Shorepower Technologies Inc. Files S-1/A Amendment

TL;DR

<b>Shorepower Technologies Inc. has filed an S-1/A amendment, providing updated financial and corporate information.</b>

AI Summary

SHOREPOWER TECHNOLOGIES INC. (SPEV) filed a Amended IPO Registration (S-1/A) with the SEC on February 14, 2024. Shorepower Technologies Inc. filed an S-1/A amendment on February 14, 2024. The company's fiscal year ends on February 29. The filing relates to the Securities Act of 1933. The company was formerly known as United States Basketball League Inc. and changed its name on May 24, 2000. The filing includes data for fiscal years ending February 28, 2021, 2022, and 2023, as well as interim periods.

Why It Matters

For investors and stakeholders tracking SHOREPOWER TECHNOLOGIES INC., this filing contains several important signals. This S-1/A filing indicates potential upcoming corporate actions, such as an IPO or significant financing, requiring updated disclosures. The amendment suggests the company is actively engaging with regulatory bodies and investors, signaling a period of transition or growth.

Risk Assessment

Risk Level: low — SHOREPOWER TECHNOLOGIES INC. shows low risk based on this filing. The filing is an amendment to a registration statement (S-1/A), which is a standard procedural filing for companies preparing for public offerings or significant corporate events, and does not inherently contain new material risks.

Analyst Insight

Monitor for subsequent filings or announcements from Shorepower Technologies Inc. regarding potential public offerings or significant corporate developments.

Key Numbers

• 2024-02-14 — Filing Date (S-1/A filing date)
• 0229 — Fiscal Year End (Fiscal year end month and day)
• 2023-03-01 — Fiscal Period Start (Start date of fiscal period)
• 2023-11-30 — Fiscal Period End (End date of fiscal period)
• 2022-02-28 — Previous Fiscal Year End (Previous fiscal year end date)
• 2021-02-28 — Prior Fiscal Year End (Prior fiscal year end date)

Key Players & Entities

• SHOREPOWER TECHNOLOGIES INC. (company) — Filer name
• 0000764630 (company) — Central Index Key
• S-1/A (regulator) — Form type
• 1933 Act (regulator) — SEC Act
• 333-274184 (regulator) — SEC file number
• UNITED STATES BASKETBALL LEAGUE INC (company) — Former company name
• 20000524 (dollar_amount) — Date of name change
• 503-892-7345 (dollar_amount) — Business phone number

FAQ

Risk Factors

• Registration Statement Filing [low — regulatory]: The filing is an amendment to an S-1 registration statement, indicating ongoing processes related to securities offerings or corporate changes.

Key Dates

• 2024-02-14: S-1/A Filing — Amendment to registration statement filed.
• 2000-05-24: Name Change — Company formerly known as United States Basketball League Inc.

Glossary

S-1/A

An amendment to a registration statement filed with the SEC, typically used to update information or correct deficiencies in an initial S-1 filing. (Indicates the company is in the process of registering securities or updating previously filed information with the SEC.)

Fiscal Year End

The last day of a company's fiscal year, after which financial statements are prepared. (Provides context for the financial reporting periods presented in the filing.)

Key Financial Figures

• $0 — ling Stockholders") at a fixed price of $0.08, the closing price of our common sto
• $2,750,000 — ver, we may receive up to approximately $2,750,000 in gross proceeds upon the cash exercis
• $0.08 — rted sale price of our common stock was $0.08. Investing in our securities involves
• $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
• $480,000 — warrant financing to have a minimum of $480,000 in cash at closing (the "USBL Pre-Merge
• $660,000 — e USBL Pre-Merger Financing that raised $660,000. Shorepower has received 2,000,000 shar
• $1.0 billion — h Company As a company with less than $1.0 billion in revenue during our most recently com
• $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
• $1,400,000 — sferred its current debt obligations of $1,400,000 to us. Shorepower agreed that in assumi
• $2,000 — Company that it would not pay more than $2,000 per month from the proceeds of the pre-
• $0.06 — ugh the purchase of units at a price of $0.06 per unit, each unit consisting of one s

