0001144204-12-040110.txt : 20120719 0001144204-12-040110.hdr.sgml : 20120719 20120719124228 ACCESSION NUMBER: 0001144204-12-040110 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120719 DATE AS OF CHANGE: 20120719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3Power Energy Group Inc. CENTRAL INDEX KEY: 0001221554 STANDARD INDUSTRIAL CLASSIFICATION: ENGINES & TURBINES [3510] IRS NUMBER: 980393197 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-103647 FILM NUMBER: 12969574 BUSINESS ADDRESS: STREET 1: 100 WALL STREET, STREET 2: 21ST FLOOR CITY: NEW YORK, STATE: NY ZIP: 10005 BUSINESS PHONE: 866-523-5551 MAIL ADDRESS: STREET 1: 100 WALL STREET, STREET 2: 21ST FLOOR CITY: NEW YORK, STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: Prime Sun Power Inc DATE OF NAME CHANGE: 20080401 FORMER COMPANY: FORMER CONFORMED NAME: ATM FINANCIAL CORP DATE OF NAME CHANGE: 20030304 10-K/A 1 v318964_10ka.htm FORM 10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-K/A

Amendment No. 1

 

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

 

For the fiscal year ended: March 31, 2012

 

or

 

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

 

For the transition period from April 1, 2011 to March 31, 2012

  

Commission file number:   333-103647

 

3Power Energy Group, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   98-0393197
(State of other jurisdiction of   (I.R.S. Employer Identification
incorporation or organization)   No.)

 

PO Box 50006

Sh. Rashid Building

Sh. Zayed Road

Dubai, United Arab Emirates

(Address of principal executive offices and Zip Code)

 

011 97 14 3210312

(Registrant’s telephone number, including area code)

 

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

 

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

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.

Yes x 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 Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes x No ¨

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K: x

 

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

 

Large Accelerated Filer   ¨ Accelerated Filer ¨
Non-Accelerated Filer   ¨ Smaller Reporting Company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, as of the last business day of the registrant’s most recently completed second fiscal quarter: $41,498,500 

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: The Issuer had 113,096,380 shares of Common Stock, par value $.0001, outstanding as of July 13, 2012.

 

DOCUMENTS INCORPORATED BY REFERENCE: None

 

 

 
 

 

EXPLANATORY NOTE

 

3Power Energy Group Inc. is filing this Amendment No. 1 on Form 10-K/A (the “Amendment”) to our annual report on Form 10-K for the fiscal year ended March 31, 2012 (the “Form 10-K”), filed with the Securities and Exchange Commission on July 16, 2012 (the “Original Filing Date”), to (i) supplement and provide further details related to the disclosures contained in the section titled Security Ownership Of Certain Beneficial Owners And Management And Related Stockholder Matters in the Form 10-K; and (ii)furnish Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the following materials from our Form 10-K, formatted in XBRL (eXtensible Business Reporting Language):

 

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

 

This Amendment speaks as of the Original Filing Date, does not reflect events that may have occurred subsequent to the Original Filing Date.

 

PART III

 

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

 

The following table sets forth certain information regarding the beneficial ownership of Common Stock as of July 13, 2012 by (i) each director of the Company; (ii) each of the Company's officers named in the Summary Compensation Table and other key employees of our Company; (iii) each person who is known by the Company to be the beneficial owner of more than five percent of the Company's outstanding Common Stock; and (iv) all directors and named executive officers as a group.  Except as otherwise indicated below, each person named has sole voting and investment power with respect to the shares indicated.  The percentage of ownership set forth below reflects each holder's ownership interest in 113,036,248 issued and outstanding shares of the Company's common stock as of March 31, 2012.

 

 
 

 

 

Amount and Nature of Beneficial Ownership

 

Name and Address of Beneficial Owner   Shares     Options/
Warrants		     Total     Percentage of
Shares
Outstanding		  
Five Percent Shareholders                        
                         
Bank Julius Baer & Co. Ltd. (1)
Bahnhofstrasse 36, P.O. Box,
CH-8010 Zurich		     60,106,481       0       60,106,481       53.175 %
                                 
Ecoserve Limited (2)
Attention: Dr. Knut Unger, Director
Trust Company Complex, Aieltake Road
Aieltake Island, Majuro, Marshall Islands
MH96960		     20,000,000       0       20,000,000       17.693 %
                                 
Power Andina Limited
Trust Company Complex
Ajeltake Road, Ajeltake Island
Majuro, Marshall Islands
MH 96960		     7,404,665       0       7,404,665       6.551 %
                                 
Executive Officers and Directors                                
                                 

Umamaheswaran

Balasubramaniam,

Chief Executive Officer and Director

     0       0       0        0 %
                                 

Shariff Rehman

Chief Financial Officer and Director

     0       0       0        0 %
                                 

Dimitris Kazantis

Chief Engineering Officer and Director (3)

     1,260,000       0       1,260,000        1.11 %
                                 

James Wilson

Director

     0       0       0       0 %
                                 

Mohammed Falaknaz

Chairman of the Board

     0       0       0       0 %
                                 
All Officers and Directors as a Group (5 persons)     1,260,000       0       1,260,000        1.11 %

 

The mailing address for each of the listed individual is c/o 3Power Energy Group Inc., P.O.Box 50006, Sh. Rashid Building, Sh. Zayed Road, Dubai, United Arab Emirates.

 

(1) Holds as custodian for several indirect shareholders of the Company, as to which the Company has been advised that none of such indirect holders individually have greater than 4.9% ownership of shares of Common Stock and none of whom are subject to common control or group control over decision-making with respect to voting or disposition of such interests.

 

(2) Former sole shareholder of Seawind Energy Limited.

 

(3) Includes 1,260,000 shares of common stock held by Hellenic Technologies Ltd. Mr. Kazantis has voting and dispositive control over the securities held by Hellenic Technologies Ltd.

 

The Company is not aware of any pledges of any shares, options or warrants by any of the individuals or entities listed above.

 

 

 
 

 

PART IV

 

ITEM 15: EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 

Exhibit No.   Description of Exhibits 
     
Exhibit 3.1   Certificate of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission on April 14, 2008.
     
Exhibit 3.2   Bylaws, as amended, incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission on April 14, 2008.
     
Exhibit 3.3   Certificate of Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 29, 2011.
     
Exhibit 10.1   Securities Purchase and Sale Agreement, dated January 9, 2008, between Rudana Investment Group AG and Viktoria Vynnyk, incorporated by reference to Exhibit 99.1 to Rudana Investment Group AG’s Schedule 13D, filed with the Securities and Exchange Commission on January 22, 2008.

