2. Discontinued Operations

12 Months Ended

Mar. 31, 2014

Notes

2. Discontinued Operations

Note 2. Discontinued Operations

On June 30, 2012, the Company sold 100% of the stock of Triple C Transport, Inc., Cross Creek Trucking, Inc., and Integrated Freight Services.

Triple C Transport Inc. a motorized freight carrier, was acquired in May of 2010 through a stock purchase agreement.  In October 2010, Triple C began to experience financial and operational difficulties that appeared too great to overcome.  The Company attempted to rescind the stock purchase agreement, and consequently determined to dispose of this entity.  As a result of the decision to sell Triple C, the Company has identified the assets and liabilities of Triple C Transport, Inc. as pertaining to discontinued operations, and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

Cross Creek Trucking Inc., a motorized freight carrier, was acquired in April 2011 through a stock purchase agreement.  Due to the financial and operational difficulties experienced with this business, the Company determined to cease its operations in December 2011.  As a result of the decision to sell Cross Creek, the Company has identified the assets and liabilities of Cross Creek Trucking, Inc. as pertaining to discontinued operations, and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

Integrated Freight Services was formed as a wholly owned subsidiary in February 2011 for the purpose of providing brokerage services to the various subsidiaries of the Company.  With the decision to dispose of Triple C and Cross Creek, the Company determined to cease activities of this subsidiary and dispose of it as well.  As a result of the decision to sell Integrated Freight Services, the Company has identified the assets and liabilities of Integrated Freight Services as pertaining to discontinued operations for all period’s presented

As a consequence of the sale on June 30, 2012 of 100% of the stock of these three entities, there are no longer any assets or liabilities to be accounted for as discontinued operations after this fiscal year ended March 31, 2013.

Summarized operating results for discontinued operations is as follows:
	Year			Year
	Ending			Ending
	March 31,			March 31,
	2014			2013
Revenue		$	-		$	-
Operating Expenses			-			-
Operating Income (Loss)			-			-
Other Income (Expense)			-			4,360,889
Income (Loss) from operations			-			4,360,889
Income tax benefit
Gain (loss) to be recognized from discontinued operations, net of tax		$	-		$	4,360,889

The gain (loss) from discontinued operations above do not include any income tax effect as the Company was not in a taxable position due to its continued losses and a full valuation allowance.

The Company had no remaining assets or liabilities associated with discontinued operations as of March 31, 2014 and 2013.