interest income$64.0K$105.4K
Realized gains - investments$13.6K
Dividends, interest and other income - investments$355.5K
Gain on investment in CenterCom$33.9K
Total other income (expense) - net-$1.9M$396.2K
Net loss before provision for income taxes-$36.1M-$43.1M
Provision for income tax benefit (expense)-$2.9M
Net loss including non-controlling interest-$36.1M-$45.9M
Non-controlling interest-$838-$208.6K
Net loss available to common stockholders-$36.1M-$45.7M
Basic-$1.80-$2.39
Diluted-$1.80-$2.39
Basic20.1M shares19.1M shares
Diluted20.1M shares19.1M shares

Compare SurgePays, Inc. with another company

Corporate structure

SurgePays, Inc. sits at the top of its group. 14 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SurgePays, Inc.

  • Bradley James Crosby Filed SCHEDULE 13G on SurgePays, Inc., latest Sep 8, 2025
  • SurgePays, Inc. Henderson, Nevada, United States
    • Central States Legal Services, Inc. Subsidiary · Missouri, United States
    • DigitizeIQ, LLC Subsidiary · Illinois, United States
    • ECS Prepaid, LLC Subsidiary · Missouri, United States
    • Electronic Check Services, Inc. Subsidiary · Missouri, United States
    • Injury Survey, LLC Subsidiary · Nevada, United States
    • KSIX Media, Inc. Subsidiary · Nevada, United States
    • KSIX, LLC Subsidiary · Nevada, United States
    • LogicsIQ Inc. Subsidiary · Nevada, United States
    • Surge Blockchain, LLC Subsidiary · Nevada, United States
    • Surge Payments, LLC Subsidiary · Nevada, United States
    • SurgePays Fintech, Inc. Subsidiary · Nevada, United States
    • SurgePhone Wireless, LLC Subsidiary · Nevada, United States
    • Torch Wireless Subsidiary · Wyoming, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SurgePays, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$668.5K6 Dec 31, 2024$1.0M10 Dec 31, 2023−33.6%
Property and equipment, before depreciation$1.6M6 Dec 31, 2025$1.6M6 Dec 31, 2024+1.2%
Accumulated depreciation$1.2M6 Dec 31, 2025$1.0M6 Dec 31, 2024+20.3%
Property and equipment, net$403.5K6 Dec 31, 2025$591.1K6 Dec 31, 2024−31.7%
Operating-lease assets (leased space)$313.4K6 Dec 31, 2025$564.8K6 Dec 31, 2024−44.5%

Real estate and locations

ItemLatestA year beforeChange
Area of land2,293 sq ft6 Oct 1, 2024

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.7M6 Dec 31, 2025$11.8M6 Dec 31, 2024−85.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.3M6 Dec 31, 2024$1.7M6 Dec 31, 2023+98.0%
Intangible assets, net (excluding goodwill)$819.2K6 Dec 31, 2025$1.5M6 Dec 31, 2024−44.4%
Finite-lived intangibles, gross$5.8M6 Dec 31, 2025$5.8M6 Dec 31, 20240%
Accumulated amortization$4.9M6 Dec 31, 2025$4.3M6 Dec 31, 2024+15.3%
Finite-lived intangibles, net$819.2K6 Dec 31, 2025$1.5M6 Dec 31, 2024−44.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$339.6K6 Dec 31, 2025$1.8M6 Dec 31, 2024−80.9%

Properties, in its own words

We presently occupy space at four locations: 3124 Brother Blvd., Suite 410, Bartlett, Tennessee, 38133 (this building is owned by an entity owned by Mr. Cox, our CEO and Chair – the term of the lease is on a month to month basis), which houses our corporate headquarters along with back office, inventory and marketing departments; 8745 West Higgins, Chicago, Illinois, 60361, which houses our human resources departments – the term of this arrangement is one year; 1615 S Ingram Mill, Building B, Springfield, Missouri, 65804, which houses our Comprehensive Platform Services technical operations; and 73 Av. Norte y 5 Calle Poniente, Colonia Escalon, San Salvador, SV, which house our business process operations.

See the notes to our consolidated financial statements for more detailed lease information.