 

Exhibit 10.2   Promissory Note issued by the Company to Rudana Investment Group AG, dated as of April 15, 2008, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 2008.
     
Exhibit 10.3   Director’s Agreement by and between the Company and Dr. Augustine Fou, dated as of May 10, 2008, incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 2008.
     
Exhibit 10.4   Common Stock Purchase Warrant issued to Arimathea Limited, dated May 10, 2008, incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 2008.
     
Exhibit 10.5   Form of Promissory Note issued by the Company to Rudana Investment Group AG, incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 19, 2008.
     
Exhibit 10.6   Chief Technology Officer Services Agreement by and between the Company and Cesare Boffa, dated as of September 22, 2008, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 19, 2008.
     
Exhibit 10.7   Director’s Agreement by and between the Company and Cesare Boffa, dated as of October 6, 2008, incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 19, 2008.
     
Exhibit 10.8   Employment Agreement, by and between the Company and Frank Juergens, dated as of January 13, 2009, incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.
     
Exhibit 10.9   Director’s Agreement, by and between the Company and Olivier de Vergnies, dated as of January 16, 2009, incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.  

  

Exhibit 10.10   Director’s Agreement, by and between the Company and Bruno Colle, dated as of March 18, 2009, incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.

  

Exhibit 10.11   Director’s Agreement, by and between the Company and Roberto Gerbo, dated as of March 24, 2009, incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.
     
Exhibit 10.12   Separation and Mutual Release Agreement, by and between the Company and Frank Juergens, dated as of June 19, 2009, incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 21, 2009.
     
Exhibit 10.13   Management Services Agreement, dated as of April 1, 2009 by and between the Company and Prime Asset Finance, incorporated by reference to Exhibit 10.13 to Amendment No. 1 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 8, 2010.  
     
Exhibit 10.14   Common Stock Purchase Warrant issued to Arimathea Limited, dated May 22, 2008, incorporated by reference to Exhibit 10.14 to Amendment No. 1 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 8, 2010.
     
Exhibit 10.15   Amendment No. 1 to Common Stock Purchase Warrant issued to Arimathea Limited, dated May 22, 2008, incorporated by reference to Exhibit 10.15 to Amendment No. 1 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 8, 2010.

 

 
 

 

 

Exhibit 10.16   Project San Paolo Transfer Agreement, by and between the Company and Alternative Solutions World S.r.l, dated as of April 7, 2009, incorporated by reference to Exhibit 10.16 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.17   Project San Paolo Advisory Agreement, by and between the Company and Marcus Hewland LLC, dated as of April 7, 2009, incorporated by reference to Exhibit 10.17 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.18   Project Puglia Transfer Agreement, by and between the Company and Alternative Solutions World S.r.l, dated as of April 7, 2009, incorporated by reference to Exhibit 10.18 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.19   Project Puglia Advisory Agreement, by and between the Company and Marcus Hewland LLC, dated as of April 7, 2009, incorporated by reference to Exhibit 10.19 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.20   Frame Agreement for PV- Plant Acquisitions, by and between GPR Global Power Resources Ltd. and the Company, dated as of November 18, 2009, incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.21   Acquisition Agreement, dated as of March 2, 2010, by and between the Company and GPR Global Power Resources Ltd., incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.22   Financing Agreement, dated as of March 2, 2010, by and between the Company and CRG Finance AG, incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.23   Senior Promissory Note, dated as of March 2, 2010, incorporated by reference to Exhibit 10.23 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.24   Master Acquisition Agreement, by and between the Company, DFD Select Group Ltd. and Enway SAS, dated as of July 2, 2010, incorporated by reference to Exhibit 10.24 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 22, 2010.
     
Exhibit 10.25   Master Acquisition Agreement, by and between the Company and Superserve Ltd., dated as of August 20, 2010, incorporated by reference to Exhibit 10.25 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 22, 2010.

 

Exhibit 14.1   Code of Ethics for Senior Financial Officers, incorporated by reference from the Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on April 1, 2005.
     
Exhibit 21   List of Subsidiaries, incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19, 2012.

  

Exhibit 31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

Exhibit 32.1   Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 32.2   Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 101.INS   XBRL Instance Document**
     
Exhibit 101.SCH   XBRL Taxonomy Extension Schema**
     
Exhibit 101.CAL   XBRL Taxonomy Extension Calculation Linkbase**
     
Exhibit 101.DEF   XBRL Taxonomy Extension Definition Linkbase**
     
Exhibit 101.LAB   XBRL Taxonomy Extension Label Linkbase**
     
Exhibit 101.PRE   XBRL Taxonomy Extension Presentation Linkbase**

 

 

* Portions of those exhibits marked with an asterisk have been omitted and filed separately with the Commission pursuant to a request for confidential treatment.
** In accordance with Regulation S-T - the XBRL related information in Exhibit 101 to this annual report on Form 10-K/A shall be deemed “furnished” and not “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended.

 

 
 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

  3POWER ENERGY GROUP INC.
     
  By: /s/ Umamaheswaran Balasubramaniam
    Name:  Umamaheswaran Balasubramaniam
    Title:

Chief Executive Officer

(Principal Executive Officer ) 

  By: /s/ Shariff Rehman
    Name:  Shariff Rehman
    Title:

Chief Financial Officer

(Principal Financial and Chief Accounting Officer) 

 

 

Dated:  July 19, 2012

 

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Name   Title   Date
         
         
/s/ Umamaheswaran Balasubramaniam   Chief Executive Officer and   July 19, 2012
Umamaheswaran Balasubramaniam  

Directors

(Principal Executive Officer)

    
         
         
/s/ Shariff Rehman   Chief Financial Officer and   July 19, 2012
Shariff Rehman   Director
(Principal Financial Officer)		    
         
/s/ Dimitris Kazantzis        
Dimitris Kazantzis  

Chief Engineering Officer and

Director

   July 19, 2012
         
/s/ James Wilson        
James Wilson   Director   July 19, 2012
         
/s/ Mohammed Falaknaz        
Mohammed Falaknaz   Chairman of Board   July 19, 2012
         

 

 
 

 

 

Exhibit Index

 

Exhibit No.   Description of Exhibits 
     
Exhibit 3.1   Certificate of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission on April 14, 2008.
     
Exhibit 3.2   Bylaws, as amended, incorporated by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-KSB, filed with the Securities and Exchange Commission on April 14, 2008.
     
Exhibit 3.3   Certificate of Amendment to Articles of Incorporation, incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on March 29, 2011.
     
