3Power Energy Group Inc.

CIK:0001221554|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Operating expenses:
Selling, general and administrative	$ 207,057	$ 137,157	$ 489,973	$ 421,162
Depreciation	975	1,021	2,796	3,005
Total operating expenses	208,032	138,178	492,769	424,167
Loss from operations	(208,032)	(138,178)	(492,769)	(424,167)
Other income (expense):
Gain on disposal of subsidiary	0	0	1,584,709	0
Reclassification of other comprehensive income relating to disposal of subsidiary	0	0	269,207	0
Interest expense	(60,234)	(46,869)	(169,011)	(140,194)
Foreign currency transaction (loss) gain	(8,362)	32,664	(61,529)	39,470
Total other (expense) income	(68,594)	(14,205)	1,623,377	(100,724)
Net (loss) income before income taxes	(276,626)	(152,383)	1,130,608	(524,891)
Provision for income taxes	0	0	0	0
Net (loss) income	(276,626)	(152,383)	1,130,608	(524,891)
Net loss attributable to the non-controlling interest	36,244	13,141	61,544	36,586
NET (LOSS) INCOME ATTRIBUTABLE TO 3POWER ENERGY GROUP, INC.	$ (240,383)	$ (139,242)	$ 1,192,151	$ (488,305)
(Loss) income per common share-basic	$ (0.00)	$ 0.00	$ 0.00	$ 0.00
(Loss) income per common share-diluted	$ (0.00)	$ 0.00	$ 0.00	$ 0.00
Weighted average number of shares outstanding-basic	274,295,110	249,949,923	274,295,110	249,949,923
Weighted average number of shares outstanding-diluted	274,295,110	249,949,923	274,295,110	249,949,923
Comprehensive income (loss):
Net (loss) income	$ (276,626)	$ (152,383)	$ 1,130,608	$ (524,891)
Foreign currency translation (loss) income	(50,083)	73,830	(167,581)	253,801
Comprehensive income (loss):	(326,709)	(78,553)	963,207	(271,090)
Comprehensive loss attributable to non controlling interest	34,488	13,141	89,162	36,586
Comprehensive (loss) income attributable to 3Power Energy Group, Inc.	$ (292,221)	$ (65,412)	$ 1,052,189	$ (234,504)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,130,608	$ (524,891)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	2,796	3,005
Gain on disposal of subsidiary	(1,853,916)	0
Foreign currency transaction loss (gain)	61,529	(39,470)
Changes in operating assets and liabilities:
Advances from related party	528,256	287,871
Due from related party	(52,723)	0
Prepaid and other current assets	(258,199)	(6)
Accounts payable and accrued expenses	260,262	126,431
Accrued interest	164,267	140,178
Net cash used in operating activities:	(17,121)	(6,882)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment	(535)	0
Net cash used in investing activities	(535)	0
Effective of currency rate change on cash	7,018	0
Net decrease in cash and cash equivalents	(10,638)	(6,882)
Cash and cash equivalents-beginning of period	19,495	9,097
Cash and cash equivalents-end of period	8,857	2,215
Cash paid during the period for:
Interest	0	0
Income taxes	0	0
Non cash investing and financing activities:
Non cash investing and financing activities	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 8,857	$ 19,495
Due from related party	52,723	0
Prepaid and other current assets	268,935	10,735
Total current assets	330,515	30,230
Property and equipment, net	35,333	32,936
Total assets	365,848	63,166
Current liabilities:
Accounts payable and accrued expenses	3,820,217	4,860,927
Accrued interest	1,123,137	958,870
Notes payable	564,219	502,035
Due to related parties	1,134,245	605,989
Total current liabilities	6,641,818	6,927,821
Commitments and contingencies
Deficit
Common stock,$0.0001 par value, 300,000,000 shares authorized, 274,295,110 shares issued and outstanding as of December 31, 2017 and March 31, 2017	27,430	27,430
Additional paid in capital	12,440,089	12,440,089
Other comprehensive (loss) income	(71,481)	337,686
Accumulated deficit	(18,250,001)	(19,337,016)
Total deficit attributable to 3Power Energy Group, Inc.	(5,853,962)	(6,531,811)
Non-controlling interest	(422,006)	(332,844)
Total deficit	(6,275,969)	(6,864,655)
Total liabilities and deficit	$ 365,848	$ 63,166