UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended March 31, 2025

or

☐      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission file number 333-91190

P2 SOLAR, INC.

(Exact name of registrant as specified in its charter)

Delaware	98-0234680
State or other jurisdiction of incorporation	(IRS Employer Identification Number)
13718 91 Avenue, Surrey, British Columbia, Canada	V3V 7X1
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (778) 321-0047

Securities registered pursuant to Section 12(b) of the Act: None

Title of Each Class Trading Symbol(s) Name of each exchange on which registered

Securities registered pursuant to section 12(g) of the Act:

None

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act ☐ Yes     ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the ☐ Yes     ☒ No

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     ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes     ☐ No.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes     ☒ No

The aggregate market value of Common Stock held by non-affiliates of the Registrant as of March 31, 2025, the last business day of the Registrant’s most recently completed fourth fiscal quarter, was approximately $171,706 based on a $0.0033 average bid and asked price on such date. Solely for the purpose of this disclosure, such shares of common stock held by executive officers, directors, and beneficial holders of 10% or more of the outstanding common stock of the Registrant as of such date have been excluded because such persons may be deemed to be affiliates.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

As of July 8, 2025, the Company had 128,571,513 shares issued and outstanding.

Table of Contents

PART I	1
ITEM 1. BUSINESS	1
General	1
Inter-corporate Relationships	2
Recent History	2
Description of Business	3
ITEM 1A. RISK FACTORS	6
Risks Related to the Financial Position and Capital Requirements of the Company	6
Risks Related to the Business of the Company	9
Risks Related to Industry	12
Risks Related to the Common Stock of the Company	14
ITEM 1B. UNRESOLVED STAFF COMMENTS.	17
ITEM 1C. CYBERSECURITY	17
ITEM 2. PROPERTIES.	17
ITEM 3. LEGAL PROCEEDINGS.	17
ITEM 4. MINE SAFETY DISCLOSURES.	17
PART II	18
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.	18
Market Information	18
Holders	18
Dividends	18
Exchange Rates	19
ITEM 6. [RESERVED]	19
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.	19
Background and Overview	19
Results of Operation	20
Liquidity and Capital Resources	21
Off Balance Sheet Arrangements	23
Proceeds from issuance of promissory notes
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.	43
ITEM 9A. CONTROLS AND PROCEDURES.	43
Management’s Annual Report on Controls and Procedures	43
Management’s Annual Report on Internal Control Over Financial Reporting	43
Material Weaknesses Identified	44
Plan for Remediation of Material Weaknesses	44
ITEM 9B. OTHER INFORMATION.	44

PART III	45
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.	45
Directors and Executive Officers	45
Business Experience	45
Family Relationships	46
Significant Employees	46
Involvement in Certain Legal Proceedings	46
Directorships	46
Compliance with Section 16(a) of the Exchange Act	46
Code of Ethics	46
Nomination of Directors	47
Audit Committee and Audit Committee Financial Expert	47
ITEM 11. EXECUTIVE COMPENSATION.	47
Compensation Discussion and Analysis	47
Executive Compensation	48
Employment Agreements	48
Outstanding Equity Awards at Fiscal Year-End	48
Equity Compensation Plan Information	48
Pension, Retirement or Similar Benefit Plans	48
Potential Payments Upon Termination or Change-in-Control	49
Director Compensation	49
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.	49
Security Ownership of Certain Beneficial Owners, Directors, Officers and Management	49
Changes of Control	50
Securities Authorized for Issuance Under Equity Compensation Plans	50
ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.	50
Related Party Transactions	50
Corporate Governance	51
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.	51
Audit Fees	51
Audit Related Fees	51
Tax Fees	51
All Other Fees	51
Audit Committee’s Pre-approval Policies and Procedures	51
PART IV	52
ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES.	52
SIGNATURES	53

PART I

SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS

CERTAIN STATEMENTS IN THIS REPORT, INCLUDING STATEMENTS IN THE FOLLOWING DISCUSSION, ARE WHAT ARE KNOWN AS "FORWARD LOOKING STATEMENTS", WHICH ARE BASICALLY STATEMENTS ABOUT THE FUTURE. FOR THAT REASON, THESE STATEMENTS INVOLVE RISK AND UNCERTAINTY SINCE NO ONE CAN ACCURATELY PREDICT THE FUTURE. WORDS SUCH AS "PLANS," "INTENDS," "WILL," "HOPES," "SEEKS," "ANTICIPATES," "EXPECTS "AND THE LIKE OFTEN IDENTIFY SUCH FORWARD LOOKING STATEMENTS BUT ARE NOT THE ONLY INDICATION THAT A STATEMENT IS A FORWARD LOOKING STATEMENT. SUCH FORWARD LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING THE PLANS AND OBJECTIVES OF THE COMPANY WITH RESPECT TO THE PRESENT AND FUTURE OPERATIONS OF THE COMPANY, AND STATEMENTS WHICH EXPRESS OR IMPLY THAT SUCH PRESENT AND FUTURE OPERATIONS WILL OR MAY PRODUCE REVENUES, INCOME OR PROFITS. NUMEROUS FACTORS AND FUTURE EVENTS COULD CAUSE THE COMPANY TO CHANGE SUCH PLANS AND OBJECTIVES OR FAIL TO SUCCESSFULLY IMPLEMENT SUCH PLANS OR ACHIEVE SUCH OBJECTIVES OR CAUSE SUCH PRESENT AND FUTURE OPERATIONS TO FAIL TO PRODUCE REVENUES, INCOME OR PROFITS. THEREFORE, THE READER IS ADVISED THAT THE FOLLOWING DISCUSSION SHOULD BE CONSIDERED IN LIGHT OF THE DISCUSSION OF RISKS AND OTHER FACTORS CONTAINED IN THIS REPORT ON FORM 10-K AND IN THE COMPANY'S OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. NO STATEMENTS CONTAINED IN THE FOLLOWING DISCUSSION SHOULD BE CONSTRUED AS A GUARANTEE OR ASSURANCE OF FUTURE PERFORMANCE OR FUTURE RESULTS.

ITEM 1. BUSINESS.

General

P2 Solar, Inc., a Delaware corporation (hereinafter referred to as “we”, “us”, the “Company”, “P2 Solar” or the “Registrant”) has been in existence as a Company (including its predecessor British Columbia Corporation) since 1990.   As discussed more fully below, the Company’s current business operations are focused on the construction of residential and commercial rooftop and ground mount solar power plants in Canada.

The Company was initially organized under the laws of British Columbia, Canada, on November 21, 1990, as Spectrum Trading Inc. The Company’s initial business plan was to import leather products from India and sell them in Canada. However, the supplier in India did not materialize and the Company remained dormant until 1997.  In 1997, the Company began the chemical manufacturing business.  On May 14, 1999, pursuant to Section 388 of the Delaware General Corporation Law, the Company domesticated to Delaware and began a chemical manufacturing business; these operations were phased out at the end of 2008.  After the Company’s domestication to Delaware, on September 3, 2004, the Company changed its name to Natco International, Inc. On March 11, 2009, the Company changed its name to P2 Solar, Inc.

The principal office of the Company is located at 13718 91 Avenue, Surrey, British Columbia, Canada, V3V 7X1.  The address of the registered office of the Company is 16192 Coastal Highway, Lewes, Delaware 19958.

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Inter-corporate Relationships

The chart below illustrates the corporate structure of the Company, including its subsidiaries, the jurisdictions of incorporation, and the percentage of voting securities held.

Recent History

April 1, 2022, to March 31, 2023

On March 6, 2015, the Company received a cease trade order from the British Columbia Securities Commission for failure to file records required as an OTC reporting issuer. On November 24, 2022, the Company received a partial revocation order from the British Columbia Securities Commission, permitting the Company to conduct a private placement of an amount of up to $110,000 CAD by way of the issuance of debt securities that are convertible into common shares at $0.03 CAD per share (the “Offering”). Management of the Company has filed the Company’s audited financial statements and paid all outstanding fees to the British Columbia Securities Commission and applied to have the cease trade order fully revoked. There is no guarantee the issuance of a full revocation of the cease trade order in British Columbia in the future.

On December 30, 2022, the Company issued a promissory note on receipt of $10,000 CAD ($7,389 USD). The promissory note is due on demand and bears an interest rate of 5% per annum.

On February 22, 2023, the Company bought all outstanding shares of Futricity Solar, Inc. (“Futricity”), and it became a wholly owned subsidiary of P2 Solar. Futricity was wholly owned by the Director and Officer of the Company.  The purchase price is equal to 25% of future operating income of Futricity for the next five years calculated annually to be paid in cash annually for the next five years, payable on April 30th every year starting in 2024 with the last payment to be due on April 30, 2028. Futricity is an installer of rooftop and ground mount solar systems for both residential and commercial properties.

On February 27, 2023, the Company issued a promissory note on receipt of $15,000 CAD ($11,084 USD). The promissory note is due on demand and bears an interest rate of 5% per annum.

April 1, 2023, to March 31, 2024

At the time of the Company’s acquisition of Futricity Solar, Inc. (Futricity) on February 22, 2023, Futricity had $18,000 CAD worth of orders to install rooftop solar systems.  Since March 31, 2023, the Company acquired more orders for rooftop solar systems and in the 12 months ending March 31, 2024, have had sales of approximately 166,000 USD.  The company completed 112 KW of installations.

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On June 15, 2023, the Company paid out in full the Promissory Note payable to Azariah Zemarium in the amount of US$17,841.

On June 29th, 2023, the Company issued a convertible note for $30,000 CAD.  The promissory note is due on demand and bears an interest rate of 5% per annum.

On August 14, 2023, the Company issued a convertible note for $20,000 CAD.  The promissory note is due on demand and bears an interest rate of 5% per annum.

On September 14, 2023, the Company issued a convertible note for $35,000 CAD.  The promissory note is due on demand and bears an interest rate of 5% per annum.

On September 22, 2023, the Company paid out in full the Promissory Notes payable to Tracy Pettersen in the amount of US$36,331 (CAD $49,000).

April 1, 2023, to March 31, 2024

During the last fiscal year ended March 31, 2025, the Cease Trade Order (CTO) that was placed on the company by British Columbia Securities Commission was revoked on January 22, 2025.  As a condition of revocation of CTO, the company had to hold an Annual General Meeting (AGM) of the shareholders within 90 days of the revocation.  The company held the AGM on April 15, 2025.  At the AGM, along with the usual business company also approved the following

1.	Amended and restated Bylaws
2.	Confirmation of Stock Incentive plan
3.	Frequency of Advisory Vote on Executive Compensation
4.	Advisory Vote on Executive Compensation

Description of Business

Principal Products or Services and their Markets

The Company, through its subsidiary Futricity Solar, Inc installs and maintains small residential and commercial rooftop solar systems in Canada. Based on the specific needs of its customers, the Company purchases its solar modules, inverters and other parts from third parties. The Company’s operations to date have been solely in British Columbia but the Company intends to expand to other regions in Canada and potentially certain U.S. states in the next two years.

Sales and Marketing Products and Services

Sales to date of the Company’s products and services have been driven by educational seminars given by management focused on educating builders, contractors and other industry professionals about the advantages and use of solar technology. These seminars also educate them how best to design, sell, and implement solar technology in their projects.

The Company also sells its products and services direct to residential homeowners and small commercial enterprises primarily through referrals from other customers. Management of the Company believes that customer referrals will increase in as the Company develops a foothold in a market and that shortly after market entry customer referral will become an increasingly effective way to market the Company’s solar energy systems.

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Competition

In the solar installation market, the Company competes with companies that offer products similar to its products. Some of these companies have greater financial resources, operational experience, and technical capabilities than the Company. When bidding for solar installation projects, however, the Company’s current experience suggests that there is no clear dominant or preferred competitor in the markets in which the Company competes. Management of the Company does not believe that any competitor has more than 10% of the market across all the areas in which the Company operates.

In the energy sector, the entire solar industry competes with other power generation sources, including conventional options and emerging technologies. Solar power offers distinct advantages and disadvantages when compared to other power-generating technologies. Notable advantages include the flexibility to deploy products in various sizes and configurations, the ability to install products nearly anywhere globally, providing reliable power for numerous applications, and contributing to reduced air, water, and noise pollution. However, other energy sources also have their own advantages, leading electric utilities, grid companies, or other off takers to consider power purchase agreements or other electricity purchase arrangements with specialized companies in those energy sources, rather than with entities such as the Company or other companies specializing in solar power. The advantage solar energy offers over traditional utilities is that it offers customers the opportunity to create their own electricity and reduce dependency from the traditional electrical grid.

Sources and Availability of Raw Materials and the Names of Principal Suppliers

The Company’s primary supply chain involves the procurement of solar equipment for its projects,

together with managing sub-contractors during project construction. The Company purchases equipment, such as solar panels, inverters, and batteries, from various manufacturers and suppliers situated in North America and Asia. This approach ensures that it is not reliant on any single supplier or manufacturer to fulfill product requirements. In the event that any of the Company’s current suppliers reduce or halt production, management is confident in its ability to promptly identify and qualify alternative sources under favorable terms.