Exhibit 10.1   Securities Purchase and Sale Agreement, dated January 9, 2008, between Rudana Investment Group AG and Viktoria Vynnyk, incorporated by reference to Exhibit 99.1 to Rudana Investment Group AG’s Schedule 13D, filed with the Securities and Exchange Commission on January 22, 2008.
     
Exhibit 10.2   Promissory Note issued by the Company to Rudana Investment Group AG, dated as of April 15, 2008, incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 2008.
     
Exhibit 10.3   Director’s Agreement by and between the Company and Dr. Augustine Fou, dated as of May 10, 2008, incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 2008.
     
Exhibit 10.4   Common Stock Purchase Warrant issued to Arimathea Limited, dated May 10, 2008, incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 15, 2008.
     
Exhibit 10.5   Form of Promissory Note issued by the Company to Rudana Investment Group AG, incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 19, 2008.
     
Exhibit 10.6   Chief Technology Officer Services Agreement by and between the Company and Cesare Boffa, dated as of September 22, 2008, incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 19, 2008.
     
Exhibit 10.7   Director’s Agreement by and between the Company and Cesare Boffa, dated as of October 6, 2008, incorporated by reference to Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 19, 2008.
     
Exhibit 10.8   Employment Agreement, by and between the Company and Frank Juergens, dated as of January 13, 2009, incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.
     
Exhibit 10.9   Director’s Agreement, by and between the Company and Olivier de Vergnies, dated as of January 16, 2009, incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.  
     
Exhibit 10.10   Director’s Agreement, by and between the Company and Bruno Colle, dated as of March 18, 2009, incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.

 

 
 

 

Exhibit 10.11   Director’s Agreement, by and between the Company and Roberto Gerbo, dated as of March 24, 2009, incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 20, 2009.
     
Exhibit 10.12   Separation and Mutual Release Agreement, by and between the Company and Frank Juergens, dated as of June 19, 2009, incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 21, 2009.
     
Exhibit 10.13   Management Services Agreement, dated as of April 1, 2009 by and between the Company and Prime Asset Finance, incorporated by reference to Exhibit 10.13 to Amendment No. 1 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 8, 2010.  
     
Exhibit 10.14   Common Stock Purchase Warrant issued to Arimathea Limited, dated May 22, 2008, incorporated by reference to Exhibit 10.14 to Amendment No. 1 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 8, 2010.
     
Exhibit 10.15   Amendment No. 1 to Common Stock Purchase Warrant issued to Arimathea Limited, dated May 22, 2008, incorporated by reference to Exhibit 10.15 to Amendment No. 1 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 8, 2010.
     
Exhibit 10.16   Project San Paolo Transfer Agreement, by and between the Company and Alternative Solutions World S.r.l, dated as of April 7, 2009, incorporated by reference to Exhibit 10.16 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.17   Project San Paolo Advisory Agreement, by and between the Company and Marcus Hewland LLC, dated as of April 7, 2009, incorporated by reference to Exhibit 10.17 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.18   Project Puglia Transfer Agreement, by and between the Company and Alternative Solutions World S.r.l, dated as of April 7, 2009, incorporated by reference to Exhibit 10.18 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.19   Project Puglia Advisory Agreement, by and between the Company and Marcus Hewland LLC, dated as of April 7, 2009, incorporated by reference to Exhibit 10.19 to Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on April 8, 2010.*
     
Exhibit 10.20   Frame Agreement for PV- Plant Acquisitions, by and between GPR Global Power Resources Ltd. and the Company, dated as of November 18, 2009, incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.21   Acquisition Agreement, dated as of March 2, 2010, by and between the Company and GPR Global Power Resources Ltd., incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.22   Financing Agreement, dated as of March 2, 2010, by and between the Company and CRG Finance AG, incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.

 

 
 

 

 

Exhibit 10.23   Senior Promissory Note, dated as of March 2, 2010, incorporated by reference to Exhibit 10.23 to the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 15, 2010.
     
Exhibit 10.24   Master Acquisition Agreement, by and between the Company, DFD Select Group Ltd. and Enway SAS, dated as of July 2, 2010, incorporated by reference to Exhibit 10.24 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 22, 2010.
     
Exhibit 10.25   Master Acquisition Agreement, by and between the Company and Superserve Ltd., dated as of August 20, 2010, incorporated by reference to Exhibit 10.25 to the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 22, 2010.
     
Exhibit 14.1   Code of Ethics for Senior Financial Officers, incorporated by reference from the Annual Report on Form 10-KSB filed with the Securities and Exchange Commission on April 1, 2005.*
     
Exhibit 21   List of Subsidiaries, incorporated by reference from the Current Report on Form 8-K filed with the Securities and Exchange Commission on May 19, 2012.

  

Exhibit 31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 32.1   Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 32.2   Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
Exhibit 101.INS   XBRL Instance Document**
     
Exhibit 101.SCH   XBRL Taxonomy Extension Schema**
     
Exhibit 101.CAL   XBRL Taxonomy Extension Calculation Linkbase**
     
Exhibit 101.DEF   XBRL Taxonomy Extension Definition Linkbase**
     
Exhibit 101.LAB   XBRL Taxonomy Extension Label Linkbase**
     
Exhibit 101.PRE   XBRL Taxonomy Extension Presentation Linkbase**

 

 

* Portions of those exhibits marked with an asterisk have been omitted and filed separately with the Commission pursuant to a request for confidential treatment.
** In accordance with Regulation S-T - the XBRL related information in Exhibit 101 to this annual report on Form 10-K/A shall be deemed “furnished” and not “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended.

 

 

 
 

 EX-31.1 2 v318964_ex31-1.htm EXHIBIT 31.1

CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO EXCHANGE ACT RULE 13a-14(a) OR 15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Umamaheswaran Balasubramaniam, Chief Executive Officer, certify that:

 

  1. I have reviewed this Amendment No.1 on Form 10-K/A of 3POWER ENERGY CORP.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;

 

  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a- 15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 19, 2012

 

 

/s/ Umamaheswaran Balasubramaniam  
Umamaheswaran Balasubramaniam  
Chief Executive Officer  

 

 
 

 EX-31.2 3 v318964_ex31-2.htm EXHIBIT 31.2

CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO EXCHANGE ACT RULE 13a-14(a) OR 15d-14(a)
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Shariff Rehman, Chief Financial Officer, certify that:

 

  1. I have reviewed this Amendment No. 1 on Form 10-K/A of 3POWER ENERGY CORP.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods present in this report;

 

  4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a- 15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financing reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: July 19, 2012

 

 

/s/ Shariff Rehman  
Shariff Rehman  
Chief Financial Officer  

 

 
 

 

 EX-32.1 4 v318964_ex32-1.htm EXHIBIT 32.1

CERTIFICATION

PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Umamaheswaran Balasubramaniam, Chief Executive Officer of 3POWER ENERGY CORP. (the Company”) hereby certify, that, to my knowledge:

 

  1. The Amendment No. 1 on Form 10-K/A for the year ending March 31, 2012 (the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of 3POWER ENERGY CORP.

