Blox, Inc. - Annual Report: 2015 (Form 10-K)

Blox Form 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

X ANNUAL REPORT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended March 31, 2015

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _______ to ___________.

Commission file number 000-53565

BLOX, INC.

(Exact name of registrant as specified in its charter)

Nevada

20-8530914

(State or other jurisidiction of

(I.R.S. Employer Identification No.)

incorporation of organization)

Suite 600 – 666 Burrard Street, Vancouver, BC Canada

V6C 3P6

(Address of principal executive offices)

(ZIP Code)

Registrant’s telephone number, including area code:

(604) 688-3899

Securities registered pursuant to Section 12(b) of the Act

None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $0.00001 par value

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant as required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Small reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No. x

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the average bid and asked price of such common equity as of December 31, 2014 was $2,928,563.

The number of shares outstanding of the registrant’s common stock as of June 29, 2015 was 108,611,814.

Documents Incorporated By Reference:

None

TABLE OF CONTENTS


PART I		Page
	Item 1. Business		4
	Item 1A. Risk Factors		8
	Item 1B. Unresolved Staff Comments		13
	Item 2. Properties		13
	Item 3. Legal Proceedings		14
	Item 4. Mine Safety Disclosures		14
	PART II
	Item 5. Market for Common Equity, Related Stockholder Matters and Purchases of Equity Securities		14
	Item 6. Selected Financial Data		15
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk		20
	Item 8. Financial Statements and Supplementary Data		20
	Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure		21
	Item 9A. Controls and Procedures		21
	Item 9B. Other Information		22
	PART III
	Item 10. Directors, Executive Officers and Corporate Governance		23
	Item 11. Executive Compensation		25
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		28
	Item 13. Certain Relationships and Related Transactions and Director Independence		30
	Item 14. Principal Accountant Fees and Services		30
	PART IV
	Item 15. Exhibits, Financial Statement Schedules		33

PART I.

As used in this annual report on Form 10-K, the terms “we”, “us” “our”, the “Company” or the “registrant” refer to Blox Inc., a Nevada corporation, and its wholly-owned subsidiaries, Blox Energy Inc., Kenderesh Endeavors Corp., Kenderes Biogaz Korlatolt Fele Lossegu Tarsasag (“Kenderes Biogaz”), Quivira Minerals Inc. and Quivira Gold Inc., unless otherwise specified.

Our financial statements are stated in United States Dollars (US$) unless otherwise stated and are prepared in accordance with United States Generally Accepted Accounting Principles.

In this annual report, unless otherwise specified, all references to “common shares” refer to the common shares in our capital stock.

Forward-Looking Statements

This annual report contains “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objections of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

Forward-looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. Except as required by applicable law, including the securities laws of the United States, we do not intend, and undertake no obligation, to update any forward-looking statement.

Although we believe the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The factors impacting these risks and uncertainties include, but are not limited to:

our current lack of working capital;

our ability to obtain any necessary financing on acceptable terms;

timing and amount of funds needed for capital expenditures;

timely receipt of regulatory approvals;

our management team’s ability to implement our business plan;

effects of government regulation;

general economic and financial market conditions;

our ability to complete the required feasibility study for permitting of the Mansounia concession in Guinea;

our ability to develop our green mining business in Africa; and

the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require our management to make estimates about matters that are inherently uncertain.

Item 1.

Business

We are a green mining company, primarily engaged in acquiring mineral assets and applying green methods of extraction such as renewable energy and carbon neutral living areas. We currently operate a 1.14 megawatt (“MW”) biogas renewable energy power plant in Hungary.

Overview

We were incorporated in the State of Nevada on July 21, 2005, under the name “Nava Resources, Inc.” for the purpose of conducting mineral exploration activities. We were authorized to issue 400,000,000 shares of common stock, having a par value of $0.001 per share. On January 4, 2007, we obtained written consent from our shareholders to amend our Articles of Incorporation to change the par value of our common stock from $0.001 to $0.00001 per share, which change was effected on February 28, 2007. Effective July 30, 2013, we changed our name from “Nava Resources, Inc.” to “Blox Inc.”.

Following incorporation, we were engaged in the exploration of early-stage mineral properties. However, we were not successful in developing our mineral property interests and thus began to investigate other business opportunities in order to maximize shareholder value. As a result, we entered into the Amalgamation Agreement with Eco Endeavors, which closed on February 27, 2014.

Recent Corporate Developments

On June 23, 2013, we entered into an Amalgamation Agreement (the “Amalgamation Agreement”) with our wholly-owned subsidiary, Ourco Capital Ltd., (“Ourco”), International Eco Endeavors Corp. (“Eco Endeavors”), which was incorporated on April 28, 2011 under the laws of the Province of British Columbia, Kenderesh Endeavors Corp. (“Kenderesh”), and Kenderes Biogaz Termelo Korlatolt Fele Lossegu Tarsasag (“Kenderes Biogaz”), pursuant to which Ourco and Eco Endeavors agreed to amalgamate to form “Amalco”, pursuant to the provisions of the Business Corporation Act (British Columbia). Kenderes Biogaz is a wholly-owned subsidiary of Kenderesh which, in turn, is a wholly-owned subsidiary of Eco Endeavors. Kenderes Biogaz owned and operated a biogas plant located near Budapest, Hungary.

On February 27, 2014, we closed the Amalgamation Agreement and completed the amalgamation of Ourco and Eco Endeavors under the name “Blox Energy Inc.”, thereby acquiring all of the issued and outstanding shares of Amalco. Amalco is a private company incorporated pursuant to the Business Corporations Act (British Columbia) and is a renewable energy company that indirectly owns an operating biogas plant in Hungary. It is also engaged in the development of renewable energy projects and intends to expand into the provision of renewable energy services.

In connection with the closing of the Amalgamation Agreement, we experienced a change of control, as a new director, who was a nominee of Eco Endeavors, was appointed to our board of directors, prior management resigned and were replaced by management nominated by Eco Endeavors, and former shareholders of Eco Endeavors were issued common shares that constituted 59% of our issued and outstanding shares as at the closing. As a result, we determined to treat the acquisition of Eco Endeavors as a reverse merger and recapitalization for accounting purposes, with Eco Endeavors as the acquirer for accounting purposes. As such, the financial information, including the operating and financial results and audited and unaudited financial statements included in this annual report on Form 10-K represent the financial results of Eco Endeavors rather than that of our company prior to the completion of the acquisition described above.

Pursuant to the terms of the Amalgamation Agreement, and on the closing date thereof, all of the issued and outstanding common shares of Eco Endeavors were cancelled, and the former shareholders of Eco Endeavors received in exchange 60,000,000 units of our company on a pro rata basis. Each unit consisted of one common share and one share purchase warrant, with each warrant exercisable into an additional common share at an exercise price of $0.05 per share for a period of five years from the closing date. Based upon the price of the concurrent financing of $0.05 per unit, the aggregate value of the common shares issued to the former Eco Endeavors shareholders was $3,000,000.

New directors and officers of our company and new directors of Amalco received an aggregate of 6,100,000 common shares (or 6% on a non-diluted basis) in connection with the closing of the Amalgamation Agreement. Pursuant to a consulting agreement dated February 27, 2014 between our company and Robert Abenante, a former director and officer of our company, Mr. Abenante received an additional 9,233,860 common shares and 8,000,000 share purchase warrants, having the same terms as above (or 9.1% on a non-diluted basis). The consulting agreement was a condition of closing of the Amalgamation Agreement.

Following the closing of the transaction, we acquired all of the common shares of Amalco and Amalco became a wholly-owned subsidiary of our company.

A copy of the Amalgamation Agreement was filed as Exhibit 10.7 to the Annual Report on Form 10-K that was filed with the Securities and Exchange Commission (“SEC”) on September 17, 2013 and is incorporated herein by reference. An amendment to the Amalgamation Agreement was subsequently filed on Form 8-K with the SEC on February 24, 2014 and is also incorporated herein by reference.

Concurrent Financing

In connection with the closing of the Amalgamation Agreement on February 27, 2014, we completed a non-brokered private placement, pursuant to which we issued an aggregate of 20,000,000 units at a price of $0.05 per unit for gross proceeds of $1,000,000. Each unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to acquire an additional common share at the exercise price of $0.05 for a period of 5 years from the closing of the financing. The units were issued to two non-U.S. persons (as that term is defined in Regulation S of the Securities Act of 1933, as amended) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933, as amended.

The securities of our company that were issued to the former shareholders of Eco Endeavors upon the closing of the Amalgamation Agreement and to subscribers in the concurrent financing were not, and will not be, registered under the Securities Act of 1933, as amended, or under the securities laws of any state in the United States, and were issued in reliance upon an exemption from registration under the Securities Act of 1933, as amended. The securities may not be offered or sold in the United States absent registration under the Securities Act of 1933, as amended, or an applicable exemption from such registration requirements.

Following the closing of the Amalgamation Agreement, we commenced focusing on the business currently carried on by Amalco, which operated as a renewable energy company that indirectly owns an operating biogas plant in Hungary. It was also engaged in the development of renewable energy projects and intended to expand into the provision of renewable energy services. Amalco operated a 1.14 MW biogas plant located just outside of Budapest, Hungary. The plant served as a pilot project to demonstrate the potential for similar use of renewable energy in a variety of regions and climates.

Our Kenderes Biogas Plant (the “Plant”) in Hungary was under care and maintenance and we cancelled its power contract during this idle time. The contract was between MAVIR Zrt. and Kenderes Biogáz Termelo Kft., our subsidiary, for the sale of up to 5,842 megawatt-hours per year from July 2007 to December 2020. The power could be sold at three different rates each day: 37.72 Hungarian Forints per kilowatt-hour (HUF/kWh) at peak hours; 33.76 HUF/kWh at midday hours, and 13.75 HUF/kWh at night hours. The request was submitted on April 26, 2014 and approved on May 23, 2014 for termination on June 1, 2014. During the third fiscal quarter of fiscal 2015, we discontinued and sold our operations at our Plant due to uneconomic conditions brought on by political and economic forces in Hungary. We moved the Plant to Africa where we expect to provide energy to mining projects. We completed the sale of our wholly-owned Hungarian subsidiary, and shifted our focus to our Mansounia Property in West Africa.

Change of Officers and Directors

Upon closing of the Amalgamation Agreement Robert Abenante was appointed as a director of our company and Robert Ironside and Cedric Wilson were appointed as directors of Amalco. Ronald Renne resigned from all executive officer positions and Robert Abenante was appointed as Chief Executive Officer and President, Kimberly Gillett was appointed Corporate Secretary and Marco Parente was appointed as Interim Chief Financial Officer.

The following changes in officers and directors have occurred since the closing of the Amalgamation Agreement:

Cedric Wilson was appointed as a director of our company effective March 14, 2014.

Robert Ironside was appointed a director of our company effective June 10, 2014.

Kimberly Gillett resigned as Corporate Secretary effective June 12, 2014.

Brigitte McArthur was appointed as Corporate Secretary effective July 17, 2014.

Marco Parente resigned as Chief Financial Officer effective June 27, 2014, being replaced by Rick Low on such date.

Robert Abenate, Cedric Wilson and Robert Ironside resigned as directors of our company and all subsidiaries, effective May 1, 2015.

Robert Abenate resigned as President and Chief Executive Officer and Rick Low resigned as Chief Financial Officer, effective May 1, 2015 and Ronald Renne was appointed as Interim Chief Executive Officer and Interim Chief Financial Officer.

Brigitte McArthur resigned as Corporate Secretary effective May 15, 2015.

Description of Property

On August 6, 2014, we announced that we entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") with Joseph Boampong Memorial Institute Ltd. ("JBMIL") and Equus Mining Ltd. ("EML"), Burey Gold Guinee sarl ("BGGs") and Burey Gold Limited ("BGL") and, collectively with EML and BGGs, (the "Vendors"), pursuant to which we agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Mansounia Property") from the Vendors. We also announced that we had exercised that right and acquired a 78% beneficial interest in the Mansounia Property.

The Mansounia Property lies in the southwest margin of the Siguiri Basin, in the Kouroussa Prefecture, Kankan Region, in Guinea, West Africa and covers a surface area of 145 square kilometres. The Mansounia Property is located approximately 80 kilometres west, by road, from the country's third largest city, Kankan.

An exploration permit for the Mansounia Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013. As part of our due diligence, we obtained a legal opinion which confirmed that the license was in good standing at the time of acquisition. It is

our intention to obtain an exploitation permit, to allow us the exclusive right to mine and dispose of minerals for 15 years, with a possible 5 year extension. We have commenced work on the feasibility study required for obtaining this permit.

In consideration for the acquisition of the interest in the Mansounia Property, we paid $107,143to BGL and $42,857to EML and on July 31, 2014, issued BGL and EML an aggregate of 6,514,350 shares of common stock of our company (the "First Tranche Shares"), at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, we recorded the cash payment of $150,000 plus $781,722 as the fair value of the First Tranche Shares in mineral interest. The fair value of the First Tranche Shares was based on the closing price of our shares on the OTCQB on July 24, 2014.

Within 14 days of commercial gold production being publicly declared from ore mined from the Mansounia Property, we will issue BGL and EML a second tranche of shares of common stock of our company (the "Second Tranche Shares"). The number of Second Tranche Shares to be issued shall be calculated by dividing $1,150,000 by the volume weighted average share price of our common stock over a 20 day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively.

Geological and Technical Consultants

Since our management is inexperienced with exploration, we intend to retain qualified persons on a contract basis as needed to assist us with our exploration activities, including the survey, exploration, excavation of any mineral property we may acquire. We do not presently have any verbal or written agreement regarding the retention of any such persons.

Competitive Conditions

The mineral exploration business is an extremely competitive industry. We are competing with many other exploration companies looking for minerals. We are a very early stage mineral exploration company and a very small participant in the mineral exploration business. Being a junior mineral exploration company, we compete with other companies like ours for financing and joint venture partners. Additionally, we compete for resources such as professional geologists, camp staff, helicopters and mineral exploration supplies.

Government Approvals and Recommendations

Mining operations and exploration activities are subject to various national and local laws and regulations in West Africa, which govern prospecting, development, exploitation, production, export, taxes, labour standards, occupational health, waste disposal, protection of the environment, mine safety, hazardous substances and other matters. We E intend to secure all necessary permits for

Our activities are also subject to various federal and state/provincial laws and regulations governing protection of the environment. These laws are continually changing and, in general, are becoming more restrictive. We intend to conduct business with a view to safeguarding public health and the environment and operating in compliance with applicable laws and regulations. We will generally be required to mitigate long-term environmental impacts by stabilizing, contouring, resloping and revegetating various portions of a site after mining operations are completed. These reclamation efforts will be conducted in accordance with detailed plans, which must be reviewed and approved by the appropriate regulatory agencies. Changes to current l laws and regulations in West Africa could in the future require additional capital expenditures and increased operating and/or reclamation costs. Although we are unable to predict what additional legislation, if any, might be proposed or enacted, additional regulatory requirements could impact the economics of our projects.