In addition, management of the Company is in negotiations to potentially import proprietary panels from a manufacturer in India, which could become the Company’s first branded product.

Dependence on One or a Few Major Customers

The Company earns revenue from completing projects for, or providing defined services to, individual customers. The Company is an early stage company with limited revenue to date.  It is therefore possible that revenue for a given period is dependent on a small number of customers.

Intellectual Property

Generally, the Company’s residential and commercial solar installation and maintenance business is not dependent on intellectual property. The Company has no patents, trademarks or copyrights or any other

proprietary rights at the present time.  As needed, the Company intends to rely on intellectual property laws, primarily a combination of copyright and trade secret laws in the U.S., and Canada as well as license agreements and other contractual provisions, to protect any proprietary technology of third parties or its own.

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Need for Any Government Approval of Principal Products or Services

The Company is licensed as an electrical contractor in British Columbia. If the Company is to operate in other jurisdictions in Canada it will need to obtain the required licenses or contract third parties with the required licenses necessary to operate in that jurisdiction.

The installation of solar energy systems is subject to oversight and regulation in accordance with national, provincial, and local laws and ordinances relating to building, fire and electrical codes, safety, environmental protection, utility interconnection and metering, and related matters. The Company cannot begin the installation of any solar system until it has obtained all necessary approvals  and permits for the installation of the system from local authorities and applicable utility electricity providers.

Effect of Existing or Probable Governmental Regulations on the Business

Management believes that there are no identified existing or probable government regulations that will adversely impact the Company’s business.

Under the 2015 Paris Agreement, Canada has pledged to reduce greenhouse gas (GHG) emissions by 40–45% from 2005 levels by 2030 and has made a commitment to reach net zero emissions by 2050. As a result, the Canadian federal and provincial governments offer various tax incentives and grant programs to promote clean energy which includes solar energy.

For instance, the Canadian federal government offers a federal Investment Tax Credit (ITC) for businesses investing in solar energy projects. The ITC provides a tax credit based on a percentage of the total investment cost of eligible solar equipment. This credit helps reduce the overall tax liability of the business, making solar projects more financially viable.  The Canadian federal government also has an accelerated capital cost allowance tax incentive that allows businesses to claim a higher rate of depreciation for qualifying solar assets. This means businesses can recover the cost of their solar equipment more quickly, resulting in significant tax savings.

In 2023, the Canadian federal government introduced the Canada Greener Homes Grant through Natural Resources Canada. Under this program Canadian homeowners are eligible up to $40,000 CAD in interest-free loans to help purchase environmentally friendly retrofits. These can include solar panels, more efficient furnaces, or higher quality sealing for windows and doors.

In addition to federal incentives, several Canadian provinces offer their own solar incentive programs. These programs vary by region but may include grants, rebates, feed-in tariffs, or net metering arrangements.

Costs and Effects of Compliance with Environmental Laws

At this time, management of the Company is not aware of any negative costs and effects associated with compliance with environmental laws in its business.

The Company has no intentions of undertaking product manufacturing for the items it plans to market, sell, and install. The manufacturers responsible for producing these products may engage in research, development, manufacturing, and construction activities that involve the use, generation, and discharge of toxic, volatile, or otherwise hazardous chemicals and waste. These manufacturers are likely to be subject to various federal, state, and local governmental laws and regulations concerning the acquisition, storage, utilization, and disposal of hazardous materials. Moreover, these laws and regulations may impose significant liabilities for non-compliance or for any environmental contamination resulting from the operations associated with the assets of the Company.

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Environmental protection regulations have grown increasingly stringent in recent years and may, in certain circumstances, impose "strict liability," making an entity accountable for environmental damage irrespective of negligence or fault on their part. Consequently, such laws and regulations may expose the Company to liability for the actions or conditions caused by others or for the Company’s own actions that were in compliance with all applicable laws at the time they were performed. If these manufacturers fail to adhere to these regulations and are unable to produce the products the Company intends to market and sell, the Company’s business could be adversely affected. In such a scenario, finding replacement manufacturers and products might be both costly and have a material adverse impact on the business and financial results of the Company.

Seasonality

The solar energy market experiences seasonal and quarterly fluctuations due to weather conditions. For instance, in regions like Canada and the northeastern U.S. where winters are notably cold and snowy, there is a usual decrease in solar panel installations. This decline can have an impact on the timing of orders for the Company's solar installation products.

Employees

As of the date of this Form 10-K, the Company does not have any full or part-time employees.  All work relating to the Company is carried out by the Company’s management and the installations are sub-contracted.

Reports to Security Holders

The Company files reports with the SEC under section 15d of the Securities Exchange Act of 1934.  The reports will be filed electronically. You may read copies of any materials the Company files with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Room 1580, Washington, D.C. 20549.  You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.  The SEC also maintains an Internet site that will contain copies of the reports the Company files electronically.  The address for the SEC Internet site is http://www.sec.gov.

ITEM 1A. RISK FACTORS.

With an experienced management team and existing market demand, the management of the Company anticipates growth in the rollout of its business plan.  There are, however, factors that are sources of uncertainty, as outlined below.

Risks Related to the Financial Position and Capital Requirements of the Company

The auditors of the Company have indicated doubt about the ability of the Company to continue as a going concern.

The auditors of the Company have expressed doubt about the ability of the Company to continue as a going concern. The financial statements of the Company do not include adjustments that might result from the outcome of this uncertainty. If the Company is unable to generate significant revenue or secure financing, it may be required to cease or curtail its operations.

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The operating losses and working capital deficiency of the Company raise substantial doubt about its ability to continue as a going concern. If the Company does not continue as a going concern, investors could lose their entire investment.

The operating losses and working capital deficiency of the Company raise substantial doubt about its ability to continue as a going concern. The Company had an accumulated deficit of $8,144,781 and $8,110,289 as of March 31, 2025 and March 31, 2024, respectively. The Company has incurred annual operating losses from inception until 2025. The Company anticipated becoming profitable as it reduces costs and increases installation revenues as it grows its business. However, there can be no assurances that these actions will result in future or sustained profitability. The Company is subject to all the risks incidental to the sales, development, and costs of construction of new solar energy revenues, and the Company may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect the business of the Company. If the Company does not generate sufficient revenues, does not achieve profitability, or does not have other sources of financing to conduct its business, the Company may have to curtail or cease its development plans and operations, which could cause investors to lose the entire amount of their investment.

The Company has a limited operating history, which could make it difficult to accurately evaluate its business and prospects.

Although the Company was formed in 1990, it did not begin selling solar systems until it acquired Futricity in February 2023.  Management believes that its success will depend in large part on its ability to successfully sell solar systems in British Columbia and other provinces against other solar installation companies. Management cannot assure that the Company will operate profitably or that it will have adequate working capital to meet its obligations as they become due.

The Company requires substantial additional funding which may not be available to it on acceptable terms, or at all. If the Company fails to raise the necessary additional capital, it will  be unable to achieve growth of its operations.

The Company's ability to obtain the necessary financing to execute its business plan is subject to a number of factors, including general market conditions and investor acceptance of the business plan. These factors may make the timing, amount, terms, and conditions of such financing unattractive or unavailable to the Company. If the Company is unable to raise sufficient funds or generate them through revenues, it will have to significantly reduce its spending, delay or cancel its planned activities, or substantially change its current corporate structure. There is no guarantee that the Company will be able to obtain any funding or that it will have sufficient resources to continue to conduct its operations as projected, any of which could mean that it will be forced to discontinue its operations.

The financial results of the Company may fluctuate and may be difficult to forecast, and this may cause a decline in the trading price of the common stock of the Company.

The revenues, expenses and operating results of the Company are difficult to predict given the limited history of current operations of the Company. Management of the Company expects that its operating results will continue to fluctuate in the future due to a number of factors, some of which are beyond control of the Company. These factors include, but are not limited to:

· ability to create and increase brand awareness;

· ability to attract new customers;

· ability to increase customer base;

· seasonal consumer demand for solar energy products;

· the amount and timing of costs relating to the expansion of operations, including sales and marketing expenditures;

· changes in competitive and economic conditions generally;

· ability to manage third-party outsourced operations; and

· changes in the cost or availability of outside contractors.

Due to all of these factors, the operating results of the Company may fall below the expectations of investors, which could cause a decline in the trading price of the common stock of the Company.

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The Company does not have an compensation committee, stockholders will have to rely on the entire Board of Directors to perform these functions.

The Company does not have an compensation committee comprised of independent directors. Indeed, it does not have any compensation committee. These functions are performed by the Board of Directors as a whole which currently consists of three people. Thus, there is a potential conflict in that board members who are also part of management will participate in discussions concerning management compensation issues that may affect management decisions.

If the Company fails to maintain an effective system of internal controls, it may not be able to accurately report on its financial results or detect fraud. Consequently, investors could lose confidence in the financial reporting of the Company and this may decrease the trading price of the common stock of the Company.

The Company must maintain effective internal controls to provide reliable financial reports and detect fraud. Management of the Company has been assessing the internal controls of the Company to identify areas that need improvement. Failure to identify and thereafter implement required changes to the internal controls of the Company or any others that management identifies as necessary to maintain an effective system of internal controls, if any, could harm the operating results of the Company and cause investors to lose confidence in the reported financial information of the Company. Any such loss of confidence would have a negative effect on the trading price of the common stock of the Company.

The Company is an “emerging growth company,” and as a result has reduced reporting requirements which may make the common stock of the Company less attractive to investors.

The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. As an emerging growth company, it is exempt from a number of reporting requirements that are applicable to other public companies that are not emerging growth companies, including:

· being permitted to provide only two years of audited financial statements, in addition to any required unaudited interim financial statements, with correspondingly reduced “Management’s Discussion and Analysis of Financial Condition and Results of Operations” disclosure;

· not being required to comply with the auditor attestation requirements in the assessment of its internal control over financial reporting;

· not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements;

· reduced disclosure obligations regarding executive compensation; and

· not being required to hold a non-binding advisory vote on executive compensation or obtain stockholder approval of any golden parachute payments not previously approved.

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Further, the JOBS Act permits an “emerging growth company” such as the Company to take advantage of an extended transition time to comply with new or revised accounting standards as applicable to public companies. The Company has elected to extend the transition period for complying with new or revised accounting standards applicable to public companies. The Company has also elected to extend the transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act until the earlier of the date where the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, the financial statements of the Company may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

The Company intends to take advantage of these reporting exemptions until it is no longer an emerging growth company. The Company will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of a sale of securities of the Company under a registration statement, (b) it has total annual gross revenue of at least $1.235 billion or (c) it is deemed to be a large accelerated filer, which means the market value of the common stock of the Company that is held by non- affiliates exceeds $700 million as of the prior September 30 and (2) the date on which the Company has issued more than $1.0 billion in non-convertible debt during the prior three-year period.

Risks Related to the Business of the Company

The business of the Company is concentrated in British Columbia, putting it at risk of region-specific disruptions.

Currently, 100% of the solar installations completed by the Company are in British Columbia. In addition, management of the Company expects future growth to occur in British Columbia during the fiscal years of 2025-2026, which will further concentrate the Company’s customer base and operational infrastructure. Accordingly, the business and results of operations of the Company are particularly susceptible to adverse economic, regulatory, political, weather and other conditions in British Columbia and in other markets that it may become similarly concentrated.

The Company has a limited operating history in the solar installation industry and as such may not be successful in overcoming certain risks experienced by early-stage companies.

The Company has a limited operating history with its solar energy installation products and has been involved primarily in organizational matters. It has also generated limited revenues from its solar energy products to date. Consequently, the Company's operations are subject to all the risks inherent in the establishment of new technology and products in industries within which it is not necessarily familiar. The Company has encountered and will continue to encounter risks and difficulties frequently experienced by early-stage companies, including the risks described in this document. If these risks are not addressed successfully, the Company's business, financial condition, results of operations, and prospects will be adversely affected, and the market price of its common stock could decline. As such, any predictions about the Company's future revenue and expenses may not be as accurate as they would be if it had a longer operating history in solar energy technology and products or operated in a more predictable market.

9

The Company acts as the licensed general contractor for its customers and is subject to risks associated with construction, cost overruns, delays, regulatory compliance, and other contingencies, any of which could have a material adverse effect on its business and results of operations.

The Company is a licensed contractor and serves as the general contractor, electrician, construction manager, and installer for its solar energy systems. It may be liable to customers for any damage it causes to their home, belongings, or property during the installation of its systems. For instance, the Company penetrates its customers' roofs during the installation process and may incur liability for the failure to adequately weatherproof such penetrations following the completion of solar energy systems installation. Additionally, since the solar energy systems deployed are high-voltage energy systems, the Company may incur liability for the failure to comply with electrical standards and manufacturer recommendations. The Company's profit on a particular installation is based, in part, on assumptions about the project's cost, and cost overruns, delays, or other execution issues may prevent it from achieving expected results or covering its costs for that project.

