Unassociated Document
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of Earliest Event Reported):
  
March 31, 2010

 
TOT Energy, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
 
 
Delaware
000-51108
20-01715816
_____________________
(State or other jurisdiction
_____________
(Commission
______________
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
  
    
12100 NE 16th Ave.
N. Miami, FL 33161
  
 
33161
_________________________________
(Address of principal executive offices)
  
___________
(Zip Code)

Registrant’s telephone number, including area code:
  
(305) 891-2288

______________________________________________
Former name or former address, if changed since last report
 
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Item 2.01 Completion of Disposition of Assets.


On March 31, 2010, TOT Energy, Inc. (the “Company”) and Sibburnefteservis, Ltd., completed the unwind of the TOT-SIBBNS, Ltd. joint venture.  The Company exchanged its 75% interest in TOT-SIBBNS for the 3,000,000 shares given to Evgeny Borograd in 2008 upon the establishment of the joint venture. The Company will have no further interest in the drilling equipment and other assets and liabilities of TOT-SIBBNS as a consequence of the unwind of the joint venture. The Company intends to focus on developing or acquiring an alternative energy solar business concentrating on commercial solar installations.

Assets and liabilities disposed of comprised the following at December 31, 2009:

Cash
  
$
17,179
  
Contract receivable, net
    
67,824
  
Cost in excess of related billings on uncompleted contract
    
165,048
  
Inventory of raw materials
    
42,876
  
Prepaid expenses and other assets
    
5
  
Building
    
181,209
  
Macininery and equipment
    
3,432,188
  
Accumulated depreciation
    
(893,476
)
Total Assets
  
$
3,012,853
  
         
Accounts payable
  
$
180,042
  
Accrued expenses
    
888,236
  
Total liabilities
  
$
1,068,278
  


Item 9.01   Exhibits
 
 
Exhibit
Number
  
 
Description
 
       
10.1    Joint Venture Dissolution Agreement dated March 31, 2010 between TOT Energy, Inc. and Sibburnefteservis, Ltd. 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
TOT Energy, Inc.
  
       
April 5, 2010
By:
/s/ Jonathan New
  
   
Name: Jonathan New
  
   
Title: Chief Financial Officer
  
       
 

Exhibit Index
 
Exhibit
Number
  
 
Description
 
       
10.1    Joint Venture Dissolution Agreement dated March 31, 2010 between TOT Energy, Inc. and Sibburnefteservis, Ltd.