Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.4
Subsequent Events
9 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
21. Subsequent Events

a) On January 11, 2021, the Company received notice for the conversion of $10,000 of principle and $81,592 of interest due under a convertible promissory note. Accordingly, the Company has issued 228,981 common shares in settlement at the conversion rate of $0.40 per share (Note 10).

b) On January 14, 2021, the Company entered into a Battery Energy Storage System Strategic Manufacturing Framework Agreement (the “Framework Agreement”) with Shanghai Electric Gotion New Energy Technology Co., Ltd. (“SEG”).

Under the terms of the Framework Agreement, the parties will work together towards the development of various lithium-ion Battery Energy Storage System (BESS) projects around the world. The Company, through its wholly owned subsidiary, Pacific Green Energy Storage Technologies, Inc., will manage each project’s overall execution, including system design, integration and commercial optimization, while SEG will produce the battery technology as the equipment manufacturer.


c) On January 15, 2021, the Company granted 25,000 stock options to an officer of the Company. The stock options are exercisable at a 25% discount to market and vest on January 15, 2021. These stock options are exercisable 12 months following the grant date.

d) On February 1, 2021, the Company appointed Peter Rossbach to become an Independent Non-Executive Director of our Company.

e) On February 2, 2021, the Company executed a settlement agreement and a postponement agreement with Scorpio Bulkers Inc. (“SALT”) and Scorpio Tankers Inc. (STNG), respectively. Under the terms of the settlement agreement, SALT has been released from its commitments and guarantees related to its previous purchase contracts in exchange for: (1) $7,215,000 paid within 5 days of settlement, and (2) deposits and other monies already transferred to the Company with respect to the contracts. Each party is thereinafter released from any further guarantees or claims related to these contracts. Under the terms of the postponement agreement, STNG is released from its commitments under previous purchase contracts in exchange for: (1) $5,276,500 paid within 5 days of settlement, (2) $2,683,250 paid at the 6-month anniversary of the settlement, and (3) deposits and other monies already transferred to the Company with respect to the contracts.  Under the postponement agreement, STNG retains an option for nine months allowing it to pay $2,638,250 to “unfreeze” between eleven and nineteen of the remaining STNG purchase agreements. If the option is exercised, the Company will be required to deliver under the current commitment with a revised timeline for delivery at a pre-agreed purchase price. For all vessels not covered under such an exercised option, each party is released from any further guarantees or claims related to these contracts.