Item 2 of the 10-K filed Apr 15, 2026.5

Leadership

Who has led SurgePays, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Central States Legal Services, Inc. Missouri4
  • DigitizeIQ, LLC Illinois4
  • ECS Prepaid, LLC Missouri4
  • Electronic Check Services, Inc. Missouri4
  • Injury Survey, LLC Nevada4
  • KSIX Media, Inc. Nevada4
  • KSIX, LLC Nevada4
  • LogicsIQ Inc. Nevada4
  • Surge Blockchain, LLC Nevada4
  • Surge Payments, LLC Nevada4
  • SurgePays Fintech, Inc. Nevada4
  • SurgePhone Wireless, LLC Nevada4
  • Torch Wireless Wyoming4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Surge Holdings, Inc.Jan 2, 2018 to Nov 4, 20203
  • KSIX Media Holdings, Inc.Jul 28, 2015 to Dec 28, 20173
  • NORTH AMERICAN ENERGY RESOURCES, INC.May 28, 2015 to Jun 10, 20153
  • Mar Ked Mineral Exploration, Inc.Mar 14, 2007 to Aug 11, 20083

Timeline

  1. Oct 15, 20268-K Regulation FD disclosure30
  2. Sep 30, 20268-K Financial statements and exhibits31
  3. Sep 29, 20268-K Listing notice or transfer32
  4. Sep 16, 20268-K Change of auditor33
  5. Sep 10, 20268-K Entered a material agreement; Completed an acquisition or sale; Other events34
  6. Sep 3, 20268-K Other events35
  7. Aug 5, 20268-K Regulation FD disclosure; Other events36
  8. Jul 29, 20268-K Other events37
  9. Jul 1, 20268-K Other events38
  10. Jun 22, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares39
  11. Jun 22, 20268-K Shareholder vote40
  12. May 20, 20268-K Results of operations41
  13. Oct 9, 2020New chief executive Kevin Brian Cox becomes CEO14
  14. Mar 20, 2015New chief executive Clinton W. Coldren becomes CEO15
  15. Feb 12, 2009New chief executive Ross E. Silvey becomes CEO16
  16. Apr 10, 2008New chief executive Vladimir Fedyunin becomes CEO17
  17. Aug 22, 2006Founded SurgePays, Inc. is founded2

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.38) a share, on Nov 12, 2025.42

When it reported results

  1. May 20, 2026Reported quarterly or annual results41
  2. Apr 16, 2026Reported quarterly or annual results43
  3. Nov 13, 2025Reported quarterly or annual results44
  4. Jul 13, 2023Reported quarterly or annual results45
  5. Mar 2, 2023Reported quarterly or annual results46
  6. Feb 1, 2022Reported quarterly or annual results47
  7. Jan 11, 2022Reported quarterly or annual results48

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

197 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 57 insider forms, 1 large holders, 71 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 9, 2026424B5 EDGAR
  3. Sep 30, 20268-K/A EDGAR
  4. Sep 29, 20268-K EDGAR
  5. Sep 16, 20268-K EDGAR
  6. Sep 16, 20264 EDGAR
  7. Sep 14, 20264 EDGAR
  8. Sep 10, 20268-K EDGAR
  9. Sep 8, 20264 EDGAR
  10. Sep 3, 20268-K EDGAR
  11. Aug 19, 202610-Q EDGAR
  12. Aug 17, 2026NT 10-Q EDGAR
  13. Aug 5, 20268-K EDGAR
  14. Jul 29, 20268-K EDGAR
  15. Jul 1, 20268-K EDGAR
  16. Jun 22, 20268-K EDGAR
  17. Jun 22, 20268-K EDGAR
  18. Jun 5, 20264 EDGAR
  19. Jun 3, 20264 EDGAR
  20. May 20, 202610-Q EDGAR

The 197 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

41 open-market trades by officers, directors and large owners since October 2021: 22 buys and 19 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2026May David AllenDirectorBuy34,716$0.53$18.4KForm 4
Jun 4, 2026May David AllenDirectorBuy121$0.53$64Form 4
Jun 3, 2026May David AllenDirectorBuy5,413$0.53$2.9KForm 4
Dec 10, 2025May David AllenDirectorBuy38,422$1.61$61.7KForm 4
Jun 6, 2025May David AllenDirectorSale63,000$2.81$177.0KForm 4
May 16, 2025Cox Kevin BrianCEO & ChairmanBuy15,073$2.75$41.5KForm 4
Dec 3, 2024Cox Kevin BrianCEO & ChairmanSale35,180$1.82$64.0KForm 4
Dec 2, 2024Evers Anthony GeorgeChief Financial OfficerSale36,666$1.86$68.2KForm 4
Nov 25, 2024Weisberg LaurieDirectorBuy5,000$1.84$9.2KForm 4
Nov 22, 2024Weisberg LaurieDirectorBuy2,809$1.70$4.8KForm 4
Nov 15, 2024Schurfeld Richard EarlDirectorBuy3,500$1.60$5.6KForm 4
Nov 4, 2024Cox Kevin BrianCEO & ChairmanSale31,700$1.60$50.7KForm 4
Nov 1, 2024Evers Anthony GeorgeChief Financial OfficerSale36,667$1.60$58.7KForm 4
Oct 2, 2024Cox Kevin BrianCEO & ChairmanSale32,375$1.75$56.7KForm 4
Oct 2, 2024Evers Anthony GeorgeChief Financial OfficerSale36,667$1.54$56.5KForm 4
Sep 13, 2024Schurfeld Richard EarlDirectorBuy1,800$1.50$2.7KForm 4
Sep 11, 2024Schurfeld Richard EarlDirectorSale22,900$0.01$229Form 4
Sep 9, 2024Schurfeld Richard EarlDirectorSale100$0.03$3Form 4
Sep 4, 2024Evers Anthony GeorgeChief Financial OfficerSale3,333$1.46$4.9KForm 4
Sep 3, 2024Evers Anthony GeorgeChief Financial OfficerSale33,334$1.54$51.3KForm 4