Guinea’s National Transition Council (CTN) amended its mining code in April 2013, in an effort to improve its investment record. The amendments brought profit taxes down to 30 percent, and cut the tax on bauxite to 0.15 percent of the international market price for aluminum. However, the new version still contains the controversial clause, which grants the government a free 15-percent stake in mining projects, as well as the option of purchasing an additional 20 percent stake. The clause is designed to encourage companies to process raw materials inside the sovereign’s borders, rather than just shipping the ore out. The state’s stake in the projects is said to shrink as the portion of value added inside the country’s borders increases.

Under the new mining code, an industrial exploitation or operating permit will be granted for 15 years. It can be renewed for five-year periods, provided the holder of the title complies with its obligations. Upon non-commencement of work within a year of the issuance of an exploitation permit for industrial operations, the previous monthly fine of GNF5m has been revised to GNF10m, imposed for the first three months, with a monthly increase of 10 percent of the penalty amount thereafter.

Mining convention: The granting of a mining concession and an exploitation permit must be accompanied by the mining convention. The maximum duration of a mining convention is 25 years, renewable for one or several periods of 10 years. Mining conventions are subject to an executive order and will be signed by the Minister of Mines, following the advice of the National Mining Committee and the authorization of the Council of Ministers. Mining conventions will then be submitted for the legal opinion of the Supreme Court and ratified by Parliament.

Costs and Effects of Compliance with Environmental Laws

Although we currently have no costs to comply with environmental laws concerning our mineral property, we will have to sustain the cost of reclamation and environmental remediation for all work undertaken which causes sufficient surface disturbance to necessitate reclamation work. Both reclamation and environmental remediation refer to putting disturbed ground back as close to its original state as possible. Other potential pollution or damage must be cleaned and renewed along standard guidelines outlined in the usual permits. Reclamation is the process of bringing the land back to a natural state after completion of exploration activities. Environmental remediation refers to the physical activity of taking steps to remediate, or remedy, any environmental damage caused, i.e. refilling trenches after sampling or cleaning up fuel spills. At this time, we do not require any reclamation or remediation other than minor clean up and removal of supplies because of minimal disturbance to the ground. The amount of these costs is not known at this time as we do not know the extent of the exploration program we will undertake. Because there is presently no information on the size, tenor, or quality of any resource or reserve at this time, it is impossible to assess the impact of any capital expenditures on our earnings or competitive position in the event a potentially economic deposit is discovered.

Employees

We currently have no employees. Our sole officer and director provides consulting services to us on a part time basis. We intend to retain the services of geologists, prospectors and consultants on a contract basis to conduct the exploration programs on our mineral claims and to assist with regulatory compliance and preparation of financial statements.

Item 1A.

Risk Factors

Much of the information included in this annual report on Form 10-K includes, or is based upon, estimates, projections or other forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “predict”, “potential”, or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include any projections and estimates made by our management in connection with our business operations. These statements speak only as of the date of this overview. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.

Such estimates, projections or other forward-looking statements involve various risks and uncertainties as outlined below. We caution the reader that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other forward-looking statements.

The material risks and uncertainties that may affect our forward-looking statements include, among other things: (1) our ability to obtain any necessary financing on acceptable terms; (2) timing and amount of capital expenditures; (3) timely receipt of regulatory approvals; (4) our management team’s ability to implement our business plan; (5) effects of government regulation; (6) general economic and financial market conditions; and (8) other factors beyond our control.

An investment in our common stock involves a number of very significant risks. You should carefully consider the following known material risks and uncertainties in addition to other information in this report in evaluating our company and our business, before purchasing shares of our common stock. Additional risks not presently known to us may also impair our business operations. You could lose all or part of your investment due to any of these risks.

Risks Relating to Our Company

Our auditors have expressed substantial doubt about our ability to continue as a going concern.

We will be required to expend substantial amounts of working capital in order to explore and develop our mineral property. We have not generated sustained income from operations since inception, have incurred losses in developing our business, and further losses are

anticipated. Our operations to date were funded entirely from capital raised from our private offerings of securities. We will continue to require additional financing to meet our obligations and the costs of operations and to execute our business strategy. We incurred a comprehensive loss of $2,488,976 and $841,380 for the years ended March 31, 2015 and 2014, respectively, and have incurred cumulative losses since inception of $7,893,941 and we expect losses to continue in the future. These factors raise substantial doubt about our company’s ability to continue as a going concern. After auditing our financial statements, our independent auditor issued a going concern opinion and our ability to continue is dependent on our ability to raise additional capital. If we are unable to obtain necessary financing, we will likely be required to curtail our development plans which could cause us to become dormant and could cause our shareholders to lose their investment in our company. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

We will require additional funds which we plan to raise through the sale of our common stock, which requires favorable market conditions and interest in our activities by investors. We may not be able to sell our common stock and funding may not be available for continued operations.

Our ability to continue is dependent on our ability to raise additional capital and our operations could be curtailed if we are unable to obtain required additional funding when needed. We have a working capital deficit of $191,553 as of March 31, 2015 and we do not have sufficient funds to complete any work on the Mansounia Property. Subsequent exploration activities will require additional funding. Our only present means of funding is through the sale of our common stock. The sale of common stock requires favorable market conditions for junior exploration companies like ours, as well as specific interest in our stock, neither of which may exist. If we are unable to raise additional funds in the future, we may have to cease our operations.

Our exploration activities are highly speculative and involve substantial risks.

Our Mansounia Property is in the exploration stage and no proven mineral reserves have been established. Our exploration work may not result in the discovery of mineable deposits of ore in a commercially economical manner. There may be limited availability of water, which is essential to milling operations, and interruptions may be caused by adverse weather conditions. Our future operations, if any, are subject to a variety of existing laws and regulations relating to exploration and development, permitting procedures, safety precautions, property reclamation, employee health and safety, air quality standards, pollution and other environmental protection controls.

We have uninsurable risks.

We may be subject to unforeseen hazards such as unusual or unexpected formations and other conditions. We may become subject to liability for pollution, cave-ins or hazards against which it cannot insure or against which it may elect not to insure. The payment of such liabilities may have a material adverse effect on our financial position.

We depend on consultants and engineers for our exploration programs.

We have relied on and will continue to rely upon consultants for exploration development, construction and operating expertise. Substantial expenditures are required to construct mines, to establish ore reserves through drilling, to carry out environmental and social impact assessments, to develop metallurgical processes to extract the metal from the ore and, in the case of new properties, to develop the exploration infrastructure at any site chosen for exploration. We may not be able to discover minerals in sufficient quantities to justify commercial operation, and we may not be able to obtain funds required for exploration on a timely basis.

We may not have clear title to our property.

Acquisition of title to mineral properties is a very detailed and time-consuming process, and our title to our properties may be affected by prior unregistered agreements or transfers, or undetected defects. There is a risk that the Company may not have clear title to its mineral property interests, or they may be subject to challenge or impugned in the future.

Mining exploration, development and operating activities are inherently hazardous.

If we experience mining accidents or other adverse conditions, our mining operations could be materially adversely affected. Our exploration activities may be interrupted by any or all of the following mining accidents such as cave-ins, rock falls, rock bursts, pit wall failures, fires or flooding. In addition, exploration activities may be reduced if unfavorable weather conditions, ground conditions or seismic activity are encountered, ore grades are lower than expected, the physical or metallurgical characteristics of the ore are less amenable than expected to mining or treatment, dilution increases or electrical power is interrupted. Occurrences of this nature and other accidents, adverse conditions or operational problems in future years may result in our failure to achieve current or future exploration

and production estimates.

Due to the speculative nature of mineral property exploration, there is substantial risk that no commercially viable mineral deposits will be found on our Mansounia Property or other mineral properties that we may acquire.

In order for us to even commence mining operations we face a number of challenges which include finding qualified professionals to conduct our exploration program, obtaining adequate financing to continue our exploration program, locating a viable mineral body, partnering with a senior mining company, obtaining mining and exploitation permits, and ultimately selling minerals in order to generate revenue. Moreover, exploration for commercially viable mineral deposits is highly speculative in nature and involves substantial risk that no viable mineral deposits will be located on any of our present or future mineral properties. There is a substantial risk that the exploration program that we will conduct on the Mansounia Property may not result in the discovery of any significant mineralization, and therefore no commercially viable mineral deposit. There are numerous geological features that we may encounter that would limit our ability to locate mineralization or that could interfere with our exploration programs as planned, resulting in unsuccessful exploration efforts. In such a case, we may incur significant costs associated with an exploration program, without any benefit. This would likely result in a decrease in the value of our common stock.

Due to the inherent dangers involved in mineral exploration, there is a risk that we may incur liability or damages as we conduct our business.

The search for minerals involves numerous hazards. As a result, we may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot insure or may elect not to insure. We currently have no such insurance nor do we expect to obtain such insurance for the foreseeable future. If a hazard were to occur, the costs of rectifying the hazard may exceed our asset value and cause us to liquidate all our assets and cease operations, resulting in the loss of your entire investment.

The market price for precious metals is based on numerous factors outside of our control. There is a risk that the market price for precious metals will significantly decrease, which will make it difficult for us to fund further mineral exploration activities, and would decrease the probability that any significant mineralization that we locate can be economically extracted.

Numerous factors beyond our control may affect the marketability of minerals. These factors include market fluctuations, the proximity and capacity of natural resource markets and processing equipment, government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in our not receiving an adequate return on invested capital and you may lose your entire investment in the Company.

Changes in the exchange rates between the United States dollar and foreign currencies may be volatile and may negatively impact our costs, which in turn could adversely affect our operating results.

When operating in foreign countries, such as Canada and Africa, we expect to incur a certain amount of our expenses from our operations in foreign currency and translate these amounts into United States dollars for purposes of reporting operating results. As a result, fluctuations in foreign currency exchange rates may adversely affect our expenses and results of operations, as well as the value of our assets and liabilities. Fluctuations may adversely affect the comparability of period-to-period results. In addition, we anticipate holding foreign currency balances, which will create foreign exchange gains or losses, depending upon the relative values of the foreign currency at the beginning and end of the reporting period, which may affect our net income and earnings per share. Although we may use hedging techniques in the future (which we currently do not use), we may not be able to eliminate the effects of currency fluctuations. Thus, exchange rate fluctuations could have a material adverse impact on our operating results and stock price.

Since the majority of our shares of common stock are owned by one significant stockholder our other stockholders may not be able to influence control of the Company or decision making by management of the Company.

One significant shareholder beneficially owns approximately 78% of our outstanding common stock. The interests of this stockholder may not be, at all times, the same as that of our other shareholders. This significant shareholder will have the ability to significantly influence the outcome of most corporate actions requiring shareholder approval, including our merger with or into another company, the sale of all or substantially all of our assets and amendments to our articles of incorporation. This concentration of ownership may also have the effect of delaying, deferring or preventing a change of control of our company, which may be disadvantageous to minority shareholders.

Since our sole officer and director has the ability to be employed by or consult for other companies, his other activities could slow down our operations.

Mr. Ronald Renne, our Interim Chief Executive Officer, Interim Chief Financial Officer and a director, may work with other mineral exploration companies. Our officers and directors are not required to work exclusively for us and do not devote all of their time to our operations. Therefore, it is possible that a conflict of interest with regard to their time may arise based on their employment by other companies. Their other activities may prevent them from devoting full-time to our operations which could slow our operations and may reduce our financial results because of the slowdown in operations. It is expected that Mr. Renne devote between 10 and 20 hours per week to our operations on an ongoing basis, and when required will devote whole days and even multiple days at a stretch when property visits are required or when extensive analysis of information is needed. We do not have any written procedures in place to address conflicts of interest that may arise between our business and the business activities of Mr. Renne.

Because our sole officer and director works for other companies engaged in mineral exploration, a potential conflict of interest could negatively impact our ability to acquire properties to explore and to run our business.

Our sole director and officer may work for other mining and mineral exploration companies. Due to time demands placed on him and due to the competitive nature of the exploration business, the potential exists for conflicts of interest to occur from time to time that could adversely affect our ability to conduct our business. His employment with other entities in addition to limiting the amount of time they can dedicate to us as a director or officer, may present a conflict of interest in helping us identify and obtain the rights to mineral properties and as to other business opportunities because he may also be considering the same properties or opportunities for other companies he may work or consult for.

Damage to the environment could result from our operations. If our business is involved in one or more of these hazards, we may be subject to claims of a significant size which could force us to cease our operations.

Mineral resource exploration, production and related operations are subject to extensive rules and regulations. Failure to comply with these rules and regulations can result in substantial penalties. Our cost of doing business may be affected by the regulatory burden on the mineral industry since the rules and regulations frequently are amended or interpreted. We cannot predict the future cost or impact of complying with these laws.

Environmental enforcement efforts with respect to mineral operations have increased over the years, and it is possible that regulation could expand and have a greater impact on future mineral exploration operations. Although our management intends to comply with all legislation and/or actions of local, provincial, state and federal governments, non-compliance with applicable regulatory requirements could subject us to penalties, fines and regulatory actions, the cost of which could harm our results of operations. We cannot be sure that our proposed business operations will not violate environmental laws in the future.

We are subject to extensive regulations relating to environmental protection, including the generation, storage, handling, emission, transportation and discharge of materials into the environment, and relating to safety and health. We will also have to sustain the cost of reclamation and environmental remediation for all work undertaken which causes sufficient surface disturbance to necessitate reclamation work. Other potential pollution or damage must be cleaned and renewed. Our initial programs do not require any reclamation or remediation other than minor clean up and removal of supplies because of minimal disturbance to the ground. The amount of these costs is not known at this time as we do not know the extent of the exploration program we will undertake, beyond completion of the recommended phases. Because there is presently no information on the size, tenor, or quality of any resource or reserve at this time, it is impossible to assess the impact of any capital expenditures on our earnings or competitive position in the event a potentially economic deposit is discovered.

Risks Relating to Our Common Stock

Since public trading in our common stock is limited and sporadic, there can be no assurance that our stockholders will be able to liquidate their holdings of our common stock.

Our common stock price is currently quoted on the OTCQB under the symbol “BLXX”. However, trading has been limited and sporadic and we can provide no assurance that the market for our common stock will be sustained. We cannot guarantee that any stockholder will find a willing buyer for our common stock at any price, much less a price that will result in realizing a profit on an investment in our shares. There may be limited opportunity for stockholders to liquidate any of their holdings in common stock of the Company. Trading volume may be insignificant and stockholders may be forced to hold their investment in Company shares for an extended period of time. The lack of liquidity may also cause stockholders to lose part or all of their investment in our common stock.

Since public trading in our common stock is limited and sporadic, the market price of our common stock may be subject to wide fluctuations.