Furthermore, the installation of solar energy systems is subject to oversight and regulation in accordance with national, state, and local laws and ordinances relating to building, fire and electrical codes, safety, environmental protection, utility interconnection, metering, and related matters. It is difficult and costly for the Company to track the requirements of every authority having jurisdiction over its operations and solar energy systems. Any new government regulations or utility policies pertaining to the Company's systems, or changes to existing government regulations or utility policies pertaining to its systems, may result in significant additional expenses to the Company and its customers, potentially causing a significant reduction in demand for its systems.

The Company depends on its Chief Executive Officer to manage the business of the Company. The loss of services of this officer could adversely affect the business of the Company and negatively affect the financial condition, results of operations, cash flow and trading price of the common stock of the Company.

The business of the Company is largely dependent upon the continued efforts of its chief executive officer, Raj-Mohinder Gurm. Although the Company has an employment agreement with Mr. Gurm, it does not guarantee that Mr. Gurm will continue to work for the Company. The loss of Mr. Gurm could affect the ability of the Company to operate and, depending upon the nature of the termination of his relationship, could result in substantial severance payments which the Company may have difficulty in funding.

The Company has a heighted risk of conflict of interest and self-dealing given the size of its Board of Directors.

The Company's Board of Directors comprises only two members, one of which is also the only officer of the Company, which heightens the risk of conflicts of interest and potential self-dealing. With a limited number of directors, individual decisions and actions may carry greater weight, increasing the potential for personal interests to conflict with the best interests of the Company and its shareholders. For instance, the Chief Executive Officer, who is also the Director of the Company, will be able to control his own compensation and to approve dealings, if any, by the Company with other entities with which he is also involved.

The small Board size raises concerns about independent oversight and objectivity in corporate governance practices. Conflicts of interest could lead to decisions favoring personal gain or external affiliations over shareholder value, potentially resulting in reputational damage, regulatory scrutiny, and legal liabilities. Although the Chief Executive and Board intend to act fairly and in full compliance with their fiduciary obligations, there can be no assurance that the Company will not, as a result of the conflict of interest described above, sometimes enter into arrangements under terms less beneficial to the Company than it could have obtained had it been dealing with unrelated persons.

10

The Company operates in a highly competitive industry with no barrier to entry. Existing or future competitors may have significantly greater resources than the Company, which may make it difficult for the Company to compete.

The Company is involved in a highly competitive industry where many of its current and potential competitors have longer operating histories, larger customer bases, greater brand recognition, and significantly more substantial financial, marketing, and other resources compared to its own. Additionally, some of its competitors may be able to allocate greater resources to marketing and promotional campaigns, adopt more aggressive pricing strategies, and dedicate substantially more resources to systems development than the Company can. The intensification of competition may lead to reduced operating margins, loss of market share, and a potential weakening of the Company's brand franchise. The Company cannot provide assurance that it will be able to compete successfully against existing or future competitors.

The Company does not have any full-time employees or consultants, which could have a negative impact on the business of the Company and its profitability.

The Company's operational structure lacks full-time employees or consultants. Further, consultants and contractors working with the Company are not subject to an exclusive contractual relationship with it. Relying on external contractors or temporary consultants may lead to dependency on third-party services, impacting the quality, availability, and consistency of support crucial for achieving the business objectives of the Company. Furthermore, the Company's reliance on external resources may be subject to fluctuations in availability and competition from other organizations, leading to potential delays in project timelines or inefficient scaling of operations. It may also result in variable costs and unexpected expenses due to fluctuations in contractor rates, market conditions, or the need for additional expertise. As a consequence, the budgeting and financial planning of the Company may be impacted. The Company may face challenges in ensuring consistency and meeting expected performance levels, as it may have limited control and oversight over the activities and deliverables of external parties. These risks could adversely affect the Company’s business, financial condition, and results of operations.

The Company’s business will be impaired if it loses any of the necessary license to operate or if more stringent government regulations are enacted or if the Company fails to comply with the growing number of regulations pertaining to solar energy and consumer financing industries.

The installation of solar energy systems performed by the Company is subject to oversight and regulation under local ordinances, building, zoning and fire codes, environmental protection regulation, utility interconnection requirements, and other rules and regulations. Any financing transactions by the Company are subject to numerous consumer credit and financing regulations. There is no guarantee that the Company will properly and timely comply with all laws and regulations that may affect its business. If the Company fails to comply with these laws and regulations, it may be subject to civil and criminal penalties. In addition, non-compliance with certain consumer disclosure requirements related to home solicitation sales and home improvement contract sales affords residential customers with a right to rescind such contracts in some jurisdictions.

11

Risks Related to Industry

The reduction, elimination or expiration of government subsidies and economic incentives for solar electricity applications could reduce demand for solar power systems and harm the Company’s business.

The demand for solar power systems in the market is closely tied to the availability and scale of government subsidies and economic incentives at the local, provincial, and federal levels, which can vary significantly across geographic regions. The reduction, elimination, or expiration of these subsidies and incentives for solar electricity applications poses a potential threat to the business of the Company.

Solar electricity currently enjoys a competitive edge over conventional and non-solar renewable sources due to its cost-effectiveness; a trend management expects to continue in the foreseeable future. To promote the adoption of solar electricity and reduce reliance on traditional energy sources, federal, provincial, and local governments in Canada have provided incentives such as feed-in tariffs, rebates, tax credits, and other forms of support to system owners, distributors, system integrators, and solar power system manufacturers.

However, many of these government incentives have expiration dates, may phase out gradually, or depend on allocated funding that can deplete over time. Furthermore, some incentives require renewal by the relevant authorities to sustain their effectiveness. The risk also lies in the possibility of other electric utility companies or generators lobbying for legislative changes that could adversely impact on the solar industry.

Any reduction, elimination, or expiration of government incentives could tilt the competitive balance in favor of non-solar renewable sources and traditional electricity, leading to a potential decline in demand for solar PV systems and adversely affecting product sales and overall revenue of the Company.

As the Company relies on these incentives to foster a favorable market environment for its solar energy solutions, any adverse changes in the incentive landscape could hinder the growth of the solar electricity industry and pose risks to the financial performance of the business of the Company. The Company continually monitors regulatory developments and strives to adapt its strategies accordingly to mitigate potential impacts on its operations. However, there remains inherent uncertainty concerning the sustainability of government incentives and their long-term effects on the business of the Company.

A material reduction in the retail price of traditional utility-generated electricity or electricity from other sources could have adverse effects on the Company's business, financial condition, results of operations, and prospects.

The Company believes that a significant portion of its customers choose solar energy to benefit from lower electricity costs compared to those offered by traditional utilities. However, the broad market adoption of distributed commercial and residential solar energy remains relatively low, with penetration into less than 5% of its total addressable market in Canada.

Moreover, customers' decisions to opt for solar energy may also be influenced by the cost of other renewable energy sources. Any decrease in the retail prices of electricity from traditional utilities or alternative renewable sources could impede the Company's ability to maintain competitive pricing and negatively impact its business. Factors contributing to potential declines in utility electricity prices include the construction of new power generation plants, improvements in energy transmission efficiency, reductions in natural gas prices, utility rate adjustments, energy conservation technologies, public initiatives to reduce electricity consumption, advancements in energy storage technologies, or the development of more cost-effective energy generation technologies.

12

Should utility electricity prices decrease due to any of these reasons or other factors, the Company may face a competitive disadvantage, challenges in attracting new customers, and limitations on its growth potential. The economic attractiveness of purchasing or leasing the Company's solar energy systems could diminish, thereby impacting on its overall market competitiveness and growth prospects.

The Company's ability to offer economically viable solar energy systems to customers depends on its capacity to assist customers in arranging financing for such installations, which may be impeded by changes to government subsidies and grant programs.

The solar energy systems the Company installs have historically been eligible for Federal tax credits, Federal and provincial grants, as well as depreciation benefits. The Company has relied on financing structures that monetize a significant portion of these benefits, facilitating financing for the solar energy systems. Should customers become unable to monetize these benefits through such government programs, the Company's ability to provide and maintain solar energy systems for new customers on an economically viable basis may be compromised.

The availability of tax-advantaged financing relies on various factors, including financial and credit market conditions, changes in legal or tax risks associated with such financing, and the potential non-renewal or reduction of associated incentives. If government incentivized grants are no longer available for new solar energy systems, changes in laws or interpretations by the Canada Revenue Agency and the courts could reduce funding sources' willingness to provide funds for customers seeking to adopt these solar energy systems. The Company cannot guarantee the continuous availability of this type of financing to its customers. If financing for solar energy systems becomes unattainable, the Company may be unable to offer solar energy systems to new customers on an economically viable basis, which could have a material adverse impact on its business, financial condition, and results of operations.

The purchase and installation of solar energy systems faces potential adverse effects from rising interest rates.

Increases in interest rates could elevate its cost of capital, resulting in higher interest expenses and increased costs for purchasing solar energy systems for installation. Moreover, higher interest rates may negatively affect the Company's ability to arrange favorable financing terms for customers purchasing its solar energy systems. As the majority of the Company's cash flows have originated from solar energy system sales, rising interest rates may dampen consumer purchasing behavior due to increased financing costs. Consequently, higher interest rates could impact the Company's costs and revenue, leading to an adverse effect on its business, financial condition, and results of operations.

The Company faces the risk of not being able to compete successfully against other solar and energy companies, which may hinder the development of its operations and lead to negative consequences for its business.

The solar and energy industries are highly competitive in Canada and globally, with rapid technological advancements. The Company competes with other solar companies that have similar business models, as well as those in the downstream value chain of solar energy. This includes finance-driven organizations that acquire customers and subcontract installation, installation businesses seeking external financing, large construction companies, utilities, and increasingly, sophisticated electrical and roofing companies. Some competitors specialize in the commercial or residential solar energy market and may offer energy at lower costs. Additionally, certain competitors are vertically integrating to ensure supply and control costs. Many of these competitors have strong brand recognition and extensive knowledge of the Company's target markets. If the Company cannot effectively compete in this competitive market, it will have adverse effects on its business, financial condition, and results of operations.

13

Adverse economic conditions may have material adverse consequences on the solar energy industry and on the Company’s business, results of operations and financial condition.

The solar energy industry may be significantly impacted by adverse economic conditions. Unpredictable changes, such as recession, inflation, increased government intervention, or other economic shifts, could adversely affect the solar energy industry and the Company’s general business strategy. The Company relies on generating additional sources of liquidity and may need to raise additional funds through public or private debt or equity financing to fund existing operations or capitalize on opportunities, including acquisitions. Any adverse economic event could have a material adverse impact on the Company's business, results of operations, and financial condition.

Developments in alternative technologies or improvements in distributed solar energy generation may materially adversely affect demand for the current solar energy products.

Significant developments in alternative technologies, such as advances in other forms of distributed solar power generation, storage solutions such as batteries, the widespread use or adoption of fuel cells for residential or commercial properties or improvements in other forms of centralized power production may materially and adversely affect the Company’s business and prospects in ways management of the Company do not currently anticipate. Any failure by the Company to adopt new enhanced technologies or processes, or to react to changes in existing technologies, could materially delay deployment of its solar energy systems, which could result in product obsolescence, the loss of competitiveness of the systems the Company sells and installs, decreased revenue and a loss of market share to competitors.

Risks Related to the Common Stock of the Company

The British Columbia Securities Commission has issued a cease trade order in respect of the securities of the Company for failing to comply with certain reporting obligations under applicable Canadian securities laws.

As an “OTC reporting issuer” under applicable Canadian securities laws, the Company is required to make periodic filings with applicable Canadian securities authorities, including annual and interim financial statements and management’s discussion & analysis relating to those periods. Due to a lack of sufficient funds, the Company did not file its interim financial statements and Management's Discussion and Analysis for the interim period ended December 31, 2014. On March 6, 2015, the British Columbia Securities Commission issued a cease trade order in respect of the securities of the Company.  As a result of this order, holders of securities of the Company in Canada are not able to trade securities of the Company until the order is revoked.

On November 24, 2022, the Company received a Partial Revocation Order from the British Columbia Securities Commission, permitting the Company to conduct a private placement of an amount of up to $110,000 by way of the issuance of debt securities that are convertible into common shares at $0.03 per share. Management of the Company has filed the Company’s audited financial statements and paid all outstanding fees to the British Columbia Securities Commission and has applied to have the cease trade order fully revoked. There is no guarantee the issuance of a full revocation of the cease trade order in British Columbia in the future.

14

The Company does not expect to declare a cash dividend on its common stock in the foreseeable future.

The Company has never declared or paid a cash dividend on its common stock, and management does not anticipate paying cash dividends in the foreseeable future. The Company expects to use future earnings, if any, as well as any capital that may be raised in the future to fund business growth. Consequently, a stockholder’s only opportunity to achieve a return on investment would be for the price of the Company’s common stock to appreciate. Management of the Company cannot assure stockholders of a positive return on their investment when they sell their shares, nor can management assure that stockholders will not lose the entire amount of their investment.

There has been only a limited public market for the common stock of the Company and an active trading market for the common stock may not develop in the future.

There has not been any broad public market for the common stock of the Company, and an active trading market may not develop or be sustained. The trading volume of the common stock of the Company may be and has been limited and sporadic.  It is doubtful that a broader or more active public trading market for the common stock of the Company will develop or be sustained.

