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3Power Energy Group Inc. – ‘10-Q’ for 12/31/12 – ‘EX-101.INS’

On:  Thursday, 2/14/13, at 3:53pm ET   ·   For:  12/31/12   ·   Accession #:  1144204-13-9053   ·   File #:  333-103647

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/14/13  3Power Energy Group Inc.          10-Q       12/31/12   50:1.8M                                   Toppan Merrill/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    151K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     21K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     21K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
32: R1          Document and Entity Information                     HTML     37K 
23: R2          Condensed Consolidated Balance Sheets               HTML    100K 
30: R3          Condensed Consolidated Balance Sheets               HTML     27K 
                (Parenthetical)                                                  
34: R4          Condensed Consolidated Statement of Operations      HTML    103K 
46: R5          Condensed Consolidated Statement of Cash Flows      HTML    107K 
24: R6          Business and Recapitalization                       HTML     36K 
29: R7          Significant Accounting Policies                     HTML     36K 
21: R8          Going Concern Matters                               HTML     21K 
15: R9          Note Payable                                        HTML     21K 
47: R10         Facilitation Agreement                              HTML     20K 
36: R11         Power Acquisition Agreement                         HTML     27K 
35: R12         Acquisition of Shala Energy Shpk                    HTML     22K 
40: R13         Common Stock                                        HTML     29K 
41: R14         Related Party Transactions                          HTML     26K 
39: R15         Non Controlling Interest                            HTML     25K 
42: R16         Subsequent Events                                   HTML     20K 
31: R17         Significant Accounting Policies (Policies)          HTML     75K 
33: R18         Business and Recapitalization (Tables)              HTML     22K 
38: R19         Significant Accounting Policies (Tables)            HTML     19K 
50: R20         Non Controlling Interest (Tables)                   HTML     24K 
44: R21         Subsequent Events (Tables)                          HTML     19K 
26: R22         BUSINESS AND RECAPITALIZATION - Additional          HTML     22K 
                Information (Details)                                            
37: R23         SUMMARY of MAJOR CLASSES of ASSETS and LIABILITIES  HTML     21K 
                SUBSIDIARY (Details)                                             
28: R24         Assets and Liabilities of the Subsidiaries          HTML     21K 
                (Details)                                                        
13: R25         SUMMARY of EXCHANGE RATES USED to TRANSLATE         HTML     20K 
                AMOUNTS in GBP into USD (Details)                                
45: R26         GOING CONCERN MATTERS - Additional Information      HTML     28K 
                (Details)                                                        
48: R27         NOTE PAYABLE - Additional Information (Details)     HTML     23K 
18: R28         FACILITATION AGREEMENT - Additional Information     HTML     24K 
                (Details)                                                        
17: R29         POWER ACQUISITION AGREEMENT - Additional            HTML     30K 
                Information (Details)                                            
19: R30         ACQUISITION OF SHALA ENERGY SHPK - Additional       HTML     30K 
                Information (Details)                                            
20: R31         COMMON STOCK - Additional Information (Details)     HTML     33K 
22: R32         RELATED PARTY TRANSACTIONS - Additional             HTML     34K 
                Information (Details)                                            
11: R33         NON CONTROLLING INTEREST - Additional Information   HTML     18K 
                (Details)                                                        
43: R34         Net Loss Attributable to Company (Details)          HTML     31K 
25: R35         SUMMARY of CHANGES in NON CONTROLLING INTEREST      HTML     30K 
                (Details)                                                        
27: R36         SUBSEQUENT EVENTS - Additional Information          HTML     16K 
                (Details)                                                        
14: R37         Subsequent Events (Assets and Liabilities of the    HTML     21K 
                Subsidiaries) (Details)                                          
49: XML         IDEA XML File -- Filing Summary                      XML     72K 
16: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    163K 
 5: EX-101.INS  XBRL Instance -- pspw-20121231                       XML    256K 
 7: EX-101.CAL  XBRL Calculations -- pspw-20121231_cal               XML     77K 
 8: EX-101.DEF  XBRL Definitions -- pspw-20121231_def                XML    312K 
 9: EX-101.LAB  XBRL Labels -- pspw-20121231_lab                     XML    591K 
10: EX-101.PRE  XBRL Presentations -- pspw-20121231_pre              XML    384K 
 6: EX-101.SCH  XBRL Schema -- pspw-20121231                         XSD    102K 
