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SHOREPOWER TECHNOLOGIES INC.

2016 Q2 Form 10-Q Financial Statement

#000114420416112775 Filed on July 13, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q2
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.00K $10.00K $10.00K
YoY Change 100.0% -50.0% 0.0%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $20.00K $20.00K $10.00K
YoY Change 100.0% 0.0% -50.0%
Operating Profit -$22.79K -$6.789K
YoY Change 235.72% -16.31%
Interest Expense $310.00 $0.00 $330.00
YoY Change -6.06% -92.52%
% of Operating Profit
Other Income/Expense, Net -$310.00 $10.00K -$330.00
YoY Change -6.06% -92.52%
Pretax Income -$20.00K -$20.00K -$10.00K
YoY Change 100.0% 0.0% 0.0%
Income Tax -$10.00K $0.00
% Of Pretax Income
Net Earnings -$23.10K -$10.00K -$7.119K
YoY Change 224.51% -50.0% -43.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 -$2.849K $0.00
COMMON SHARES
Basic Shares Outstanding 3.513M shares 3.513M shares
Diluted Shares Outstanding 3.513M shares 3.513M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $168.00 $416.00 $333.00
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses $0.00
Receivables
Other Receivables
Total Short-Term Assets $0.00 $416.00 $333.00
YoY Change -100.0% -32.25% -96.67%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 -$333.00
YoY Change -100.0% -100.15%
TOTAL ASSETS
Total Short-Term Assets $0.00 $416.00 $333.00
Total Long-Term Assets $0.00 $0.00 -$333.00
Total Assets $0.00 $416.00 $0.00
YoY Change -32.25% -100.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $180.0K $170.0K $130.0K
YoY Change 38.46% 30.77% -23.53%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.030M $2.020M $1.980M
YoY Change 2.53% 2.54% -13.16%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.220M $2.194M $2.120M
YoY Change 4.72% 3.93% -13.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.220M $2.194M $2.120M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.220M $2.194M $2.117M
YoY Change 4.85% 3.93% -13.93%
SHAREHOLDERS EQUITY
Retained Earnings -$4.877M -$4.801M
YoY Change 1.74%
Common Stock $35.53K $35.53K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $42.45K $42.45K
YoY Change 0.0%
Treasury Stock Shares 39.98K shares 39.98K shares
Shareholders Equity -$2.220M -$2.193M -$2.117M
YoY Change
Total Liabilities & Shareholders Equity $0.00 $416.00 $333.00
YoY Change -100.0% -32.25% -99.86%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q2
OPERATING ACTIVITIES
Net Income -$23.10K -$10.00K -$7.119K
YoY Change 224.51% -50.0% -43.17%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$18.10K -$10.00K -$10.00K
YoY Change 80.98% 0.0% -14.3%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $17.85K 10.00K 10.00K
YoY Change 78.5% 0.0% -30.64%
NET CHANGE
Cash From Operating Activities -$18.10K -10.00K -10.00K
Cash From Investing Activities 0.000
Cash From Financing Activities $17.85K 10.00K 10.00K
Net Change In Cash -$248.00 0.000 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities -$18.10K -$10.00K -$10.00K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6789 USD
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-330 USD
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3512527 shares
CY2016Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3129 USD
CY2015Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-5308 USD
CY2016Q2 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1875 USD
CY2015Q2 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-76 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-18098 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-12503 USD
CY2016Q2 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
17850 USD
CY2015Q2 us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
12222 USD
CY2016Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-248 USD
CY2015Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-281 USD
CY2015Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
614 USD
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
333 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
12222 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
17850 USD
CY2016Q2 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1984-05-29
CY2016Q2 usbl Working Capital Deficit
WorkingCapitalDeficit
2216281 USD
CY2016Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1015000 USD
CY2016Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2900000 USD
CY2016Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
2032978 USD
CY2016Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
2015128 USD
CY2016Q2 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.02 pure
CY2016Q2 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
0 USD
CY2016Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
0 USD
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2016Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
30000000 shares
CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3552502 shares
CY2016Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3552502 shares
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2016Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1105679 shares
CY2016Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1105679 shares
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.00
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.00
CY2015Q2 us-gaap Other General Expense
OtherGeneralExpense
1643 USD
CY2016Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3000 USD
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3000 USD
CY2016Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
629 USD
CY2015Q2 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
1552 USD
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-310 USD
CY2016Q2 us-gaap Professional Fees
ProfessionalFees
12857 USD
CY2015Q2 us-gaap Professional Fees
ProfessionalFees
0 USD
CY2016Q2 us-gaap Other General Expense
OtherGeneralExpense
4072 USD
CY2016Q2 us-gaap Costs And Expenses
CostsAndExpenses
22792 USD
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
6789 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
310 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
330 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-22792 USD
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3512527 shares
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3512527 shares
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-7119 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3512527 shares
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-23102 USD
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1105679 shares
CY2016Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1105679 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
39975 shares
CY2016Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
39975 shares
CY2016Q2 us-gaap Revenues
Revenues
0 USD
CY2015Q2 us-gaap Revenues
Revenues
0 USD
CY2016Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
2234 USD
CY2015Q2 us-gaap Travel And Entertainment Expense
TravelAndEntertainmentExpense
594 USD
CY2016Q2 us-gaap Interest Paid
InterestPaid
310 USD
CY2015Q2 us-gaap Interest Paid
InterestPaid
330 USD
CY2016Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2015Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2016Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Estimates</i></b> &#150; The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q2 usbl Operating Losses Carryforward Expiration Date
OperatingLossesCarryforwardExpirationDate
2019 to 2035
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1105679 shares
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1105679 shares
CY2016Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
50092 USD
CY2016Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
44985 USD
CY2016Q2 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
5837 USD
CY2016Q1 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
6101 USD
CY2016Q2 us-gaap Accrued Rent Current
AccruedRentCurrent
99000 USD
CY2016Q1 us-gaap Accrued Rent Current
AccruedRentCurrent
96000 USD
CY2016Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3664 USD
CY2016Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
7954 USD
CY2016Q2 us-gaap Interest Payable Current
InterestPayableCurrent
13562 USD
CY2016Q1 us-gaap Interest Payable Current
InterestPayableCurrent
13562 USD
CY2016Q2 us-gaap Deposits
Deposits
2725 USD
CY2016Q1 us-gaap Deposits
Deposits
2725 USD
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
748 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1172 USD

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