Shorepower Technologies Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Shorepower Technologies Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>

AI Summary

SHOREPOWER TECHNOLOGIES INC. (SPEV) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. Shorepower Technologies Inc. filed a 10-Q for the period ending November 30, 2023. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on February 29th. Shorepower Technologies Inc. was formerly known as United States Basketball League Inc. The company's business address is in Hillsboro, Oregon.

Why It Matters

For investors and stakeholders tracking SHOREPOWER TECHNOLOGIES INC., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the third quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — SHOREPOWER TECHNOLOGIES INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Shorepower Technologies Inc.'s performance and outlook.

Key Numbers

• 2023-11-30 — Period End Date (Conformed Period of Report)
• 2024-01-16 — Filing Date (As of Date)
• 0229 — Fiscal Year End (Fiscal Year End)
• 2000-05-24 — Name Change Date (Date of name change from United States Basketball League Inc.)

Key Players & Entities

• SHOREPOWER TECHNOLOGIES INC. (company) — Filer name
• UNITED STATES BASKETBALL LEAGUE INC (company) — Former company name
• 2023-11-30 (date) — Period of report
• 2024-01-16 (date) — Filing date
• 0000764630 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• OR (jurisdiction) — State of business address
• 97124 (location) — ZIP code of business address

Forward-Looking Statements

• SHOREPOWER TECHNOLOGIES INC. will continue to report minimal to no revenue in the next fiscal quarter. (SHOREPOWER TECHNOLOGIES INC.) — high confidence, target: 2024-05-31
• The company's stock price will likely remain stagnant or decline due to ongoing revenue challenges. (SHOREPOWER TECHNOLOGIES INC.) — medium confidence, target: 2024-08-31

FAQ

Industry Context

The company operates in the Miscellaneous Transportation Equipment sector, focusing on manufacturing.

Regulatory Implications

This filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the period ending November 30, 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is a 10-Q filing, representing a quarterly update. A comparison to the previous quarter's 10-Q or the prior year's 10-Q would be necessary for a detailed 'vs last filing' analysis.

Key Financial Figures

• $0.01 — were 48,478,678 shares of Common Stock, $0.01 par value per share, outstanding. SHO
• $10M — mmon Stock upon (a) the application for $10M in grants and/or the (b) the award of $
• $1.0 million — M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months; (iii)
• $3.0 million — first 24 months generating no less than $3.0 million in gross revenues and (iv) an additiona
• $0.75 — e Company if its common stock trades at $0.75 for at least 20 trading days and at a v

Filing Documents

• form10-q.htm (10-Q) — 501KB
• ex31-1.htm (EX-31.1) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-002413.txt (&nbsp;) — 2807KB
• spev-20231130.xsd (EX-101.SCH) — 24KB
• spev-20231130_cal.xml (EX-101.CAL) — 33KB
• spev-20231130_def.xml (EX-101.DEF) — 141KB
• spev-20231130_lab.xml (EX-101.LAB) — 208KB
• spev-20231130_pre.xml (EX-101.PRE) — 169KB
• form10-q_htm.xml (XML) — 282KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15 PART II Other Information 16 Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 16

Signatures

Signatures 17 2 PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. Balance Sheets as of November 30, 2023 (unaudited) and February 28, 2023 4 5 6 7 Notes to the Financial Statements (unaudited) 8 3 SHOREPOWER TECHNOLOGIES INC. (Formerly United States Basketball League, Inc.) CONDENSED BALANCE SHEETS (Unaudited) November 30, February 28, 2023 2023 ASSETS Current Assets: Cash $ 278,097 $ 114,851 Funds held in escrow — 553,000 Accounts receivable 2,500 — Prepaids — 535 Note receivable 35,000 — Inventory 6,876 6,880 Total Current Assets 322,473 $ 675,266 Non-Current Assets: Other asset 1,000 1,000 Total non-current assets 1,000 1,000 Total Assets $ 323,473 $ 676,266 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 57,169 106,394 Accrued officer compensation – related party 110,000 20,000 Accrued interest – related party 65,450 — Notes payable – related party 125,773 105,689 Note payable 111,395 111,395 Total Current Liabilities 469,787 343,478 Notes payable, net of current portion – related party 1,037,924 1,184,309 Total Liabilities 1,507,711 1,527,787 Stockholders' Deficit: Preferred stock, $ 0.01 par value, 6,894,356 shares authorized; no shares issued and outstanding — — Series A preferred stock, $ 0.01 par value, 1,105,644 shares designated; no shares issued and outstanding — — Series B preferred stock, $ 0.01 par value, 10,000,000 shares designated; 2,000,000 issued and outstanding 20,000 20,000 Preferred stock value Common stock, $ 0.01 par value, 100,000,000 shares authorized; 48,478,678 and 47,435,106 sha

View Full Filing

View this 10-Q filing on SEC EDGAR