12: ZIP         XBRL Zipped Folder -- 0001144204-13-009053-xbrl      Zip     56K 


‘EX-101.INS’   —   XBRL Instance — pspw-20121231


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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 1 –BUSINESS AND RECAPITALIZATION</b></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">3Power Energy Group Inc. (the “Company”) was incorporated in the State of Nevada on December 18, 2002.  On March 30, 2011, the Company changed its name from Prime Sun Power Inc. to 3Power Energy Group Inc. and increased its authorized share capital to 300,000,000 shares.  The Company plans to pursue a business model producing renewable generated electrical power and other alternative energies.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On May 13, 2011, pursuant to a Stock Purchase Agreement (the “Stock Purchase Agreement”), the Company consummated a reverse merger (“Merger”) with Seawind Energy Limited (“Seawind Energy”), Seawind Services Limited (“Seawind Services,” and together with Seawind Energy, the “Seawind”) and the shareholders of Seawind Energy (the “Seawind Group Shareholders” and together with the Company, and the Seawind Companies, the “Parties”). The Seawind Companies were formed under the laws of the United Kingdom.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In connection with the Merger, the Company issued 40,000,000 restricted shares of the Company’s common stock (such acquisition is referred to herein as the “Seawind Acquisition”). The Seawind was the surviving entity.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Upon completion of the Stock Purchase Agreement, Seawind became 3Power Energy 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 “reverse merger”, since the stockholders of Seawind owned a majority of the Company’s common stock immediately following the transaction and their management has assumed operational, management and governance control.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The transaction was accounted for as a recapitalization of Seawind pursuant to which Seawind was treated as the surviving and continuing entity.  The Company did not recognize goodwill or any intangible assets in connection with this transaction.  Accordingly, the Company’s historical financial statements are those of Seawind immediately following the consummation of the reverse merger. The accompanying unaudited condensed consolidated financial statements give retroactive effect to the recapitalization.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On October 8, 2012, the High Court of Justice in the United Kingdom issued a winding-up order for the liquidation and winding up of the affairs of 3Power Project Services Limited, a wholly owned subsidiary of the Company’s Subsidiary, 3Power Energy Limited.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">By the letter of The Insolvency Service dated October 12, 2012, the Company was required to provide information relating to 3Power Project Services Limited to the Official Receiver’s Office (a government body of Plymouth, the United Kingdom) and attend an interview with staff of the Official Receiver’s Office to review the prospect of recovering the assets of 3Power Project Services Limited for the benefit of creditors.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The company was also required to deliver to the Official Receiver’s Office certain assets (cash or cheques) and accounting records that are still in its possession or control. The Company has attended the interview and delivered all the available accounting records to the Officer Receiver’s Office. No order confirming a plan of reorganization, arrangement or liquidation has been entered as of this filing.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The major classes of assets and liabilities of the subsidiary are as follows:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 82%;">Current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">17,143</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,781,956</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">On January 17, 2013, subsequent to these financial statements, the Company filed a Strike off application with the Registrar of Companies in the United Kingdom to dissolve 3Power Energy Limited, a wholly owned subsidiary of the Company with assets and liabilities as below:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 82%;">Current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">774</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">188,189</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif; color: red;"><font style="color: black;">During the nine months ended December 31, 2012, the Company charged to operation £11,085 ($17,917) as loss on write-off of above assets of its international subsidiaries.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Interim Financial Statements</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following (a) condensed consolidated balance sheet as of March 31, 2012, which has been derived from audited consolidated financial statements, and (b) the unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2012 are not necessarily indicative of results that may be expected for the year ending March 31, 2013. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended March 31, 2012 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on July 16, 2012.