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Share Name | Share Symbol | Market | Type |
---|---|---|---|
3Power Energy Group Inc (CE) | USOTC:PSPW | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0011 | 0.00 | 01:00:00 |
Nevada
|
|
333-103647
|
|
98-0393197
|
(State or other jurisdiction of incorporation or
|
|
(Commission File Number)
|
|
(I.R.S. Employee Identification No.)
|
organization)
|
|
|
|
|
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
x
|
2 | ||
|
3 | ||
|
|
|
December 31,
|
|
March 31,
|
|
||
|
|
2013
|
|
2013
|
|
||
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,725
|
|
$
|
1,725
|
|
Prepaid and other current assets
|
|
|
7,736
|
|
|
15,420
|
|
Total current assets
|
|
|
9,461
|
|
|
17,145
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
9,461
|
|
$
|
17,145
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND DEFICIT
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
$
|
5,555,714
|
|
$
|
6,083,176
|
|
Accrued interest
|
|
|
496,048
|
|
|
386,051
|
|
Notes payable, including $179,129 and $0 related party as of December 31, 2013 and March 31, 2013, respectively
|
|
|
818,188
|
|
|
639,059
|
|
Due to related parties
|
|
|
611,863
|
|
|
1,430,366
|
|
Total current liabilities
|
|
|
7,481,813
|
|
|
8,538,652
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
Deficit
|
|
|
|
|
|
|
|
Common stock,$0.0001 par value, 300,000,000 shares authorized, 162,434,986 and 113,146,380 shares issued and outstanding as of December 31, 2013 and March 31, 2013, respectively
|
|
|
16,243
|
|
|
11,314
|
|
Additional paid in capital
|
|
|
9,272,682
|
|
|
7,306,067
|
|
Other comprehensive income (loss)
|
|
|
(155,692)
|
|
|
2,707
|
|
Accumulated deficit
|
|
|
(16,403,200)
|
|
|
(15,639,210)
|
|
Total deficit attributable to 3Power Energy Group, Inc.
|
|
|
(7,269,967)
|
|
|
(8,319,122)
|
|
Non-controlling interest
|
|
|
(202,385)
|
|
|
(202,385)
|
|
Total deficit
|
|
|
(7,472,352)
|
|
|
(8,521,507)
|
|
|
|
|
|
|
|
|
|
Total liabilities and deficit
|
|
$
|
9,461
|
|
$
|
17,145
|
|
4 | ||
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
|
||||||||
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative
|
|
$
|
306,290
|
|
$
|
327,585
|
|
$
|
653,993
|
|
$
|
1,207,464
|
|
Loss on write-off of assets of international subsidiaries
|
|
|
-
|
|
|
17,917
|
|
|
-
|
|
|
17,917
|
|
Total operating expenses
|
|
|
306,290
|
|
|
345,502
|
|
|
653,993
|
|
|
1,225,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(306,290)
|
|
|
(345,502)
|
|
|
(653,993)
|
|
|
(1,225,381)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(38,024)
|
|
|
(33,740)
|
|
|
(109,997)
|
|
|
(97,623)
|
|
Gain on settlement of accrual
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
40,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before income taxes
|
|
|
(344,314)
|
|
|
(379,242)
|
|
|
(763,990)
|
|
|
(1,283,004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(344,314)
|
|
|
(379,242)
|
|
|
(763,990)
|
|
|
(1,283,004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO 3POWER ENERGY GROUP, INC.
|
|
$
|
(344,314)
|
|
$
|
(379,242)
|
|
$
|
(763,990)
|
|
$
|
(1,283,004)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share (basic and diluted):
|
|
$
|
(0.00)
|
|
$
|
(0.00)
|
|
$
|
(0.01)
|
|
$
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding (basic and diluted)
|
|
|
153,057,812
|
|
|
113,096,380
|
|
|
132,234,117
|
|
|
113,084,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(344,314)
|
|
$
|
(379,242)
|
|
$
|
(763,990)
|
|
$
|
(1,283,004)
|
|
Foreign currency translation gain (loss)
|
|
|
(42,904)
|
|
|
-
|
|
|
(158,399)
|
|
|
(25,024)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss:
|
|
|
(387,218)
|
|
|
(379,242)
|
|
|
(922,389)
|
|
|
(1,308,028)
|
|
Comprehensive loss attributable to non-controlling interest
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to 3Power Energy Group, Inc.
