Thu, Jun 13, 9:18 PM (86 days ago)
Shorepower Technologies, Inc. filed its 10-K for the fiscal year ending February 29, 2024. Key financial highlights include a revenue decrease of 22.4% to $19,610, while the net loss widened to $668,952 from $315,524 year-over-year. Operating expenses rose significantly due to increased professional fees, primarily from stock issued for services and costs associated with being a public company. The company used $346,594 in operating activities and repaid $154,156 in related party loans. Strategically, Shorepower is focused on expanding its network of electrified parking spaces and EV charging stations, leveraging government grants and strategic acquisitions. However, it faces risks including competition, supply chain disruptions, and regulatory changes. The company’s financial condition remains precarious with substantial doubt about its ability to continue as a going concern, given its accumulated deficit and minimal revenue generation. The company’s future outlook hinges on securing additional financing, successfully executing growth strategies, and managing operational risks effectively.