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Basis of presentation:</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The unaudited condensed 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</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Revenue Recognition</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Use of estimates</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Cash and Cash Equivalents</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For purposes of the Statements of Cash Flows, 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="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Comprehensive Income (Loss)</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Per share data:</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Basic and diluted net loss per common share is calculated by dividing net loss, by the weighted average number of outstanding shares of common stock, adjusted to give effect to the exchange ratio in the Share Exchange in May 2011 (see Note 1), which was accounted for as recapitalization of the Company.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Functional currency</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars ("USD"). The Company's functional currency is British pounds ("GBP"). The unaudited condensed consolidated financial statements are translated into 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="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The exchange rates used to translate amounts in GBP into USD for the purposes of preparing the consolidated financial statements were as follows: </p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">December 31,<br />2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">March 31,<br />2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 64%;">Period-end GBP: USD exchange rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">1.6153</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">1.5987</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Average Period GBP: USD exchange rate</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.5790</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.5963</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Income taxes</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Income tax provisions or benefits for interim periods are computed based on the Company’s estimated annual effective tax rate. Based on the Company's historical losses and its expectation of continuation of losses for the foreseeable future, the Company has determined that it is not more likely than not that deferred tax assets will be realized and, accordingly, has provided a full valuation allowance. As the Company anticipates or anticipated that its net deferred tax assets at December 31, 2012 and March 31, 2012 would be fully offset by a valuation allowance, there is no federal or state income tax benefit for the three and nine months ended December 31, 2012 and 2011 related to losses incurred during such periods.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Accounting for Stock-Based Compensation</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company accounts for stock, stock options and warrants using the fair value method promulgated by Accounting Standards Codification subtopic 480-10, Distinguishing Liabilities from Equity (“ASC 480-10”) which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services. Therefore, results include non-cash compensation expense as a result of the issuance of stock, stock options and warrants and we expect to record additional non-cash compensation expense in the future.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company follows Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”) which requires that all share-based payments to both employees and non employees be recognized in the income statement based on their fair values.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; background-color: white; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Reclassification</u></p> <p style="text-align: justify; background-color: white; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Certain reclassifications have been made to prior periods' data to conform to the current period's presentation. These reclassifications had no effect on reported income or losses.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Recent Accounting Pronouncements</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<pspw:GoingConcernDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 3 - GOING CONCERN MATTERS</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The accompanying unaudited condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern.  As of December 31, 2012, the Company has a deficit of $14,905,119 applicable to controlling interest compared with deficit of $13,622,115 applicable to controlling interest as of March 31, 2012, and has incurred significant operating losses and negative cash flows. For the nine months ended December 31, 2012, the Company sustained a net loss of $1,283,004 compared to a net loss of $2,508,436 for the nine months ended December 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.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">  </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company has undertaken further steps as part of a plan to improve operations with the goal of sustaining its operations for the next twelve months and beyond to address its lack of liquidity by raising additional funds, either in the form of debt or equity or some combination thereof.  However, there can be no assurance that the Company can successfully accomplish these steps and or business plans, and it is uncertain that the Company will achieve a profitable level of operations and be able to obtain additional financing.</p> <p style="text-align: center; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In the event the Company is not able to increase its 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 unaudited condensed 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.</p>