There is currently a limited public market for our common stock and we can provide no assurance that the market for our common stock will be sustained. If a market is sustained, however, we anticipate that the market price of our common stock will be subject to wide fluctuations in response to several factors, including:

actual or anticipated variations in our results of operations;

our ability or inability to generate revenues;

increased competition; and

conditions and trends in the mining industry.

Further, our stock price may be impacted by factors that are unrelated or disproportionate to our operating performance. These market fluctuations, as well as general economic, political and market conditions, such as recessions, interest rates or international currency fluctuations, may adversely affect the market price of our common stock.

Our common stock is subject to the “penny stock” rules of the SEC and the trading market in our securities is limited, which makes transactions in our stock cumbersome and may reduce the value of an investment in our stock.

Under U.S. federal securities legislation, our common stock will constitute “penny stock”. Penny stock is any equity security that has a market price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require that a broker or dealer approve a potential investor’s account for transactions in penny stocks, and the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased. In order to approve an investor’s account for transactions in penny stocks, the broker or dealer must obtain financial information and investment experience objectives of the person, and make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks. The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prepared by the SEC relating to the penny stock market, which, in highlight form, sets forth the basis on which the broker or dealer made the suitability determination. Brokers may be less willing to execute transactions in securities subject to the “penny stock” rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock. Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

The Financial Industry Regulatory Authority, or FINRA, has adopted sales practice requirements which may also limit a shareholder’s ability to buy and sell our stock.

In addition to the “penny stock” rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer’s financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for its shares.

We may, in the future, issue additional shares of common stock, which would reduce investors’ percent of ownership and may dilute our share value.

Our Articles of Incorporation authorize the issuance of 400,000,000 shares of common stock. As of June 29, 2015, we had 108,611,814 shares of common stock outstanding. Accordingly, we may issue up to an additional 291,388,186 shares of common stock. The future issuance of common stock may result in substantial dilution in the percentage of our common stock held by our then existing shareholders. We may value any common stock issued in the future on an arbitrary basis. The issuance of common stock for future services or acquisitions or other corporate actions may have the effect of diluting the value of the shares held by our investors, and might have an adverse effect on any trading market for our common stock.

State securities laws may limit secondary trading, which may restrict the states in which and conditions under which you can sell shares of our common stock.

Secondary trading in our common stock will not be possible in any state until the common stock is qualified for sale under the applicable securities laws of the state or an exemption from registration is available for secondary trading in the state. If we fail to register or qualify, or to obtain or verify an exemption for the secondary trading of our common stock in any particular state, the common stock could not be offered or sold to, or purchased by, a resident of that state. In the event that a significant number of states refuse to permit secondary trading in our common stock, the liquidity for the common stock could be significantly impacted thus causing you to realize a loss on your investment.

Our company is subject to Multilateral Instrument 51-105 as adopted by all jurisdictions in Canada except the Province of Ontario which, among other things, imposes certain resale restrictions and legending requirements on our shares.

As a reporting issuer in the Province of British Columbia, our company is subject to Multilateral Instrument 51-105 which regulates companies with certain connections to any jurisdiction in Canada other than the Province of Ontario that have a class of securities that has been assigned a ticker symbol by the Financial Industry Regulatory Authority in the United States for use on any of the over-the-counter markets in the United States and includes a class of securities whose trades have been reported in the grey market. In addition to disclosure and reporting obligations required under MI 51-105, the instrument imposes certain resale requirements of private placement securities acquired after the ticker-symbol date including the following:

a four month period has passed from the date of distribution of the security (unless the person is a control person of the issuer in which case the person must hold the security for a period of at least 6 months);

the number of securities the person proposed to trade, plus the number of securities of the same class that the person has traded in the prior 12 months does not exceed 5% of the issuer’s outstanding securities of the same class;

the person trades the securities through an investment dealer registered in a jurisdiction in Canada;

the investment dealer executes the trade through any of the over-the-counter markets in the United States; and

the certificate representing the security bears a legend which states that the holder must not trade the securities of the issuer unless the conditions in Section 13 of MI 51-105 are met.

As a result, it may be difficult for our shareholders to resell their securities and may result in reducing demand for our shares and reduced trading activity of our stock.

Because we do not intend to pay any cash dividends on our common stock, our stockholders will not be able to receive a return on their shares unless they sell them.

We intend to retain any future earnings to finance the development and expansion of our business. We do not anticipate paying any cash dividends on our common stock in the foreseeable future. Unless we pay dividends, our stockholders will not be able to receive a return on their shares unless they sell them. There is no assurance that stockholders will be able to sell shares when desired.

Item 1B.

Unresolved staff comments

None.

Item 2.

Properties

We do not own any real estate or other property used in the operation of our current business. Our principal executive offices are located at Suite 600 – 666 Burrard Street, Vancouver, British Columbia, Canada V6C 3P6. We pay rent of $3,188 per month, to an unrelated third party to lease our office premises, which cover an area of approximately 268 square feet. We believe that this space is sufficient until we are able to generate significant revenues, if at all, and hire more employees.

We do not have any ownership or lease interests in any property other than our interest in the Mansounia Property described above in Item 1.

Item 3.

Legal Proceedings

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, or any owner of record or beneficially of more than 5% of any class of voting securities of the Company is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

Item 4.

Mine Safety Disclosures

Not applicable.

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Quotation of our shares of common stock on the OTCQB was approved on July 18, 2008 under the symbol “NAVA”. On July 31, 2013, our quotation symbol on the OTCQB changed to “BLXX”, to reflect our name change to “Blox Inc.”. Prior to July 18, 2008, there was no active market for our common stock, and since that date there have only been limited or sporadic quotations and only a very limited public trading market for our common stock. The following table sets forth the high and low bid prices of our common stock for our fiscal years ended March 31, 2015 and March 31, 2014 as reported on the OTCQB. The quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

Set forth below are the range of high and low bid quotations for the periods indicated as reported by the OTC Bulletin Board. The market quotations reflect inter-dealer prices, without retail mark-up, mark-down or commissions and may not necessarily represent actual transactions.


Quarter Ended	High Bid ($)	Low Bid ($)
March 31, 2015	0.25	0.10
December 31, 2014	0.18	0.05
September 30, 2014	0.40	0.122
June 30, 2014	0.40	0.12
March 31, 2014	0.18	0.08
December 31, 2013	0.17	0.07
September 30, 2013	0.25	0.10
June 30, 2013	0.23	0.15

On June 29, 2015, the price of our common stock as reported by the OTCQB was $0.07 per share.

Transfer Agent

Our shares of common stock are issued in registered form. The transfer agent and registrar for our common shares is Computershare Trust Company, 510 Burrard Street, 2nd Floor, Vancouver, British Columbia V6C 3B9, Tel: 604-661-9400, Fax: 604-661-9549.

Holders of Common Stock

As of June 29, 2015, we had 108,611,814 shares of our common stock issued and outstanding held by 36 holders of record.

Dividends

The payment of dividends, if any, in the future, rests within the sole discretion of our board of directors. The payment of dividends will depend upon our earnings, our capital requirements and our financial condition, as well as other relevant factors. We have not declared any cash dividends since our inception and have no present intention of paying any cash dividends on our common stock in the foreseeable future.

There are no restrictions in our articles of incorporation or bylaws, nor are we subject to any contractual restrictions, that prevent us from declaring dividends. The Nevada Revised Statutes, however, do prohibit us from declaring dividends where, after giving effect to the distribution of the dividend:

We would not be able to pay our debts as they become due in the usual course of business; or

Our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution.

Securities Authorized Under Equity Compensation Plans

The following table summarizes certain information regarding our equity compensation plans as of March 31, 2015.


Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders	N/A	N/A	N/A
Equity compensation plans not approved by security holders	6,000,000	$0.13	4,000,000
Total	6,000,000	$0.13	4,000,000

On February 27, 2014, our board of directors adopted a new Stock Option Plan (the “Plan”). The Plan provides for the grant of incentive stock options to purchase shares of our common stock to our directors, officers, employees and consultants. The Plan is administered by our board of directors, except that it may, in its discretion, delegate such responsibility to a committee comprised of at least two directors. A maximum of 10,000,000 shares are reserved and set aside for issuance under the Plan. Each option, upon its exercise, entitles the optionee to acquire one share of our common stock, upon payment of the applicable exercise price. The exercise price will be determined by the board of directors at the time of grant. Stock options may be granted under the Plan for an exercise period of up to ten years from the date of grant of the option or such lesser periods as may be determined by the board, subject to earlier termination in accordance with the terms of the Plan.

Recent Sales of Unregistered Securities

Since the beginning of our fiscal year ended March 31, 2015, we have not sold any equity securities that were not registered under the Securities Act of 1933 that were not previously reported in a quarterly report on Form 10-Q or in a current report on Form 8-K.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

Item 6.

Selected Financial Data

Not applicable.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this annual report on Form 10-K.

Overview

We were incorporated in the State of Nevada on July 21, 2005. Following incorporation, we were engaged in the exploration of early-stage mineral properties. However, we were not successful in developing our mineral property interests and thus began to investigate other business opportunities in order to maximize shareholder value. As a result, we entered into the Amalgamation Agreement with Eco Endeavors, which closed on February 27, 2014.

Following the closing of the Amalgamation Agreement, we commenced focusing on the business carried on by Amalco, which operates as a renewable energy company that indirectly owns an operating biogas plant in Hungary. It is also engaged in the development of renewable energy projects and intends to expand into the provision of renewable energy services. Amalco owned and operated a 1.14 MW biogas plant located just outside of Budapest, Hungary. The plant served as a pilot project to demonstrate the potential for similar use of renewable energy in a variety of regions and climates.

Due to uneconomic conditions brought on by political and economic forces in Hungary we deemed it necessary and in the best interest of our company to cease operations at our Kenderes Biogas Plant in Hungary, which has been moved to Africa where we will look to provide energy to mining projects. We completed the sale of our wholly-owned Hungarian subsidiary and any assets that we deemed to be uneconomical to move were sold off.

Plan of Operation

Our plan of operation for the next twelve months is to complete a feasibility study on our Mansounia Property in order to obtain an exploitation permit, which will allow us the exclusive right to mine and dispose of minerals for 15 years, with a possible 5 year extension, subject to our obtaining the necessary funding.

Going Concern

Our financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. We have not yet established an ongoing source of revenues sufficient to cover our operating costs and to allow us to continue as a going concern. As of March 31, 2015, we had an accumulated deficient of $7,893,941. Our ability to continue as a going concern is dependent on our ability to continue obtaining adequate capital to fund operating losses until we become profitable. If we are unable to obtain adequate capital, we could be forced to significantly curtail or cease operations.

We will need to raise additional funds to finance continuing operations. However, there are no assurances that we will be successful in raising additional funds. Without sufficient additional financing, it would be unlikely for us to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to successfully accomplish the plans described in this annual report and eventually secure other sources of financing and attain profitable operations.

Results of Operations

Years Ended March 31, 2015 and 2014

The following summary of our results of operations should be read in conjunction with our audited consolidated financial statements for the year ended March 31, 2015 and 2014 which are included herein.

Revenue and Cost of Goods Sold

Our Plant in Hungary was under care and maintenance and we cancelled the power contract during this idle time. As a result, there were no revenues for the year ended March 31, 2015. During the third fiscal quarter, we discontinued and ceased our operations at our Plant due to uneconomic conditions brought on by political and economic forces in Hungary. During the third fiscal quarter, we moved the Plant to Africa, where we expect to provide energy to mining projects. At the end of the third quarter, we completed the sale of our wholly-owned Hungarian subsidiary, and shifted our focus to our business in West Africa. As a result, the results of our Hungarian operations are shown as discontinued operations, which are discussed below.

Expenses

Our operating expenses were as follows:


	Year ended March 31, 2015 ($)	Year ended March 31, 2014 ($)
Consulting and professional fees	753,359	87,930
Depreciation	1,783	-
Foreign exchange	146,465	18,186
Interest expense	-	202,499
Office and administration fees	217,089	143,797
Other expense	50,765	313,824
Salaries	-	11,814
Shares issued for services	-	115,423
Stock-based compensation	610,034	85,000

Loss from Continuing Operations	(1,779,495)	(978,473)

Loss from Discontinued Operations	(385,125)	(451,766)

Net Loss for the period	(2,164,620)	(1,430,239)

Total operating expenses from continuing operations increased by $801,022 during the year ended March 31, 2015 from fiscal 2014, from $978,473 in fiscal 2014 to $1,779,495 in fiscal 2015. The increase in consulting and professional fees is primarily due to higher and additional consulting fees paid for the management of the corporate office. The consulting fee includes amortization of prepaid consulting services that arose when the Company’s stock was issued as compensation for consulting services. The prepaid consulting fees are being amortized over a period of 18 months beginning in April 2014. As a result of the significant change between the Canadian and US dollars, foreign exchange increased by $128,679 during fiscal 2015.

Stock based compensation in fiscal 2015 was $610,034, compared to $85,000 in fiscal 2014, which amount was offset by the interest expense of $202,499 incurred in fiscal 2014, compared to $Nil in fiscal 2015.

Office and administration expense increased during year ended March 31, 2015 compared to fiscal 2014 due primarily to increase in corporate activities which led to additional costs for filing fees, news releases, accounting, office rent, insurance premiums and travel costs that were mostly incurred in the earlier part of this period. Other expenses incurred in fiscal 2014 were shipping and set up costs for the Plant in Africa.

Stock based compensation in fiscal 2015 was $610,034, compared to $85,000 in fiscal 2014. Share-based compensation is a non-cash expense that resulted when we granted 4,500,000 and 500,000 stock options to directors and employees on August 7, 2014 and October 27, 2014, respectively. The 4,500,000 and 500,000 stock options have a fair value of $0.15 and $0.17 each and are being amortized over a period of 18 months from the grant date.

We incurred interest expense of $202,499 in fiscal 2014, compared to $Nil in fiscal 2015 as the long term debt was converted to equity before the end of our fiscal 2014 year.

Management anticipates operating expenses will materially increase in future periods as our company expands our business operations and incurs increased costs as a result of being a public company with a class of securities registered under the Securities Exchange Act of 1934.

Liquidity and Capital Resources

Working Capital


	At March 31, 2015 ($)	At March 31, 2014 ($)
Current assets	64,211	1,203,178
Current liabilities	255,764	255,715
Working capital (deficiency)	(191,553)	947,463

Current Assets

The decrease in current assets as of March 31, 2015 as compared to March 31, 2014 was primarily due to an increase in cash in fiscal 2014 to $903,850 as a result of the completion of a private placement financing in February 2014, compared to cash of $20,259 as of March 31, 2015. Property, plant and equipment decreased to $71,560 in fiscal 2015 from $812,060 in fiscal 2014, as a result of shutting down the Plant in Hungary and we acquired the Mansounia Property in fiscal 2015 for a value of $931,722, compared to $Nil as of March 31, 2014.