 

Date: July 19, 2012

 

3POWER ENERGY CORP.

 

By: /s/ Umamaheswaran Balasubramaniam  
  Umamaheswaran Balasubramaniam  
  Chief Executive Officer  

 

 
 

 EX-32.2 5 v318964_ex32-2.htm EXHIBIT 32.2

CERTIFICATION

PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Shariff Rehman, Chief Financial Officer of 3POWER ENERGY CORP. (the Company”) hereby certify, that, to my knowledge:

 

  1. The Amendment No. 1 on Form 10-K/A for the year ending March 31, 2012 (the “Report”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of 3POWER ENERGY CORP.

 

Date: July 19, 2012

 

3POWER ENERGY CORP.  
   
By: /s/ Shariff Rehman  
  Shariff Rehman  
  Chief Financial Officer  

 

 
 

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Yes false Smaller Reporting Company 2012 10-K 2012-03-31 0001221554 No --03-31 -375841 3332100 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 7 - COMMON STOCK</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company is authorized to issue 300,000,000 shares of $0.0001 par value common stock. As of March 31, 2012 and 2011, 113,036,248 and 40,000,000 shares were issued and outstanding, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Effective March 30, 2011, the Company filed two amendments (the &#x201C;Amendments&#x201D;) to its Certificate of Incorporation with the Nevada Secretary of State. These Amendments shall (i) change the Company&#x2019;s name to 3Power Energy Group Inc.; and (ii) shall increase the Company&#x2019;s authorized shares from One Hundred Million (100,000,000) Shares to Three Hundred Million (300,000,000) Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In November 2011, the Company issued an aggregate of 7,404,665 shares of its common stock in exchange for pre-development services valued at $3,332,100 and charged to operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In November 2011, the Company issued an aggregate of 19,607,843shares of its common stock in exchange for services rendered valued at $1,000,000 and charged to operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In December 2011, the Company issued an aggregate of 500,000 shares of its common stock in exchange for services rendered valued at $250,000 and charged to operations..</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In December 2011, the Company issued an aggregate of 5,408,840 shares of its common stock for expenses valued at $2,704,420 and charged to operations..</p> </div> -1014270 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 5- FACILITATION AGREEMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company paid Viewpoint Investments Corp. (&#x201C;Viewpoint&#x201D;)&#xA0;&#xA0;a $1,000,000 fee in Company Common Stock upon the closing of the acquisition of the Seawind Companies (the &#x201C;Facilitation Agreement&#x201D;).&#xA0;&#xA0;Pursuant to the Facilitation Agreement, the Company has issued 19,607,843 restricted shares of the Company&#x2019;s common stock to Viewpoint in consideration for services rendered to the Company. Viewpoint assisted and advised the Company with respect to identifying, negotiating and closing the transaction with the Seawind Group of Companies.&#xA0;&#xA0;The consideration paid to Viewpoint by the Company was deemed to be fair and reasonable by our Board of Directors with respect to the creation and enhancement of share value for all shareholders responsive to the acquisition of Seawind Energy and Seawind Services due to the efforts of Viewpoint.&#xA0;&#xA0;The number of shares issued to Viewpoint was calculated by reference to 85% of the publicly quoted closing price of the Company&#x2019;s Common Stock on January 25, 2011.</p> </div> -35718 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 11 - NON CONTROLLING INTEREST</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company has a 50% interest in American Seawind Energy LLC, a inactive company registered in the State of Texas, United States of America.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A reconciliation of the non controlling loss attributable to the Company:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Net loss Attributable to the Company and transfers (to) from non-controlling interest for the year ended March 31, 2012:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left">Net loss</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 86%; font-size: 10pt; padding-bottom: 1pt"> Average Non-controlling interest percentage</td> <td style="width: 2%; font-size: 10pt; padding-bottom: 1pt"> &#xA0;</td> <td style="width: 1%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="width: 10%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 50.0</td> <td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left"> %</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left">Net loss attributable to the non-controlling interest</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The following table summarizes the changes in Non Controlling Interest from April 1, 2010 through March 31, 2012:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt">Balance, April 1, 2010</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 86%; font-size: 10pt; text-align: left">Non controlling interest portion of contributed capital</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="width: 10%; font-size: 10pt; text-align: right">681</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> Net loss attributable to the non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (73</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> )</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Balance, March 31, 2011</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">608</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> Net loss attributable to the non-controlling interest</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> -</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Balance,&#xA0; March 31, 2012</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">608</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> </table> </div> <div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>NOTE 12- COMMITMENTS AND CONTINGENCIES</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Wuersch Settlement</i></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>&#xA0;</i></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">In November 2011, the Company entered into a Settlement Agreement (the &#x201C;Wuersch Agreement&#x201D;) with Wuersch &amp; Gering LLP (&#x201C;Wuersch&#x201D;). The Wuersch Agreement provides that Wuersch will accept a cash payment of $50,000, payable in five equal installments, and 2,000,000 options to purchase shares of our common stock at $0.54 per share as full satisfaction of our debt obligations to Wuersch of $518,359. The five cash payment installments of $10,000 are due on the 15th calendar day of each month beginning November 15, 2011 and ending on March 15, 2012. Two installment payments have been made to Wuersch. The total outstanding balance as of March 31, 2012 is $504,518.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>&#xA0;</i></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Hellenic Settlement</i></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On November 15, 2011, the Company entered into a Settlement Agreement (the &#x201C;Hellenic Agreement&#x201D;) with Hellenic Technologies (&#x201C;Hellenic&#x201D;). The Hellenic Agreement provides that Hellenic will accept cash payments of $70,000, payable in five equal installments, and 1,260,000 shares of our common stock as full satisfaction of our debt obligations to Hellenic of $700,000. The five cash payment installments of $14,000 are due beginning November 14, 2011 and continuing on the 15th calendar day of each month thereafter until paid in full. Two installments have been paid as of March 31, 2012. The Company has also issued 1,260,000 of Common stock valued at $630,000. The outstanding balance as of March 31, 2012 is $42,000.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>First Durrant Settlement</i></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>&#xA0;</i></p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">On November 14, 2011, the Company entered into a Settlement Agreement (the &#x201C;Durrant Agreement&#x201D;) with Toby Durrant (&#x201C;Durrant&#x201D;). The Durrant Agreement provides that Durrant will accept cash payments of $70,000, payable in five equal installments, as full satisfaction of our debt obligations to Durrant of $70,000. The Durrant Agreement also provides that the Company shall issue Durrant 500,000 shares of our common stock for the total value of the seawind merger. The five cash payment installments of $14,000 are due on the 15th calendar day of each month beginning November 15, 2011 and ending on March 15, 2012. The Company has issued 500,000 of its common stock valued at $250,000 charged to operations. The Outstanding balance as of March 31, 2012 if $70,000. Subsequent to March 31, 2012, this was settled for $30,000 on May 2012, as per mutual agreement.</p> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Operating leases</i></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>&#xA0;</i></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company leased facilities in Great Britain under a lease dated August 19, 2010. In May, 2012, subsequent to the financial statements, the Company cancelled the settled the outstanding lease for &#xA3;8,000 (approximately $12,800)</p> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 4 - NOTE PAYABLE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 2, 2010, the Company issued an unsecured Senior Promissory Note ("Note") for 470,000 Euros ($639,059 at March 31, 2012) initially due on December 31, 2010 including interest at 7.5% per annum. Upon default by the Company on January 1, 2011, the interest rate of 15% per annum applies. <font style="color: black">CRG has made a demand for payment of the Note which has not been paid by the Company.</font></p> </div> 159485 -10322131 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>NOTE 9-LOSS PER SHARE</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The following table presents the computation of basic and diluted loss per share:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt; padding-bottom: 1pt"> &#xA0;</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2012</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2011</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 72%; font-size: 10pt; text-align: left">Net loss available for common shareholders</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> (10,286,413</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> (52.432</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Basic net loss per share</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">(0.12</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">(0.00</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt">Weighted average common shares outstanding-basic</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">87,660,401</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">40,000,000</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Diluted net loss per share</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">(0.12</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">(0.00</td> <td style="font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; padding-bottom: 1pt">Weighted average common shares outstanding-diluted</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 87,660,401</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 40,000,000</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the years ended March 31, 2012 and 2011, common stock equivalents are not considered in the calculation of the weighted average number of common shares outstanding because they would be anti-dilutive, thereby decreasing the net loss or increasing the net income per common share.