</pspw:GoingConcernDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 4 - NOTE PAYABLE</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On March 2, 2010, the Company issued an unsecured Senior Promissory Note ("Note") for 470,000 Euros ($639,059 at December 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 on a cumulative basis. <font style="color: black;">CRG has made a demand for payment of the Note which has not been paid by the Company.</font></p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:BusinessAcquisitionIntegrationRestructuringAndOtherRelatedCostsTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 5- FACILITATION AGREEMENT</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company paid Viewpoint Investments Corp. (“Viewpoint”) a $1,000,000 fee during the year ended March 31, 2012 in Company’s Common Stock upon the closing of the acquisition of the Seawind Companies (the “Facilitation Agreement”).  Pursuant to the Facilitation Agreement, the Company during the year ended March 31, 2012, issued 19,607,843 restricted shares of the Company’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.  The consideration paid to Viewpoint by the Company was deemed to be fair and reasonable by Company’s 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.  The number of shares issued to Viewpoint was calculated by reference to 85% of the publicly quoted closing price of the Company’s Common Stock on January 25, 2011.</p>
</us-gaap:BusinessAcquisitionIntegrationRestructuringAndOtherRelatedCostsTextBlock>
<us-gaap:BusinessCombinationDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 6- POWER ACQUISITION AGREEMENT</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On May 5, 2011, Company entered into an agreement with Power Andina Limited (“PAL”), as agreed being the owner of the project will accept $2,000,000 worth of Company’s 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 was 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 acquire the complete rights to operations during the year ended March 31, 2012. In addition being default on the agreement, Company also accrued termination penalty of $500,000 as an additional charge to operations during the year ended March 31, 2012.</p>
</us-gaap:BusinessCombinationDisclosureTextBlock>
<pspw:BusinessCombinationAcquiredEntityDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 7- ACQUISITION OF SHALA ENERGY SH.P.K</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On June 5, 2012, the Company and Shala Energy sh.p.k ("Shala") executed a master acquisition agreement (the “Acquisition Agreement”) where Shala agreed to transfer and the Company agreed to acquire 75% of the equity of Shala. Under the Acquisition Agreement (the “Acquisition”), the closing of the acquisition is subject to the Company’s completion and satisfaction of the due diligence on Shala and Shala’s partners with respect to their shares in Shala and upon the Company’s payment of the first year premium for the insurance bond premium issued in favor of the Ministry of Economy, Trade and Energy of Republic of Albania in replacement of then existing bank guarantee issued in favor of Ministry of Economy, Trade and Energy of Republic of Albania for the Shala River Concession Agreement, in amount of 7,230,315 Euro (the “Required Insurance Bond Premium”). The Acquisition Agreement provides that the closing of the acquisition shall occur no later than June 15, 2012.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In late July 2012, the Company and Shala verbally agreed to extend the closing deadline for the acquisition under the Acquisition Agreement to August 10, 2012.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">On August 10, 2012, after the conclusion of the due diligence efforts, the Company made the first year payment of required Insurance Bond Premium in amount of 164,851 Euro ($211,972), and as such the Acquisition closed. Such acquisition brought the Company 75% of the interest in a hydro-electrical project of a total installed power of 127.6 MW of Shala River in Albania.  The Shala River Project finalization is in process with the Ministry of Albania.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Shala Energy being an inactive Company and having no material assets and liabilities as of December 31, 2012.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In connection the acquisition of Shala, the Company is obligated for an aggregate of 4% of the total project costs as facilitator fees in either cash or the Company's common stock. As of December 31, 2012, the Company accrued $600,000 due to the facilitator for feasibility studies in process and recorded as other assets on the Company's unaudited condensed consolidated balance sheet.</p>
