Share Break down of shares issued and to which party
Seawind Acquisition
Date Cash converted Shares Issued
05/13/2011 Nil 40,114,900
11/2011 $3,332,100 7,404,665
11/2011 $1,000,000 19,607,843
12/2011 $250,000 500,000
12/2011 $2,704,420 5,408,840
Sharif Rahman (CEO)
Date Cash converted Shares Issued
03/2014 $300,000 10,909,091
Capital Trust Holding AG and its affiliates
Date Cash converted Shares Issued
03/2012 $600,000 15,000,000
U. Balasubramaniam (former CEO)
Date Cash converted Shares Issued
03/2012 $630,000 1,260,000
03/2013 $32,150 50,000
Falak Holding Group And other entities owned by Falak
Date Cash converted Shares Issued
12/31/11 $2,074,420 4,148,840
08/15/13 $1,371,544 34,288,606
03/2014 $219,129 7,968,328
03/2014 $611,862 22,249,546
06/2014 $357,825 20,330,996
09/2014 $384,227 10,977,908
12/2014 $331,739 15,079,068
For the fiscal year ended: March 31, 2012 10K (Seawind owners/consultants got majority of the shares issued approximately 67.6 million shares and with an existing 40 million O/S prior and with Falak settlement of another 4.1 and the CEO DU another 1.26 million shares)
TOTAL O/S SHARES is 113,036,248.
Falak Settlement
On December 31, 2011, we entered into a Settlement Agreement (the “Falak Agreement”) with Falak Holding Group (“Falak”). The Falak Agreement provides that Falak will accept 4,148,840 shares of our common stock as full satisfaction of our debt obligations to Falak of $2,074,420.
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.
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.
In November 2011, the Company issued an aggregate of 19,607,843 shares of its common stock in exchange for services rendered valued at $1,000,000 and charged to operations.
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..
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..
During the year the Company issued 1,260,000 shares of Common stock to one Director as per settlement agreement, valued at $630,000.
Reverse Merger (discrepancy in shares between 40 million and 40.1 million)
On May 13, 2011 the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Seawind Energy Limited and its subsidiaries (“Seawind Energy”), pursuant to which the Company acquired 100% of the issued and outstanding common stock of Seawind Energy, in exchange for the issuance of 40,114,900 restricted shares of the Company’s common stock (such transaction as “Seawind Acquisition”). The acquisition was accounted for as a reverse merger and, accordingly, the Company is the legal survivor and Seawind Energy is the accounting survivor.
NOTE 8 - RELATED PARTY TRANSACTIONS
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 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.
For the fiscal year ended: March 31, 2013 10K (another 110,132 shares issued)
TOTAL O/S SHARES 113,146,380
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.
In March 2013, the Company issued 50,000 shares of its common stock to U Bala in exchange for accrued salaries fair valued at $0.057 per share. In connection with the settlement, the Company recognized a gain on settlement of accrual of $32,150 during the year ended March 31, 2013.
Advances from Former Officers and Stockholders
The Company’s stockholder Falak Holding Group has 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, 2013 and 2012, there were $1,430,366 and $401,925 advances outstanding, respectively.
For the fiscal year ended: March 31, 2014 10K (another 34,228,606 shares issued in settlement of outstanding related party advances of $1,371,544, another 15,000,000 shares issued to payment of facilitator fees for the updated feasibility report, another 7,968,328 shares issued in settlement of outstanding related party advances of $179,129 and related accrued fees of $40,000, another 22,249,546 shares issued in settlement of outstanding related party advances of $611,862, another 10,909,091 shares issued for settlement of accrued salaries. )
TOTAL O/S SHARES 203,501,951
NOTE 5 - COMMON STOCK
On August 15, 2013, the Company issued an aggregate of 34,288,606 shares in settlement of outstanding related party advances of $1,371,544.
In December 2013, the Company issued an aggregate of 15,000,000 shares valued at $0.04 per share in settlement of outstanding facilitator fees dues of $600,000 (Note 1). 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 to Capital Trust Holding AG, as advisor for the Shala acquisition transaction. During the year ended March 31, 2013, the Company accrued $600,000 due to the facilitator fees for feasibility studies in process and recorded as expenses. In December 2013, the Company issued to Capital Trust Holding AG and its affiliates, 15,000,000 shares of its common stock, valued at $0.04 per share in settlement of the facilitator fees for feasibility studies.
In March 2014, the Company issued an aggregate of 7,968,328 shares valued at $0.0275 per share in settlement of outstanding note payable of $179,129 and related accrued fees of $40,000.
In March 2014, the Company issued an aggregate of 22,249,546 shares valued at $0.0275 per shares is settlement of outstanding related party advances of $611,862.
In March 2014, the Company issued 10,909,091 shares valued at $0.0275 per shares is settlement of outstanding accrued salaries of $300,000.
NOTE 6 - RELATED PARTY TRANSACTIONS
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 March 31, 2014 and 2013, there were $168,480 and $1,430,366 advances outstanding, respectively (See Note 5 above for repayment by shares).
For the Quarterly year ended: December 31st, 2014 10Q (another 20,330,996 shares issued in settlement of $357,825 from a related party, another 10,977,996 shares issued in settlement of $357,825 from a related party, another 15,079,908 shares issued in settlement of $331,739 loan from related party)
TOTAL O/S SHARES is 249,890,851. Could not find the remaining difference in balance of O/S shares issued!
NOTE 5 - COMMON STOCK
The Company is authorized to issue 300,000,000 shares of $0.0001 par value common stock. As of December 31, 2014 and March 31, 2014, 249,949,923 and 203,561,951 shares were issued and outstanding, respectively.
In June 2014, the Company issued 20,330,996 shares of its common stock in settlement of $357,825 loan from a related party.
In September 2014, the Company issued 10,977,908 shares of its common stock in settlement of $384,227 loan from a related party.
In December 2014, the Company issued 15,079,068 shares of its common stock in settlement of $331,739 loan from a related party.
NOTE 6 - RELATED PARTY TRANSACTIONS
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, 2014 and March 31, 2014, there were $36,644 and $168,480 advances outstanding, respectively