</p> </div> 396342 563 1941178 101543 -10286413 -130002 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Basis of presentation:</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The consolidated financial statements include the accounts of the Company and&#xA0;its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Revenue Recognition</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company recognizes revenue in accordance with Accounting Standards Codification subtopic 605-10, Revenue Recognition (&#x201C;ASC 605-10&#x201D;) which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> ASC 605-10 incorporates Accounting Standards Codification subtopic 605-25, Multiple-Element Arraignments (&#x201C;ASC 605-25&#x201D;). ASC 605-25 addresses accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets. The effect of implementing 605-25 on the Company's financial position and results of operations was not significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Use of estimates</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Segment Information</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Accounting Standards Codification subtopic Segment Reporting 280-10 (&#x201C;ASC 280-10&#x201D;) establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein materially represents all of the financial information related to the Company&#x2019;s principal operating segment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Concentrations of Credit Risk</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <font style="color: black">The Company&#x2019;s financial instruments that is exposed to a concentration of credit risk is cash equivalents and accounts receivable.</font> The Company places its cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the deposit insurance available. <font style="color: black">The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring process. The Company routinely assesses the financial strength of its customers and based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectable accounts and, as a consequence, believes that its accounts receivable credit exposure beyond such allowance is limited</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For the year ended March 31, 2012 and 2011, one and two customers accounted for 100% and 10% of sales, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Fair Values</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company adopted the provisions of Accounting Standards Codification subtopic 825-10, Financial Instruments (&#x201C;ASC 825-10&#x201D;) on January 1, 2008. ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes three levels of inputs that may be used to measure fair value:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Level 1 - Quoted prices in active markets for identical assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Upon adoption of ASC 825-10, there was no cumulative effect adjustment to beginning retained earnings and no impact on the consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The carrying value of the Company&#x2019;s cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of March 31, 2012, the Company did not have items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements.&#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Inventory</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Inventory, consisting of finished goods, are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose of the product.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Comprehensive Income (Loss)</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company applies Statement of Accounting Standards Codification subtopic 220-10, Comprehensive Income (&#x201C;ASC 220-10&#x201D;). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Functional currency</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying consolidated financial statements are presented in U.S. dollars ("USD"). The Company's functional currency is British pounds ("GBP"). The consolidated financial statements are translated unto USD in accordance with Codification ASC 830, <i>Foreign Currency Matters</i>. All assets and liabilities were translated at the current exchange rate, at respective balance sheet dates, shareholders' equity is translated at the historical rates and income statement items are translated at the average exchange rate for the reporting periods. The resulting translation adjustments are reported as other comprehensive income and accumulated other comprehensive income in the shareholders' equity in accordance with Codification ASC 220, <i>Comprehensive Income</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Translation gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are translated into GBP at the rate on the date of the transaction and included in the results of operations as incurred. There were no material transaction gains or losses in the periods presented.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The exchange rates used to translate amounts in GBP into USD for the purposes of preparing the consolidated financial statements were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt; padding-right: 0; padding-left: 0; text-indent: 0"> &#xA0;</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2012</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> &#xA0;</td> <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2011</td> <td nowrap="nowrap" style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 72%; font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; text-indent: 0"> Year-end GBP: USD exchange rate</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> 1.5987</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> 1.6032</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; text-indent: 0"> Average Yearly GBP: USD exchange rate</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">1.5963</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">1.5556</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Impairment of long lived assets</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company applies Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (&#x201C;ASC 360-10&#x201D;). The Statement requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of is reported at the lower of the carrying amount or the fair value less costs to sell.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the year ended March 31, 2012 the Company management performed an evaluation of its recorded book value of its project development assets for purposes of determining the implied fair value of the assets at March 31, 2012. The test indicated that the recorded remaining book value of the capitalized development costs exceeded its fair value for the year ended March 31, 2012.&#xA0;&#xA0;As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $3,332,100, net of tax, or $0.04 per share during the year ended March 31, 2012 to reduce the carrying value to $0. Considerable management judgment is necessary to estimate the fair value.&#xA0;&#xA0;Accordingly, actual results could vary significantly from management&#x2019;s estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Property and equipment</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Furniture and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset's estimated useful life, which is three years for all equipment. Expenditures for maintenance and repairs are expensed as incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Income taxes</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carry forwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of March 31, 2012 and 2011, the Company has not recorded any unrecognized tax benefits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Stock-based compensation</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> All stock-based payments to employees and to nonemployee directors for their services as directors, including grants of restricted stock and stock options, are measured at fair value on the grant date and recognized in the consolidated statements of operations as compensation or other expense over the relevant vesting period. Stock-based payments to nonemployees are recognized as an expense over the period of performance. Such payments are measured at fair value at the earlier of the date a performance commitment is reached or the date performance is completed. In addition, for awards that vest immediately and are non forfeitable the measurement date is the date the award is issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Net loss per share</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company accounts for net loss per share in accordance with Accounting Standards Codification subtopic 260-10, Earnings Per Share (&#x201C;ASC 260-10&#x201D;), which requires presentation of basic and diluted earnings per share (&#x201C;EPS&#x201D;) on the face of the statement of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Basic net loss&#xA0;per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period.&#xA0;&#xA0;It excludes the dilutive effects of potentially issuable common shares such as those related to our stock warrants.&#xA0;&#xA0;Diluted net loss share is calculated by including potentially dilutive share issuances in the denominator.&#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;&#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <u>Contingencies</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel asses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies relating to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of the contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Non-controlling Interests</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company adopted the accounting standard for non-controlling interests in the consolidated financial statements as of January 1, 2009. This standard establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the non-controlling interest, changes in a parent&#x2019;s ownership interest and the valuation of retained non-controlling equity investments when a subsidiary is deconsolidated. This standard also establishes reporting requirements that provide sufficient disclosures that clearly identify and distinguish between the interest of the parent and the interests of the non-controlling owner. &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Cash</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The Company considers all highly liquid debt instruments purchased with a maturity date of three months or less to be cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <u>Recent Accounting Pronouncements</u></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> There were various updates recently issued by the Financial Accounting Standards Board, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.</p> </div> -10286413 3332100 20501 -10226174 -10322131 41304 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>NOTE 1 &#x2013; ORGANIZATION AND BUSINESS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 3Power Energy Group Inc. (the &#x201C;Company&#x201D;) was incorporated in the State of Nevada on December 18, 2002.&#xA0;&#xA0;On March 30, 2011, the Company changed its name from Prime Sun Power Inc.&#xA0;to 3Power Energy Group Inc. and increased its authorized share capital to 300,000,000 shares.