</pspw:BusinessCombinationAcquiredEntityDisclosureTextBlock>
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 8 - COMMON STOCK</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company is authorized to issue 300,000,000 shares of $0.0001 par value common stock. As of December 31, 2012 and March 31, 2012, 113,096,380 and 113,036,248 shares were issued and outstanding, respectively.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In May 2012, the Company issued 60,132 shares of its common stock in exchange for services rendered valued at $20,000 and charged to operations.</p>
</us-gaap:StockholdersEquityNoteDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 9 - RELATED PARTY TRANSACTIONS</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company’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 December 31, 2012 and March 31, 2012, there were $1,219,560 and $401,925 advances outstanding, respectively.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As of December 31, 2012 and March 31, 2012 the Company owed approximately £117,918 ($190,603) and £117,865 ($188,431), respectively, to Seawind Marine Limited, a company controlled by the directors, Mr. T P G Adams and Mr. J R Wilson.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As of December 31, 2012 and March 31, 2012 the Company owed approximately £177,548 ($286,988) and £158,407 ($253,245), respectively to Seawind International Limited, a company controlled by the directors, Mr. T P G Adams and Mr. J R Wilson.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">As of December 31, 2012 and March 31, 2012 the Company owed approximately £88,753 ($143,460) and £88,753 ($141,889), respectively to Power Products Ltd (f/k/a Enerserve Limited), a company under the control of Mr. T P G Adams and Mr. J R Wilson.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">At December 31, 2012 and March 31, 2012, the company owed Mr. J R Wilson (Director) £1,144 ($1,849) and £1,144 ($1,829), respectively.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the nine months ended December 31, 2012, the Company charged to operation $405,000 as salary to Board members of parent company.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the nine months ended December 31, 2012, the Company charged to operation £184,248 ($290,725) as management charges to Board members of subsidiaries.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the nine months ended December 31, 2012, the Company charged to operation £11,085 ($17,917) as loss on write-off of assets of its international subsidiaries.</p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:MinorityInterestDisclosureTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 10 - NON CONTROLLING INTEREST</b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company has a 50% interest in American Seawind Energy LLC, a inactive company registered in the State of Texas, United States of America.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">A reconciliation of the non controlling loss attributable to the Company:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Net loss Attributable to the Company and transfers (to) from non-controlling interest for the three and nine months ended December 31, 2012:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net loss</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; width: 82%;">Average Non-controlling interest percentage</td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; width: 15%;">50.0</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net loss attributable to the non-controlling interest</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> </table> <p style="text-align: center; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following table summarizes the changes in Non Controlling Interest from April 1, 2011 through December 31, 2012:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 82%;">Balance, April 1, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">608</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Non controlling interest portion of contributed capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss attributable to the non-controlling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Balance, March 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">608</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss attributable to the non-controlling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Balance,  December 31, 2012</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">608</td> <td style="text-align: left;"></td> </tr> </table>
</us-gaap:MinorityInterestDisclosureTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b>NOTE 11 - SUBSEQUENT EVENTS</b></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">On January 17, 2013, subsequent to these financial statements, the Company filed a Strike off application with the Registrar of Companies in the United Kingdom to dissolve 3Power Energy Limited, a wholly owned subsidiary of the Company with assets and liabilities as below:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 82%;">Current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">774</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">188,189</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">During the nine months ended December 31, 2012, the Company charged to operation $774 as loss on write-off of above assets of its international subsidiary.</p>
