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SOUTHERN GEO POWER CORP.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS

NOTE 1 – DESCRIPTION OF COMPANY

Future Energy Technologies, Inc. (“FET”) was incorporated pursuant to theWyoming Business Corporation Act on October30, 2009. On March 3, 2010, FET changed its name to Southern Geo Power Corp. ("SGPC").

Since its inception, SGPC has focused on the development of a unique wireless power transmission technology intended for low power requirement applications such as remote controls and industrial sensors.  To date, SGPC has not generated revenues or earnings as a result of its activities.

The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

NOTE 2 –GOING CONCERNAND MANAGEMENT PLANS

These factors raise a substantial doubt about the Company’s ability to continue as a going concern.  The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.  

The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business.

In addition to operational expenses, as the Company executes its business plan, it is incurring expenses related to complying with its public reporting requirements.  In order to finance these expenditures, the Company has raised capital in the form of debt, which will have to be repaid, as discussed in detail below.  The Company has depended on shareholder loans for much of its operating capital.  The Company will need to raise capital in the next twelve months in order to remain in business.

Management anticipates that significant dilution will occur as the result of any future sales of the Company’s common stock and this will reduce the value of its outstanding shares. The Company cannot project the future level of dilution that will be experienced by investors as a result of its future financings, but it will significantly affect the value of its shares.

Management has plans to address the Company’s financial situation as follows:

In the near term, management plans to continue to focus on raising the funds necessary to fully implement the Company’s business plan.  Management believes that certain shareholders will continue to advance the capital required to meet the Company’s financial obligations.  There is no assurance, however, that these shareholders will continue to advance capital to the Company or that the new business operations will be profitable.  The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raise doubts about the Company’s ability to continue as a going concern.  

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide significant profit to the Company, which will be used to finance the Company’s future growth.  However, there can be no assurances that the Company’s planned activities will be successful, or that the Company will ultimately attain profitability.  The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations and the ability of the Company to ultimately achieve adequate profitability and cash flows from operations to sustain its operations.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION – The Company’s financial statements are presented in accordance with accounting principles generally accepted (GAAP) in the United States.  In the opinion of management, all adjustments, consisting

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of normal recurring adjustments, necessary for a fair presentation of financial position and the result of operations for the periods presented have been reflected herein. The accompanying financial statements have been prepared solely from the accounts of Go Solar USA, Inc.

DEVELOPMENT STAGE COMPANY – The Company is considered to be in the development stage as defined in ASC 915, “Accounting and Reporting by Development Stage Enterprises”. The Company has devoted substantially all of its efforts to the corporate formation, the raising of capital and attempting to generate customers for the sales of the Company’s products.

USE OF ESTIMATES – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ.

CASH AND CASH EQUIVALENTS –The Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased, to be cash equivalents.The Company maintains cash and cash equivalent balances at one financial institution that is insured by the FDIC.

FIXED ASSETS – Although the Company does not have any fixed assets at this point, any fixed assets acquired in the future will be stated at cost, less accumulated depreciation. Depreciation will be provided using the straight-line method over the estimated useful lives of the related assets. Costs of maintenance and repairs will be charged to expense as incurred.

RECOVERABILITY OF LONG-LIVED ASSETS – The Company reviews the recoverability of long-lived assets on a periodic basis whenever events and changes in circumstances have occurred which may indicate a possible impairment. The assessment for potential impairment will be based primarily on the Company’s ability to recover the carrying value of its long-lived assets from expected future cash flows from its operations on an undiscounted basis. If such assets are determined to be impaired, the impairment recognized is the amount by which the carrying value of the assets exceeds the fair value of the assets. Fixed assets to be disposed of by sale will be carried at the lower of the then current carrying value or fair value less estimated costs to sell.

FAIR VALUE OF FINANCIAL INSTRUMENTS – The carrying amount reported in the balance sheets for cash and cash equivalents, accounts payable, and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company does not utilize derivative instruments.

INCOME TAXES – The Company accounts for income taxes utilizing the liability method of accounting.  Under the liability method, deferred taxes are determined based on differences between financial statement and tax bases of assets and liabilities at enacted tax rates in effect in years in which differences are expected to reverse.  Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are expected to be realized.

REVENUE RECOGNITION – The Company will generate revenue from the sales in accordance with Staff Accounting Bulletin 101. The criteria for recognition are as follows:

1.

Persuasive evidence of an arrangement exists;

2.

Delivery has occurred or services have been rendered;

3.

The seller’s price to the buyer is fixed or determinable, and

4.

Collectable is reasonably assured.

RECENTLY ADOPTED AND RECENTLY ENACTED ACCOUNTING PRONOUNCEMENTS

Recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC did not or are not believed by management to have a material impact on the Company's present or future financial statements.

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NOTE 4 – NOTES PAYABLE TO STOCKHOLDERS

On March 4, 2010SGPC signed a promissory note with a non-related 3^rd partyin the amount of $400,000. The note bears 10% interest, is due and payable on March 3, 2012 and has no collateral.  As of July 31, 2011, the principal balance was $400,000 and accrued interest was $85,273.

NOTE 5 – INCOME TAXES

Deferred income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company’s assets and liabilities.  Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company’s tax return.  Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases.

As of July 31, 2011, there is no provision for income taxes, current or deferred.

Deferred tax assets:

      2011

2010

  Net operating loss carry-forwards

$    199,741

$   154,816

    Valuation allowance

(199,741)

(154,816)

    Net deferred tax asset

$         --

$         --

NOTE 6 – STOCKHOLDERS’ DEFICIT

During the year ended July 31, 2010, the Company issued 1,000,000 shares of its common stock to an entityfor services rendered during the formation of the Company.  As such, these issuances are considered founders shares and are carried on the books of the Company with a zero value.

The Company has authorized capital consisting of 1,000,000 shares of common stock, of which 1,000,000 shares of common stock were outstanding on July31, 2011.

NOTE 7 – CONTRIBUTED CAPITAL

During the years ended July 31, 2011 and 2010 the Company’s President contributed his management services to the Company at the rate of $5,000 per month, resulting in compensation expense of $60,000 and $25,000 respectively.  The contributed services were considered contributed capital and accounted for as Additional Paid in Capital.

During the years ended July 31, 2011 and 2010 the Company’s President contributed office space to the Company at the rate of $1,000 per month, based on prevailing market rates, resulting in rent expense of $12,000 and $5,000 respectively.  The contributed rent was considered contributed capital and accounted for as Additional Paid in Capital.

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NOTE 8 – RELATED PARTY TRANSACTIONS

As disclosed in Note 7 above the Company’s President arranged for office space at no charge to the Company.  The office space was recognized as contributed rent expense of $12,000 and $5,000 for the years ended 2011 and 2010, respectively.  

While the above amounts are not necessarilyindicative of the amounts that would have been incurred had comparable transactions been entered into with independent parties, the Company feels as through the rent expense recognizes was comparableto fair market value.

Other than the contributed rent described above the Company has no related party transactions.

NOTE 9 – SUBSEQUENT EVENTS

On August 22, 2011, SGPC entered into an Agreement of Merger and Plan of Reorganization with Onyx Service & Solutions, Inc., a publically held Delaware Corporation.Upon closing of the transaction contemplated under the Merger Agreement SGPC merged with and into the Company and the former shareholder of SGPC will be the majority shareholder in the merged entity.

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