Current Liabilities

Current liabilities as at March 31, 2015 remained static at $255,764, compared to $255,715 as of March 31, 2014, which liabilities consisting of accounts payable, royalty payments and loans payable.

Cash Flow

Our cash flow for the year ended March 31, 2015 and, 2014 was as follows:


	Year Ended March 31, 2015 ($)	Year Ended March 31, 2014 ($)
Net cash used in operating activities	(841,336)	(732,665)
Net cash provided (used) in investing activities	(76,989)	7,362
Net cash provided by financing activities	34,734	1,606,868
Net increase (decrease) in cash and cash equivalents	(883,591)	881,565

Operating activities

The increase in net cash used in operating activities from 2014 to 2015 was primarily due to shares issued for services and stock based compensation, which is partially offset by increased depreciation, unrealized foreign exchange and repayment of loans and interest payable in 2014.

Investing activities

The higher amount of cash used in investing activities in 2015 compared to 2014 was primarily due to the acquisition of the Mansounia Property for cash consideration of $150,000.

Financing activities

The increased net cash provided by financing activities for the year ended March 31, 2014 was mainly attributable to sale of common stock and warrants and proceeds from long term debt.

In connection with the closing of the Amalgamation Agreement, we completed a non-brokered private placement financing, pursuant to which we issued an aggregate of 20,000,000 units at a price of $0.05 per unit for gross proceeds of $1,000,000. Each unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to acquire an additional common share at the exercise price of $0.05 for a period of 5 years from the closing of the financing. The units were issued to two non-U.S. persons (as that

term is defined in Regulation S of the Securities Act of 1933, as amended) in an offshore transaction relying on Regulation S and/or Section 4(2) of the Securities Act of 1933, as amended.

The securities of our company that were issued to the former shareholders of Eco Endeavors upon the closing of the Amalgamation Agreement and to subscribers in the concurrent private placement financing have not been, and will not be, registered under the Securities Act of 1933, as amended, or under the securities laws of any state in the United States, and were issued in reliance upon an exemption from registration under the Securities Act of 1933, as amended. The securities may not be offered or sold in the United States absent registration under the Securities Act of 1933, as amended, or an applicable exemption from such registration requirements.

Critical Accounting Policies

(i)

Determination of functional currencies

In determining our functional currency, we periodically review our primary and secondary indicators to assess the primary economic environment in which the entity operates in determining our functional currencies. We analyze the currency that mainly influences labor, material and other costs of providing goods or services which is often the currency in which such costs are denominated and settled. We also analyze secondary indicators such as the currency in which funds from financing activities such as equity issuances are generated and the funding dependency of the parent company whose predominant transactional currency is the Canadian dollar. Determining our predominant economic environment requires significant judgment.

(ii)

Going Concern

Our consolidated financial statements have been prepared on a going concern basis, which implies we will continue to realize our assets and discharge our liabilities in the normal course of business. We have incurred a comprehensive loss of $2,488,976 and $841,380 for the years ended March 31, 2015 and 2014, respectively, and has incurred cumulative losses since inception of $7,893,941. These factors raise substantial concern about the ability of our company to continue as a going concern. The continuation of our company as a going concern is dependent upon the continued financial support from our shareholders, the ability of our company to obtain necessary equity financing to continue operations. Our consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. Management of our company has undertaken steps as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, controlling costs and reducing operating losses.

(iii)

Useful life of equipment

Each significant component of an item of equipment is depreciated over its estimated useful life. Estimated useful lives are determined based on current facts and past experience, and take into consideration the anticipated physical life of the asset, existing long-term sales agreements and contracts, current and forecasted demand, the potential technological obsolescence, and regulations.

Cash Requirements

Our current cash position is not sufficient to meet our present and near-term cash needs. We will require additional cash resources, including the sale of equity or debt securities, to meet our planned capital expenditures and working capital requirements. For the next 12 months we estimate that our capital needs will be $250,000 to $500,000 and we currently have approximately $4,390 in cash. We will seek to sell additional equity or debt securities or obtain additional credit facilities. The sale of additional equity securities will result in dilution to our stockholders. The incurrence of indebtedness will result in increased debt service obligations and could require us to agree to operating and financial covenants that could restrict our operations or modify our plans to grow the business. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, will limit our ability to expand our business operations and could harm our overall business prospects.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to our stockholders.

Contractual Obligations

Not applicable.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8.

Financial Statements and Supplementary Data

Blox, Inc.

Consolidated Financial Statements

For the Years ended March 31, 2015 and March 31, 2014

(Expressed in U.S. Dollars)

F-1

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INDEPENDENT AUDITOR'S REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM

To the Directors and Shareholders of Blox, Inc.

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of Blox, Inc. which comprise the balance sheets as of March 31, 2015 and 2014 and the related consolidated statements of comprehensive loss, changes in stockholders’ (deficiency) equity and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America. This includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluation the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Blox, Inc. as of March 31, 2015 and 2014 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

The accompanying consolidated financial statements have been prepared assuming that Blox, Inc. will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, Blox, Inc. has accumulated losses since inception and has a net working capital deficiency. These factors raise substantial doubt about its ability to continue as a going concern. Management’s plans in regards to these matters are also described in Note 2. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.


Vancouver, Canada	“Morgan & Company LLP”
June 26, 2015	Chartered Professional Accountants

[f150331bloxform10k004.gif] PO Box 10007, 1488 – 700 West Georgia Street, Vancouver, British Columbia, Canada V7Y 1A1

Tel: (604) 687 – 5841 Fax: (604) 687 – 0075 Email: info@morgancollp.com

F-2

Blox, Inc.

Consolidated Statements of Financial Position

(Expressed in U.S. Dollars)



			March 31, 2015		March 31, 2014

ASSETS
Current Assets
	Cash and cash equivalents	$	20,259	$	903,850
	Accounts receivable		-		63,826
	Prepaid expenses		43,952		235,502
Total Current Assets			64,211		1,203,178

Prepaid Expenses (Note 10)			-		115,423
Office Equipment			5,248		-
Property, Plant and Equipment (Note 5)			71,560		812,060
Mineral Property Interest (Note 7)			931,722		-
Total Assets		$	1,072,741	$	2,130,661

LIABILITIES
Current Liabilities
	Accounts payable (Note 12)	$	105,890	$	128,855
	Royalty payments payable (Note 11)		58,100		66,570
	Loans payable (Note 12)		91,774		60,290
Total Current Liabilities			255,764		255,715

Total Liabilities			255,764		255,715

STOCKHOLDERS' EQUITY
Common Stock (Note 11) – 400,000,000 authorized – 108,611,814 issued (2014 – 101,572,464)			967		892
Additional Paid-in Capital			5,957,211		5,120,063
Contributed Surplus			2,893,103		2,299,319
Accumulated Other Comprehensive Income (Loss)			15,491		339,847
Deficit			(8,049,795)		(5,885,175)
Total Stockholders' Equity			816,977		1,874,946
Total Liabilities and Stockholders' Equity		$	1,072,741	$	2,130,661

See accompanying notes to the consolidated financial statements.

F-3

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Blox, Inc.

Consolidated Statements of Comprehensive Loss

(Expressed in U.S. Dollars)


		Year Ended
		March 31, 2015		March 31, 2014

Operating Expenses
Consulting and professional fees (Note 12)	$	753,359	$	87,930
Depreciation		1,783		-
Foreign exchange		146,465		18,186
Interest expense		-		202,499
Office and administration fees (Note 12)		217,089		143,797
Other expense		50,765		313,824
Salaries		-		11,814
Shares issued for services (Note 10)		-		115,423
Stock-based compensation (Note 10)		610,034		85,000
Total Operating Expenses		1,779,495		978,473

Loss from Continuing Operations		(1,779,495)		(978,473)

Loss from Discontinued Operations (Note 17)		(385,125)		(451,766)
Net Loss for the Year		(2,164,620)		(1,430,239)

Unrealized gain on translation of foreign operations		19,142		588,859
Transfer to discontinued operations		(343,498)		-
Other Comprehensive Income (Loss)		(324,356)		588,859
Comprehensive Loss for the Year	$	(2,488,976)	$	(841,380)
Net loss per common share – continuing operations		(0.02)		(0.03)
Net loss per common share – discontinued operations		(0.00)		(0.01)
Net Loss Per Common Share	$	(0.02)	$	(0.04)
Weighted Average Number of Shares Outstanding – Basic and diluted
		107,380,414		32,241,079

See accompanying notes to the consolidated financial statements.

F-4

Blox, Inc.

Consolidated Statements of Changes in (Deficiency) Equity

(Expressed in U.S. Dollars)


									Accumulated
					Additional				Other				Total
	Common Stock				Paid-in		Contributed		Comprehensive				Equity
	Shares		Amount		Capital		Surplus		Income (Loss)		Deficit		(Deficiency)

March 31, 2013	15,892,062	$	-	$	743,776	$	-	$	(249,012)	$	(1,399,511)	$	(904,747)
Debt conversion	100,310,000		-		2,129,805		-		-		-		2,129,805
Reverse acquisition	(43,863,458)		600		1,499,400		1,500,000		-		(3,055,425)		(55,425)
Stock issued for cash	20,000,000		200		499,800		500,000		-		-		1,000,000
Stock for services	9,233,860		92		247,282		214,319		-		-		461,693
Stock options issued	-		-		-		85,000		-		-		85,000
Comprehensive income (loss)	-		-		-		-		588,859		(1,430,239)		(841,380)
March 31, 2014	101,572,464		892		5,120,063		2,299,319		339,847		(5,885,175)		1,874,946

Stock issued on exercise of stock options	325,000		7		19,493		(16,250)		-		-		3,250
Stock issued on acquisition of mineral property interest	6,514,350		65		781,657		-		-		-		781,722
Stock issued for services	200,000		3		35,998		-		-		-		36,001
Share based compensation	-		-		-		610,034		-		-		610,034
Comprehensive loss	-		-		-		-		(324,356)		(2,164,620)		(2,488,976)
March 31, 2015	108,611,814	$	967	$	5,957,211	$	2,893,103	$	15,491	$	(8,049,795)	$	816,977

See accompanying notes to the consolidated financial statements.

F-5

Blox, Inc.

Consolidated Statements of Cash Flows

(Expressed in U.S. Dollars)


		Year Ended		Year Ended
		March 31, 2015		March 31, 2014
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net loss from continuing operations	$	(1,779,495)	$	(978,473)
Non-cash adjustments:
Depreciation		1,783		64,820
Shares issued for services		382,270		115,423
Stock-based compensation		610,034		85,000
Unrealized foreign exchange		19,142		411,184
Changes in non-cash working capital:
Accounts receivable		63,826		25,831
Prepaid expenses		(39,296)		6,391
Accounts payable		(23,365)		(79,537)
Royalty payments payable		(8,470)		17,204
Loans payable		-		(97,064)
Interest payable		-		(130,431)
Cash used in operating activities – continuing operations		(773,571)		(559,652)
Cash used in operating activities – discontinued operations		(67,765)		(173,013
Cash used in operating activities		(841,336)		(732,665)

INVESTING ACTIVITIES
Acquisition of equipment		(6,518)		14,449
Mineral property interest and expenditures		(150,000)		-
Cash acquired on reverse acquisition		-		9,530
Cash used in investing activities – continuing operations		(156,518)		23,979
Cash used in investing activities – discontinued operations		79,529		(16,617)
Cash used in investing activities		(76,989)		7,362

FINANCING ACTIVITIES
Proceeds from long-term debt		-		606,868
Shares issued for cash		3,250		1,000,000
Proceeds from loans		31,484		-
Cash used in financing activities		34,734		1,606,868

(Decrease) Increase in Cash		(883,591)		881,565
Cash and Cash Equivalents, Beginning of Year		903,850		22,285
Cash and Cash Equivalents, End of Year	$	20,259	$	903,850

See accompanying notes to the consolidated financial statements.

F-6

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Description of Business

Blox, Inc. (the "Company") was incorporated on July 21, 2005 under the laws of the state of Nevada. The address of the Company is 600 – 666 Burrard Street, Vancouver, British Columbia, V6C 3P6. The Company is primarily engaged in sourcing, developing, and operating renewable energy projects in Europe and mineral exploration projects in Africa.

On February 27, 2014, the Company completed a business combination with International Eco Endeavors Corp. (“Eco Endeavors”) which has now been renamed “Blox Energy Inc.” The holders of Eco Endeavors’ common shares received 60,000,000 units of the Company on a pro-rata basis with a deemed value of $0.05 per unit. During the year, the Company discontinued operations in Europe and disposed of Blox Energy Inc.’s subsidiary Kenderesh Endeavors Corp.

Basis of Presentation

(a)

Statement of Compliance

These financial statements are presented in accordance with generally accepted accounting principles in the United States ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") and are expressed in U.S. dollars. The Company's fiscal year-end is March 31.

(b)

Basis of Presentation

The consolidated financial statements of the Company comprise the Company and its subsidiaries. These consolidated financial statements are prepared on the historical cost basis except for financial instruments that have been measured at fair value. These consolidated financial statements have also been prepared using the accrual basis of accounting, except for cash flow information. In the opinion of management, all adjustments (including normal recurring ones), considered necessary for fair value have been included. All intercompany balances and transactions have been eliminated upon consolidation.

(c)

Presentation and Functional Currencies

The Company’s presentation currency is the U.S. Dollar and functional currency is the Canadian Dollar. The functional currency of its Hungarian subsidiary is the Hungarian Forint. The consolidated financial statements of the Company are translated to United States dollar equivalents. Assets and liabilities denominated in foreign currencies are translated into United States dollar equivalents at rates of exchange in effect at the balance sheet date. Average rates for the year are used to translate revenues and expenses.

The cumulative translation adjustment, if any, on translation to the reporting currency is reported as a separate component of stockholders’ equity, whereas gains and losses arising from foreign currency transactions are included in results of operations.

(d)

Significant Accounting Judgments and Estimates

The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the period. Actual outcomes could differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimate is revised ad may affect both the period of revision and future periods.

F-7

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Basis of Presentation (Continued)

(d)

Significant Accounting Judgments and Estimates (continued)

In applying the Company's accounting policies, management has made certain judgments that may have a significant effect on the consolidated financial statements. Such judgments include the determination of the functional currencies and use of the going concern assumption.

