3Power Energy Group Inc (PSPW)

[Topfuel]

I sad down and read the Q last night, I was surprised this was not talked about.


On July 4, 2011, Seawind Energy and Seawind Service changed their name to 3Power Energy Limited (“3Power Energy”) and 3Power Project Service Limited (“3Power Service”), respectively. Both 3Power Energy and 3Power Service were been dissolved as of September 30, 2017.

I thought this was took care of 2 years ago below, Looks like the UK of the past is finally wrapped up

During the six months ended September 30, 2017, we received an approval of our strike-off application for our discontinued U.K subsidiary. As such, we recognized a gain on disposal of a subsidiary of $1,853,916

As of September 30, 2017, our total current assets were $16,899 compared to total current assets $30,230 as of March 31, 2017 and the total current liabilities were $5,895,747 as of September 30, 2017 compared to $6,927,821 as of March 31, 2017. The decrease in current liabilities was primarily due to write off of our U.K sub liabilities due to strike off of $1,584,709 , net with increases of $323,416 in related party and other debt and increase in accounts payable and accrued expenses of $229,219.

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