Investors may have difficulty in reselling their shares due to the lack of market.

The common stock of the Company is not currently traded on any exchange but is quoted on OTC Markets Pink marketplace under the trading symbol “PTOS.” There is a limited trading market for the common stock of the Company. There is no guarantee that any significant market for the securities of the Company will ever develop.

Moreover, the common stock of the Company falls under the category of "Penny Stock" in the United States, according to SEC Rule 15g-9, and is subject to specific regulations governing its sale to investors. A "Penny Stock" is defined as any equity security with a market price of less than $5.00 per share or an exercise price of less than $5.00 per share, with certain exceptions.

Due to these regulations, brokers must comply with stringent requirements when handling transactions involving "Penny Stocks." This includes obtaining financial information and investment experience objectives of the investor, making a reasonable determination of the suitability of penny stock transactions for the investor, and ensuring the investor possesses sufficient knowledge and experience in financial matters to assess the associated risks.

Additionally, brokers are obliged to deliver a disclosure schedule prescribed by the SEC, outlining the basis for the suitability determination and the signed, written agreement from the investor before proceeding with any penny stock transaction. There are also mandatory disclosures about the risks of investing in penny stocks, commissions payable to the broker-dealer and registered representative, current quotations for the securities, and the rights and remedies available to investors in case of fraud in penny stock transactions. Furthermore, monthly statements must be provided, including recent price information for the penny stock held in the account and details about the limited market for penny stocks.

Due to these regulatory complexities and disclosure requirements, brokers may be less willing to execute transactions involving securities subject to "penny stock" rules. As a result, it may be more challenging for the Company's stockholders to sell shares of the common stock of the Company.

15

The market price of the common stock of the Company may fluctuate significantly, and stockholders may lose all or a part of their investment.

The market prices for securities of solar and energy companies have historically been highly volatile, and the market has from time-to-time experienced significant price and volume fluctuations that are unrelated to the operating performance of particular companies. The market price of the common stock of the Company may fluctuate significantly in response to numerous factors, some of which are beyond its control, such as:

· adverse regulatory decisions;

· changes in laws or regulations applicable to the products or services of the Company;

· legal disputes or other developments relating to proprietary rights, including patents, litigation matters, and the results of any proceedings or lawsuits, including patent or stockholder litigation;

· the Company’s dependence on third parties;

· announcements of the introduction of new products by competitors;

· market conditions in the solar and energy sectors;

· announcements concerning product development results or intellectual property rights of others;

· future issuances of common stock or other securities;

· the addition or departure of key personnel;

· failure to meet or exceed any financial guidance or expectations that the Company may provide to the public;

· actual or anticipated variations in quarterly operating results;

· the Company’s failure to meet or exceed the estimates and projections of the investment community;

· overall performance of the equity markets and other factors that may be unrelated to the operating performance of the Company or the operating performance of its competitors, including changes in market valuations of similar companies;

· announcements of significant acquisitions, strategic partnerships, joint ventures or capital commitments by the Company or its competitors;

· issuances of debt or equity securities;

· sales of common stock by the Company or its stockholders in the future;

· trading volume of the common stock of the Company;

· ineffectiveness of the internal controls of the Company;

· publication of research reports about the Company or the solar industry or positive or negative recommendations or withdrawal of research coverage by securities analysts;

· general political and economic conditions;

· effects of natural or man-made catastrophic events; and,

· other events or factors, many of which are beyond the control of the Company.

Further, the equity markets in general have recently experienced extreme price and volume fluctuations. Continued market fluctuations could result in extreme volatility in the price of the common stock of the Company, which could cause a decline in the value of the common stock. Price volatility of the common stock of the Company might worsen if the trading volume of the common stock is low. The realization of any of the above risks or any of a broad range of other risks, including those described in these “Risk Factors,” could have a dramatic and material adverse impact on the market price of the common stock of the Company.

16

Future issuances of debt securities and equity securities may have adverse effects on the market price of shares of the Company's common stock and could be dilutive to existing stockholders.

In the future, the Company may choose to issue debt or equity securities or incur other financial obligations, including stock dividends and shares exchanged for common units and equity plan shares/units. In the event of liquidation, holders of the Company's debt securities, other loans, and preferred stock will be entitled to receive distributions from its available assets before common stockholders. The Company is not obligated to offer any such additional debt or equity securities to existing stockholders on a preemptive basis. Consequently, any issuance of additional common stock, whether directly or through convertible or exchangeable securities (such as common units and convertible preferred units), warrants, or options, could result in the dilution of existing common stockholders' holdings. Additionally, the perception of such issuances may negatively impact on the market price of the Company's common stock.

If the Company issues convertible preferred units or any series or class of preferred stock, such securities may carry preferences on distribution payments, periodically or upon liquidation. These preferences could limit or eliminate the Company's ability to distribute to common stockholders.

ITEM 1B. UNRESOLVED STAFF COMMENTS.

Not Applicable.

ITEM 1C. CYBERSECURITY.

We have implemented cybersecurity risk management procedures, in accordance with our risk profile and business size. We rely on our information technology to operate our business. As such, we have policies and processes designed to protect our information technology systems, some of which are managed by third parties, and resolve issues in a timely manner in the event of a cybersecurity threat or incident.

We have designed our business applications to minimize the impact that cybersecurity incidents could have on our business and have identified back-up systems where appropriate. We seek to further mitigate cybersecurity risks through a combination of monitoring and detection activities, use of anti-malware applications, employee training, quality audits and communication and reporting structures, among other processes. We have a trained group of people to carry out the activities of monitoring and detection of cybersecurity threats and respond to any cybersecurity threats or incidents. The Head of IT department is responsible for oversight of cybersecurity risks and addressing potential cybersecurity risks to business programs, employees, clients, vendors and partners. The Head of IT Department reports to our Chief Executive Officer who reports to the Audit Committee at the board-level, as appropriate.

As of March 31, 2025, we have not identified an indication of a cybersecurity incident that would have a material impact on our business and consolidated financial statements.

ITEM 2. PROPERTIES.

The Company does not own or lease any property.

ITEM 3. LEGAL PROCEEDINGS.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not Applicable.

[Continued on Next Page]

17

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information

The Company’s shares trade on the OTCPK under the symbol “PTOS.”   The following table sets forth the high and low bid prices of common stock of the Company (USD) for the last two fiscal years and subsequent interim period, as reported by the OTC Markets Group Inc. and represents inter dealer quotations, without retail mark-up, mark-down or commission and may not be reflective of actual transactions:

	(U.S. $)
2022	HIGH		LOW
Quarter Ended Jun 30, 2022		0.11875		0.01100
Quarter Ended September 30, 2022		0.06500		0.01500
Quarter Ended December 31, 2022		0.03000		0.00152
Quarter Ended March 31, 2023		0.03500		0.00610
2023	HIGH		LOW
Quarter Ended Jun 30, 2023		0.0100		0.0043
Quarter Ended September 30, 2023		0.0100		0.0280
Quarter Ended December 31, 2023		0.0077		0.0043
Quarter Ended March 31, 2024		0.0080		0.0043
2024	HIGH		LOW
Quarter Ended Jun 30, 2024		0.005		0.0019
Quarter Ended September 30, 2024		0.0181		0.0033
Quarter Ended December 31, 2024		0.012		0.0020
Quarter Ended March 31, 2025		0.0247		0.0131

Holders

As of July 8, 2025, there were 128,571,513 shares of common stock issued and outstanding and approximately 80 holders of record.  

Dividends

The Company has not declared or paid any cash dividends on its common stock during the fiscal years ended March 31, 2025 or 2024.  There are no restrictions on the common stock that limit our ability to pay dividends if declared by the Board of Directors and the loan agreements and general security agreements covering the Company’s assets do not limit its ability to pay dividends.  The holders of common stock are entitled to receive dividends when and if declared by the Board of Directors, out of funds legally available therefore, and to share pro-rata in any distribution to the stockholders. Generally, the Company is not able to pay dividends if after payment of the dividends, it would be unable to pay its liabilities as they become due or if the value of the Company’s assets, after payment of the liabilities, is less than the aggregate of the Company’s liabilities and stated capital of all classes.

18

Exchange Rates

The Company is a Delaware company based in Canada. The Company maintains its books of account in Canadian dollars and its shares of its common stock trade on the OTCPK in United States of America. The Company’s common stock trades in US dollars and therefore, this report is presented in US dollars. The following table sets forth, for the periods indicated, certain exchange rates based on the noon rate provided by the Bank of Canada. Such rates are the number of Canadian dollars per one (1) U.S. dollar. The high and low exchange rates for each month during the previous six months were as follows:

	High		Low
June 2025		0.7376		0.7268
May 2025		0.7296		0.7144
April 2025		0.7240		0.6970
March 2025		0.7009		0.6902
February 2025		0.7059		0.6848
January 2025		0.6978		0.6904
December 2024		0.7138		0.6937

Recent Sales of Unregistered Securities

During the year ended March 31, 2025, the Company issued 1,562,500 shares of common stock valued at $20,000 ($0.0128 per share) for the accounts payable of $14,060 (CAD$20,000).

During the year ended March 31, 2025, the Company issued 20,000,000 shares of common stock valued at $256,000 ($0.0128 per share) for the settlement of note payable of $400,000.

During the year ended March 31, 2025, the Company issued 39,062,500 shares of common stock valued at $500,000 ($0.0128 per share) for the repayment of loan to the Director of $90,858 and accrued management fee of $409,142.

ITEM 6. [RESERVED]

Not Applicable.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.

Background and Overview

P2 Solar, Inc., incorporated in the State of Delaware, has been in existence as a Company (including its predecessor British Columbia Corporation) since 1990.   the Company’s current business operations are focused on the construction and installation of residential and commercial rooftop and ground mount solar energy systems in Canada. The Company is currently an emerging stage company.

The Company has limited revenues and is dependent upon financing to continue basic operations. Management intends to rely upon advances or loans from management, significant stockholders or third parties to meet the cash requirements of the Company, but the Company has not entered into written agreements guaranteeing funds and, therefore, no one is obligated to provide funds to the Company in the future. These factors raise substantial doubt as to the ability of the Company to continue as a going concern.

19

Results of Operation

The following discussion and analysis provide information that management of the Company believes is relevant to an assessment and understanding of the results of operation and financial condition of the Company for the year ended March 31, 2025 as compared to the year ended March 31, 2024.  The Company’s financial statements are stated in US Dollars and are prepared in accordance with generally accepted accounting principles of the United States (“GAAP”).

Year ended March 31, 2025 and March 31, 2024

	Year Ended
	March 31,						Change			Change
	2025			2024			Amount			Percentage
Revenue	$	26,382		$	166,288		$	(139,906	)		-84	%
Cost of Goods Sold		4,379			99,313			(94,934	)		-96	%
Gross Profit		22,003			66,975			(44,972	)		-67	%
Operating expenses		125,329			181,916			(56,587	)		-31	%
Loss from operations		(103,326	)		(114,941	)		11,615			-10	%
Other income (expenses)		68,834			(33,485	)		102,319			-306	%
Net Loss	$	(34,492	)	$	(148,426	)	$	113,934			-77	%
Foreign currency adjustment		98,446			2,812			95,634			3,401	%
Comprehensive income (loss)		63,954			(145,614	)		209,568			-144	%

Sales

During the year ended March 31, 2025, the Company had sales of $26,382 as compared to sales of $166,288 during the year ended March 31, 2024. The Company started to generate sales from the installation of rooftop solar systems during Q1 ended June 30, 2023 upon the acquisition of Futricity in February 2023.

Operating Expenses

During the year ended March 31, 2025, the Company had operating expenses of $125,329 as compared to operating expenses of $181,916 during the year ended March 31, 2024, a decrease of $56,587, or approximately 31%. The decrease in operating expenses was attributed to the decrease in professional fees and subcontractor costs.

Other Income (Expense)

During the year ended March 31, 2025, the Company had other income of $68,834 as compared to other expenses of $33,485. During the year ended March 31, 2025, the Company recognized gain on loan settlement of $147,232.

Comprehensive Income (Loss)

The Company had comprehensive income of $63,954 for the year ended March 31, 2025 as compared to comprehensive loss of $145,614 for the year ended March 31, 2024. Actual net loss for the year ended March 31, 2025 was $34,492 as compared to $148,426 for the year ended March 31, 2024.

20

Liquidity and Capital Resource

Working Capital (Deficiency)

							Change			Change
	March 31, 2025			March 31, 2024			Amount			Percentage
Current Assets	$	12,462		$	24,358		$	(11,896	)		-49	%
Current Liabilities		1,039,119			1,866,782			(827,663	)		-44	%
Working Capital (Deficiency)	$	(1,026,657	)	$	(1,842,424	)		815,767			-44	%

As of March 31, 2025, the Company’s balance sheet reflects total current assets of $12,462 as compared to $24,358 as of March 31, 2024, a decrease of $11,896 or approximately 49%.  The decrease was primarily attributable to a decrease in accounts receivable as compared to March 31, 2024.

