Thu, Jul 18, 9:02 PM (51 days ago)
Shorepower Technologies Inc. filed a transition report for the period from February 29, 2024, to June 30, 2024, due to a change in fiscal year end from February 28 to December 31. The company reported $34,516 in revenue for the four months ended June 30, 2024, a significant increase from $11,822 in the prior period. However, the net loss widened to $148,874 from $115,085. Operating expenses rose due to increased consulting costs and officer compensation. Cash flow from operating activities improved, with a usage of $74,024 compared to $121,953 previously. The company repaid $51,600 in related party loans. Despite revenue growth, the company faces substantial doubt about its ability to continue as a going concern due to its accumulated deficit of $2,724,541 and minimal revenue generation. No off-balance sheet arrangements were reported.