|
|
$
|
(387,218)
|
|
$
|
(379,242)
|
|
$
|
(922,389)
|
|
$
|
(1,308,028)
|
|
5 | ||
|
|
|
Nine months ended December 31,
|
|
||||
|
|
2013
|
|
2012
|
|
||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(763,990)
|
|
$
|
(1,283,004)
|
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
Common stock issued for services rendered
|
|
|
-
|
|
|
20,000
|
|
Gain on settlement accrual
|
|
|
-
|
|
|
(40,000)
|
|
Loss on write-off of assets of international subsidiary
|
|
|
-
|
|
|
17,917
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable, other
|
|
|
-
|
|
|
2,151
|
|
Prepaid and other current assets
|
|
|
7,684
|
|
|
9,508
|
|
Accounts payable and accrued expenses
|
|
|
251,667
|
|
|
591,021
|
|
Accrued interest
|
|
|
109,997
|
|
|
97,125
|
|
Net cash used in operating activities:
|
|
|
(394,642)
|
|
|
(585,282)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Investment in Shala Energy
|
|
|
-
|
|
|
(211,972)
|
|
Net cash used in investing activities
|
|
|
-
|
|
|
(211,972)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Net proceeds from related party advances
|
|
|
394,642
|
|
|
817,635
|
|
Net cash provided by financing activities
|
|
|
394,642
|
|
|
817,635
|
|
|
|
|
|
|
|
|
|
Effect of foreign currency rate change on cash
|
|
|
-
|
|
|
(25,024)
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
-
|
|
|
(4,643)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents-beginning of period
|
|
|
1,725
|
|
|
6,368
|
|
Cash and cash equivalents-end of period
|
|
$
|
1,725
|
|
$
|
1,725
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
|
|
Interest
|
|
$
|
-
|
|
$
|
-
|
|
Income taxes
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
Non cash investing and financing activities:
|
|
|
|
|
|
|
|
Common stock issued in settlement of accounts payable
|
|
$
|
600,000
|
|
$
|
-
|
|
Common stock issued in settlement of related party advances
|
|
$
|
1,371,544
|
|
$
|
-
|
|
Note payable issued in settlement of accounts payable
|
|
$
|
179,129
|
|
$
|
-
|
|
6 | ||
|
7 | ||
|
Current liabilities
|
|
$
|
1,817,674
|
|
Current liabilities
|
|
$
|
191,962
|
|
8 | ||
|
9 | ||
|
|
|
December 31
|
|
March 31,
|
|
||
|
|
2013
|
|
2013
|
|
||
Period-end GBP: USD exchange rate
|
|
$
|
1.6488
|
|
$
|
1.5184
|
|
Average Nine Month GBP: USD exchange rate
|
|
$
|
1.5679
|
|
$
|
1.5805
|
|
10 | ||
|
11 | ||
|
12 | ||
|
|
|
American
|
|
|
Shala
|
|
||
|
|
Seawind
|
|
|
Energy
|
|
||
|
|
Energy LLC
|
|
|
sh pk
|
|
||
Net loss
|
|
$
|
-
|
|
|
$
|
-
|
|
Average Non-controlling interest percentage
|
|
|
50.0
|
%
|
|
|
25.0
|
%
|
Net loss attributable to the non-controlling interest
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
American
|
|
|
Shala
|
|
||
|
|
Seawind
|
|
|
Energy
|
|
||
|
|
Energy LLC
|
|
|
sh pk
|
|
||
Net loss
|
|
$
|
-
|
|
|
$
|
-
|
|
Average Non-controlling interest percentage
|
|
|
50.0
|
%
|
|
|
25.0
|
%
|
Net loss attributable to the non-controlling interest
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
American
|
|
|
|
|
|
|||
|
|
Seawind
|
|
Shala
|
|
|
|
|
||
|
|
Energy LLC
|
|
Energy sh pk
|
|
Total
|
|
|||
Balance, April 1, 2012
|
|
$
|
608
|
|
$
|
-
|
|
$
|
608
|
|
Net loss attributable to the non-controlling interest
|
|
|
-
|
|
|
(202,993)
|
|
|
(202,993)
|
|
Balance, March 31, 2013
|
|
|
608
|
|
|
(202,993)
|
|
|
(202,385)
|
|
Net loss attributable to the non-controlling interest
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Balance, December 31, 2013
|
|
$
|
608
|
|
$
|
(202,993)
|
|
$
|
(202,385)
|
|
13 | ||
|
14 | ||
|
15 | ||
|
16 | ||
|
17 | ||
|
18 | ||
|
19 | ||
|
|
•
|
Lack of segregation of duties in certain accounting and financial reporting processes including the approval and execution of disbursements;
|
|
|
|
|
•
|
The Company’s corporate governance responsibilities are performed by the Board of Directors; we do not have independent Board of Directors, we do not have an audit committee or compensation committee. Because our Board of Directors only meets periodically throughout the year, several of our corporate governance functions are not performed concurrent (or timely) with the underlying transaction, evaluation, or recordation of the transaction.
|
20 | ||
|
Exhibit
Number |
|
Description
|
|
|
|
31.1*
|
|
Certification of the Principal Executive Officer
and Principal Financial Officer
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1+
|
|
Certification of Principal Executive officer and Principal Financial Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS**
|
|
XBRL Instance Document
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL**
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB**
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE**
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
101.DEF**
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
21 | ||
|
|
3POWER ENERGY GROUP INC.
|
||
|
|
|
|
Dated: February 14, 2014
|
By:
|
/s/ Sharif Rahman
|
|
|
|
Name:
|
Sharif Rahman
|
|
|
Title:
|
Chief Executive Officer and Chief Financial Officer
|
|
|
|
(Principal Executive Officer, Principal Financial and Chief Accounting Officer)
|
22 | ||
|
1 Year 3Power Energy (CE) Chart |
1 Month 3Power Energy (CE) Chart |
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