P2 SOLAR, INC Disclosure Statement Pursuant to the Pink Basic Disclosure Guidelines
P2 Solar, Inc.
13718 91 Avenue, Surrey, BC, Canada V3V 7X1
778-321-0047
www.p2solar.com
raj@p2solar.com
Quarterly Report
For the Period Ending: December 31, 2021
(the "Reporting Period")
As of December 31, 2021, the number of shares outstanding of our Common Stock was: 67,946,513
As of September 30, 2021, the number of shares outstanding of our Common Stock was: 67,946,513
As of March 31, 2021, the number of shares outstanding of our Common Stock was: 67,946,513
Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the Securities Act of
1933 and Rule 12b-2 of the Exchange Act of 1934):
Yes: ☒ | No: ☐ |
Indicate by check mark whether the company's shell status has changed since the previous reporting period:
Yes: ☐ | No: ☒ |
Indicate by check mark whether a Change in Control1 of the company has occurred over this reporting period:
Yes: ☐ | No: ☒ |
- Name of the issuer and its predecessors (if any)
The Company was incorporated as Spectrum Trading Inc. under the laws of the Province of British Columbia, Canada, on November 21, 1990. On May 14, 1999, the Company was discontinued in British Columbia and was reincorporated as Spectrum International Inc. in the State of Delaware, U.S.A. Effective September 3, 2004, the Company changed its name from Spectrum International Inc. to Natco International Inc. On March 11, 2009, the Company changed its name from Natco International Inc. to P2 Solar, Inc. The Company is currently in good standing with State of Delaware and actively pursuing business in Solar Industry.
The state of incorporation or registration of the issuer and of each of its predecessors (if any) during the past five years; Please also include the issuer's current standing in its state of incorporation (e.g. active, default, inactive):
Registered in Delaware since May 14, 1999. The company is currently active
Describe any trading suspension orders issued by the SEC concerning the issuer or its predecessors since inception:
None by SEC, however, there is a Cease Trade Order issued by British Columbia Securities Commission in Canada
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List any stock split, stock dividend, recapitalization, merger, acquisition, spin-off, or reorganization either currently anticipated or that occurred within the past 12 months:
None
The address(es) of the issuer's principal executive office:
13718 91 Avenue, Surrey, BC, Canada V3V 7X1
The address(es) of the issuer's principal place of business:
Check box if principal executive office and principal place of business are the same address: ☒
Has the issuer or any of its predecessors been in bankruptcy, receivership, or any similar proceeding in the past five years?
Yes: ☐ | No: ☒ | ||
2) | Security Information | ||
Trading symbol: | PTOS | ||
Exact title and class of securities outstanding: | Common | ||
CUSIP: | 7440R 103 | ||
Par or stated value: | $0.001 | ||
Total shares authorized: | 500,000,000 | as of date: December 31, 2021 | |
Total shares outstanding: | 67,946,513 | as of date: December 31, 2021 | |
Number of shares in the Public Float2: | 40,749,008 | as of date: December 31, 2021 | |
Total number of shareholders of record: | 80 | as of date: December 31, 2021 |
All additional class(es) of publicly traded securities (if any):
No other Classes of shares trade on any public Market
Transfer Agent
Name: | VSTOCK TRANSFER, LLC | |
Address: | 18 Lafayette Place, Woodmere, NY 11598 | |
Phone: | 212-828-8436 | |
Email: | seth@vstocktransfer.com | |
Is the Transfer Agent registered under the Exchange Act?3 Yes: ☒ | No: ☐ |
- Issuance History
No share issuance of any type has occurred in the past two years. However, there are 4 outstanding subscriptions outstanding on the Company's books for total of $20,000 for 2.5 million Common Shares.
A. Changes to the Number of Outstanding Shares
Check this box to indicate there were no changes to the number of outstanding shares within the past two completed fiscal years and any subsequent periods: ☒
- "Public Float" shall mean the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who is the beneficial owner of more than 10 percent of the total shares outstanding (a "control person"), or any affiliates thereof, or any immediate family members of officers, directors and control persons.
- To be included in the Pink Current Information tier, the transfer agent must be registered under the Exchange Act.
