Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
3 Months Ended
Jun. 30, 2014
Intangible Assets [Abstract]  
Intangible Assets
3. Intangible Assets

 

      Cost 
$
    Accumulated amortization
$
    Impairment 
$
    June 30, 
2014 
Net carrying value 
$
    March 31, 
2014 
Net carrying value 
$
 
                                           
  Patents and technical information     35,852,556       (1,823,001 )     (10,916,531 )     23,113,024       23,644,629  

 

On May 15, 2013, the Company acquired PEGP and its wholly owned subsidiary EPSB for the issuance of 3,500,000 common shares. EPSB holds options to purchase land on which the Company plans to build a biomass power plant facility.

 

On May 17, 2013, the Company entered into an Assignment of Assets agreement with Enviro whereby the Company acquired various patents and technical information related to the manufacture of a wet scrubber for removing sulphur, other pollutants and the particulate matter from diesel engine exhaust. In exchange for these assets the Company waived all obligations owing to the Company as well as agreed to return a total of 88,876,443 of Enviro’s shares back to Enviro. The obligations waived consisted of $237,156 owing to PGT Inc. as well as $93,721 of debt owing to PGG which was assigned to PGT Inc. The Company will enter into share exchange agreements with Enviro shareholders in which it will issue shares of its common stock in exchange for shares of Enviro on a one for ten basis. As at June 30, 2014, the Company has a remaining 2,217,130 shares of its common stock to be issued to Enviro shareholders at a fair value $8,868,523, which was recorded as common stock issuable.