</us-gaap:SubsequentEventsTextBlock>
<pspw:InterimFinancialStatementsPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Interim Financial Statements</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following (a) condensed consolidated balance sheet as of March 31, 2012, which has been derived from audited consolidated financial statements, and (b) the unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2012 are not necessarily indicative of results that may be expected for the year ending March 31, 2013. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended March 31, 2012 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on July 16, 2012.</p>
</pspw:InterimFinancialStatementsPolicyTextBlock>
<pspw:BasisOfPresentationPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Basis of presentation:</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The unaudited condensed 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.</p>
</pspw:BasisOfPresentationPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Revenue Recognition</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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.</p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Use of estimates</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Cash and Cash Equivalents</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">For purposes of the Statements of Cash Flows, the Company considers all highly liquid debt instruments purchased with a maturity date of three months or less to be cash equivalents.</p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<pspw:ComprehensiveIncomeLossPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Comprehensive Income (Loss)</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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.</p>
</pspw:ComprehensiveIncomeLossPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Per share data:</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Basic and diluted net loss per common share is calculated by dividing net loss, by the weighted average number of outstanding shares of common stock, adjusted to give effect to the exchange ratio in the Share Exchange in May 2011 (see Note 1), which was accounted for as recapitalization of the Company.</p>
</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Functional currency</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars ("USD"). The Company's functional currency is British pounds ("GBP"). The unaudited condensed consolidated financial statements are translated into 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="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The exchange rates used to translate amounts in GBP into USD for the purposes of preparing the consolidated financial statements were as follows:</p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">December 31,<br />2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">March 31,<br />2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 64%;">Period-end GBP: USD exchange rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">1.6153</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">1.5987</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Average Period GBP: USD exchange rate</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.5790</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.5963</td> <td style="text-align: left;"></td> </tr> </table>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Income taxes</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Income tax provisions or benefits for interim periods are computed based on the Company’s estimated annual effective tax rate. Based on the Company's historical losses and its expectation of continuation of losses for the foreseeable future, the Company has determined that it is not more likely than not that deferred tax assets will be realized and, accordingly, has provided a full valuation allowance. As the Company anticipates or anticipated that its net deferred tax assets at December 31, 2012 and March 31, 2012 would be fully offset by a valuation allowance, there is no federal or state income tax benefit for the three and nine months ended December 31, 2012 and 2011 related to losses incurred during such periods.</p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Accounting for Stock-Based Compensation</u></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company accounts for stock, stock options and warrants using the fair value method promulgated by Accounting Standards Codification subtopic 480-10, Distinguishing Liabilities from Equity (“ASC 480-10”) which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services. Therefore, results include non-cash compensation expense as a result of the issuance of stock, stock options and warrants and we expect to record additional non-cash compensation expense in the future.</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The Company follows Accounting Standards Codification subtopic 718-10, Compensation (“ASC 718-10”) which requires that all share-based payments to both employees and non employees be recognized in the income statement based on their fair values.</p>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<pspw:RecentAccountingPronouncementsPolicyTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Recent Accounting Pronouncements</u></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">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>
