$SPEV
SHOREPOWER TECHNOLOGIES INC.

2023 Q4 Form 10-Q Financial Statement

#000149315223037738 Filed on October 19, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $2.845K $2.532K $0.00
YoY Change
Cost Of Revenue $9.517K $7.494K $9.804K
YoY Change -19.66% -23.56%
Gross Profit -$8.443K -$6.077K -$3.298K
YoY Change 149.35% 84.26%
Gross Profit Margin -296.77% -240.01%
Selling, General & Admin $91.15K $280.0K $10.19K
YoY Change -68.55% 2647.79% -87.32%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change
% of Gross Profit
Operating Expenses $91.15K $275.9K $10.19K
YoY Change -68.55% 2606.06% -87.31%
Operating Profit -$99.59K -$281.9K -$10.19K
YoY Change -65.63% 2665.68% -87.31%
Interest Expense -$3.950K -$30.00K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$3.953K -$30.44K $0.00
YoY Change -101.95% -100.0%
Pretax Income -$103.5K -$310.0K -$10.19K
YoY Change -64.27% 2942.2% -95.05%
Income Tax
% Of Pretax Income
Net Earnings -$103.5K -$312.4K -$10.19K
YoY Change -64.27% 2964.25% -95.05%
Net Earnings / Revenue -3639.4% -12336.89%
Basic Earnings Per Share $0.00 $0.04 $0.00
Diluted Earnings Per Share $0.00 $0.04 $0.00
COMMON SHARES
Basic Shares Outstanding 48.48M shares 49.19M shares 8.845M
Diluted Shares Outstanding 48.48M shares 48.17M shares 8.845M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $278.1K $410.0K $147.7K
YoY Change 107.99% 177.65% -31.8%
Cash & Equivalents $278.1K $414.1K $147.7K
Short-Term Investments
Other Short-Term Assets $0.00 $0.00 $4.350K
YoY Change -100.0% -100.0% -96.69%
Inventory $6.876K $14.27K
Prepaid Expenses $2.660K
Receivables $2.500K $2.500K
Other Receivables $35.00K $0.00
Total Short-Term Assets $322.5K $433.5K $152.0K
YoY Change 18.93% 185.18% -56.29%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K $1.000K
YoY Change
Total Long-Term Assets $1.000K $1.000K $4.00
YoY Change 33233.33% 24900.0% -300.0%
TOTAL ASSETS
Total Short-Term Assets $322.5K $433.5K $152.0K
Total Long-Term Assets $1.000K $1.000K $4.00
Total Assets $323.5K $434.5K $152.0K
YoY Change 19.3% 185.83% -56.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.17K $50.00K $1.120K
YoY Change 1034.33% 4364.29% -46.67%
Accrued Expenses $175.5K $130.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $111.4K $120.0K $0.00
YoY Change
Long-Term Debt Due $125.8K $110.0K
YoY Change
Total Short-Term Liabilities $469.8K $403.4K $1.123K
YoY Change 9221.17% 35819.59% -46.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.038M $1.110M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.038M $1.110M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $469.8K $403.4K $1.123K
Total Long-Term Liabilities $1.038M $1.110M $0.00
Total Liabilities $1.508M $1.515M $1.123K
YoY Change 29814.9% 134824.4% -46.52%
SHAREHOLDERS EQUITY
Retained Earnings -$2.450M -$2.346M -$7.242M
YoY Change -67.47% -67.6% 35.51%
Common Stock $484.8K $484.8K $88.45K
YoY Change 368.61% 448.07% 23.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.184M -$1.081M $150.9K
YoY Change
Total Liabilities & Shareholders Equity $323.5K $434.5K $152.0K
YoY Change 19.3% 185.83% -56.29%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$103.5K -$312.4K -$10.19K
YoY Change -64.27% 2964.25% -95.05%
Depreciation, Depletion And Amortization $0.00
YoY Change
Cash From Operating Activities -$88.40K -$70.00K -$5.780K
YoY Change 533.69% 1111.07% -80.6%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $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 -51.36K -30.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -88.40K -70.00K -5.780K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -51.36K -30.00K 0.000
Net Change In Cash -139.8K -100.0K -5.780K
YoY Change 901.86% 1630.1% -67.62%
FREE CASH FLOW
Cash From Operating Activities -$88.40K -$70.00K -$5.780K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
188803 usd
SPEV Adjustment To Additional Paid In Capital Merger Transaction
AdjustmentToAdditionalPaidInCapitalMergerTransaction
5872000 usd
CY2023Q3 us-gaap Grants Receivable
GrantsReceivable
16000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zxC2wG153LBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0in"><i><span style="text-decoration: underline"><span id="xdx_863_zsmm8T1tU4me">Use of Estimates</span></span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP 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. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Inventory Net
InventoryNet
14269 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
6880 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2346157 usd
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
11000000 shares
CY2023Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.06
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
660000 usd
CY2023Q1 us-gaap Legal Fees
LegalFees
553000 usd
CY2023Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
1043572 shares
CY2023Q3 us-gaap Share Price
SharePrice
0.19
CY2023Q3 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
198279 usd
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
us-gaap Interest Expense
InterestExpense
1699146 usd
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
11000000 shares
CY2023Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
0.06
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
660000 usd
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.25
CY2023Q1 us-gaap Class Of Warrant Or Right Expense Or Revenue Recognized
ClassOfWarrantOrRightExpenseOrRevenueRecognized
The warrants are callable by the Company if its common stock trades at $0.75 for at least 20 trading days and at a volume of not less than 30,000 shares per day
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
524737 usd
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01

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