All 41 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Bradley James CrosbySCHEDULE 13G, 1 filing Sep 8, 202549

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Kevin Brian Cox50$794.7K$2.0M50
2025Anthony Evers$503.3K$1.8M50
2025Derron Winfrey$342.1K$357.5K50
2024CEOPresident Chairman$839.5K$2.8M50
2024Former CFO$488.7K$1.9M50
2024President of Sales and Operations$159.6K$172.7K50

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 36. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC567,358$204.8K0.0%No change
Gaddis Premier Wealth Advisors LLC438,287$158.2K0.1%No change
Millennium Capital Advisors, LLC210,000$75.8K0.0%+125,000
Cable Car Capital, LP181,667$65.6K0.0%No change
Geode Capital Management, LLC168,647$60.9K0.0%−55,350
Vanguard Fiduciary Trust Co83,235$30.0K0.0%No change
Citadel Advisors LLC83,163$30.0K0.0%New
Cetera Investment Advisers66,000$23.8K0.0%No change
State Street Corp61,800$22.3K0.0%No change
Northern Trust Corp52,661$19.0K0.0%No change
Renaissance Technologies LLC50,900$18.4K0.0%+1,000
Ethos Financial Group, LLC50,233$18.1K0.0%+37,366
Jane Street Group, LLC44,128$15.9K0.0%New
James Investment Research, Inc.32,500$11.7K0.0%No change
NewEdge Advisors, LLC32,500$11.7K0.0%No change
BlackRock, Inc.29,331$10.6K0.0%−40,923
Bailard, Inc.27,975$10.1K0.0%No change
UBS Group AG24,551$8.9K0.0%−50,251
Tableaux LLC14,635$5.3K0.0%New
Group One Trading LLC13,572$4.9K0.0%+13,179
XTX Topco Ltd13,188$4.8K0.0%New
Jpmorgan Chase & Co9,844$3.4K0.0%New
SBI Securities Co., Ltd.6,857$2.5K0.0%+1,034
Vanguard Global Advisers, LLC4,107$1.5K0.0%No change
Tower Research Capital LLC (TRC)3,296$1.2K0.0%−284

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SurgePays, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSurgePays, Inc.1
  • CIK0001392694
  • Employer ID (EIN)98-05503525
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company5
  • Incorporated inNevada5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4813 Telephone Communications (No Radiotelephone)1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address3124 Brother Blvd, Suite 104, Bartlett, TN 381331
  • Phone901-302-95871
  • Shares outstanding52,908,423 as of Aug 19, 202613
  • Public float$41.8M as of Jun 30, 20255
  • AuditorTAAD, LLP, Diamond Bar, California PCAOB ID 5854; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 14, 20071
  • Filings475 in all: 8-K (124), 4 (84), 10-Q (56), UPLOAD (28), 144 (24), CORRESP (24), 10-K (18), 3 (13)1
    All 44 form types

    NT 10-Q (11), 8-K/A (8), 424B5 (7), 10-Q/A (6), DEF 14A (6), NT 10-K (6), PRE 14C (6), S-1/A (6), DEF 14C (5), 10QSB (4), S-8 (4), 10-K/A (3), EFFECT (3), S-3/A (3), 10QSB/A (2), DEFA14A (2), S-3 (2), SC 13D (2), 25-NSE (1), 424B1 (1), 424B4 (1), 5 (1), 8-A12B (1), 8-A12G (1), CERT (1), D (1), DEL AM (1), NTN 10K (1), NTN 10Q (1), PRE 14A (1), RW (1), S-1 (1), S-1MEF (1), SB-2 (1), SC 13G (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Apr 15, 2026
    Quarterly report (10-Q) Aug 19, 2026
    Proxy statement (DEF 14A) May 7, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common StockSURGNasdaq

From the cover page of the 10-K filed Apr 15, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks SurgePays, Inc. names in Item 1A of its 10-K filed Apr 15, 2026: 23 risks under these headings, as written.5