</pspw:RecentAccountingPronouncementsPolicyTextBlock>
<pspw:ForeignCurrencyDisclosureTableTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The exchange rates used to translate amounts in GBP into USD for the purposes of preparing the consolidated financial statements were as follows:</p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">December 31,<br />2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">March 31,<br />2012</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 64%;">Period-end GBP: USD exchange rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">1.6153</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">1.5987</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Average Period GBP: USD exchange rate</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.5790</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1.5963</td> <td style="text-align: left;"></td> </tr> </table>
</pspw:ForeignCurrencyDisclosureTableTextBlock>
<pspw:NoncontrollingInterestTableTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Net loss Attributable to the Company and transfers (to) from non-controlling interest for the three and nine months ended December 31, 2012:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net loss</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 1pt; width: 82%;">Average Non-controlling interest percentage</td> <td style="padding-bottom: 1pt; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"> </td> <td style="border-bottom: black 1pt solid; text-align: right; width: 15%;">50.0</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net loss attributable to the non-controlling interest</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> </table> <p style="text-align: center; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
</pspw:NoncontrollingInterestTableTextBlock>
<pspw:ScheduleOfReconciliationOfNonControllingInterestBalanceTableTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">The following table summarizes the changes in Non Controlling Interest from April 1, 2011 through December 31, 2012:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 82%;">Balance, April 1, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">608</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Non controlling interest portion of contributed capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss attributable to the non-controlling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Balance, March 31, 2012</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">608</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Net loss attributable to the non-controlling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Balance,  December 31, 2012</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">608</td> <td style="text-align: left;"></td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><b> </b></p>
</pspw:ScheduleOfReconciliationOfNonControllingInterestBalanceTableTextBlock>
<pspw:ScheduleOfAssetsAndLiabilitiesOfSubsidariesTableTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">On January 17, 2013, subsequent to these financial statements, the Company filed a Strike off application with the Registrar of Companies in the United Kingdom to dissolve 3Power Energy Limited, a wholly owned subsidiary of the Company with assets and liabilities as below:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 82%;">Current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">774</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">188,189</td> <td style="text-align: left;"> </td> </tr> </table> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p>
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<us-gaap:ForeignCurrencyExchangeRateTranslation1 contextRef="Context_As_Of_31-Dec-2012" unitRef="pure" decimals="4"> 1.6153 </us-gaap:ForeignCurrencyExchangeRateTranslation1>
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<pspw:ForeignCurrencyExchangeRateTranslationAverage contextRef="Context_As_Of_31-Dec-2012" unitRef="pure" decimals="4"> 1.5790 </pspw:ForeignCurrencyExchangeRateTranslationAverage>
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<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_31-May-2012" unitRef="shares" decimals="0"> 60132 </us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<pspw:PercentageOfPubliclyQuotedClosingPriceOfCommonStockToCalculateNumberOfSharesIssued contextRef="Context_As_Of_25-Jan-2011" unitRef="pure" decimals="2"> 0.85 </pspw:PercentageOfPubliclyQuotedClosingPriceOfCommonStockToCalculateNumberOfSharesIssued>
<pspw:BusinessAcquisitionContingentConsiderationSharesIssuableValueAssigned contextRef="Context_1ME_05-May-2011_LegalEntityAxis_PowerAndinaLimitedMember" unitRef="USD" decimals="0"> 2000000 </pspw:BusinessAcquisitionContingentConsiderationSharesIssuableValueAssigned>
<us-gaap:BusinessAcquisitionContingentConsiderationPotentialCashPayment contextRef="Context_As_Of_05-May-2011_LegalEntityAxis_PowerAndinaLimitedMember" unitRef="USD" decimals="0"> 1750000 </us-gaap:BusinessAcquisitionContingentConsiderationPotentialCashPayment>
<us-gaap:StockIssuedDuringPeriodValueAcquisitions contextRef="Context_1ME_05-May-2011_LegalEntityAxis_PowerAndinaLimitedMember" unitRef="USD" decimals="0"> 3300000 </us-gaap:StockIssuedDuringPeriodValueAcquisitions>
