Thu, Jul 25, 8:41 PM (44 days ago)
Shorepower Technologies Inc. filed an amendment to its Quarterly Report on Form 10-QT for the four months ended June 30, 2024. Key revisions include updated financial statements comparing the periods ended June 30, 2024, and June 30, 2023, along with revised footnotes and management's discussion and analysis. The amendment also includes updated certifications from the CEO and CFO. Financial highlights for the four months ended June 30, 2024, include: - Revenue increased to $34,516 from $12,868 in 2023, driven by hardware sales. - Gross margin improved to $9,844 from a negative $4,069. - Operating expenses were $135,063, up from $122,743, with notable increases in consulting and officer compensation. - Net loss slightly increased to $148,874 from $142,839. - Cash used in operating activities decreased to $74,024 from $149,132. - Cash at the end of the period was $51,464, down from $177,088. The company changed its fiscal year-end to December 31 and highlighted ongoing uncertainties regarding its ability to continue as a going concern due to minimal revenue and accumulated deficits.