&#xA0; The Company plans to pursue a business model producing renewable generated electrical power and other alternative energies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company's primary efforts is to sell electricity generated by solar, wind, hydro, biomass and other renewable energy resources and to develop, build and operate power plants based on these technologies. The core approach of the Company's business is to deliver energy in markets where there is an inherent energy gap between supply and demand or where there exists long term, stable, government back by financial support for development of renewable energy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 13, 2011, pursuant to a Stock Purchase Agreement (the &#x201C;Stock Purchase Agreement&#x201D;), the Company consummated a reverse merger (&#x201C;Merger&#x201D;) with Seawind Energy Limited (&#x201C;Seawind Energy&#x201D;), Seawind Services Limited (&#x201C;Seawind Services,&#x201D; and together with Seawind Energy, the &#x201C;Seawind&#x201D;) and the shareholders of Seawind Energy (the &#x201C;Seawind Group Shareholders&#x201D; and together with the Company, and the Seawind Companies, the &#x201C;Parties&#x201D;). The Seawind Companies were formed under the laws of the United Kingdom.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In connection with the Merger , the Company issued 40,000,000 restricted shares of the Company&#x2019;s common stock (such acquisition is referred to herein as the &#x201C;Seawind Acquisition&#x201D;). The Seawind was the surviving entity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Upon completion of the Stock Purchase Agreement, Seawind became 3Power Group, Inc.'s wholly-owned subsidiary. For accounting purposes, the acquisition has been treated as a recapitalization of Seawind with Seawind as the acquirer (reverse acquisition). The historical financial statements prior to May 13, 2011 are those of Seawind Energy. The Merger was accounted for as a &#x201C;reverse merger&#x201D;, since the stockholders of Seawind owned a majority of the Company&#x2019;s common stock immediately following the transaction and their management has assumed operational, management and governance control.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <font style="font-size: 10pt">&#xA0;</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <font style="font-size: 10pt">The transaction was accounted for as a recapitalization of Seawind pursuant to which Seawind was treated as the surviving and continuing entity.&#xA0;&#xA0;The Company did not recognize goodwill or any intangible assets in connection with this transaction.&#xA0;&#xA0;Accordingly, the Company&#x2019;s historical financial statements are those of Seawind immediately following the consummation of the reverse merger. The accompanying consolidated financial statements give retroactive effect to the recapitalization .</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In anticipation of the closing of the Stock Purchase Agreement, the Company changed its name to 3Power Energy Group Inc. and increased its authorized share capital to 300,000,000 shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> On July 4, 2011, the Seawind Energy Limited and Seawind Service Limited changed their name to 3Power Energy Limited and 3Power Project Service Limited, respectively.</p> </div> 6517669 -6235 40473 -35718 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>NOTE 10-INCOME TAXES</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company is not subject to the U.S. tax jurisdictions and files income tax returns in the United Kingdom. The components of the consolidated net loss before income tax benefits for the years ended March 31, 2012 and 2011 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Components of the Company's deferred taxes at March 31, 2012 and 2011 are as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt; padding-bottom: 1pt"> &#xA0;</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2012</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2011</td> <td nowrap="nowrap" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left">Deferred tax assets and liabilities:</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 72%; font-size: 10pt; text-align: left">Property and equipment</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">317</td> <td style="width: 1%; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left">Net deferred tax assets:</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> Valuation allowance</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> -</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> (317</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> )</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> $</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> -</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> $</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> -</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Income tax benefits differs from the amount computed at the statutory rates (approximately 21%) for the years ended March 31, 2012 and 2011:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2012</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"> March 31,<br /> 2011</td> <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="width: 72%; font-size: 10pt; text-align: left">Income tax expense (benefit) at statutory rate</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> (2,247,508</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 2%; font-size: 10pt">&#xA0;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"> (10,410</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Other permanent differences</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">962,241</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt">&#xA0;</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> <td style="font-size: 10pt; text-align: right">13,342</td> <td style="font-size: 10pt; text-align: left">&#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,255,204)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> Increase (decrease) in valuation allowance</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 1,285,267</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> -</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"> Tax expense (benefit)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> $</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> -</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&#xA0;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> $</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"> 2,932</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> &#xA0;</td> </tr> </table> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 6- POWER ACQUISITION AGREEMENT</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 5, 2011, Company entered into an agreement with Power Andina Limited (&#x201C;PAL&#x201D;), as agreed being the owner of the project will accept $2,000,000 worth of Company common stock on signing of the agreement and will in return, grant the Company an exclusive option to acquire the complete rights to the project by paying $1,750,000. In the event that the Company fails to make payment within twenty days period PAL shall at its sole discretion have the immediate right to terminate the agreement. The Company issued the shares (valued at $3.3 million) but were in default of paying $1,750,000. Since the Company breached its agreement with PAL, the Company has charged the cost of the option to operations. In addition being default on the agreement, Company also accrued termination penalty of $500,000 as an additional charge to operations.</p> </div> -130359 113481 9850333 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 8 - RELATED PARTY TRANSACTIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company&#x2019;s current and former officers and stockholders have advanced funds on a non-interest bearing basis to the Company for travel related and working capital purposes. The Company has not entered into any agreement on the repayment terms for these advances. As of March 31, 2012 and 2011, there were $401,925 and $281,328 advances outstanding, respectively. During the year, the Company issued 4,148,840 shares of common stock to Falak Holding, LLC as per a settlement agreement, valued at $2,074,420.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the year the Company issued 1,260,000 shares of Common stock to one Director as per settlement agreement, valued at $630,000.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company has consulting agreements with outside contractors, certain of whom are also company stockholders. The agreements are generally month to month.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> During the year Seawind Marine Limited, a company controlled by the directors, Mr. T P G Adams and Mr J R Wilson, charged management fees of approximately &#xA3;350,000 ($558,705) (2011 - &#xA3;600,000 i.e. $933,000), insurance recharges of approximately &#xA3;36,000 ($57,466) (2011 - &#xA3;36,000 ie $55,800), admin support recharges of approximately &#xA3;20,000 ($31,926) (2011 - &#xA3;nil) and made no sales, approximately (2011 - &#xA3;85,123 i.e. $132,400) to the company. At the year end the company owed approximately &#xA3;117,865 ($188,431) (2011 - &#xA3;343,953 i.e. $534,800) to Seawind Marine Limited, with an additional &#xA3;30,198 ($48,277) of accrued costs in respect of these charges.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the year Seawind International Limited, a company controlled by the directors, Mr. T P G Adams and Mr J R Wilson , charged management fees of approximately &#xA3;210,000 ($335,223) (2011 - &#xA3;360,000 i.e. $559,800) and made sales of &#xA3;nil and approximately (2011 - &#xA3;281,838 i.e. $438,300) to the company. At the year end the company owed approximately &#xA3;158,407 to ($253,245) (2011 - &#xA3;224,897 i.e. $349,700 from) Seawind International Limited.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Watercooled Limited, a company based in the UK, is under the control of Mr. T P G Adams. At the yearend Watercooled Limited, a company under common control, owed the company &#xA3;nil (2011 - &#xA3;nil). During the year the company wrote off approximately &#xA3;11,010 ($17,575) (2011 - &#xA3;19,588 i.e. $30,500) of the debt owed by Watercooled Limited.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Enerserve Limited, is a company under the control of Mr. T P G Adams and Mr. J R Wilson. During the year the company changed its name to Power Products Ltd. At the yearend Power Products Ltd (formerly Enerserve Limited), a company under the control of Mr. T P G Adams and Mr. J R Wilson who are directors of the company, was due from the company approximately &#xA3;88,753 ($141,889) (2011 - &#xA3;588,421 i.e. $912,052) from Enerserve Limited.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> At March 31, 2012, the company owed Mr. J R Wilson (Director) &#xA3;1,444 ($1,829) (2011-&#xA3;1,444)</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> During the year ended March 31, 2012, the Company paid $270,000 as salary to Board members.</p> </div> -130002 -10286413 -0.12 87660401 <div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>NOTE 3 - GOING CONCERN MATTERS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The accompanying consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern.&#xA0;&#xA0;As of March 31, 2012, the Company has a deficit of $6,417,891 applicable to controlling interest&#xA0;compared with shareholder equity of $436,793 applicable to controlling interest&#xA0;for the year ended March 31, 2011,&#xA0;and has incurred significant operating losses and negative cash flows. 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GOING CONCERN MATTERS
 12 Months Ended
Mar. 31, 2012
GOING CONCERN MATTERS

