Shorepower Technologies Files Q3 2024 10-Q

TL;DR

**Shorepower Tech (SPWR) filed its Q3 2024 10-Q. Details inside.**

AI Summary

Shorepower Technologies Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Specific financial details and operational updates for this period are detailed within the report.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Shorepower Technologies Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant performance changes or risks for Shorepower Technologies Inc.

Key Numbers

• Q3 2024 — Reporting Period (The filing covers the third quarter of the fiscal year.)
• Nine Months Ended September 30, 2024 — Year-to-Date Period (The filing also details performance for the first nine months of the fiscal year.)

Key Players & Entities

• SHOREPOWER TECHNOLOGIES INC. (company) — Filer
• 0001493152-24-045717 (other) — Accession Number
• 20240930 (date) — Conformed Period of Report
• 20241114 (date) — Filed as of Date
• 503-892-7345 (other) — Business Phone

FAQ

Key Financial Figures

• $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

Filing Documents

• form10-q.htm (10-Q) — 525KB
• ex31-1.htm (EX-31.1) — 14KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-045717.txt ( ) — 2743KB
• spev-20240930.xsd (EX-101.SCH) — 23KB
• spev-20240930_cal.xml (EX-101.CAL) — 31KB
• spev-20240930_def.xml (EX-101.DEF) — 130KB
• spev-20240930_lab.xml (EX-101.LAB) — 197KB
• spev-20240930_pre.xml (EX-101.PRE) — 154KB
• form10-q_htm.xml (XML) — 290KB

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 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 ITEM 1. FINANCIAL STATEMENTS. Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 4 5 6 7 Notes to the Financial Statements (unaudited) 8 3 SHOREPOWER TECHNOLOGIES INC. CONDENSED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 ASSETS Current Assets: Cash $ 19,381 $ 285,623 Accounts receivable 14,799 — Prepaids 3,297 — Note receivable — 15,000 Inventory 34,556 6,876 Total Current Assets 72,033 $ 307,499 Non-Current Assets: Other asset 1,000 1,000 Total non-current assets 1,000 1,000 Total Assets $ 73,033 $ 308,499 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 64,682 63,523 Accrued officer compensation – related party 256,668 120,000 Accrued interest – related party 131,543 80,587 Notes payable – related party 125,773 125,773 Note payable 111,395 111,395 Total Current Liabilities 690,061 501,278 Notes payable, net of current portion – related party 919,681 1,032,925 Total Liabilities 1,609,742 1,534,203 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 20,000 20,000 Common stock, $ 0.01 par value, 100,000,000 shares authorized; 48,478,678 and 48,478,678 shares i

View Full Filing

View this 10-Q filing on SEC EDGAR