Determination of functional currencies

In determining the Company's functional currency, it periodically reviews its primary and secondary indicators to assess the primary economic environment in which the entity operates in determining the Company's functional currencies. The Company analyzes the currency that mainly influences labor, material and other costs of providing goods or services which is often the currency in which such costs are denominated and settled. The Company also analyzes secondary indicators such as the currency in which funds from financing activities such as equity issuances are generated and the funding dependency of the parent company whose predominant transactional currency is the Canadian dollar. Determining the Company's predominant economic environment requires significant judgment.

ii)

Going Concern

These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a comprehensive loss of $2,488,976 and $841,380 for the years ended March 31, 2015 and 2014, respectively, and has incurred cumulative losses since inception of $8,049,795. These factors raise substantial doubt about the ability of the Company to continue as going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management of the Company has undertaken steps as part of a plan to sustain operations for the next fiscal year including plans to raise additional equity financing, controlling costs and reducing operating losses.

iii)

Useful life of equipment

Each significant component of an item of equipment is depreciated over its estimated useful life. Estimated useful lives are determined based on current facts and past experience, and take into consideration the anticipated physical life of the asset, potential technological obsolescence, and regulations.

F-8

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Significant Accounting Policies

(a)

Foreign Currency Accounting

Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of the Company's entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical costs in a foreign currency are translated using the exchange rate at the date of transaction. Foreign currency differences arising on retranslation are recognized in profit or loss, except for differences arising on the translation of available-for-sale financial instruments, which are recognized in other comprehensive income

ii)

Foreign operations

The assets and liabilities of foreign operations are translated to U.S. dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to U.S. dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, the relevant amount in the accumulated other comprehensive income is transferred to profit or loss as part of the gain or loss on disposal.

(b)

Cash and Cash Equivalents

Cash includes cash deposited at banks and highly liquid investments with original maturities of three months or less when purchased.

(c)

Financial Instruments

Financial assets

All financial assets are initially recorded at fair value and classified upon inception into one of the following four categories: held to maturity, available for sale, loans and receivables or at fair value through profit or loss (“FVTPL”).

Financial assets classified as FVTPL are measured at fair value with unrealized gains and losses recognized through earnings. The Company’s cash and amounts receivable are classified as FVTPL.

Financial assets classified as loans and receivables and held to maturity assets are measured at amortized cost. Financial assets classified as available for sale are measured at fair value with unrealized gains and losses recognized in other comprehensive income and loss except for losses in value that are considered other than temporary which are recognized in earnings.

Transactions costs associated with FVTPL financial assets are expensed as incurred, while transaction costs associated with all other financial assets are included in the initial carrying amount of the asset.

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.

F-9

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Significant Accounting Policies (continued)

(c)

Financial Instruments (continued)

Financial assets (continued)

An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate.

Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.

An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost, this reversal is recognized in profit or loss.

Financial liabilities

All financial liabilities are initially recorded at fair value and classified upon inception as FVTPL or other financial liabilities.

Financial liabilities classified as other financial liabilities are initially recognized at fair value less directly attributable transaction costs. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest rate method. The effective interest rate method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. The Company’s liabilities are classified as other financial liabilities.

Financial liabilities classified as FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as FVTPL. Derivatives, including separated embedded derivatives are also classified as held for trading and recognized at fair value with changes in fair value with changes in fair value recognized in earnings unless they are designated as effective hedging instruments. Fair value changes on financial liabilities classified as FVTPL are recognized in earnings. The Company is not exposed to any derivative instruments and foreign exchange hedges in place at this time.

(d)

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost less accumulated depreciation and impairment losses, if any. Depreciation is provided at rates and methods designed to write off cost of the assets over their estimated useful lives as follows:


	Plant	3%
	Equipment	25%
	Furniture, fixtures and other	20%

Management reviews the depreciation method, useful lives and residual values annually and accounts for any changes in estimates on a prospective basis. Where an item of plant and equipment comprises major components with different useful lives, the components are accounted for as separate items of production facility, and depreciated separately.

F-10

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Significant Accounting Policies (continued)

(e)

Revenue Recognition

Revenue from the sale of electricity is recognized when the significant risks and rewards of ownership of, and the continuing managerial involvement with, the product have been transferred to the buyer, the amount of revenue and the costs incurred or to be incurred with respect to the sale can be measured reliably, and the economic benefits associated with the sale will flow to the Company. Revenue is measured at the fair value consideration received or receivable.

(f)

Impairment of Non-Financial Assets

The Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB’) Accounting Standards Codification (“ASC”) 360 “Property Plant and Equipment”. ASC 360 clarifies the accounting for the impairment of long-lived assets and for long-lived assets to be disposed of, including the disposal of business segments and major lines of business. Long-lived assets are reviewed when facts and circumstances indicate that the carrying value of the asset may not be recoverable. When necessary impaired assets are written down to estimated fair value based on the best information available. Estimated fair value is generally based on either appraised value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could vary significantly from such estimates.

Impairment tests on intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its fair value, the asset is written down accordingly.

(g)

Decommissioning Liabilities

A legal or constructive obligation to incur restoration, rehabilitation and environmental costs may arise when environmental disturbance is caused by the operation of an alternative energy plant. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized to the carrying amount of the asset, as soon as the obligation to incur such costs arises. A pre-tax discount rate that reflects the time value of money and the risks specific to the liability are used to calculate the net present value of the expected future cash flows. These costs are charged to the statement of loss over the economic life of the related asset, through depreciation expense using relevant amortization method. The related liability is progressively increased each period as the effect of discounting unwinds, creating an expense recognized in the statement of loss. The liability is assessed at each reporting date for changes to the current market-based discount rate, amount or timing of the underlying cash flows needed to settle the obligation.

The Company has no material restoration, rehabilitation and environmental costs as the disturbance to date is minimal.

(h)

Income Taxes

Income taxes are accounted for under the liability method of accounting for income taxes. Under the liability method, future tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are considered more likely than not to be realized.

F-11

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Significant Accounting Policies (continued)

(h)

Income Taxes

The FASB has issued ASC 740 “Income Taxes”. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.

As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740 and concluded that the tax position of the Company has not met the more-likely-than-not threshold as of March 31, 2015.

(i)

Loss per Share

The Company computes loss per share in accordance with ASC 260, “Earnings per Share”, which requires presentation of both basic and diluted loss per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted loss per share, the average stock price for the period issued in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted loss per share excludes all dilutive potential shares if their effect is anti-dilutive.

(j)

Stock Based Compensation

The Company accounts for Stock-Based Compensation under ASC 718 “Compensation – Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized.

The Company accounts for stock-based compensation awards to non-employees in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. Under ASC 505-50, the Company determines the fair value of the warrants or stock-based compensation awards granted as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Any stock options or warrants issued to non-employees are recorded in expense and additional paid-in capital in shareholders’ equity/(deficit) over the applicable service periods using variable accounting through the vesting dates based on the fair value of the options or warrants at the end of each period.

The Company issues stock to consultants for various services. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty’s performance is complete. The Company recognized consulting expense and a corresponding increase to additional paid-in-capital related to stock issued for services.

F-12

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Accounting Standards Issued But Not Yet Adopted

In January 2014, the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) guidance was issued relating to service concession arrangements. This guidance states that certain service concession arrangements with public-sector grantors are not within the scope of lease accounting. Operating entities entering into these arrangements should not recognize the related infrastructure as its property, plant and equipment and should apply other accounting guidance. The updated guidance becomes effective for the Company beginning April 1, 2015.

In April 2014, ASC guidance was issued related to discontinued operations which changed the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. The updated guidance requires an entity to only classify discontinued operations due to a major strategic shift or a major effect on an entity’s operations in the financial statements. The updated guidance will also require additional disclosures relating to discontinued operations. The updated guidance becomes effective for the Company beginning April 1, 2015.

The Company has not assessed the impact, if any, of the standards that become effective April 1, 2015.

Property, Plant, and Equipment


		Land		Building		Machinery		Total
Cost
Balance at March 31, 2013	$	4,830	$	491,526	$	801,020	$	1,297,376
Acquisition		-		-		-		-
Additions (disposals)		-		15,760		(58,104)		(42,344)
Balance at March 31, 2014		4,830		507,286		742,916		1,255,032
Acquisition		-		-		6,518		6,518
Additions (disposals)		(4,830)		(507,286)		(516,814)		(1,028,930)
Balance at March 31, 2015		-		-		232,620		232,620


Accumulated Depreciation
Balance at March 31, 2013		-		108,836		132,887		241,723
Depreciation for the year		-		162,829		82,932		245,761
Disposals		-				(44,512)		(44,512)
Balance at March 31, 2014		-		271,665		171,307		442,972
Depreciation for the year		-		29,982		73,921		103,903
Disposals		-		(301,647)		(84,168)		(385,815)
Balance at March 31, 2015		-		-		161,060		161,060

Carrying amounts
As at March 31, 2015	$	-	$	-	$	71,560	$	71,560

Carrying amounts
As at March 31, 2014	$	4,830	$	235,621	$	571,609	$	812,060

Equipment in the amount of $71,560 has not been placed into production and is not currently being amortized

F-13

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Business Combinations

On April 1, 2013, the Company completed the acquisition of Biogaz for cash consideration of $978,712 ($995,030 CAD). The acquisition has been accounted for as an acquisition of a business in accordance. The following summarizes the recognized amounts of assets acquired and liabilities assumed at the acquisition date:


Cash	$ 978,712
	$ 978,712

Purchase Price Allocation:

Cash	$ 2,886
Property, Plant, and Equipment	1,261,678
Accounts payable	(285,852)
Total Consideration	$ 978,712

The Company incurred acquisition-related costs of $438,344, principally relating to external legal fees and due diligence costs. These amounts have been expensed in the Company’s consolidated statement of comprehensive loss for the year ended March 31, 2013.

On June 19, 2013, the Company entered into an agreement (the “Amalgamation Agreement”), among Ourco Capital Ltd. (“Ourco”), the Company’s wholly-owned subsidiary, International Eco Endeavors Corp., a private British Columbia, Canada corporation (“Eco Endeavors”), and its wholly-owned subsidiaries Kenderesh Endeavors Corp. (“Kenderesh”), and Kenderes Biogaz. The Company closed the Amalgamation Agreement and completed the amalgamation of Ourco and Eco Endeavors under the name “Blox Energy Inc,” thereby acquiring all of the issued and outstanding shares of Blox Energy Inc, on February 27, 2015. Blox Energy Inc, is a private company incorporated pursuant to the Business Corporations Act (British Columbia) and is a renewable energy company that indirectly owns an operating biogas plant in Hungary and is further engaged in the development of renewable energy projects and intends to expand into the provision of renewable energy services.

Pursuant to the terms of the Amalgamation Agreement, and on the closing date thereof, all of the issued and outstanding common shares of Eco Endeavors was cancelled, and the former shareholders of Eco Endeavors received in exchange 60,000,000 units of the Company on a pro rata basis. Each unit consists of one common share and one share purchase warrant, each warrant exercisable into an additional common share of the Company at an exercise price of $0.05 per share for a period of five years from the closing date. Based upon the price of the concurrent financing of $0.05 per unit, the aggregate value of the common shares issued to the former Eco Endeavors shareholders was $3,000,000.Following the closing of the transaction (the “Acquisition”), the Company had 101,572,464 common shares issued and outstanding. New directors and officers of the Company and new directors of Blox Energy Inc, received 6,100,000 common shares (or 6% on a non-diluted basis) in connection with the closing of the Amalgamation Agreement. Pursuant to a consulting agreement dated February 27, 2015 between the Company and Robert Abenante, a director and officer of the Company, Mr. Abenante received an additional 9,233,860 common shares and 8,000,000 share purchase warrants (or 9.1% on a non-diluted basis). The entry into the consulting agreement was a condition of closing of the Amalgamation Agreement.

Following the closing of the transaction, the Company directly acquired all of the common shares of Blox Energy Inc. On such date, Blox Energy Inc, became a wholly-owned subsidiary of the Company.

F-14

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Business Combinations

For accounting purposes, the Acquisition has been treated as a reverse recapitalization. Accordingly, for accounting purposes Eco Endeavors is considered the acquirer and surviving entity in the reverse recapitalization. The accompanying historical financial statements prior to the Acquisition are those of Eco Endeavors.

The excess of the consideration issued over the net assets acquired is recognized as an adjustment to deficit as follows:


	$
Common shares issued	3,000,000
Net liabilities assumed	104,681
Adjustment to deficit	3,104,681

Mineral Property Interest

The Company has entered into a Deed of Assignment and Assumption Agreement dated July 24, 2014 (the "Assumption Agreement") with Joseph Boampong Memorial Institute Ltd. ("JBMIL") and Equus Mining Ltd. ("EML"), Burey Gold Guinee sarl ("BGGs") and Burey Gold Limited ("BGL") and, collectively with EML and BGGs, (the "Vendors"), pursuant to which the Company has agreed to assume JBMIL's right to acquire a 78% beneficial interest in the Mansounia Concession (the "Property") from the Vendors. The Company also announced that it has exercised that right and has acquired a 78% beneficial interest in the Property.

The Property lies in the southwest margin of the Siguiri Basin, in the Kouroussa Prefecture, Kankan Region, in Guinea, West Africa and covers a surface area of 145 square kilometres. The Property is located approximately 80 kilometres west, by road, from the country's third largest city, Kankan.

An exploration permit for the Property was granted by the Ministère des Mines et de la Géologie on August 20, 2013. As part of its due diligence, Blox obtained a legal opinion which confirmed that the license was in good standing at the time of acquisition. It is the Company's intention to obtain an exploitation permit to allow the Company the right to mine and dispose of minerals for 15 years, with a possible 5 year extension. The Company has commenced work on the feasibility study required for obtaining this permit.

In consideration for the acquisition of the interest in the Property, the Company has paid in cash $100,000 to BGL and $40,000 to EML and issued BGL and EML an aggregate of 6,514,350 shares of common stock of the Company (the "First Tranche Shares"), at a deemed price of $0.1765 per share, for an aggregate deemed value of $1,150,000. The First Tranche Shares were issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively. For accounting purposes, the Company recorded the cash payment of $140,000 plus $781,722 being the fair value of the First Tranche Shares as mineral property interest. The fair value of the First Tranche Shares was based on the closing price of the Company’s shares on the OTCQB on July 24, 2014.

Within 14 days of commercial gold production being publicly declared from ore mined from the Property, the Company will issue BGL and EML a second tranche of shares of common stock of the Company (the "Second Tranche Shares"). The number of Second Tranche Shares to be issued shall be calculated by dividing US$1,150,000 by the volume weighted average share price of the Company's common stock over a 20 day period preceding the issuance date. The Second Tranche Shares shall be issued to BGL and EML in the proportions of 71.43% and 28.57%, respectively.