The balance sheet of the Company reflects that as of March 31, 2025, it had total current liabilities of $1,039,119 as compared to total current liabilities of $1,866,782 at March 31, 2024, a decrease was $827,657 or approximately of 44%.   

Working capital deficiency decreased from $1,842,424 as of March 31, 2024 to $1,026,657 as of March 31, 2025, mainly due to the decrease in promissory notes payable and convertible notes payable.

The Company does not have sufficient assets or capital resources to pay its on-going expenses beyond March 31, 2025.   Some money for day-to-day expenses can be expected from its subsidiary Futricity Solar, Inc. as that company can fund its own expenses and installations from its own cash flow.

To date, the Company has primarily financed its operations through equity investment from investors, shareholder loans, and credit facilities from Canadian chartered banks and increases in payables and share subscriptions. Most of the financing has been debt financing from related and unrelated parties.   Currently, the estimated fixed costs of the Company are approximately $5,000 per month; that figure includes $500 for general and administrative expenses, $3,500 for professional fees, and $1,000 for miscellaneous expenses. The Company will have to raise approximately $5,000 per month to cover operating expenses, and additional funds to cover the expansion of solar installation business.

The Company estimates that the total aggregate costs for expansion for solar installation business will be roughly $2,000,000.  The Company anticipates that it will attempt to raise money from individual investors by selling convertible preferred shares.  The Company is currently working on the terms of the preferred shares. Furthermore, the Company has had preliminary discussions with a number of groups regarding the financing; management is hopeful that the Company will be able to obtain financing.  However, there is no guarantee that it will be successful in raising any additional capital.  If management is unable to finance the Company by debt or equity financing, or a combination of the two, management will have to look for other sources of funding to meet the requirements of the Company.  That source has not yet been identified.   

The financial statements have been prepared on the going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the ordinary course of business. Operations to date have been primarily financed by long-term debt and equity transactions as well as increases in payables and related party loans. The future operations of the Company are dependent upon the identification and successful completion of additional long-term or permanent equity financing, the continued support of creditors and shareholders, and, ultimately, the achievement of profitable operations. There can be no assurance that it will be successful. If the Company is not successful in raising further capital it will be required to reduce operations or liquidate assets. Management of the Company will continue to evaluate the projected expenditure of the Company relative to its available cash and to seek additional means of financing in order to satisfy working capital and other cash requirements.

21

Cash Flows

	Year Ended
	March 31,
	2025			2024
Cash used in Operating Activities	$	(68,752	)	$	(27,672	)
Cash used in Investing Activities		-			-
Cash provided by Financing Activities		44,849			19,730
Effects on changes in foreign exchange rate		23,691			511
Net changes in cash during period	$	(213	)	$	(7,431	)

Operating Activities

For the year ended March 31, 2025, net cash used in operating activities was $68,752 related to our net loss of $34,492, increased by gain on loan settlement of $147,232, and decreased by loss on accounts payable settlement of $6,074 and  net changes in operating assets and liabilities of $106,898.

For the year ended March 31, 2024, net cash used in operating activities was $27,672 related to our net loss of $148,426, decreased by net changes in operating assets and liabilities of $120,754.

Investing Activities

We did not have any investing activities for the year ended March 31, 2025 and 2024.

Financing Activities

For the year ended March 31, 2025, net cash provided by financing activities was $44,849 from advancement from related parties of $64,083 offset by repayment to related parties of $19,234.

For the year ended March 31, 2024, net cash provided by financing activities was $19,730 from advancement from related parties of $67,381 and proceed from issuance of promissory notes of $63,025 offset by repayment to related parties of $56,549 and repayment of promissory notes of $54,127.

22

Related party Transactions

The loans to the related parties are unsecured, due on demand and non-interest bearing.

During the year ended March 31, 2025 and 2024, the Director and Officer of the Company advanced $64,083 and $67,381 to the Company to support operating cost and was repaid of $19,234 and $56,549, respectively.

During the year ended March 31, 2025 and 2024, the Company incurred management salary to the Director and Officer of $53,821 and $55,520, respectively. As of March 31, 2025 and March 31, 2024, the accrued management salary was $297,542 and $689,942, respectively.  During the year ended March 31, 2025, the Company issued 39,062,500 shares of common stock valued at $500,000 ($0.0128 per share) for the repayment of loan to the Director of $90,858 and accrued management fee of $409,142. As of March 31, 2025 and March 31, 2024, the total amount due to the Director and Officer was $300,015, and $741,901 respectively.

As of March 31, 2025 and March 31, 2024, the amount due to another Director of the Company of $1,183 and $1,255, respectively.

As of March 31, 2025, the Company owed to the Director  for $6,565 for partial business acquisition cost based on 25% of Futricity’s first year operating income during year ended March 31, 2024. (Note 4)

As of March 31, 2025 and March 31, 2024, the total amount due to related parties was $307,763 and $743,156, respectively.

Commitments and Obligations

At March 31, 2025, the Company reported notes payable totaling $148,806 with accrued interest of $324,214. All of the notes payable are non-collateralized, carry varied interest rates from 5% to 10% and are due on demand.

During the year ended March 31, 2025 and 2024, the Company incurred management salary to the Director and Officer of $53,821 and $55,520, respectively. As of March 31, 2025 and March 31, 2024, the accrued management salary was $297,542 and $689,942, respectively.  During the year ended March 31, 2025, the Company issued 39,062,500 shares of common stock valued at $500,000 ($0.0128 per share) for the repayment of loan to the Director of $90,858 and accrued management fee of $409,142. As of March 31, 2025 and March 31, 2024, the total amount due to the Director and Officer was $300,015, and $741,901 respectively.

As of March 31, 2025 and March 31, 2024, the amount due to another Director of the Company of $1,183 and $1,255, respectively.

The loans and amounts owing to the related parties are unsecured, due on demand and non-interest bearing.

Off Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

23

Critical Accounting Policy

Revenue Recognition

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, “Revenue Recognition” following the five steps procedure:

Step 1: Identify the contract(s) with customers.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to performance obligations.

Step 5: Recognize revenue when the entity satisfies a performance obligation.

The Company’s revenue derives from installation of rooftop solar systems. For the year ended March 31, 2025 and 2024, the Company recognized revenue of $26,382 and $166,288 and incurred cost of sales of $4,379 and $99,313, resulting in gross profit of $22,003 and $66,975, respectively.

During the year ended March 31, 2025, the Company has two customers contributed over 10% of total sales.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

The consolidated financial statements of the Company required by Article 8 of Regulation S-X are attached to this report.

[Continued on Next Page]

24

P2 SOLAR, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FISCAL YEAR ENDED MARCH 31, 2025 and 2024

	Page
Report of Independent Registered Public Accounting Firm (PCAOB ID - 2807)	26
Consolidated Balance Sheets	28
Consolidated Statements of Operations and Comprehensive Loss	29
Consolidated Statements of Shareholders’ Deficiency	30
Consolidated Statements of Cash Flows	31
Notes to Consolidated Financial Statements	32-42

25

HEAD OFFICE:	BANSAL & CO LLP CHARTERED ACCOUNTANTS
A-6, Maharani Bagh New Delhi-110065
Ph.: 011-41626471, 41626470 Fax:011-41328425 Email: info@bansalco.com

Report of Independent Registered Public Accounting Firm

To the shareholders and the Board of Directors of P2 Solar, Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of P2 Solar Inc. (the "Company") as of March 31, 2025, and March 31, 2024, the related consolidated statements of operations, consolidated statements of changes in stockholders' deficit, and cash flows for the years then ended and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2025, and March 31, 2024, and the results of its operations and its cash flows for the years ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a Chartered Accountants firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

26

Going Concern Uncertainty

As shown in the financial statements, the Company incurred net losses of $34,492 and $148,426 during the years ended March 31, 2025 and March 31, 2024 and accumulated deficit of $8,144,781 and $8,110,289, respectively. The Company's current liabilities exceed its current assets by $1,006,660 and $1,835,859 as of March 31, 2025 and March 31, 2024, respectively. These factors create an uncertainty as to the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the success of raising additional capital through the issuance of common stock and the ability to generate sufficient operating revenue. The financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

  Surinder Bansal M. No. 014301

We have served as the Company's auditor since 2024.

Bansal & Co. LLP

Place:New Delhi, India

Date: July 15, 2025

27

P2 SOLAR, INC.

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2025 AND MARCH 31, 2024

	March 31, 2025			March 31, 2024
ASSETS
Current Assets
Cash	$	-		$	213
Accounts receivable		47			11,855
Other receivable		8,739			8,390
Prepaid expense		3,676			3,900
Total Current Assets		12,462			24,358
Goodwill		90,254			90,254
TOTAL ASSETS	$	102,716		$	114,612
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Bank indebtedness	$	2		$	-
Accounts payable and accrued liabilities		254,151			269,963
Accrued interest		324,213			293,627
Promissory notes payable		72,290			472,290
Convertible notes payable		76,516			81,181
Due to related parties		307,763			743,156
Contingent consideration liability		4,186			6,565
Total Current Liabilities		1,039,119			1,866,782
Contingent consideration liability - non-current		76,335			80,521
Total Liabilities		1,115,454			1,947,303
Stockholders’ Deficit
Common stock, $0.001 par value; 500,000,000 shares authorized,
127,009,013 shares and 67,946,513 shares issued and outstanding, respectively		127,009			67,947
Additional paid-in capital		7,239,720			6,542,783
Accumulated deficit		(8,144,781	)		(8,110,289	)
Accumulated other comprehensive loss		(234,686	)		(333,132	)
Total Stockholders’ Deficit		(1,012,738	)		(1,832,691	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	102,716		$	114,612

The accompanying notes are an integral part of these audited consolidated financial statements. 

28

P2 SOLAR INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2025 AND 2024

	Year Ended
	March 31,
	2025			2024
REVENUE	$	26,382		$	166,288
Cost of revenue		4,379			99,313
Gross Profit		22,003			66,975
OPERATING EXPENSES
General and Administrative expenses	$	18,854		$	41,540
Professional fees		52,654			84,856
Management salaries- related party		53,821			55,520
Total Operating Expenses		125,329			181,916
OPERATING LOSS		(103,326	)		(114,941	)
OTHER INCOME (EXPENSES)
Interest expense		(30,717	)		(32,911	)
Foreign exchange loss		(41,607	)		(1,214	)
Other income		-			640
Gain on loan settlement		147,232			-
Loss on accounts payable settlement		(6,074	)		-
Total Other Income (Expenses)		68,834			(33,485	)
Provision for income taxes		-			-
NET LOSS	$	(34,492	)	$	(148,426	)
COMPREHENSIVE LOSS
Net loss		(34,492	)		(148,426	)
Foreign currency adjustment		98,446			2,812
Total comprehensive income (loss)	$	63,954		$	(145,614	)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00	)	$	(0.00	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		73,925,965			67,946,513

The accompanying notes are an integral part of these audited consolidated financial statements.

29

P2 SOLAR, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE YEAR ENDED MARCH 31, 2025 AND 2024

	Common Stock				Additional					Accumulated Other			Total
	Number of Shares		Amount		Paid-In Capital		Accumulated Deficit			Comprehensive Loss			Stockholders' Deficit
Balance - March 31, 2024		67,946,513	$	67,947	$	6,542,783	$	(8,110,289	)	$	(333,132	)	$	(1,832,691	)
Issuance of common stock for settlement of promissory notes		20,000,000		20,000		236,000		-			-			256,000
Issuance of common stock for repayment of director loans and accrued management fees		39,062,500		39,063		460,937		-			-			500,000
Foreign exchange translation adjustment		-		-		-		-			98,446			98,446
Net loss		-		-		-		(34,492	)		-			(34,492	)
Balance - March 31, 2025		127,009,013	$	127,009	$	7,239,720	$	(8,144,781	)	$	(234,686	)	$	(1,012,738	)

The accompanying notes are an integral part of these audited consolidated financial statements. 

30

P2 SOLAR INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEAR ENDED MARCH 31, 2025 AND 2024

	Year Ended
	March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(34,492	)	$	(148,426	)
Adjustments to reconcile net loss to net cash from operating activities:
Gain on loan settlement		(147,232	)		-
Loss on accounts payable settlement		6,074			-
Changes in operating assets and liabilities:
Accounts receivable		11,497			(11,910	)
Other receivable		(858	)		865
Prepaid expense		-			(3,918	)
Bank indebtedness		2			-
Accounts payable and accrued liabilities		(6,603	)		50,582
Accrued interest		49,039			29,614
Management salary payable		53,821			55,521
Net cash used in operating activities		(68,752	)		(27,672	)
CASH FLOWS FROM FINANCING ACTIVITIES
Advancement from related parties		64,083			67,381
Repayment to related parties		(19,234	)		(56,549	)
Repayment of promissory notes		-			(54,127	)
Proceeds from issuance of promissory notes		-			63,025
Net cash provided by financing activities		44,849			19,730
Effect of exchange rate changes on cash		23,691			511
Net change in cash and cash equivalents		(213	)		(7,431	)
Cash and cash equivalents - beginning of period		213			7,644
Cash and cash equivalents - end of period	$	-		$	213
Supplemental Cash Flow Disclosures
Cash paid for interest	$	-		$	3,799
Cash paid for income taxes	$	-		$	-
Non-Cash Investing and Financing Activity:
Issuance of common stock for repayment of director loans and accrued management fees	$	500,000		$	-

The accompanying notes are an integral part of these audited consolidated financial statements.