  • Risks Related to Government Regulation and Legal Proceedings
  • The United States Government’s dissolution of the Affordable Connectivity Program (“ACP”) has had a substantial adverse effect on our business operations and profitability.
  • Changes in the regulatory framework under which we operate could adversely affect our business prospects or results of operations.
  • New laws or regulations or changes to the existing regulatory framework at the federal, state and local level, such as those described below, could restrict the ways in which we manage our wireline and wireless networks and operate our business, impose additional costs, impair revenue opportunities and potentially impede our ability to provide services in a manner that would be attractive to us and our customers.
  • We could be impacted by unfavorable results of legal proceedings, and may, from time to time, be involved in future litigation in which substantial monetary damages are sought.
  • Risks Related to Our Business, Industry and Operations
  • Low demand for our products and services, and the inability to develop and introduce new products and services at favorable margins, could adversely impact our performance and prospects for future growth.
  • If we are not able to adapt to changes and disruptions in technology and address changing consumer demand on a timely basis, we may experience a decline in the demand for our services, be unable to implement our business strategy and experience reduced profits.
  • We have, and may continue to expand through investments in, acquisitions of, or the development of new products with assistance from, other companies, any of which may not be successful and may divert our management’s attention.
  • We have undertaken in the past, and may in the future undertake, strategic acquisitions. Failure to integrate acquisitions could adversely affect our value.
  • Our business could be adversely affected if we fail to implement and maintain effective disclosure controls and procedures and internal control over financial reporting.
  • Our success is substantially dependent on the continued service of our senior management.
The other 13 risks
  • We offer competitive compensation packages in order to retain the services of our senior management, and we could be required to pay significant compensation payments in the case we are unable to retain our senior management.
  • We may not have sufficient resources to effectively introduce and market our services and products, which could materially harm our operating results.
  • We operate in a highly competitive industry.
  • We may require additional financing to sustain or grow our operations. Raising additional capital may cause dilution to our existing stockholders and investors, or restrict our operations.
  • Risks Related to Our Securities
  • Our CEO and Chair, Kevin Brian Cox, has significant control over shareholder matters and the minority shareholders will have little or no control over our affairs.
  • Sales of a significant number of shares of our common stock in the public market or the perception of such possible sales, could depress the market price of our common stock.
  • Our share price has been volatile and our trading volume may fluctuate substantially.
  • A decline in the price of our shares of common stock could affect our ability to raise further working capital and adversely impact our ability to continue operations.
  • We currently do not intend to pay dividends on our common stock. As result, your only opportunity to achieve a return on your investment is if the price of our common stock appreciates.
  • We could issue additional common stock, which could dilute the book value of our common stock.
  • Future issuances of our common stock, preferred stock, convertible promissory notes, options and warrants could dilute the interests of existing stockholders.
  • Sales of a significant number of shares of our common stock in the public markets, or the perception that such sales could occur, could depress the market price of our common stock.
  • We are not currently in compliance with Nasdaq’s minimum market value of listed securities and minimum bid price listing requirements; if we are not able to regain compliance with those requirements within the time periods permitted by Nasdaq, our common stock may be delisted, which would likely impair our ability to raise capital and could constitute an event of default under our outstanding promissory notes.

Legal proceedings

From time to time, we may be engaged in various lawsuits and legal proceedings in the ordinary course of our business. Except as described below, we are currently not aware of any legal proceedings, the ultimate outcome of which, in our judgment based on information currently available, would have a material adverse effect on our business, financial condition or results of operations.

As of the date hereof, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on our results of operations except as set forth below:

In the Circuit Court of Tennessee for the 30th Judicial District at Memphis, Docket # CT-3219-23. On August 8, 2023, a complaint was filed by SurgePays for breach of a promissory note by Blue Skies Connections, LLC. The note at issue is dated June 14, 2021, and requires Blue Skies Connections to repay the principal sum of $176,850.56, by monthly payments of $7,461.37 commencing on June 1, 2023. Blue Skies Connections has failed to make any payments due under the terms of the note, and this breach entitles SurgePays to demand payment of the entire amount of the note together with all accrued interest. Blue Skies Connections responded by filing a Motion to Dismiss or, in the alternative, a Motion to Stay, taking the position that, under the prior suit pending doctrine, the subject promissory note is subject to the prior litigation instituted by Blue Skies Connections against SurgePays, styled Skies Connections, LLC and True Wireless, Inc. v. SurgePays, Inc., et al., Case No. CJ-2021-5327, District Court of Oklahoma County, Oklahoma. SurgePays elected to dismiss its complaint without prejudice and is in the process of evaluating re-filing the matter in the District Court of Oklahoma County, Oklahoma.

The opening of Item 3, Legal Proceedings.5

Sources

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