F-15

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

Income Taxes

The Company is subject to income taxes on its unconsolidated financial statements in Canada, Hungary and the United States. The consolidated provision for income taxes varies from the amount that would be computed from applying the combined statutory income tax rates to the net loss before taxes were approximately as follows:


	2015	2014
Combined statutory rate	34%	34%
Expected income tax recovery	$ (725,000)	$ (349,000)
Non-deductible differences and other	208,000	126,000
Effect of changes in tax rate	-	-
Deferred tax assets not recognized	517,000	223,000
Income tax provision	$ -	$ -

The significant components of the Company’s deferred income tax assets were approximately:


	2015		2014
Property and equipment		$ -	$	44,000
Losses available for future periods		910,000		446,000
Tax assets not recognized		(910,000)		(490,000)
Net deferred income tax asset		$ -	$	-

The Company has non-capital losses of approximately $2,090,000 which may be carried forward and applied against taxable income in future years and expire as follows:


	Canada $	United States $
2027	-	1,000
2028	-	16,000
2029	-	35,000
2030	-	30,000
2031	-	78,000
2032	265,000	24,000
2033	370,000	53,000
2034	389,000	138,000
2035	123,000	1,424,000
	1,147,000	1,799,000

Long-Term Debt

During the year ended March 31, 2013, the Company issued a convertible financial instrument pursuant to a total borrowing facility of $2,000,000 Canadian dollars at an interest rate of 12% per annum to a single note holder. The convertible financial instrument is due on the 60^th day after the Company becomes a public entity or closes a debt, equity or convertible financing. The debenture is convertible at a rate of $0.25 per share if the Company becomes a public entity. Prior to the closing of the Amalgamation Agreement, the debenture plus accrued and unpaid interest was converted into 100,310,000 common shares of the Company (Note 9) and the note holder became a controlling shareholder of the Company. The debt was secured by the first charge of the Company’s personal property. The Company pays the note holder a royalty of 3% of revenues in exchange for financial support and advisory services (Note 13).

F-16

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

10.

Common Stock

Issued and fully paid:

Pursuant to the Amalgamation Agreement, the Company cancelled 103,863,458 common shares and issued 60,000,000 units for a total consideration of $3,000,000 on February 27, 2014, each unit consisting of one common share and one share purchase warrant, each warrant exercisable into an additional common share of the Company at an exercise price of $0.05 per share for a period of five years from the closing date.

In connection with the closing of the Amalgamation Agreement on February 27, 2014, the Company completed a non-brokered private placement, pursuant to which the Company issued an aggregate of 20,000,000 units at a price of $0.05 per unit for gross proceeds of $1,000,000. Each unit consisted of one common share and one share purchase warrant, each warrant entitling the holder to acquire an additional common share at the exercise price of $0.05 for a period of 5 years from the closing of the financing.

Pursuant to a consulting agreement dated February 27, 2014 between the Company and Robert Abenante, a director and officer of the Company, Mr. Abenante was issued an additional 9,233,860 common shares of the Company and 8,000,000 share purchase warrants (the “Abenante Stock”) entitling Mr. Abenante to acquire an additional common share at the exercise price of $0.05 for a period of 5 years from February 27, 2014. The entry into the consulting agreement was a condition of closing of the Amalgamation Agreement. The Abenante Stock is subject to an escrow agreement whereby 25% of the Abenante Stock was released on February 27, 2014 (“Start Date”), 25% will be released 6 months from the Start Date, 25% will be released 12 months from the Start Date and 25% will be released 18 months from the Start Date, providing Mr. Abenante remains an officer of the Company failing which the Abenante Stock will be returned to the Company.

The fair value of the common shares included in the Abenante Stock of $0.05 per common share was based on the price of the non-brokered private placement on February 27, 2014. The fair value of the warrants of $0.05 included in the Abenante Stock was based on the Black-Scholes option pricing model using input assumptions of a risk free interest rate of 1.49%, volatility of 149%, expected dividend yield of zero and expected life of 5 years. The fair value of the current year Abenante Stock is expensed in the statement of operations over the escrow period on a straight-line basis with $312,811 expensed during the year ended March 31, 2015 (2014 - $115,425). The remaining Abenante stock has yet to be released. The remainder includes current prepaid expenses of $33,459 (2014 - $230,846) and long term prepaid expenses of $nil (2014 - $115,423).

Warrants

The Company’s outstanding warrants as at March 31, 2015 were as follows:


	Number of Warrants	Weighted Average Exercise Price	Expiry Date	Remaining Life (Years)

March 31, 2013	-

Issued on reverse acquisition	60,000,000	$0.05	February 27, 2019	3.9
Issued for cash	20,000,000	$0.05	February 27, 2019	3.9
Issued for services	8,000,000	$0.05	February 27, 2019	3.9

March 31, 2014 and 2015	88,000,000

F-17

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

10.

Common Stock (continued)

Stock Options

On the closing of the Amalgamation Agreement on February 27, 2014, the Company granted 1,700,000 stock options to directors and employees. Each stock option is exercisable at a price of $0.01 per share until expiry on the date that is 5 years from February 27, 2014. All stock options vested on February 27, 2014, but are subject to an escrow agreement whereby common stock issued on the exercise of the stock options will be held in escrow to be released as to 25% on February 27, 2014 (“Release Date”), 25% 6 months from the Release Date, 25% 12 months from the Release Date and 25% 18 months from the Release Date, providing the stock option holder remains with the Company failing which the escrowed common shares will be returned to the Company.

Each stock option has a fair value of $0.05, which was based on the Black-Scholes option pricing model using input assumptions of a risk free interest rate of 1.49%, volatility of 149%, expected dividend yield of zero and expected life of 5 years. The fair value of the stock options is expensed in the statement of operations over the escrow period on a graded basis with $85,000 expensed during the year ended March 31, 2014. On August 9, 2014, the exercise price of 700,000 stock options previously granted to two officers was amended to $0.05 from $0.01 and there was no impact to the fair value as a result of the re-pricing.

On August 7, 2014, the Company granted 4,500,000 stock options to directors and consultants. These stock options have an exercise price of $0.15 and expire on August 7, 2019 with 25% vesting on the date of grant and 25% vesting every six months after the date of grant. Each stock option had a fair value of $0.15, which was based on the Black-Scholes option pricing model. The fair value of the stock options is expensed in the statements of comprehensive loss.

On October 27, 2014, the Company granted 500,000 stock options to consultants. These stock options have an exercise price of $0.15 and expire on October 27, 2019 with 25% vesting on the date of grant and 25% vesting every six months after the date of grant. Each stock option had a fair value of $0.17, which was based on the Black-Scholes option pricing model. The fair value of the stock options is expensed in the statements of comprehensive loss.

The share-based compensation for stock options granted was estimated using the Black-Scholes option pricing model with the following assumptions:


Assumptions
Risk-free interest rate	1.51% - 1.60%
Expected stock price volatility	184% - 190%
Expected dividend yield and forfeiture	0.00%
Expected life of options	5 years

F-18

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

10.

Common Stock (continued)

Stock Options (continued)

The following table summarizes historical information about the Company’s incentive stock options:


	Number of Options	Weighted Average Exercise Price
March 31, 2013	-	-
Granted	1,700,000	$0.03

March 31, 2014	1,700,000	$0.03
Granted	5,000,000	$0.15
Exercised	(325,000)	$0.01
Forfeited	(375,000)	$0.01
March 31, 2015	6,000,000	$0.13

At March 31, 2015, the following stock options were outstanding and exercisable:


Exercise Price	Expiry Date	Options Outstanding	Weighted Avg. Remaining in Years	Options Exercisable
$0.05	27-Feb-19	1,000,000	3.9	750,000
$0.15	07-Aug-19	4,500,000	4.4	2,250,000
$0.15	27-Oct-19	500,000	4.6	125,000
		6,000,000	4.3	3,125,000

11.

Fair Value of Financial Instruments

The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable:

Level 1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

Level 3 – fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Financial instruments classified as Level 1 – quoted prices in active markets include cash and cash equivalents, accounts receivable and accounts payable.

F-19

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

11.

Fair Value of Financial Instruments (continued)

These financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of March 31, 2015. The respective carrying value of certain financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, accounts receivable and accounts payable.

12.

Related Parties and Loans Payable

The Company undertakes transactions with related parties that are generally on the same terms as those accorded to unrelated third parties. In addition to the shares for services transactions disclosed in the share capital note, the Company completed transactions with Emerald Power Consulting Inc. (“Emerald”), which has a common director and officer with the Company. During the year the Company paid consulting and office and administrative expense to Emerald amounting to $125,750 (2014 - $10,250) and $nil (2014- $76,694), respectively. As at March 31, 2015, $nil (2014-$nil) was payable to Emerald. The Company also paid another officer in the company $15,143 (2014 – nil) for consulting services and issued 3,700,000 options with a fair value of $447,812 (2014 – $60,000) to related parties.

At March 31, 2015, the Company was indebted to arm’s length parties in the amount of $91,774 (March 31, 2014 - $60,290). The loans payable are unsecured, non-interest bearing and have no fixed repayment terms.

13.

Royalty Payments

The Company is required to make royalty payments of 3% of revenues to the long-term note holder (Note 9). In addition, the Company is required to make royalty payments of 10% of earnings before interest, taxes, depreciation, and amortization to an arms-length corporation in exchange for financial and advisory services. These royalties are calculated on a quarterly basis. As of March 31, 2015 $58,100 is owed to the note holder (March 31, 2014 - $66,570).

14.

Commitments

(a)

On June 22, 2013, the Company entered into a share purchase agreement with Waratah Investments Limited (“Waratah”) where the Company shall purchase all of Waratah’s right, title, and interest in the Quivira Gold (“Quivira”) shares, of which Waratah holds 100% of the outstanding shares. As consideration for the Quivira shares, the Company will issue to Waratah 60,000,000 shares of common stock and 60,000,000 warrants. Each warrant entitles the holder to purchase one additional common share at $0.05 for a period of five years from the closing date. Quivira, a subsidiary of Waratah Investments, owns and operates gold and diamond mining properties in Ghana.

The closing of the agreement is subject to the completion of due diligence and the completion of a private placement. The agreements provide that closing is subject to completion of a private placement financing of up to $1,500,000, consisting of units priced at $0.05 per unit, with each unit comprises a share in the common stock of the Company and a share purchase warrant, exercisable at $0.05 for five years. As of the issuance date of these financial statements, the due diligence and financing has not yet been completed.

(b)

On November 1, 2013, the Company entered into an agreement to lease office premises for $3,188 per month until October 31, 2015.

F-20

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

15.

Supplementary Cash Flow Information


	Year Ended March 31, 2015		Year Ended March 31, 2014

Cash paid for income taxes	$	-	$	-
Cash paid for interest	$	-	$	-
Shares and warrants issued for prepaid services	$	-	$	346,270

There were no material non-cash investing and financing transactions for the year ended March 31, 2015.

16.

Geographical Area Information


		Canada		Discontinued Operations (Hungary)		Africa		Total

March 31, 2015:
Current assets	$	64,211		-	$	-	$	64,211
Property, plant and equipment		5,248		-		71,560		76,808
Mineral interest		-		-		931,722		931,722
Total assets	$	69,459	$	-		1,003,282	$	1,072,741

Total liabilities	$	255,764		-		-	$	255,764

March 31, 2014:
Current and prepaid assets	$	1,249,579		69,022	$	-	$	1,318,601
Property, plant and equipment		512		811,548		-		812,060
Total assets	$	1,250,091	$	880,570	$	-	$	2,130,661

Total liabilities	$	192,581	$	63,134	$	-	$	255,715

17.

Discontinued Operations

During the third quarter of fiscal 2015, the Company discontinued and sold its operations at its Kenderes Biogas Plant (“the Plant”) in Hungary due to uneconomic conditions brought on by political and economic forces in Hungary. The Company moved the Plant to Africa where the Company will look to provide energy to mining projects. The Company completed the sale of its wholly-owned Hungarian subsidiary, and shifted its focus to its business in West Africa. The following provides selected financial information of discontinued operations.

F-21

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

17.

Discontinued Operations (Continued)


	Statements of Financial Position
		March 31, 2015		March 31, 2014

Cash	$	-	$	27,922
Accounts receivable		-		41,100
Property, plant and equipment		-		811,548
Accounts payable and accrued liabilities		-		(63,134)
Net Assets of Discontinued Operations	$	-	$	817,436


	Statements of Comprehensive Loss
		Year ended
		March 31, 2015		March 31, 2014
Net revenue	$	-	$	781,286
Operating expenses		(617,284)		(1,233,052)
Impairment loss on equipment		(111,339)		-
Transfer from accumulated other comprehensive income		343,498		-
Net Loss from Discontinued Operations	$	(385,125)	$	(451,766)

F-22

Blox, Inc.

Notes to Consolidated Financial Statements

Years ended March 31, 2015 and 2014

(Expressed in U.S. Dollars)

17.

Discontinued Operations (Continued)


	Interim Statements of Cash Flows
	Year Ended March 31,
		2015		2014

OPERATING ACTIVITIES
Net loss from discontinued operations	$	(385,125)	$	(451,766)
Non-cash adjustments:
Amortization		102,668		180,941
Loss on disposal of property, plant and equipment		580,224		14,279
Unrealized foreign exchange on translation of foreign operations		-		112,720
Transfer from accumulated other comprehensive income		(343,498)		-
Changes in non-cash working capital:
Accounts receivable		41,100		(14,908)
Accounts payable		(63,134)		(14,279)
Cash (used in) provided by operating activities - discontinued operations	$	(67,765)	$	(173,013)

INVESTING ACTIVITIES
Acquisition of equipment	$	-	$	(16,617)
Proceeds from disposal of equipment		79,529
Cash (used in) provided by investing activities - discontinued operations	$	79,529	$	(16,617)

F-23

Item 9.

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A.

Controls and Procedures

Disclosure Controls and Procedures

We maintain “disclosure controls and procedures”, as that term is defined in Rule 13a-15I, promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company’s reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and our principal financial officer to allow timely decisions regarding required disclosure.

As required by paragraph (b) of Rules 13a-15 under the Securities Exchange Act of 1934, our management, with the participation of our principal executive officer and principal financial officer, evaluated our company’s disclosure controls and procedures as of the end of the period covered by this annual report on Form 10-K. Based on this evaluation, our management concluded that as of the end of the period covered by this annual report on Form 10-K, our disclosure controls and procedures were effective.

Internal Control over Financial Reporting

Management’s Annual Report on Internal Control over Financial Reporting

Our management, including our principal executive officer and principal financial officer, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934).

As required by paragraph (b) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), our principal executive officer and principal financial officer evaluated our disclosure controls and procedures (as defined in Rules 13a-15I and 15d-15I of the Exchange Act) as of the end of the period covered by this annual report on Form 10-K. Based upon that evaluation, our interim chief executive officer, who is our principal executive officer and our principal financial officer, concluded that, as at March 31, 2015, our disclosure controls and procedures were not effective (1) to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms and (2) to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to us, including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure. The conclusion reached by our interim chief executive officer was a result of the material weaknesses described below.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. We have identified the following material weaknesses:

(i)

inadequate segregation of duties and effective risk assessment;

(ii)

significant management changes including the change of our Chief Executive Officer and Chief Financial Officer; and

(iii)

inadequate security and restricted access to computer systems, including insufficient disaster recovery plans.