31

P2 SOLAR, INC.

NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2025

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

The Company was incorporated as Spectrum Trading Inc. under the laws of the Province of British Columbia, Canada, on November 21, 1990. On May 14, 1999, the Company was discontinued in British Columbia and was reincorporated as Spectrum International Inc. in the State of Delaware, U.S.A. Effective September 3, 2004, the Company changed its name from Spectrum International Inc. to Natco International Inc. On March 11, 2009, the Company changed its name from Natco International Inc. to P2 Solar, Inc. The Company’s current business operations are focused on the construction of rooftop solar systems residential and commercial buildings in British Columbia, Canada.

On February 22, 2023, the Company acquired all outstanding shares of Futricity Solar, Inc., a corporation specializing in solar system installing which is owned by the Director and Officer of the Company. Futricity Solar Inc. has become a wholly owned subsidiary of the Company.

On November 24, 2022, British Columbia Securities Commission (BCSC) issued a “Partial Revocation Order” of the “Cease Trade Order” (CTO) that was issued on March 6, 2015, on all securities trading of the Company. Under the Partial Revocation Order, the Company was allowed to complete a private placement in the province of British Columbia (the Private Placement) of up to $110,000 by way of the issuance of debt securities that are convertible into common shares at $0.03 per share. The Company used the proceeds raised to bring its filings up to date. In August 2023, the Company applied for the full revocation of the CTO, and on January 22, 2025 the CTO was fully revoked.

NOTE 2 - GOING CONCERN UNCERTAINTY

As reflected in the accompanying unaudited condensed consolidated financial statements, the Company has an accumulated deficit of $8,144,781 and a net loss of $34,492 for the year ended March 31, 2025. These factors among others raise substantial doubt about our ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management believes that the current actions to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company uses the accrual basis of accounting and has adopted a March 31 fiscal year end. 

Basis of Consolidation

These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Futricity Solar, Inc. All material intercompany balances and transactions have been eliminated.

32

Reclassification

Certain amounts from prior period have been reclassified to conform to the current period presentation. These reclassifications had no impact on reported operating and net loss.

Foreign Currency Translations

The Company’s reporting currency is U.S. (USD) dollar and functional currency for the Company and its wholly owned subsidiary is Canadian dollar (CAD). All transactions initiated CAD are translated into U.S. dollars in accordance with ASC 830-30, “Translation of Financial Statements,” as follows:

1)	Monetary assets and liabilities at the rate of exchange in effect at the balance sheet date.
2)	Equity at historical rates.
3)	Revenue and expense items at the average rate of exchange prevailing during the period.

Adjustments arising from such translations are deferred until realization and are included as a separate component of stockholders’ equity as a component of comprehensive income or loss. Therefore, translation adjustments are not included in determining net income (loss) but reported as other comprehensive income. Gains and losses from foreign currency transactions are included in earnings in the period of settlement.

	Year Ended		Year Ended
	March 31,		March 31,
	2025		2024
Spot USD: CAD exchange rate		1.4376		1.3550
Average USD: CAD exchange rate		1.3913		1.3487

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value.  As of March 31, 2025 and March 31, 2024, the Company had cash of $nil and $213, respectively, and had no cash equivalents.

33

Accounts Receivable

Accounts receivable are recorded in accordance with ASC 310, “Receivables.” Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable. The Company does not currently have any amount recorded as an allowance for doubtful accounts. Based on management’s estimate and based on all accounts being current, the Company has not deemed it necessary to reserve for doubtful accounts at this time.

As of March 31, 2025 and March 31, 2024, the Company had accounts receivable of $47 and $11,855, respectively.

As of March 31, 2025 and March 31, 2024, the Company has four customers and one customer and three customers contributed over 10% of the accounts receivable, respectively.

Other Receivable

Other receivable relates to Goods and services tax (GST) recoverable of $8,739 and $8,390 as of March 31, 2025 and March 31, 2024, respectively.

Prepaid Expense

Prepaid expense relates to legal retainer made for future services in advance that will be expensed over time as the benefit of the services is received in the future expected within one year. As of March 31, 2025 and March 31, 2024, prepaid expense was $3,676 and $3,900, respectively.

Accounts Payable

Accounts Payable comprised of trade payable to vendors of $234,151 and $269,963 as of March 31, 2025 and March 31, 2024, respectively.

Related Parties

We follow ASC 850, “Related Party Disclosures” for the identification of related parties and disclosure of related party transactions. (see Note 6)

Fair Value of Financial Instruments

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures,” which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

The estimated fair value of certain financial instruments, including accounts payable and accrued liabilities. are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The carrying amounts of our short and long term credit obligations approximate fair value because the effective yields on these obligations, which include contractual interest rates taken together with other features such as concurrent issuances of warrants and/or embedded conversion options, are comparable to rates of returns for instruments of similar credit risk.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 -	quoted prices in active markets for identical assets or liabilities
Level 2 -	quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level 3 -	inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

34

The contingent consideration liability in connection with the acquisition of Futricity Solar, Inc., classified as a level 3 liability, is the only financial liabilities measured at fair value on a recurring basis.

The following table summarizes fair value measurement by level at March 31, 2025 and March 31, 2024, measured at fair value on a recurring basis:

March 31, 2025	Level 1		Level 2		Level 3		Total
Liabilities
Contingent Consideration Liability	$	-	$	-	$	80,521	$	80,521

March 31, 2024	Level 1		Level 2		Level 3		Total
Liabilities
Contingent Consideration Liability	$	-	$	-	$	87,086	$	87,086

Convertible Financial Instruments

The Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not remeasured at fair value under otherwise applicable US GAAP with changes in fair value reported in earnings as they occur, and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. An exception to this rule is when the host instrument is deemed to be conventional, as that term is described under applicable US GAAP.

When the Company has historically determined that the embedded conversion options should not be bifurcated from their host instruments, discounts have been recorded for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. On April 1, 2021, the Company chose to early adopt ASU 2020-06 and did not record a beneficial conversion feature (“BCF”) discount on the issuance of convertible notes with the conversion rate below the Company’s market stock price on the date of note issuance.

Impairment of tangible and intangible assets

Tangible and intangible assets (excluding goodwill) are assessed at each reporting date for indications that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the asset's recoverable amount. The asset's recoverable amount is the higher of an assets or cash-generating unit's fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or a group of assets exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the group of assets.

35

Goodwill

We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. We evaluate our reporting units on an annual basis and, if necessary, reassign goodwill using a relative fair value allocation approach. Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit.

Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The fair value of each reporting unit is estimated primarily through the use of a discounted cash flow methodology. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital.

The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, and other factors. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for each reporting unit.

On February 22, 2023, the Company acquired all outstanding shares of Futricity Solar, Inc., which generated goodwill of $90,254 (CAD 122,138). The Company has accounted for the transaction in accordance with ASC 805 “Business Combinations.” (see Note 4)

Based on the Company’s analysis of goodwill as of March 31, 2025, no indicators of impairment exist. No impairment loss on goodwill was recognized for the year ended March 31, 2025.

Contingent Consideration Liability

Contingent consideration is recognized and measured at fair value as of the acquisition date in accordance with ASC 805-30-25-5. An acquirer’s obligation to pay contingent consideration should be classified as a liability in accordance with ASC 480. Contingent consideration classified as liability is measured initially and subsequently at each reporting date at fair value until the contingent consideration arrangement is resolved. The valuation method adopted by the Company is scenario-based technique involves developing discrete scenario-specific cash flow estimates. (Note 5)

Revenue Recognition

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, “Revenue Recognition” following the five steps procedure:

Step 1: Identify the contract(s) with customers.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to performance obligations.

Step 5: Recognize revenue when the entity satisfies a performance obligation.

The Company’s revenue derives from installation of rooftop solar systems. For the year ended March 31, 2025 and 2024, the Company recognized revenue of $26,382 and $166,288 and incurred cost of sales of $4,379 and $99,313, resulting in gross profit of $22,003 and $66,975, respectively.

During the year ended March 31, 2025 and 2024, the Company has four customers and five customers contributed over 10% of total sales, respectively.

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Net Income (Loss) per Share

The Company computes basic and diluted net loss per share amounts in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted loss per share reflects the potential dilution that could occur if convertible notes to issue common stock were converted resulting in the issuance of common stock that could share in the loss of the Company. For the year ended March 31, 2025 and 2024, convertible notes were potentially dilutive instruments and were not included in the calculation of diluted loss per share as their effect would be antidilutive.

	March 31,		March 31,
	2025		2024
	(Shares)		(Shares)
Convertible Notes		3,666,667		3,666,667

Income taxes

The Company accounts for income taxes pursuant to FASB ASC 740 “Income Taxes”. Pursuant to ASC 740 deferred income taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences, and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The provision for income taxes represents the tax expense for the period, if any, and the change during the period in deferred tax assets and liabilities. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. Under ASC 740, the impact of an uncertain tax position on the income tax return may only be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority.

Recent accounting pronouncements

We have evaluated all other recently issued, but not yet effective, accounting pronouncements and do not believe that these accounting pronouncements will have any material impact on our financial statements or disclosures upon adoption.

Recently adopted accounting standards

In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt-Debt with Conversion and Other Options” and ASC subtopic 815-40 “Hedging-Contracts in Entity’s Own Equity.” The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a CCF and (2) convertible instruments with a beneficial conversion feature (“BCF”). With the adoption of ASU 2020-06, entities will not separately present in equity an embedded conversion feature these debts. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2023-09 has not had a material effect on the Company’s statements and disclosures.

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In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.The adoption of ASU 2023-07 has not had a material effect on the Company’s statements and disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. The adoption of ASU 2023-09 has not had a material effect on the Company’s statements and disclosures. 

NOTE 4 - ACQUISITIONS

On February 22, 2023, the Company acquired all outstanding shares of Futricity Solar, Inc., a corporation specializing in solar system installation which is owned by the Director and Officer of the Company. Futricity Solar Inc. has become a wholly owned subsidiary of the Company. The purchase price is equal to 25% of future Operating Income of Futricity Solar, Inc. for the next five years calculated annually to be paid in cash annually for the next five years, payable on April 30^th every year starting in 2024 with the last payment to be due on April 30, 2028.

The following table summarizes the fair value of the contingent consideration being recognized and goodwill from the acquisition from the quantitative standpoint:

Total Purchase Price – Contingent Consideration Liability	$	87,086
Bank		6
Total identifiable assets		6
Shareholder Loan		(2,196	)
GST Payable		(978	)
Total identifiable liabilities		(3,174	)
Net assets (liabilities)		(3,168	)
Goodwill	$	90,254

The acquisition of Futricity Solar, Inc. includes a contingent consideration arrangement that requires consideration to be paid by P2 Solar Inc. to the sellers of Futricity Solar, Inc. based on future net income of Futricity Solar, Inc. over a five-year period. The contingent consideration will be paid annually equal to 25% of future Operating Income of Futricity to be paid in cash annually for the next five years, payable on April 30th every year starting in 2024 with the last payment to be due on April 30, 2028. The contingent consideration was determined at USD 87,086 through discounted cash flow calculation based on projected annual net income of Futricity Solar, Inc. for the subsequent five fiscal years (from year ended March 31, 2024 to year ended March 31, 2028) following the acquisition on February 22, 2023. Key assumptions include a discount rate range of 10% to 14% in which 12% median rate was used for the discounted cash flow calculation, resulting in probability adjusted level of discounted cash flow between $91,554 (based on 10% discount rate) and $82,962 (based on 14% discount rate). On April 30, 2024, the amount due to Futricity Solar, Inc. for the first year portion of the business acquisition cost based on Futricity’s 25% of operating income during the first fiscal year of the post-acquisition (year ended April 30, 2024) of $6,565 was reclass from contingent consideration liability to amount due to related party. (Note 6) As of March 31, 2025 and March 31, 2024, the contingent consideration liability was $80,521 and $87,086, with current portion of $4,186 and $6,565 and non-current portion of $76,335 and $80,521, respectively.

From the qualitative standpoint, goodwill is attributable to the Futricity’s experience and knowledge in the business of rooftop solar system installation. Futricity’s historical sales and operational website provides credibility as a reliable provider of solar system installations. This credibility facilitates post acquisition sales of solar installations. Futricity’s historical sales demonstrates its ability to generate revenue, contributing to goodwill by building customer trust and credibility.

