Receivables, Loans, Notes Receivable, and Others

12 Months Ended

Mar. 31, 2012

Receivables, Loans, Notes Receivable, and Others

Loans, Notes, Trade and Other Receivables Disclosure

3. Solar Panel License and Share Exchange

On September 6, 2010, the Company acquired 1,004,999 shares of restricted common stock of Solarise Power, Inc., a privately owned Nevada corporation (“Solarise”) that specializes in the development of solar panel technology, for a total purchase price of $2,500,000 which was paid as follows: i) consideration in the amount of $250,000; and ii) the issuance to Solarise of 1,000,000 shares of Series A Non-Voting Convertible Preferred Common Stock of the Company. The 1,004,999 shares of Solarise acquired by the Company represent approximately 33.5% of the issued and outstanding shares of common stock of Solarise.

On September 29, 2010, the Company, Lassen, DBK Corp., and Boyd entered into an Agreement pursuant to which the parties agreed to terminate the License Agreement and each of the parties’ respective obligations under the License Agreement. Specifically, all of the licenses granted under the License Agreement were terminated and P2 Solar’s financial obligations under the License Agreement were terminated. The agreed upon effective date of the License Termination Agreement was September 1, 2010

As of March 31, 2011 the Company believes the Investment in Solarise to be fully impaired.

4. Loan to Photo Violation Technologies Inc.

P2 Solar (“P2”) lent Photo Violation Technologies Corp., (“PVT”) $1,485,000.00 USD (the “Loan”). The Loan was the subject of a Loan Agreement and a Promissory Note. PVT has failed to pay any principal or interest on the Loan. P2 has sued PVT for $1,485,000.00 USD. P2 had also sued the Directors of PVT. P2’s action against the PVT Directors had been stayed pending posting of security for costs. $100,000 security for cost was paid on December 9, 2009. P2 was awarded a summary judgment of $1,485,000.00 plus interest by the courts on July 22, 2009. The company vigorously attempted to collect on the judgment. In response to P2 motion the court put PVT into Bankruptcy on March 24, 2010.  After thorough search of PVT assets, the company concluded that there was no chance of collecting any money from PVT or its principals and the company accepted the settlement offer made by the PVT Principals in July 2011.  Final settlement agreement was signed in February 2012.  The $100,000 security for cost that was paid to courts in December 2009 was returned to the company in March of 2012.

5. Bank Indebtedness

There is no Bank Indebtedness.