<pspw:PenaltyFeePayable contextRef="Context_As_Of_31-Mar-2012_LegalEntityAxis_PowerAndinaLimitedMember" unitRef="USD" decimals="0"> 500000 </pspw:PenaltyFeePayable>
<pspw:PaymentPeriod contextRef="Context_1ME_05-May-2011_LegalEntityAxis_PowerAndinaLimitedMember"> P20D </pspw:PaymentPeriod>
<pspw:DefaultAmount contextRef="Context_As_Of_05-May-2011_LegalEntityAxis_PowerAndinaLimitedMember" unitRef="USD" decimals="0"> 1750000 </pspw:DefaultAmount>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_05-Jun-2012" unitRef="pure" decimals="2"> 0.75 </us-gaap:EquityMethodInvestmentOwnershipPercentage>
<pspw:InsurancePremiumExpense contextRef="Context_Custom_10-Aug-2012" unitRef="USD" decimals="0"> 164851 </pspw:InsurancePremiumExpense>
<pspw:InsurancePremiumExpense contextRef="Context_Custom_10-Aug-2012" unitRef="EUR" decimals="0"> 211972 </pspw:InsurancePremiumExpense>
<pspw:InsuranceBondPremiumPayable contextRef="Context_As_Of_05-Jun-2012" unitRef="EUR" decimals="0"> 7230315 </pspw:InsuranceBondPremiumPayable>
<pspw:InstallationPower contextRef="Context_Custom_10-Aug-2012" unitRef="pure" decimals="1"> 127.6 </pspw:InstallationPower>
<us-gaap:BusinessAcquisitionPurchasePriceAllocationOtherNoncurrentAssets contextRef="Context_As_Of_31-Dec-2012" unitRef="USD" decimals="0"> 600000 </us-gaap:BusinessAcquisitionPurchasePriceAllocationOtherNoncurrentAssets>
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<us-gaap:StockIssuedDuringPeriodValueIssuedForServices contextRef="Context_Custom_31-May-2012" unitRef="USD" decimals="INF"> 20000 </us-gaap:StockIssuedDuringPeriodValueIssuedForServices>
<us-gaap:SalariesAndWages contextRef="Context_9ME_31-Dec-2012_RelatedPartyTransactionsByRelatedPartyAxis_BoardMembersMember" unitRef="USD" decimals="0"> 405000 </us-gaap:SalariesAndWages>
<us-gaap:ManagementFeeAmountPaid contextRef="Context_9ME_31-Dec-2012_RelatedPartyTransactionsByRelatedPartyAxis_BoardMembersMember" unitRef="USD" decimals="0"> 290725 </us-gaap:ManagementFeeAmountPaid>
<us-gaap:ManagementFeeAmountPaid contextRef="Context_9ME_31-Dec-2012_RelatedPartyTransactionsByRelatedPartyAxis_BoardMembersMember" unitRef="EUR" decimals="0"> 184248 </us-gaap:ManagementFeeAmountPaid>
<pspw:WriteOffOfAssets contextRef="Context_3ME_31-Dec-2011" unitRef="USD" decimals="0"> 0 </pspw:WriteOffOfAssets>
<pspw:WriteOffOfAssets contextRef="Context_9ME_31-Dec-2011" unitRef="USD" decimals="0"> 0 </pspw:WriteOffOfAssets>
<pspw:WriteOffOfAssets contextRef="Context_3ME_31-Dec-2012" unitRef="USD" decimals="0"> 17917 </pspw:WriteOffOfAssets>
<pspw:WriteOffOfAssets contextRef="Context_9ME_31-Dec-2012" unitRef="USD" decimals="0"> 17917 </pspw:WriteOffOfAssets>
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<p style="text-align: justify; background-color: white; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><u>Reclassification</u></p> <p style="text-align: justify; background-color: white; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">Certain reclassifications have been made to prior periods' data to conform to the current period's presentation. These reclassifications had no effect on reported income or losses.</p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;">The major classes of assets and liabilities of the subsidiary are as follows:</p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 82%;">Current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">17,143</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,781,956</td> <td style="text-align: left;"></td> </tr> </table>
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<pspw:ScheduleOfMajorClassesOfAssetsAndLiabilitiesInternationalSubsidiaryTableTextBlock contextRef="Context_9ME_31-Dec-2012">
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">On January 17, 2013, subsequent to these financial statements, the Company filed a Strike off application with the Registrar of Companies in the United Kingdom to dissolve 3Power Energy Limited, a wholly owned subsidiary of the Company with assets and liabilities as below:</p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"> </p> <table align="center" style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 82%;">Current assets</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 15%;">774</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Current liabilities</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">188,189</td> <td style="text-align: left;"></td> </tr> </table>
</pspw:ScheduleOfMajorClassesOfAssetsAndLiabilitiesInternationalSubsidiaryTableTextBlock>
<!-- Footnote Section -->
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<xbrli:instant> 2013-01-17 </xbrli:instant>
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<xbrli:identifier scheme="http://www.sec.gov/CIK"> 0001221554 </xbrli:identifier>
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<pspw:AssetWriteOff contextRef="Context_9ME_31-Dec-2012_RelatedPartyTransactionsByRelatedPartyAxis_InternationalSubsidiariesMember" unitRef="USD" decimals="0"> 17917 </pspw:AssetWriteOff>
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<pspw:AssetWriteOff contextRef="Context_9ME_31-Dec-2012_RelatedPartyTransactionsByRelatedPartyAxis_InternationalSubsidiariesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="0"> 774 </pspw:AssetWriteOff>
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Filing Submission 0001144204-13-009053   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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