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NOTE 5 - PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

Promissory Notes

As of March 31, 2025 and March 31, 2024, the promissory notes payable to non-affiliates are summarized as follows:

		March 31,		March 31,
Note	Expiry Date	2025		2024
Promissory Note - September 2011	Due on demand	$	47,090	$	47,090
Promissory Note - October 2013	Due on demand		-		25,000
Promissory Note - November 2013	Due on demand		-		80,000
Promissory Note - November 2013	Due on demand		-		30,000
Promissory Note - December 2013	Due on demand		-		30,000
Promissory Note - January 2014	Due on demand		-		10,000
Promissory Note - February 2014	Due on demand		-		10,000
Promissory Note - March 2014	Due on demand		-		10,000
Promissory Note - May 2014	Due on demand		-		5,000
Promissory Note - July 2014	Due on demand		10,200		10,200
Promissory Note - September 2014	Due on demand		15,000		15,000
Promissory Note - September 2015	Due on demand		-		200,000
			72,290		472,290
Less: non-current portion of promissory note payable			-		-
Current portion of promissory note payable		$	72,290	$	472,290

The promissory notes are due on demand and bear interest rate of 5% per annum.

During the year ended March 31, 2025, the Company issued 20,000,000 shares of common stock valued at $256,000 ($0.0128 per share) for the settlement of note payable of $400,000. The Company recorded gain on loan settlement of $144,000.

During the year ended March 31, 2024, the Company repaid in full the promissory note payable to Azariah Zemarium in the amount of $17,796 (CAD24,000).

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Convertible Notes

As of March 31, 2025 and March 31, 2024, the convertible notes payable to non-affiliates are summarized as follows:

		March 31,		March 31,
Note	Expiry Date	2025		2024
Convertible Note - December 2022	Due on demand	$	6,956	$	7,380
Convertible Note - February 2023	Due on demand		10,434		11,070
Convertible Note - June 2023	Due on demand		20,868		22,140
Convertible Note - August 2023	Due on demand		13,912		14,760
Convertible Note - September 2023	Due on demand		24,346		25,830
			76,516		81,181
Less: non-current portion of convertible note payable			-		-
Current portion of convertible note payable		$	76,516	$	81,181

During the year ended March 31, 2025 and 2024, the Company issued convertible notes to non-affiliates totaling $0 and $62,731 (CAD85,000). The convertible notes are due on demand, bear interest rate of 5% per annum and are convertible into common stock at CAD0.03 per share.

During the year ended March 31, 2025 and 2024, the Company incurred interest expense on promissory notes and convertible notes of $30,717 and $32,911, respectively. As of March 31, 2025 and March 31, 2024, the accrued interest on the promissory notes and convertible notes was $324,214 and $293,627, respectively. 

NOTE 6 - RELATED PARTY TRANSACTIONS

The loans to the related parties are unsecured, due on demand and non-interest bearing.

During the year ended March 31, 2025 and 2024, the Director and Officer of the Company advanced $64,083 and $67,381 to the Company to support operating cost and was repaid of $19,234 and $56,549, respectively.

During the year ended March 31, 2025 and 2024, the Company incurred management salary to the Director and Officer of $53,821 and $55,520, respectively. As of March 31, 2025 and March 31, 2024, the accrued management salary was $297,542 and $689,942, respectively.  During the year ended March 31, 2025, the Company issued 39,062,500 shares of common stock valued at $500,000 ($0.0128 per share) for the repayment of loan to the Director of $90,858 and accrued management fee of $409,142. As of March 31, 2025 and March 31, 2024, the total amount due to the Director and Officer was $300,015 and $741,901 respectively.

As of March 31, 2025 and March 31, 2024, the amount due to another Director of the Company of $1,183 and $1,255, respectively.

As of March 31, 2025, the Company owed to the Director for $6,565 for partial business acquisition cost based on 25% of Futricity’s first year operating income during year ended March 31, 2024. (Note 4)

As of March 31, 2025 and March 31, 2024, the total amount due to related parties was $307,763 and $743,156, respectively.

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NOTE 7 - EQUITY

Authorized Stock

The Company has authorized 500,000,000 common voting shares with a par value of $0.001 per share. The Company has authorized 5,000,000 shares of preferred stock with a par value of $0.001 per share. The holders of preferred stock have no rights except as determined by the Board of Directors of the Company and/or provided by Delaware General Corporate Law.

Common Stock

During the year ended March 31, 2025, the Company issued 20,000,000 shares of common stock valued at $256,000 ($0.0128 per share) for the settlement of note payable of $400,000. The Company recorded gain on loan settlement of $144,000.

During the year ended March 31, 2025, the Company issued 39,062,500 shares of common stock valued at $500,000 ($0.0128 per share) for the repayment of loan to the Director of $90,858 and accrued management fee of $409,142.

As of March 31, 2025 and March 31, 2024, the issued and outstanding common stock was 127,009,013 and 67,946,513 shares of common stock, respectively.

NOTE 8 – INCOME TAX

The Company provides for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

	For the year ended			For the year ended
	March 31, 2025			March 31, 2024
Net Loss	$	(34,492	)	$	(148,426	)
Statutory income tax rate		26	%		26	%
Expected income tax recovery		(8,968	)		(38,591	)
Change in valuation allowance		8,968			38,591
Tax recovery for the period	$	-		$	-

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Deferred Tax Assets are attributable to the following:

	As of March 31, 2025		As of March 31, 2024
Non-capital loss carry-forwards	$	8,144,781	$	2,108,675

As of March 31, 2025, the Company’s Canadian non-capital losses will be expired in 2035 if not utilized.

NOTE 9 – SEGMENT REPORTING

Operating segments comprised of the components of an entity in which separate information is available for evaluation by the Company’s chief operating decision maker, or group of decision makers, in determining how to allocate resources in evaluating performance. The Company consists of a single reporting segment: solar system installing business. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer.

The CODM will evaluate the performance of the solar system installing segment based on the Company’s net income (loss) as reported in the Statements of Operations. The Company’s segment assets are reported on the Balance Sheets.

The CODM review performance based on gross profit, operating profit, net earnings and net earnings excluding the impact of the fair value adjustment, a non-GAAP financial measure. Operating profit is reviewed to monitor the operating and administrative expenses of the Company. Profitability is important to the Company’s ability to grow and expand operations and strategic initiatives. The Company does not have any operations or sources of revenue outside of Canada.

NOTE 10- SUBSEQUENT EVENTS

Subsequent to March 31, 2025 and through the date that these financials were issued, the Company had the following subsequent events:

On April 15, 2025, the Company had an Annual General Meeting (AGM) at which , along with the usual business company also approved the following:

1.	Amended and restated Bylaws
2.	Confirmation of Stock Incentive plan
3.	Frequency of Advisory Vote on Executive Compensation
4.	Advisory Vote on Executive Compensation

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

The Company has had no disagreements with its accountants required to be disclosed pursuant to Item 304 of Regulation S-K. 

In June 2024 the Company changed auditors.  Bansal & Co, LLP of New Delhi, India was appointed on June 3, 2023, as the new auditors for the Company and they were re-appointed at the AGM held on April 15, 2015.

ITEM 9A. CONTROLS AND PROCEDURES.

Management’s Annual Report on Controls and Procedures

Management, including the principal executive officer and principal financial officer of the Company, has carried out an evaluation of the effectiveness of the disclosure controls and procedures of the Company (as defined in the Securities Exchange Act of 1934 (“Exchange Act”) Rules 13a-15(e) and 15d-15(e)).  Based upon that evaluation, and due to a lack of segregation of duties and lack of management override of controls, management has concluded that, during the period covered in this annual report, such internal controls and procedures were not effective at ensuring that information required to be disclosed in reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

Management, including the principal executive officer and principal financial officer of the Company, does not expect that internal controls and procedures will prevent all error or fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are satisfied.  Also, the design of a control system is subject to the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.  Due to the inherent limitation in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.  Management of the Company has performed additional analysis and other procedures in an effort to ensure the financial statements included in this annual report have been prepared in accordance with generally accepted accounting principles.  Accordingly, management believes that the financial statements included in this report fairly present in all material respects the financial condition, results of operations and cash flows for the periods presented of the Company.

Management’s Annual Report on Internal Control Over Financial Reporting

Management, including the principal executive officer and principal financial officer of the Company, is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f).  Internal control over financial reporting is a process designed by, or under the supervision of, the principal executive officer and principal financial officer of the Company and effected by the Board of Directors of the Company, management and other personnel, 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.

Internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly specify the transactions and dispositions of assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets of the Company that could have a material effect on the financial statements of the Company.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Forward looking statements regarding the effectiveness of internal controls during 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 and procedures may deteriorate.

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As required by Rule 13a-15(c) promulgated pursuant to the Exchange Act, management of the Company, including the principal executive officer and principal financial officer of the Company, evaluated the effectiveness of the internal control over financial reporting of the Company as March 31, 2025.  Management’s assessment was based on criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control over Financial Reporting – Guidance for Smaller Public Companies.  Management, including the principal executive officer and principal financial officer of the Company, assessed the effectiveness of the internal control over financial reporting of the Company as of March 31, 2025 and concluded that it is not effective.

Material Weaknesses Identified

In connection with the preparation of the financial statements of the Company for the year ended March 31, 2025, certain significant deficiencies in internal control became evident to management that, in the aggregate, represent material weaknesses, which include the following:

· Insufficient segregation of duties in the finance and accounting functions of the Company due to limited personnel. During the year ended March 31, 2025, the Chief Financial Officer with the assistance of a Director handled all aspects of the financial reporting process of the Company, including, but not limited to, access to the underlying accounting records and systems, the ability to post and record journal entries and responsibility for the preparation of the financial statements. This creates a lack of review over the financial reporting process that would likely result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the SEC. These control deficiencies could result in a material misstatement to the interim or annual financial statements of the Company that would not be prevented or detected.

· Insufficient corporate governance policies. The corporate governance activities and processes of the Company are not always formally documented. Specifically, decisions made by the Board of Directors of the Company to be carried out by management should be documented and communicated on a timely basis to reduce the likelihood of any misunderstandings regarding key decisions affecting the operations and management of the Company.

Plan for Remediation of Material Weaknesses

The Company intends to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies.

The Company intends to consider the results of its remediation efforts and related testing as part of its year-end 2025 assessment of the effectiveness of its internal control over financial reporting.

This annual report does not include an attestation report of the registered public accounting firm of the Company regarding internal control over financial reporting.  Management’s report is not subject to attestation by the registered public accounting firm of the Company.

There was no change in the internal control over financial reporting of the Company that occurred during the year ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company.

ITEM 9B. OTHER INFORMATION.

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

Directors and Executive Officers

The following table sets forth, as of March 31, 2025, the names and ages of the directors and executive officers of the Registrant, the principal positions with the Registrant held by such persons. The executive officers are elected annually by the Board of Directors. The directors serve one year terms or until their successors are elected.  

	Age	Position
Raj-Mohinder S. Gurm	65	President, Chief Executive Officer, Chief Financial Officer Chairmen of Board of Directors, and Director
Hans Edblad	59	Director
Sham Dhari	67	Director

Business Experience

Raj-Mohinder S. Gurm. Mr. Gurm is the President, Chief Financial Officer, and a Director of the Company.  From 1985 to 1987 Mr. Gurm was a partner in B.R. International Marketing Company of Vancouver, BC a company, which provided North American representation to manufacturers from Asia. From 1987 to 1989 he was a manager of Metro Parking Ltd. of Vancouver, BC and was responsible for overseeing 70 employees and 20 parking lots. From 1989 to 1995 he was involved in importing products from Asia and selling them by container loads to large retail chain stores. In 1995 Mr. Gurm was founder and president of Xanatel Communications Inc. a company involved in the wireless communications industry, and which was sold to a public company listed on The Alberta Stock Exchange. Mr. Gurm has been a President and CEO of Spectrum International Inc. from 1990 to present. From Jan. 2000 to Nov. 9th, 2001 he was also President/CEO of Canoil Exploration Corporation, a publicly traded company that completed the acquisition of a Medical Equipment company. Since 2015, Mr. Gurm has been consulting for number of public companies.  Mr. Gurm attended the University of British Columbia and earned a Bachelor of Sciences Degree in Biology in 1983. Born in 1960 in India, Mr. Gurm is a citizen and resident of Canada.

Hans Edblad.  Hans Edblad is 57 years old. In addition to serving as a Director of the Company, Mr. Edblad also works as the Vice President of Business Development for the Company.  From 2006 to 2009 Mr. Edblad served as a consultant to the Company.  In addition to his work with the Company, Mr. Edblad is also the President of Chag Investments Ltd., a position he has held since 1997.  Chag Investments specializes in assisting businesses with business development and investment strategies.  Additionally, from 2002 to present Mr. Edblad has served as a consultant with APR Consulting Group specializing in technical market consulting to various individuals and companies.

Sham Dhari

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Family Relationships

There are no family relationships between any of the current directors or officers of the Company.

Significant Employees

The Company currently does not have any significant employees other than its executive officers.

Involvement in Certain Legal Proceedings

To the best of its knowledge, the Company’s directors and executive officers were not involved in any legal proceedings during the last ten years as described in Item 401(f) of Regulation S-K.

Directorships

None of the Company’s executive officers or directors is a director of any company with a class of equity securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (the “Exchange Act”) or subject to the requirements of the Exchange Act or any company registered as an investment company under the Investment Company Act of 1940.

