Shorepower Technologies Inc. Files Q2 2025 10-Q

TL;DR

Shorepower Tech 10-Q filed. Financials for Q2 2025 out.

AI Summary

Shorepower Technologies Inc. filed its 10-Q for the period ending June 30, 2025. The filing details financial performance and operational updates for the second quarter. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the miscellaneous transportation equipment sector.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Shorepower Technologies Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal both positive and negative trends, requiring careful analysis to assess risk.

Key Numbers

• Q2 2025 — Reporting Period (Financial performance for the second quarter of 2025 is detailed.)
• 20250630 — End of Fiscal Period (The filing covers financial data up to this date.)

Key Players & Entities

• SHOREPOWER TECHNOLOGIES INC. (company) — Filer
• 0001641172-25-024714 (other) — Accession Number
• 20250630 (date) — Period of Report
• 20250819 (date) — Filing Date
• 5038927345 (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) — 660KB
• ex31-1.htm (EX-31.1) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• 0001641172-25-024714.txt ( ) — 3185KB
• spev-20250630.xsd (EX-101.SCH) — 24KB
• spev-20250630_cal.xml (EX-101.CAL) — 32KB
• spev-20250630_def.xml (EX-101.DEF) — 138KB
• spev-20250630_lab.xml (EX-101.LAB) — 209KB
• spev-20250630_pre.xml (EX-101.PRE) — 166KB
• form10-q_htm.xml (XML) — 379KB

Signatures

Signatures 18 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 4 of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 5 of Changes in Stockholders' Equity (Deficit) for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 6 of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited) 7 Notes to the Financial Statements (unaudited) 8 3 SHOREPOWER TECHNOLOGIES INC. CONDENSED BALANCE SHEETS June 30, December 31, 2025 2024 (Unaudited) (Audited) ASSETS Current Assets: Cash $ 23,261 $ 18,332 Accounts receivable 101,717 — Prepaids — 1,322 Inventory 19,005 44,763 Total Current Assets 143,983 $ 64,417 Non-Current Assets: Other asset 1,000 1,000 Total non-current assets 1,000 1,000 Total Assets $ 144,983 $ 65,417 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 118,931 92,353 Accounts payable – related party 42,110 37,110 Accrued officer compensation – related party 406,668 306,668 Accrued interest – related party 182,181 148,460 Notes payable – related party 125,775 125,775 Note payable 111,395 111,395 Total Current Liabilities 987,060 821,761 Notes payable, net of current portion – related party 919,679 919,678 Total Liabilities 1,906,739 1,741,439 Commitment and contingency — — 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 authoriz

financial statements

financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("DISE"), which will require additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity's expenses. This ASU was further clarified by ASU 2025-01, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses , which was issued in December 2024. The new standards require disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The new standards will be effective for public companies for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company is currently evaluating the impact of these accounting standard updates on its financial statements. The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. NOTE 3 – GOING CONCERN The accompanying condensed unaudited financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying unaudited condensed financial statements, at June 30, 2024 the Company had a cash balance of $ 23,261 ,

View Full Filing

View this 10-Q filing on SEC EDGAR