NOTE 3 - GOING CONCERN MATTERS

 

The accompanying consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern.  As of March 31, 2012, the Company has a deficit of $6,417,891 applicable to controlling interest compared with shareholder equity of $436,793 applicable to controlling interest for the year ended March 31, 2011, and has incurred significant operating losses and negative cash flows. For the year ended March 31, 2012, the Company sustained a net loss of $10,286,413compared to a net loss of $52,432 for the year ended March 31, 2011. The Company will need additional financing which may take the form of equity or debt and the Company has converted certain liabilities into equity.  The Company anticipates that increased sales revenues will help.  In the event the Company are not able to increase our working capital, the Company will not be able to implement or may be required to delay all or part of its business plan, and their ability to attain profitable operations, generate positive cash flows from operating and investing activities and materially expand the business will be materially adversely affected. The accompanying consolidated financial statements do not include any adjustments relating to the classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the company be unable to continue in existence.
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SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Mar. 31, 2012
SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation:

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

  

Revenue Recognition

 

The Company recognizes revenue in accordance with Accounting Standards Codification subtopic 605-10, Revenue Recognition (“ASC 605-10”) which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.

 

ASC 605-10 incorporates Accounting Standards Codification subtopic 605-25, Multiple-Element Arraignments (“ASC 605-25”). ASC 605-25 addresses accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets. The effect of implementing 605-25 on the Company's financial position and results of operations was not significant.

 

Use of estimates

 

The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Segment Information

 

Accounting Standards Codification subtopic Segment Reporting 280-10 (“ASC 280-10”) establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein materially represents all of the financial information related to the Company’s principal operating segment.

 

Concentrations of Credit Risk

 

The Company’s financial instruments that is exposed to a concentration of credit risk is cash equivalents and accounts receivable. The Company places its cash and temporary cash investments with credit quality institutions. At times, such investments may be in excess of the deposit insurance available. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring process. The Company routinely assesses the financial strength of its customers and based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectable accounts and, as a consequence, believes that its accounts receivable credit exposure beyond such allowance is limited

 

For the year ended March 31, 2012 and 2011, one and two customers accounted for 100% and 10% of sales, respectively.