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B. Debt Securities, Including Promissory and Convertible Notes
Check this box if there are no outstanding promissory, convertible notes or debt arrangements: ☐
Date of Note | Outstanding | Principal | Interest | Maturity | Conversion | Name of | Reason for | ||
Issuance | Balance ($) | Amount at | Accrued | Date | Terms (e.g., | Noteholder | Issuance | ||
Issuance ($) | ($) | pricing | (entities must | (e.g., Loan, | |||||
mechanism for | have individual | Services, | |||||||
determining | with voting / | etc.) | |||||||
conversion of | investment | ||||||||
instrument to | control | ||||||||
shares) | disclosed). | ||||||||
Sep 30, 2011 | 47,090 | 47,097 | 24'1341 | On Demand | Non-Convertible | Harjinder | Loan | ||
Sandhu | |||||||||
Jul 2, 2014 | 10,200 | 10,200 | 3,8251 | On Demand | Non-Convertible | Harjinder | Loan | ||
Sandhu | |||||||||
Sep 23, 2014 | 15,000 | 15,000 | 5,6251 | On Demand | Non-Convertible | Harjinder | Loan | ||
Sandhu | |||||||||
Sep 22, 2015 | 200,000 | 200,000 | 62,5001 | On Demand | Convertible at | Harjinder | Loan | ||
.007 USD | Sandhu | ||||||||
N/A | 632,026 2, 3 | Management | nil | On Demand | Up to $300,000 | Raj-Mohinder | Loan/ | ||
fee and loans | Convertible at | Gurm | Accrued | ||||||
accrued over | $0.005 USD | Wages | |||||||
time | |||||||||
Dec 29, 2011 | 1,700 4, 2, | 1,700 | nil | On Demand | Non-Convertible | Hans Edblad | Loan | ||
Nov 03, | 18,841 2 | 18,841 | nil | On Demand | Convertible at | Azariah | Loan | ||
2017 | $0.01 USD | Zemariam | |||||||
June 23, | 5,000 4 | 5,000 | 1304,1 | On Demand | Convertible at | Tracy Petersen | Loan | ||
2021 | $0.01 USD | ||||||||
August 3, | 30,000 4 | 30,000 | 6254,1 | On Demand | Convertible at | Tracy Petersen | Loan | ||
2021 | $0.01 USD | ||||||||
August 24, | 10,0004 | 10,000 | 1774,1 | On Demand | Convertible at | Tracy Petersen | Loan | ||
2021 | $0.01 USD | ||||||||
November | 4,0004 | 4,000 | 174,1 | On Demand | Convertible at | Tracy Petersen | Loan | ||
29, 2021 | $0.01 USD | ||||||||
- Interest is calculated as at December 31, 2021.
- No interest charged
- Loan includes $610,988 accrued wages and $21,038 loan.
- Canadian Dollars
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- Financial Statements
A. The following financial statements were prepared in accordance with:
☒ U.S. GAAP ☐ IFRS
- The financial statements for this reporting period were prepared by (name of individual):
Name: | Raj-Mohinder Gurm |
Title: | President/CEO |
Relationship to Issuer: | Director and Executive Officer |
P2 SOLAR, INC.
FINANCIAL STATEMENTS
FOR THE QUARTER ENDED December 31, 2021
(Unaudited)
Page
Balance Sheets | 5 |
Statements of Operations and Comprehensive Loss | 6 |
Statements of Shareholders' Deficiency | 7 |
Statements of Cash Flows | 8 |
Notes to Financial Statements | 9-15 |
4
P2 SOLAR, INC.
BALANCE SHEETS (Expressed in U.S. dollars) As at December 31, 2021 (Unaudited)
December 31, 2021 | March 31, 2021 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 15,831 | $ | 0 | ||||
Receivables | 10,760 | 10,847 | ||||||
Prepaid expenses | 5,077 | - | ||||||
Advances | - | - | ||||||
Total current assets | 31,668 | 10,847 | ||||||
Long term assets | ||||||||
Hydro projects | - | - | ||||||
Total assets | $ | 31,668 | $ | 10,847 | ||||
LIABILITIES AND SHAREHOLDERS' | ||||||||
DEFICIENCY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 316,549 | $ | 299,708 | ||||
Unearned revenue | - | - | ||||||
Loans payable | - | - | ||||||
Due to related parties | 633,367 | 596,134 | ||||||
Warrant derivative liability | - | - | ||||||
Total current liabilities | 949,915 | 895,842 | ||||||
Loans payable | 329,782 | 291,131 | ||||||
Total liabilities | $ | 1,279,698 | $ | 1,186,973 | ||||
Shareholders' deficiency | ||||||||
Authorized: | ||||||||
500,000,000 common shares, with a par value of | ||||||||
$0.001, 5,000,000 preferred shares with a par value | ||||||||
of $0.001 | ||||||||
Issued: | ||||||||
67,946,513 (2018 - 67,946,513) common shares | 67,946 | 67,946 | ||||||
Additional paid-in capital | 6,542,783 | 6,542,783 | ||||||
Preferred shares issued: | - | - | ||||||
Additional paid in capital-preferred shares | - | - | ||||||
Share subscriptions | 20,000 | 20,000 | ||||||
Foreign exchange reserve | (194,413) | (200,091) | ||||||
Deficit | (7,684,346) | (7,606,763 | ||||||
Total shareholders' deficiency | (1,248,030) | (1,176,125) | ||||||
31,668 | 10,847 |
The accompanying notes are an integral part of these consolidated financial statements
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P2 Solar Inc. published this content on 07 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2022 21:27:04 UTC.