To address these material weaknesses, management performed additional analyses and other procedures to ensure that the financial statements included herein fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented. Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.

Remediation of Material Weaknesses

We intend to take appropriate and reasonable steps to make the necessary improvements to remediate these deficiencies. We intend to consider the results of our remediation efforts and related testing as part of our year-end 2016 assessment of the effectiveness of our internal control over financial reporting.

Due to our size and nature, segregation of all conflicting duties is not possible and may not be economically feasible. However, we are in the process of implementing processes and procedures intended to mitigate any material weaknesses identified.

Subject to receipt of additional financing, we intend to undertake the below remediation measures to address the material weaknesses described in this Form 10-K. Such remediation activities include the following:

(i)

we intend to increase the security and restricted access to computer systems, including a sufficient disaster recovery plan; and

(ii)

we intend to update the documentation of our internal control processes, including formal risk assessment of our financial reporting processes.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over our financial reporting. In order to evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act, our management, with the participation of our principal executive officer and principal financial officer has conducted an assessment, including testing, using the criteria in Internal Control — Integrated Framework (1992), issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Based on our evaluation under the framework in COSO, our management concluded that our internal controls over financial reporting were ineffective as of March 31, 2015 due to the above-noted material weaknesses. The weaknesses and their related risks are not uncommon in a company of our size because of the limitations in the size and number of staff. We believe we have taken initial steps to mitigate these risks by consulting outside advisors where necessary.

Our management believes that because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions and that the degree of compliance with the policies or procedures may deteriorate.

This annual report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our internal control over financial reporting was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only management’s report in this annual report.

Changes in Internal Control Over Financial Reporting

During the most recent fiscal year covered by this annual report, Marco Parente, resigned as our chief financial officer and, subsequent to the year ended March 31, 2015, his replacement, Rick Low, resigned as Chief Financial Officer. These changes had a material effect on our internal controls over financial reporting.

Item 9B.

Other Information

None.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

Directors and Executive Officers

All directors of our company hold office until the next annual meeting of our stockholders or until their successors have been elected and qualified, or until their death, resignation or removal. The executive officers of our company are appointed by our board of directors and hold office until their death, resignation or removal from office.

Our directors and executive officers, their ages, positions held, and duration of such, are as follows:


Name	Position	Age	Date First Elected or Appointed
Ronald Renne	Interim Chief Executive Officer, Interim Chief Financial Officer and Director	37	December 5, 2013

Business Experience

The following is a brief account of the education and business experience during at least the past five years of each director, executive officer and key employee of our company, indicating the person’s principal occupation during that period, and the name and principal business of the organization in which such occupation and employment were carried out.

Ronald Renne – Director

Ronald Renne (37 years old) has been a director of our company since December 5, 2013. From December 5, 2013 to February 27, 2014, Mr. Renne was also the President, Chief Executive Officer and Chief Financial Officer. Mr. Renne has over 10 years’ experience in the banking sector and managing information technology resources. He has worked at HFC bank in London and Royal Bank of Scotland as Branch Manager. Mr. Renne graduated from the Manchester Metropolitan University in 2000 with a Bachelor of Arts (Hons). He also holds all the required retail banking certificates to allow him to practice banking services in the United States.

We believe Mr. Renne is qualified to serve on our board of directors because of his financial and business experience.

Involvement in Certain Legal Proceedings

None of our directors and executive officers has been involved in any of the following events during the past ten years:

(a)

any petition under the federal bankruptcy laws or any state insolvency laws filed by or against, or an appointment of a receiver, fiscal agent or similar officer by a court for the business or property of such person, or any partnership in which such person was a general partner at or within two years before the time of such filing, or any corporation or business association of which such person was an executive officer at or within two years before the time of such filing;

(b)

any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offences);

(c)

being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining such person from, or otherwise limiting, the following activities: (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity; engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities laws;

(d)

being the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph I(i) above, or to be associated with persons engaged in any such activity;

(e)

being found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission to have violated a federal or state securities or commodities law, and the judgment in such civil action or finding by the Securities and Exchange Commission has not been reversed, suspended, or vacated;

(f)

being found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;

(g)

being the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: (i) any federal or state securities or commodities law or regulation; or (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease- and-desist order, or removal or prohibition order; or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

(h)

being the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Securities Exchange Act of 1934), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than 10% of our common stock, to file reports regarding ownership of, and transactions in, our securities with the SEC and to provide us with copies of those filings. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons we believe that during the year ended March 31, 2015 all filing requirements applicable to our executive officers and directors, and persons who own more than 10% of our common stock were complied with.

Code of Ethics

We have not adopted a code of ethics because our board of directors believes that our small size does not merit the expense of preparing, adopting and administering a code of ethics. Our board of directors intends to adopt a code of ethics when circumstances warrant.

Committees of Board of Directors

We do not presently have a separately constituted compensation committee, nominating committee, or any other committees of our board of directors, other than our Audit Committee. Our board of directors does not believe that it is necessary to have such committees because it believes that the functions of such committees can be adequately performed by our board of directors.

We do not have any defined policy or procedure requirements for our stockholders to submit recommendations or nominations for directors. We do not currently have any specific or minimum criteria for the election of nominees to our board of directors and we do not have any specific process or procedure for evaluating such nominees. Our board of directors assesses all candidates, whether submitted by management or stockholders, and makes recommendations for election or appointment.

A stockholder who wishes to communicate with our board of directors may do so by directing a written request to the address appearing on the first page of this annual report.

Audit Committee Financial Expert

Our board of directors has determined that Ronald Renne qualifies as an “audit committee financial expert” as defined in Item 407(d)(5)(ii) of Regulation S-K.

Item 11.

Executive Compensation

Summary Compensation

The particulars of compensation paid to the following persons:

all individuals serving as our principal executive officer during the year ended March 31, 2015;

all individuals service as our principal financial officer during the year ended March 31, 2015;

each of our three most highly compensated executive officers who were serving as executive officers at the end of the year ended March 31, 2015; and

up to two additional individuals for whom disclosure would have been provided under (b) but for the fact that the individual was not serving as our executive officer at March 31, 2015,

who we will collectively refer to as the named executive officers, for all services rendered in all capacities to our company and subsidiaries for the years ended March 31, 2015, March 31, 2014 and March 31, 2013 are set out in the following summary compensation table:

SUMMARY COMPENSATION TABLE


Name and principal position	Year	Salary ($)	Bonus ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	Nonqualified Deferred Compensation Earnings ($)	All Other Compensation ($)	Total ($)
Robert Abenante ⁽¹⁾Former President, CEO and Director	2015 2014 2013	125,750 120,000 Nil	Nil Nil Nil	312,810 115,423 74,000	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	438,560 235,423 74,000
Rick Low ⁽²⁾Former CFO	2015 2014 2013	15,143 N/A N/A	Nil N/A N/A	Nil N/A N/A	60,515 N/A N/A	Nil N/A N/A	Nil N/A N/A	Nil N/A N/A	75,658 N/A N/A
Marco Parente ⁽³⁾Former CFO	2015 2014 2013	Nil Nil Nil	Nil Nil Nil	Nil Nil 2,000	NIl 10,000 Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil 10,000 2,000
Kimberly Gillett ⁽⁴⁾Former Corporate Secretary	2015 2014 2013	Nil 48,000 46,042	Nil Nil 1,000	Nil Nil 16,000	Nil 25,000 Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil 73,000 63,042
Brigitte McArthur ⁽⁵⁾Former Corporate Secretary	2015 2014 2013	38,010 N/A N/A	Nil N/A N/A	Nil N/A N/A	60,515 N/A N/A	Nil N/A N/A	Nil N/A N/A	Nil N/A N/A	98,525 N/A N/A

(1)

Robert Abenante was appointed as President, CEO and director on February 27, 2014 and resigned as President, CEO and director as of May 1, 2015. The amounts set out in the table above reflects monies paid to his wholly-owned consulting Company Emerald Power Consulting Inc. Mr. Abenante was personally awarded shares and warrants valued at $163,391.

(2)

Rick Low as appointed as CFO on June 27, 2014 and resigned effective May 1, 2015.

(3)

Marco Parente was appointed as interim CFO on February 27, 2014 and resigned effective June 27, 2014. The amounts set out in the table above reflects fees paid by Eco Endeavors, which became our wholly-owned subsidiary following the amalgamation of Eco Endeavors into our pre-existing wholly-owned subsidiary on the closing of the Amalgamation Agreement.

(4)

Kimberly Gillett was appointed as Corporate Secretary on February 27, 2014 and resigned effective June 12, 2014. The amounts set out in the table above reflects fees paid by Eco Endeavors, which became our wholly-owned subsidiary following the amalgamation of Eco Endeavors and Ourco on the closing of the Amalgamation Agreement.

(5)

Brigitte McArthur was appointed as Corporate Secretary on July 17, 2014 and resigned effective May 15, 2015.

Employment or Consulting Agreements

Other than noted below, there are no employment contracts, compensatory plans or arrangements, including payments to be received from our company with respect to any executive officer, that would result in payments to such person because of his or her resignation, retirement or other termination of employment with our company, or our subsidiaries, any change in control, or a change in the person’s responsibilities following a change in control of our company.

Consulting Agreements with Robert Abenante

On February 27, 2014, our company entered into a consulting agreement with Robert Abenante, our former President and CEO. Pursuant to the terms of the agreement, Mr. Abenante agreed to provide certain management services to our company in the position of CEO. In consideration for such services, our company:

issued 9,233,860 common shares and 8,000,000 share purchase warrants to Mr. Abenante on the closing of the Amalgamation Agreement, which number is equal to 10% of our common shares issued and outstanding on the closing of the Amalgamation Agreement on a fully diluted basis (each warrant entitling the holder to acquire an additional common share at the exercise price of US$0.05 per share until February 27, 2019); and

agreed to issue additional common shares and other securities that are equal to 10% of the total number of common shares and other securities that are otherwise exercisable or convertible into our common shares that are issued in connection with the proposed acquisition by our company of Quivira Gold Ltd. from the shareholders thereof.

The consulting agreement terminated as of May 1, 2015, when Mr. Abenante resigned as President, CEO and a director.

In addition to the consulting agreement set out above, on February 27, 2014, our company entered into a consulting agreement with Emerald Power Consulting Inc., a British Columbia corporation wholly-owned by Robert Abenante. Pursuant to the terms of the consulting agreement, Emerald Power agreed to provide certain corporate advisory, corporate finance, strategic planning and related advisory services to our company in consideration for a monthly payment of US$10,000 plus applicable taxes. This agreement terminated as of May 1, 2015.

Outstanding Equity Awards at Fiscal Year-End

The following table sets forth for each named executive officer certain information concerning the outstanding equity awards as of March 31, 2015:


	Option awards					Stock awards
Name	Number of securities underlying unexercised options (#) exercisable	Number of securities underlying unexercised options (#) unexercisable	Equity incentive plan awards: Number of securities underlying unexercised unearned options (#)	Option exercise price ($)	Option expiration date	Number of shares or units of stock that have not vested (#)	Market value of shares of units of stock that have not vested ($)	Equity incentive plan awards: Number of unearned shares, units or other rights that have not vested (#)	Equity incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($)
Robert Abenante ⁽¹⁾Former President, CEO and Director	1,350,000 ⁽²⁾	N/A	N/A	0.15	Aug. 7, 2019	6,925,395 ⁽³⁾6,000,000 ⁽⁴⁾	7,500 750	N/A	N/A
Rick Low ⁽⁵⁾Former CFO	500,000 ⁽²⁾	N/A	N/A	0.15	Aug. 7, 2019	N/A	N/A	N/A	N/A
Marco Parente⁽⁶⁾Former CFO	200,000 ⁽⁷⁾	N/A	N/A	0.01	Feb. 27, 2019	N/A	N/A	N/A	N/A
Kimberly Gillett⁽⁸⁾Former Corporate Secretary	500,000 ⁽⁷⁾	N/A	N/A	0.01	Feb. 27, 2019	N/A	N/A	N/A	N/A
Brigitte McArthur ⁽⁸⁾Former Corporate Secretary	500,000 ⁽²⁾	N/A	N/A	0.15	Aug. 7, 2019	N/A	N/A	N/A	N/A

(1)

Robert Abenante was appointed as President, CEO and director on February 27, 2014 and resigned as President, CEO and director as of May 1, 2015.

(2)

On August 7, 2014, we granted stock options to purchase an aggregate of 4,500,000 common shares at an exercise price of $0.15 per share, expiring on August 7, 2019. All options vest immediately upon the date of grant.

(3)

9,233,860 common shares are subject to an escrow agreement among our company, the escrow agent and Robert Abenante, whereby 25% of such shares are eligible to be released upon the closing date of the Amalgamation Agreement and 25% are eligible to be released in subsequent 6 month intervals thereafter.

(4)

8,000,000 share purchase warrants are subject to an escrow agreement among our company, the escrow agent and Robert Abenante, whereby 25% of such share purchase warrants are eligible to be released upon the closing date of the Amalgamation Agreement and 25% are eligible to be released in subsequent 6 month intervals thereafter.

(5)

Rick Low as appointed as CFO on June 27, 2014 and resigned effective May 1, 2015.

(6)

Marco Parente was appointed as interim CFO on February 27, 2014 and resigned effective June 27, 2014.

(7)

On February 27, 2014 we granted stock options to purchase up to an aggregate of 1,700,000 common shares at an exercise price of $0.01 per share, expiring on February 27, 2019. The common shares underlying these stock options are subject to an escrow agreement among our company, the escrow agent and each of the optionees, whereby 25% of such shares are eligible to be released upon the closing date of the

Amalgamation Agreement and 25% are eligible to be released in subsequent 6 month intervals thereafter. All options vest immediately upon the date of grant.

(8)

Kimberly Gillett was appointed as Corporate Secretary on February 27, 2014 and resigned effective June 12, 2014.

(9)

Brigitte McArthur was appointed as Corporate Secretary on July 17, 2014 and resigned effective May 15, 2015.

Retirement or Similar Benefit Plans

There are no arrangements or plans in which we provide retirement or similar benefits for our directors and officers.

Resignation, Retirement, Other Termination, or Change in Control Arrangements

We have no contract, agreement, plan or arrangement, whether written or unwritten, that provides for payments to our directors or executive officers at, following, or in connection with the resignation, retirement or other termination of our directors or executive officers, or a change in control of our company or a change in our directors’ or executive officers’ responsibilities following a change of control.