Filing Documents

• forms-1a.htm (S-1/A) — 2032KB
• ex2-2.htm (EX-2.2) — 1KB
• ex3-2.htm (EX-3.2) — 8KB
• ex3-3.htm (EX-3.3) — 1KB
• ex3-4.htm (EX-3.4) — 179KB
• ex5-1.htm (EX-5.1) — 16KB
• ex10-1.htm (EX-10.1) — 46KB
• ex10-2.htm (EX-10.2) — 49KB
• ex10-7.htm (EX-10.7) — 137KB
• ex16-1.htm (EX-16.1) — 6KB
• ex23-1.htm (EX-23.1) — 4KB
• ex99-1.htm (EX-99.1) — 130KB
• ex107.htm (EX-FILING FEES) — 10KB
• ex2-2_001.jpg (GRAPHIC) — 240KB
• ex3-2_001.jpg (GRAPHIC) — 350KB
• ex3-2_002.jpg (GRAPHIC) — 461KB
• ex3-2_003.jpg (GRAPHIC) — 387KB
• ex3-2_004.jpg (GRAPHIC) — 351KB
• ex3-2_005.jpg (GRAPHIC) — 426KB
• ex3-2_006.jpg (GRAPHIC) — 434KB
• ex3-2_007.jpg (GRAPHIC) — 383KB
• ex3-2_008.jpg (GRAPHIC) — 351KB
• ex3-2_009.jpg (GRAPHIC) — 62KB
• ex3-3_001.jpg (GRAPHIC) — 146KB
• ex5-1_001.jpg (GRAPHIC) — 76KB
• forms-1_001.jpg (GRAPHIC) — 10KB
• forms-1_002.jpg (GRAPHIC) — 9KB
• forms-1_003.jpg (GRAPHIC) — 17KB
• forms-1_004.jpg (GRAPHIC) — 61KB
• image_001.jpg (GRAPHIC) — 37KB
• ex99-1_001.jpg (GRAPHIC) — 3KB
• 0001493152-24-006771.txt (&nbsp;) — 12547KB
• spev-20231130.xsd (EX-101.SCH) — 38KB
• spev-20231130_cal.xml (EX-101.CAL) — 48KB
• spev-20231130_def.xml (EX-101.DEF) — 239KB
• spev-20231130_lab.xml (EX-101.LAB) — 308KB
• spev-20231130_pre.xml (EX-101.PRE) — 275KB
• forms-1a_htm.xml (XML) — 792KB

USE OF PROCEEDS

USE OF PROCEEDS 31 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS 32 SELLING STOCKHOLDERS 32

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34

BUSINESS

BUSINESS 38 MANAGEMENT 45

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 48 PRINCIPAL SECURITYHOLDERS 51 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 52

DESCRIPTION OF SECURITIES

DESCRIPTION OF SECURITIES 52 INDEMNIFICATION OF OFFICERS AND DIRECTORS 55 SHARES ELIGIBLE FOR FUTURE SALE 56 PLAN OF DISTRIBUTION 57 LEGAL MATTERS 58 EXPERTS 58 WHERE YOU CAN FIND MORE INFORMATION 58 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 3 Trademarks This prospectus contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by any other companies. PROSPECTUS SUMMARY The following summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that may be important to you. You should read this entire prospectus carefully, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our historical financial Company," "Shorepower Technologies", "United States Basketball League," "USBL," "we," "us," and "our" refer to Shorepower Technologies, Inc. The Company Overview We are a transportation electrification company that builds, deploys and operates plug-in stations that allow electric vehicles, trucks and refrigerated trailers to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers that will not have to use petroleum fuel thus significantly reducing associated toxic

View Full Filing

View this S-1/A filing on SEC EDGAR