Compliance with Section 16(a) of the Exchange Act

Section 16(a) of the Exchange Act of 1934 requires officers and directors of the Company and persons who own more than 10% of the outstanding shares of the common stock of the Company to file reports of ownership and changes in ownership concerning their shares of the common stock of the Company with the SEC and to furnish the Company with copies of all Section 16(a) forms they file. The Company is required to disclose delinquent filings of reports by such persons.

Based solely on the copies of such reports and amendments thereto received by the Company, or written representations that no filings were required, management of the Company believes that all Section 16(a) filing requirements applicable to the executive officers and directors of the Company and 10% stockholders were met for the year ended March 31, 2025.

Code of Ethics

As of the date of this Form 10-K filing, the Company has not yet adopted a code of ethics. The decision not to implement a code of ethics is primarily due to the Company's status as an early-stage entity with limited operational complexity. Given the current organizational structure with a two-person Board of Directors, the Company believes that the development and implementation of a formal code of ethics may not provide significant benefits at this stage.  As the Company continues to grow and evolve, it intends to reevaluate the need for a formal code of ethics and adopt one when it becomes more operationally relevant and advantageous.

It is important to note that the absence of a formal code of ethics does not imply a lack of commitment to ethical conduct. The Company's Board of Directors and management are dedicated to conducting business with integrity, honesty, and adherence to all applicable laws and regulations.

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Nomination of Directors

As of the date of this Form 10-K, the Company has not effected any material changes to the procedures by which its stockholders may recommend nominees to the Board of Directors of the Company. The  Board of Directors does not have a policy with regards to the consideration of any director candidates recommended by stockholders of the Company. The Company currently does not have any specific or minimum criteria for the election of nominees to the Board of Directors and the Company does not have any specific process or procedure for evaluating such nominees. If stockholders of the Company wish to recommend candidates directly to the Board of Director, they may do so by sending communications to the CEO of the Company at the address on the cover page of this Annual Report.

Audit Committee and Audit Committee Financial Expert

The Audit Committee of the Board of Directors of P2 Solar, Inc. (the “Company”) operates under a written charter adopted by the Board of Directors. All members of the Audit Committee are independent, as defined by the standards of the OTCPK and the Securities and Exchange Commission (SEC).

During the fiscal year ended March 31, 2025, the Audit Committee:

1.	Reviewed and discussed the audited financial statements with management.
2.	Discussed with the independent auditors the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (PCAOB) and the SEC.
3.	Received the written disclosures and the letter from the independent auditors required by applicable requirements of the PCAOB regarding the independent auditors' communications with the Audit Committee concerning independence and discussed with the independent auditors their independence.

ITEM 11. EXECUTIVE COMPENSATION.

Compensation Discussion and Analysis

The Company currently does not have a compensation committee of the Board of Directors or a committee performing similar functions. It is the view of the Board of Directors of the Company that it is appropriate for the Company to not to have such a committee because of the size of the Company and because the Board of Directors as a whole participates in the consideration of executive compensation.

[Continued on Next Page]

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Executive Compensation

The following table sets forth, for the years indicated, all compensation paid, distributed, or accrued for services, including salary and bonus amounts, rendered in all capacities by the Company’s chief executive officer , chief financial officer and all other executive officers; the information contained below represents compensation paid to the Company’s officers for their work related to the Company.

										Non-Equity		Non-qualified
										Incentive		Deferred
						Stock		Option		Plan		Compensation		All other
Name and		Salary		Bonus		Award(s)		Award(s)		Compensation		Earnings		Compensation		Total
Principal Position	Year	($)		($)		($)		($)		(#)		($)		($)		($)
	2025		53,821						0								53,821
Raj-Mohinder Gurm, CEO	2024		55,520		--		--		0		--		--		--		55,520
	2023		56,600		--		--		0		--		--		--		56,600
	2022		59,734		--		--		0		--		--		--		59,734

Employment Agreements

On April 12, 1999, the Company entered into an employment agreement with Raj-Mohinder Gurm. The employment agreement automatically renews annually  Pursuant to the terms of the employment agreement, Mr. Gurm is entitled to annual compensation of $72,000 CAD at a rate of $6,000 CAD per month plus 4% vacation pay for total of $6,240 CAD per month. A copy of the employment agreement was filed as Exhibit 10.4 to the Company’s Registration Statement on Form 10-K filed with the Securities and Exchange Commission on July 1, 2005, and is hereby incorporated by reference.  

Outstanding Equity Awards at Fiscal Year-End

For the years ended March 31, 2025 and 2024, no director or executive officer has received compensation from the Company pursuant to any compensatory or benefit plan. There is no plan or understanding, express or implied, to pay any compensation to any director or executive officer pursuant to any compensatory or benefit plan, although the Company anticipates that it may compensate its officers and directors for services to the Company with stock or options to purchase stock, in lieu of cash in the future if warranted.

Equity Compensation Plan Information

As of March 31, 2025, the Company currently does not have any equity compensation plans.

Pension, Retirement or Similar Benefit Plans

There are no arrangements or plans in which the Company is required to provide a pension, retirement or similar benefits to its directors or executive officers. The Company has no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to its directors or executive officers, except that stock options may be granted from time to time at the discretion of the Board of Directors or a committee thereof.

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Potential Payments Upon Termination or Change-in-Control

Other than the court set standards and statutory obligations set out in Employment Standards Act (British Columbia) that apply to the employment agreement with Raj-Mohinder Gurm, the Company has no plans or arrangements in respect of remuneration received or that may be received by its executive officers to compensate such officers in the event of termination of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control.

Director Compensation

As of March 31, 2025, none of the Company’s directors have been compensated for their services as directors of the Company. The Company has no formal plan for compensating its directors for their services in the future in their capacity as directors, although such directors are expected in the future to receive options to purchase shares of the common stock of the Company as awarded by our Board of Directors or any compensation committee that may be established.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

Security Ownership of Certain Beneficial Owners, Directors, Officers and Management

The following table sets forth, as of July 8, 2025, certain information with respect to the common stock beneficially owned by (i) each director and executive officer of the Company; (ii) each person who owns beneficially more than 5% of the common stock; and (iii) all directors and executive officers as a group:

Title of Class	Name and Address of Beneficial Owner (1)	Amount and nature of beneficial ownership		Percent of Class (2)
$.001 Par Value Common Stock	Raj-Mohinder S. Gurm 3718 91st Avenue Surrey, BC, Canada V3V 7X1		54,012,094		42.009	%
$.001 Par Value Common Stock	Hans Edblad 20 Sara Lane Cold Stream, BC, Canada		234,907		0.183	%
$.001 Par Value Common Stock	Sham Dhari 9620 Seameadow St. Richmond, BC, Canada		730,000		0.568	%
$.001 Par Value Common Stock	All officers and directors as a group (3 Persons)		54,977,001		42.760	%

Notes:

(1)	Director or Officer of Company
(2)	Percentages are calculated based on 128,571,513 shares outstanding as of July 8, 2025.

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Changes of Control

Management is not aware of any arrangement that may result in a change in control of the Company.

Securities Authorized for Issuance Under Equity Compensation Plans

None. The Company currently does not have any equity compensation plans.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Related Party Transactions

Transactions with Related Persons

Other than as disclosed below, as of March 31, 2025, there were no material transactions, or series of similar transactions, during the Company’s last fiscal year, or any currently proposed transactions, or series of similar transactions, to which the Company was or is to be a party, in which the amount involved exceeded the lesser of $120,000 or one percent of the average of the small business issuer’s total assets at year-end for the last three completed fiscal years and in which any director, executive officer or any security holder who is known to management of the Company to own of record or beneficially more than five percent of any class of  the common stock of the Company, or any member of the immediate family of any of the foregoing persons, had an interest.

The loans to the related parties are unsecured, due on demand and non-interest bearing.

During the year ended March 31, 2025 and 2024, the Director and Officer of the Company advanced $64,083 and $67,381 to the Company to support operating cost and was repaid of $19,234 and $56,549, respectively.

During the year ended March 31, 2025 and 2024, the Company incurred management salary to the Director and Officer of $53,821 and $55,520, respectively. As of March 31, 2025 and March 31, 2024, the accrued management salary was $297,542 and $689,942, respectively.  During the year ended March 31, 2025, the Company issued 39,062,500 shares of common stock valued at $500,000 ($0.0128 per share) for the repayment of loan to the Director of $90,858 and accrued management fee of $409,142. As of March 31, 2025 and March 31, 2024, the total amount due to the Director and Officer was $300,015 and $741,901 respectively.

As of March 31, 2025 and March 31, 2024, the amount due to another Director of the Company of $1,183 and $1,255, respectively.

As of March 31, 2025, the Company owed to the Director for $6,565 for partial business acquisition cost based on 25% of Futricity’s first year operating income during year ended March 31, 2024. (Note 4)

As of March 31, 2025 and March 31, 2024, the total amount due to related parties was $307,763 and $743,156, respectively.

Review, Approval or Ratification of Transactions with Related Persons

The Company does not have a specific policy or procedure for the review, approval, or ratification of any transaction involving related persons. The Company historically has sought and obtained funding from officers, directors, and family members as these categories of persons are familiar with management of the Company and often provide better terms and conditions than the Company can obtain from unassociated sources. Management also believes that having specific policies or procedures of this type would be ineffective given the size of the Board of Directors of the Company at this time.

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Corporate Governance

Director Independence

As of March 31, 2025, the Board of Directors of the Company was composed of three people. The Company does not have securities listed on a national securities exchange or in an inter-dealer quotation system that has director independence or committee independence requirements. Accordingly, the Company is not required to comply with any director independence requirements.

Notwithstanding the foregoing lack of applicable independence requirements, the Board of Directors currently has one member that qualify as “independent” as the term is used in Item 7(d)(3)(iv)(B) of Schedule 14A under the Exchange Act of 1934 and Rule 5605 of The Nasdaq Stock Market Listing Rules. This director is Mr. Hans Edblad.

Mr. Raj-Mohinder S. Gurm is not an independent director under these rules as he is also employed by the Company as its Chief Executive Officer and President, respectively.

General

The Board of Directors of the Company believes its members collectively have the experience, qualifications, attributes and skills to effectively oversee the management of the Company, including a high degree of personal and professional integrity, an ability to exercise sound business judgment on a broad range of issues, sufficient experience and background to resolve the issues facing the Company, a willingness to devote the necessary time to the Board of Directors, a commitment to representing the best interests of the Company and its stockholders and a dedication to enhancing stockholder value.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Audit Fees

The aggregate fees billed by Bansal and Co. LLP for audit of the Company's annual consolidated financial statements were $7,500 for the fiscal years ended March 31, 2025 and 2024.

Audit Related Fees

Bansal and Co. LLP did not bill the Company any amount for assurance and related services that were related to its audit.  

Tax Fees

The aggregate fees billed by Bansal and Co. LLP, for tax compliance, advice and planning were $0.00 for the fiscal year ended March 31, 2025 and 2024.

All Other Fees

Bansal and Co. LLP did not bill the Company for any products and services other than the foregoing during the fiscal years ended March 31, 2025 and 2024.

Audit Committee’s Pre-approval Policies and Procedures

P2 Solar, Inc. does not have an audit committee per se. The current Board of Directors functions as the audit committee.

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PART IV

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES.

(a)  Exhibits.

3.1(i)	Restated Certificate of Incorporation, incorporated herein by reference to Form 10-K filed with the U.S. Securities and Exchange Commission on July 1, 2005.
3.1(ii)	Restated Certificate of Incorporation, incorporated by reference from Form 8-K filed with the Securities and Exchange Commission on September 18, 2008.
3.1(ii)	Restated Certificate of Incorporation, incorporated by reference from Form 8-K filed with the Securities and Exchange Commission on March 19, 2009.
3.2	Bylaws, incorporated herein by reference from Form 10-K filed with the U.S. Securities and Exchange Commission on July 1, 2005.
10.1	Agreement for the Acquisition of Futricity Solar, Inc. by P2 Solar, Inc. dated February 19, 2023. *
10.2	Employment Contract between Spectrum International Inc. and Raj-Mohinder Gurm dated April 12, 1999, incorporated herein by reference from Form 10-K filed with the U.S. Securities and Exchange Commission on July 1, 2005.
31.1	Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101	SCH XBRL Schema Document.*
101	INS XBRL Instance Document.*
101	CAL XBRL Taxonomy Extension Calculation Linkbase Document.*
101	LAB XBRL Taxonomy Extension Label Linkbase Document.*
101	PRE XBRL Taxonomy Extension Presentation Linkbase Document.*
101	DEF XBRL Taxonomy Extension Definition Linkbase Document.*

* Filed Herewith

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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.

P2 SOLAR, INC.

By:	/s/ Raj-Mohinder S. Gurm
	Raj-Mohinder S. Gurm, Chief Executive Officer (Principal Executive Officer)
Date:	July 15, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Raj-Mohinder S. Gurm
	Raj-Mohinder S. Gurm, Raj-Mohinder S. Gurm, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, and Director
Date:	July 15, 2025

By:	/s/ Hans Edblad
	Hans Edblad, Director
Date:	July 15, 2025

By:	/s/ Sham Dhari
	Sham Dhari, Director
Date:	July 15, 2025

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