Shorepower Technologies Inc. Files 2024 10-K

TL;DR

Shorepower Tech 2024 10-K is in. Check financials for FY ending Feb 29, 2024.

AI Summary

Shorepower Technologies Inc. filed its 10-K for the fiscal year ending February 29, 2024, reporting on its business operations and financial condition. The company, formerly known as United States Basketball League Inc., is based in Hillsboro, Oregon. The filing details its product and service revenues for the fiscal years 2023 and 2022, with specific figures for Series A and Series B preferred stock outstanding as of February 29, 2024, and February 28, 2023.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Shorepower Technologies' financial performance and operational status for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the nature of the company's business and its financial details, which are not fully elaborated in this snippet, could present inherent risks.

Key Numbers

• 2024-02-29 — Fiscal Year End (Reporting period for the 10-K filing.)
• 2023-02-28 — Previous Fiscal Year End (Comparison period for financial data.)

Key Players & Entities

• SHOREPOWER TECHNOLOGIES INC. (company) — Filer
• UNITED STATES BASKETBALL LEAGUE INC (company) — Former Company Name
• HILLSBORO, OR (location) — Business Address
• 0229 (date) — Fiscal Year End
• 20240229 (date) — Reporting Period End
• 20230228 (date) — Previous Reporting Period End

FAQ

Key Financial Figures

• $16 million — r. To date we have raised approximately $16 million through grants and contracts from the f
• $453,954 — and state Governments and have received $453,954 in loans through Jeff Kim, our Presiden
• $10,000 — 0 days per year could cost in excess of $10,000 per year in wasted diesel fuel. By usin
• $7,000 — using Shorepower, drivers can save over $7,000 annually. Additionally, we have over
• $1285,000 — arging connectors. We have secured over $1285,000 in grants to upgrade additional sites w
• $1,000,000 — sites with total project values of over $1,000,000 (including cost share and host-site con
• $2,000,000 — e contributions) and have an additional $2,000,000 in grants pending. Grants awarded as of
• $71,000 — of February 2024 include approximately $71,000 for TSE equipment in New Hampshire, $11
• $114,000 — 000 for TSE equipment in New Hampshire, $114,000 to upgrade two sites in California to i
• $100,000 — nclude Level 2 and DC fast charging and $100,000 in Washington State to add Level 2 char
• $40 — nd an extension cord for as little as a $40 initial investment. This investment cou
• $7.5 billion — November 15, 2021, Congress is funding $7.5 billion specifically for charging stations. Sho
• $375,000,000 — s. We have a goal of securing up to 5% ($375,000,000) of the available funds by the end of t
• $10 million — ample, if we are successful in securing $10 million in grants, we may need to contribute $2
• $2 million — on in grants, we may need to contribute $2 million or more in cost share. We believe that

Filing Documents

• form10-k.htm (10-K) — 955KB
• ex14-1.htm (EX-14.1) — 9KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• form10-k_001.jpg (GRAPHIC) — 10KB
• form10-k_002.jpg (GRAPHIC) — 9KB
• form10-k_003.jpg (GRAPHIC) — 17KB
• form10-k_004.jpg (GRAPHIC) — 61KB
• form10-k_005.jpg (GRAPHIC) — 3KB
• 0001493152-24-023724.txt ( ) — 4023KB
• spev-20240229.xsd (EX-101.SCH) — 27KB
• spev-20240229_cal.xml (EX-101.CAL) — 38KB
• spev-20240229_def.xml (EX-101.DEF) — 133KB
• spev-20240229_lab.xml (EX-101.LAB) — 238KB
• spev-20240229_pre.xml (EX-101.PRE) — 193KB
• form10-k_htm.xml (XML) — 334KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2. Property 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 34 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 Item 9A.

Controls and Procedures

Controls and Procedures 35 Item 9B. Other Information 35 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 35 PART III Item 10. Directors, Executive Officers and Corporate Governance 35 Item 11.

Executive Compensation

Executive Compensation 37 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accountant Fees and Services 39 PART IV Item 15. Exhibits, and Financial Statement Schedules 40 Item 16 Form 10-K Summary 40

Signatures

Signatures 41 Cautionary This Annual Report on Form 10-K (this "Report") contains forward-looking statements, including within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our industry, our beliefs and our assumptions. Words such as "anticipate," "expects," "intends," "plans," "believes," "seeks" and "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control which could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, but not limited to: our expectations regarding our revenue, expenses, and other operating results, particularly those revenue expectations base on the continued growth of EV sales to the general public; our ability to acquire new customers and successfully retain existing customers in a very competitive marketplace; 2 our ability to continue to innovate and make new features generally available to customers, including our development and use of artificial intelligence and machine learning; our ability to achieve or sustain our profitability; future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements; the costs and success of our sales and marketing efforts, and our ability to establish and promote our brand; our growth strategies for, and market acceptance of, our charging stations and our ability to execute such strategies; ou

View Full Filing

View this 10-K filing on SEC EDGAR