  

Fair Values

 

The Company adopted the provisions of Accounting Standards Codification subtopic 825-10, Financial Instruments (“ASC 825-10”) on January 1, 2008. ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825-10 establishes 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 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

 

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

 

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is disclosed and is determined based on the lowest level input that is significant to the fair value measurement.

 

Upon adoption of ASC 825-10, there was no cumulative effect adjustment to beginning retained earnings and no impact on the consolidated financial statements.

 

The carrying value of the Company’s cash and cash equivalents, accounts receivable, accounts payable, short-term borrowings (including convertible notes payable), and other current assets and liabilities approximate fair value because of their short-term maturity.

 

As of March 31, 2012, the Company did not have items recorded or measured at fair value on a recurring basis in the accompanying consolidated financial statements.  

 

Inventory

 

Inventory, consisting of finished goods, are stated at the lower of cost and net realizable value. Cost is determined using the weighted average cost method. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose of the product.

 

Comprehensive Income (Loss)

 

The Company applies Statement of Accounting Standards Codification subtopic 220-10, Comprehensive Income (“ASC 220-10”). ASC 220-10 establishes standards for the reporting and displaying of comprehensive income and its components. Comprehensive income is defined as the change in equity of a business during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. ASC 220-10 requires other comprehensive income (loss) to include foreign currency translation adjustments and unrealized gains and losses on available for sale securities.

  

Functional currency

 

The accompanying consolidated financial statements are presented in U.S. dollars ("USD"). The Company's functional currency is British pounds ("GBP"). The consolidated financial statements are translated unto USD in accordance with Codification ASC 830, Foreign Currency Matters. All assets and liabilities were translated at the current exchange rate, at respective balance sheet dates, shareholders' equity is translated at the historical rates and income statement items are translated at the average exchange rate for the reporting periods. The resulting translation adjustments are reported as other comprehensive income and accumulated other comprehensive income in the shareholders' equity in accordance with Codification ASC 220, Comprehensive Income.

 

Translation gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are translated into GBP at the rate on the date of the transaction and included in the results of operations as incurred. There were no material transaction gains or losses in the periods presented.

 

The exchange rates used to translate amounts in GBP into USD for the purposes of preparing the consolidated financial statements were as follows:

 

    March 31,
2012		     March 31,
2011		  
Year-end GBP: USD exchange rate   $ 1.5987     $ 1.6032  
Average Yearly GBP: USD exchange rate   $ 1.5963     $ 1.5556  

 

Impairment of long lived assets

 

The Company applies Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). The Statement requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses, or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires assets to be disposed of is reported at the lower of the carrying amount or the fair value less costs to sell.

 

During the year ended March 31, 2012 the Company management performed an evaluation of its recorded book value of its project development assets for purposes of determining the implied fair value of the assets at March 31, 2012. The test indicated that the recorded remaining book value of the capitalized development costs exceeded its fair value for the year ended March 31, 2012.  As a result, upon completion of the assessment, management recorded a non-cash impairment charge of $3,332,100, net of tax, or $0.04 per share during the year ended March 31, 2012 to reduce the carrying value to $0. Considerable management judgment is necessary to estimate the fair value.  Accordingly, actual results could vary significantly from management’s estimates.

  

Property and equipment

 

Furniture and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset's estimated useful life, which is three years for all equipment. Expenditures for maintenance and repairs are expensed as incurred.

 

Income taxes

 

Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carry forwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized.

 

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of March 31, 2012 and 2011, the Company has not recorded any unrecognized tax benefits.

 

Stock-based compensation

 

All stock-based payments to employees and to nonemployee directors for their services as directors, including grants of restricted stock and stock options, are measured at fair value on the grant date and recognized in the consolidated statements of operations as compensation or other expense over the relevant vesting period. Stock-based payments to nonemployees are recognized as an expense over the period of performance. Such payments are measured at fair value at the earlier of the date a performance commitment is reached or the date performance is completed. In addition, for awards that vest immediately and are non forfeitable the measurement date is the date the award is issued.

 

Net loss per share

 

The Company accounts for net loss per share in accordance with Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”), which requires presentation of basic and diluted earnings per share (“EPS”) on the face of the statement of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS.

 

Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period.  It excludes the dilutive effects of potentially issuable common shares such as those related to our stock warrants.  Diluted net loss share is calculated by including potentially dilutive share issuances in the denominator.  

  

Contingencies

 

Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel asses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies relating to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of the contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed.

 

Non-controlling Interests

 

The Company adopted the accounting standard for non-controlling interests in the consolidated financial statements as of January 1, 2009. This standard establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net income attributable to the parent and to the non-controlling interest, changes in a parent’s ownership interest and the valuation of retained non-controlling equity investments when a subsidiary is deconsolidated. This standard also establishes reporting requirements that provide sufficient disclosures that clearly identify and distinguish between the interest of the parent and the interests of the non-controlling owner.  

 

Cash

 

The Company considers all highly liquid debt instruments purchased with a maturity date of three months or less to be cash equivalents.

 

Recent Accounting Pronouncements

 

There were various updates recently issued by the Financial Accounting Standards Board, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's consolidated financial position, results of operations or cash flows.
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CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2012
Mar. 31, 2011
Current assets:    
Cash and cash equivalents $ 6,368 $ 12,603
Accounts receivable 2,151 1,016,421
Inventory   130,359
Prepaid and other current assets 40,473  
Total current assets 48,992 1,159,383
Property and equipment, net   566
Total assets 48,992 1,159,949
Current liabilities:    
Accounts payable and accrued expenses 5,170,413 441,220
Accrued interest payable 254,878  
Notes payable 639,059  
Due to related parties 401,925 281,328
Total current liabilities 6,466,275 722,548
Commitments and contingencies      
Equity (deficit):    
Common stock,$0.0001 par value, 300,000,000 shares authorized, 113,036,248 and 40,000,000 shares issued and outstanding as of March 31, 2012 and 2011, respectively 11,303 4,000
Additional paid in capital 7,283,228  
Other comprehensive loss (90,307) (54,589)
Accumulated (deficit) equity (13,622,115) 487,382
Total stockholders' equity (deficit) attributable to 3Power Energy Group, Inc. (6,417,891) 436,793
Non controlling interest 608 608
Total equity (deficit) (6,417,283) 437,401
Total liabilities and equity (deficit) $ 48,992 $ 1,159,949