Compensation of Directors

The table below shows the compensation of our directors who were not our named executive officers for the fiscal year ended March 31, 2015:


Name	Fees earned or paid in cash ($)	Stock awards ($)	Option awards ($)	Non-equity incentive plan compensation ($)	Nonqualified deferred compensation earnings ($)	All other compensation ($)	Total ($)
Ronald Renne	Nil	Nil	78,670	Nil	Nil	Nil	78,670

Except as set out herein, no director who is not otherwise a named executive officer, received or accrued any compensation for his services as a director during the years ended March 31, 2015 and 2014. We have no formal plan for compensating our directors for their services in their capacity as directors. Our directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with the attendance at meetings of our board of directors. Our board of directors may award special remuneration to any director undertaking any special services on our behalf other than services ordinarily required of a director.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth, as of June 29, 2015, certain information with respect to the beneficial ownership of our common stock by each stockholder known by us to be the beneficial owner of more than 5% of any class of our voting securities and by each of our current directors, our named executive officers and by our current executive officers and directors as a group.

In the following tables, we have determined the number and percentage of shares beneficially owned in accordance with Rule 13d-3 of the Securities Exchange Act of 1934 based on information provided to us by our controlling stockholder, executive officers and directors, and this information does not necessarily indicate beneficial ownership for any other purpose. In determining the number of shares of our common stock beneficially owned by a person and the percentage ownership of that person, we include any shares as to which the person has sole or shared voting power or investment power, as well as any shares subject to warrants or options held by that person that are currently exercisable or exercisable within 60 days.


Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership		Percentage of Class ⁽¹⁾
Common Stock	Ronald Renne Interim Chief Executive Officer, Interim Chief Financial Officer and Director 88 Linton Avenue Borehamwood, Hertfordshire, United Kingdom	⁽²⁾ 650,000	Direct	0.59%


Common Stock	Robert Abenante Former Chief Executive Officer, President and Director 600 – 666 Burrard Street Vancouver, BC Canada	⁽³⁾ 22,921,132	Direct	19.08%
Common Stock	Marco Parente Former Chief Financial Officer 600 – 666 Burrard Street Vancouver, BC Canada	⁽⁴⁾303,268	Direct	0.28%
Common Stock	Rick Low Former Chief Financial Officer 600 – 666 Burrard Street Vancouver, BC Canada	⁽⁵⁾500,000	Direct	0.46%
Common Stock	Kimberly Gillett” Former Corporate Secretary 600 – 666 Burrard Street Vancouver, BC Canada	⁽⁶⁾1,326,148	Direct	1.22%
Common Stock	Brigitte McArthur Former Corporate Secretary 600 – 666 Burrard Street Vancouver, BC Canada	⁽⁷⁾500,000	Direct	0.46%
	Directors and Officers as a group	25,550,548		21.50%
Common Stock	Nicholas Taylor #2 – 59 Rockford Street Mandurah, WA Australia	⁽⁸⁾ 138,275,630	Indirect	77.79%
Common Stock	Pamela Kathleen Pickett 120 Caspian Way Brigadoon, Perth, WA 6069	9,500,000	Direct	8.75%

(1)

Based on 108,611,814 shares of common stock issued and outstanding as of June 29, 2015. Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Except as otherwise indicated, we believe that the beneficial owners of the common stock listed above, based on information furnished by such owners, have sole investment and voting power with respect to such shares, subject to community property laws where applicable.

(2)

Consists of 650,000 stock options, with each option being exercisable into one common share at a price of $0.15 per share, expiring on August 7, 2019

(3)

Consists of 11,402,496 common shares, 1,350,000 stock options and 10,168,636 share purchase warrants. Each option is exercisable into one common share at a price of $0.15 per share, expiring on August 7, 2019. Each warrant is exercisable into one common share at the exercise price of $0.05 per share for a period of five years from the closing of the Amalgamation Agreement.

(4)

Consists of 51,634 common shares, 200,000 stock options and 51,634 share purchase warrants. Each option is exercisable into one common share at a price of $0.01 per share for a period of five years from the closing of the Amalgamation Agreement. The common shares underlying the stock options are subject to an escrow agreement whereby 25% may be released on the closing of the Amalgamation Agreement and 25% may be released in subsequent six month periods. Each warrant is exercisable into one common share at a price of $0.05 per share for a period of five years from the closing of the Amalgamation Agreement.

(5)

Consists of 500,000 stock options, with each option being exercisable into one common share at a price of $0.15 per share, expiring on August 7, 2019.

(6)

Consists of 413,074 common shares, 500,000 stock options and 413,074 share purchase warrants. Each option is exercisable into one common share at a price of $0.01 per share for a period of five years from the closing of the Amalgamation Agreement. The common shares underlying the stock options are subject to an escrow agreement whereby 25% may be released on the closing of the Amalgamation Agreement and 25%

may be released in subsequent six month periods. Each warrant is exercisable into one common share at a price of $0.05 per share for a period of five years from the closing of the Amalgamation Agreement.

(7)

Consists of 500,000 stock options, with each option being exercisable into one common share at a price of $0.15 per share, expiring on August 7, 2019.

(8)

Consists of 69,137,815 common shares and 69,137,815 share purchase warrants, each warrant being exercisable into one common share at a price of $0.05 per share for a period of five years from the closing of the Amalgamation Agreement. Of the securities indirectly held, 52,930,214 common shares and 52,930,214 share purchase warrants are indirectly held through Waratah Investments Limited, a Ghana corporation, and 16,207,601 common shares and 16,207,601 share purchase warrants are indirectly held through Waratah Capital Ltd., a British Columbia corporation. Mr. Taylor controls both private companies.

Item 13.

Certain Relationships and Related Transactions

Transactions with Related Persons

Other than as disclosed below, there has been no transaction, since April 1, 2014, or currently proposed transaction, in which our company was or is to be a participant and the amount involved exceeds $5,000, being the lesser of $120,000 or one percent of our total assets at March 31, 2015, and in which any of the following persons had or will have a direct or indirect material interest:

(a)

any director or executive officer of our company;

(b)

any person who beneficially owns, directly or indirectly, more than 5% of any class of our voting securities;

(c)

any person who acquired control of our company when it was a shell company or any person that is part of a group, consisting of two or more persons that agreed to act together for the purpose of acquiring, holding, voting or disposing of our common stock, that acquired control of our company when it was a shell company; and

(d)

any member of the immediate family (including spouse, parents, children, siblings and in- laws) of any of the foregoing persons.

On February 27, 2014, our company entered into a consulting agreement with Emerald Power Consulting Inc., a British Columbia corporation wholly-owned by Robert Abenante, a former director and officer of our company. Pursuant to the terms of the consulting agreement, Emerald Power agreed to provide certain corporate advisory, corporate finance, strategic planning and related advisory services to our company in consideration for a monthly payment of US$10,000 plus applicable taxes. This agreement terminated as of May 1, 2015 when Mr. Abenante resigned as President, CEO and a director.

Compensation for Executive Officers and Directors

For information regarding compensation for our executive officers and directors, see “Executive Compensation”.

Director Independence

Our board currently consists of one director, being Ronald Renne. Our common stock is quoted on the OTC Bulletin Board operated by FINRA (the Financial Industry Regulatory Authority), which does not impose any director independence requirements. Under NASDAQ rule 5605(a)(2), a director is not independent if he or she is also an executive officer or employee of the corporation or was, at any time during the past three years, employed by the corporation. Using this definition of independent director, we do not currently have any independent directors.

Item 14.

Principal Accounting Fees and Services

The following table sets forth the fees billed to our company for the years ended March 31, 2014 and 2013 for professional services rendered by Morgan and Company LLP, our independent registered public accounting firm:


	March 31, 2015	March 31, 2014
Audit Fees	$ 20,600	$ 12,500
Audit Related Fees	Nil	2,000
Tax Fees	Nil	Nil
Other Fees	Nil	Nil
Total Fees	$ 20,600	$ 14,500

All of the above services and fees were reviewed and approved by our board of directors before the respective services were rendered.

Our board of directors has considered the nature and amount of fees billed by Morgan and Company LLP, and believe that the provision of services for activities unrelated to the audit is compatible with maintaining its respective independence.

Audit Committee Disclosure

Under Canadian National Instrument 52-110 – Audit Committees (“NI 52-110”) reporting issuers are required to provide disclosure with respect to its Audit Committee.

Audit Committee

Our board has an Audit Committee established in accordance with section 3(a)(58)(A) of the Exchange Act. It currently consists of one director, being Ronald Renne and oversees and reports to the Board of Directors on various auditing and accounting-related matters, including the maintenance of the integrity of our financial statements, reporting process and internal controls; the selection, evaluation, compensation and retention of our independent registered public accounting firm; the performance of internal audit; legal and regulatory compliance, including our disclosure controls and procedures; and oversight over our risk management policies and procedures.

Ronald Renne serves as chairman of this committee and has been determined by our Board to be an “audit committee financial expert” as defined under the rules of the SEC.

Audit Committee Oversight

At no time since the commencement of our most recently completed financial year was a recommendation of the Audit Committee to nominate or compensate an external auditor not adopted by our board.

Reliance on Certain Exemptions

At no time since the commencement of our most recently completed financial year has the Company relied on the exemption in Section 2.4 of NI 52-110 (De Minimis Non-audit Services), or an exemption from NI 52-110, in whole or in part, granted under Part 8 of NI 52-110.

Pre-Approval Policies and Procedures

The Audit Committee is authorized by the Board to review the performance of our external auditors and approve in advance provision of services other than auditing and to consider the independence of the external auditors, including a review of the range of services provided in the context of all consulting services bought by our company.

Corporate Governance

General

Our board believes that good corporate governance improves corporate performance and benefits all shareholders. Canadian National Policy 58-201 Corporate Governance Guidelines provides non-prescriptive guidelines on corporate governance practices for reporting issuers such as our company. In addition, Canadian National Instrument 58-101 Disclosure of Corporate Governance Practices prescribes certain disclosure by us of its corporate governance practices. This disclosure is presented below.

Directorships

None of our directors are directors of other reporting issuers or equivalent.

Orientation and Continuing Education

New board members receive an orientation package which includes reports on operations and results, and any public disclosure filings by us, as may be applicable. We do not take any steps to provide continuing education for directors.

Ethical Business Conduct

We have found that the fiduciary duties placed on individual directors by our governing corporate legislation and the common law and the restrictions placed by applicable corporate legislation on an individual director’s participation in decisions of our board in which the director has an interest have been sufficient to ensure that the board operates in the best interests of our company.

Nomination of Directors

We consider our size each year when we consider the number of directors to recommend to the shareholders for election at the annual meeting of shareholders, taking into account the number required to carry out our board’s duties effectively and to maintain a diversity of view and experience.

We do not have a nominating committee, and these functions are currently performed by our board as a whole.

Compensation

Our board is responsible for determining compensation for the directors of our company to ensure it reflects the responsibilities and risks of being a director of a public company.

Other Board Committees

We have no committees other than our Audit Committee.

Assessments

We have no formal policy to monitor the effectiveness of the directors, our board and our committees.

Disclosure of Outstanding Share Data

Our shares are quoted for trading on the OTCQB under the symbol “BLXX”. As of June 29, 2015, our share capital was as follows:


Class of Shares	Par Value	Number Authorized	Number Issued
Common Shares	$0.00001	400,000,000	108,611,814

Stock Option Plan

As at June 29, 2015, the following stock options were outstanding:


Number Outstanding	Exercise Price per Share	Expiry Date
1,000,000	$0.01	February 27, 2019
4,500,000	$0.15	August 7, 2019
500,000	$0.15	October 27, 2019

Warrants

As at June 25, 2015, the following warrants were outstanding:


Number Outstanding	Exercise Price	Expiry Date
88,000,000	US $0.05	February 27, 2019

PART IV

Item 15.

Exhibits, Financial Statement Schedules


Exhibit	Description
3.1	Articles of Incorporation of Registrant ⁽¹⁾
3.2	Bylaws of the Registrant ⁽¹⁾
3.3	Articles of Incorporation of Nava Resources Canada, Inc. ⁽¹⁾
3.4	Certificate of Amendment to Articles of Incorporation ⁽¹⁾
3.5	Amended Articles of Incorporation reflecting name change ⁽²⁾
10.1	Share Purchase Agreement with Quivira Gold Ltd. and Waratah Investments Ltd. ⁽²⁾
10.2	Amalgamation Agreement with Eco Endeavors Corp. , Ourco, Keneresh, and Kenderes Biogaz ⁽²⁾
10.3	Amalgamation Amending Agreement dated February 3, 2014 ⁽³⁾
10.4	Assignment Agreement dated April 2012 between Kenderesh Endeavors Corp. and K&H Bank Zrt. ⁽⁴⁾
10.5	Purchase Option Agreement dated 2012 between Kenderesh Endeavors Corp. and K&H Bank Zrt. ⁽⁴⁾
10.6	Royalty Deed dated April 1, 2012 between International Eco Endeavors Corp. and Palladio ⁽⁴⁾
10.7	Consulting Services Agreement dated February 27, 2014 with Emerald Power Consulting, Inc. ⁽⁴⁾
10.8	Consulting Agreement dated February 27, 2014 with Robert Abenante ⁽⁴⁾
10.9	Royalty Agreement dated February 27, 2014 between Kenderes Biogaz Termelo Korlatolt Fele Lossegu Tarsasag and Waratah Investments Limited ⁽⁴⁾
10.10	Escrow Agreement dated February 27, 2014 between Robert Abenante and the escrow agent ⁽⁴⁾
10.11	Form of Escrow Agreement dated February 27, 2014 between the escrow agent, and each of Robert Ironside, Cedric Wilson, Kimberly Gillett and Marco Parente ⁽⁴⁾
10.12	Jon Davis Royalty Agreement ⁽⁴⁾
21.1	List of Subsidiaries ⁽⁴⁾
31.1	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
32.1	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
99.1	2009 Stock Option Plan ⁽⁴⁾
101.INS	XBRL Instance Document *
101.SCH	XBRL Taxonomy Extension Schema *
101.CAL	XBRL Taxonomy Extension Calculation Linkbase *
101.DEF	XBRL Taxonomy Extension Definition Linkbase *
101.LAB	XBRL Taxonomy Extension Label Linkbase *
101.PRE	XBRL Taxonomy Extension Presentation Linkbase *

* Filed herewith

⁽¹⁾

Incorporated by reference to the registration statement on Form S-1, as filed with the SEC on May 1, 2008.

⁽²⁾

Incorporated by reference to the annual report on Form 10-K, as filed with the SEC on September 17, 2013.

⁽³⁾

Incorporated by reference to the current report on Form 8-K, as filed with the SEC on February 24, 2014.

⁽⁴⁾

Incorporated by reference to the current report on Form 8-K, as filed with the SEC on March 5, 2014.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BLOX, INC.


By:	/s/ Ronald Renne
Name:	Ronald Renne
Title:	Interim Chief Executive Officer and Interim Chief Financial Officer
Date:	June 29, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:	/s/ Ronald Renne
Name:	Ronald Renne
Title:	Interim Chief Executive Officer and Interim Chief Financial Officer
Date:	June 29, 2015