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As
filed with the Securities and Exchange Commission on April 4, 2024
Registration
Statement No. 333-274184
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Amendment
No. 6
to
FORM
S-1/A
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
SHOREPOWER TECHNOLOGIES, INC.
(Exact
name of Registrant as specified in its charter)
Delaware |
|
3790 |
|
06-1120072 |
(State
or other jurisdiction
of incorporation or organization) |
|
(Primary
Standard Industrial
Classification Code Number) |
|
(I.R.S.
Employer
Identification No.) |
5291 NE Elam Young Pkwy.
Suite 160
Hillsboro,
OR 97124
(509)
892-7345
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Jeff Kim, CEO
Suite 160
5291 NE Elam Young Pkwy.
Hillsboro,
OR 97124
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Ernest
M. Stern, Esq.
Culhane Meadows PLLC
1701
Pennsylvania Avenue, N.W.
Suite 200
Washington,
D.C. 20006
(301)
910-2030
Approximate
Date of Proposed Sale to the Public: As soon as practicable after the effective date of this registration statement.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. ☐
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
|
|
|
|
Non-accelerated filer |
☒ |
Smaller
reporting company |
☒ |
|
|
|
|
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act.
This
registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not
soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED APRIL 4, 2024
Prospectus
25,817,272
Shares of common stock
Shorepower
Technologies, Inc.
This
prospectus covers 25,817,272 shares of our common stock, consisting of 14,817,272 shares of our common stock currently outstanding and
11,000,000 shares of our common stock underlying our warrants held by the selling stockholders, that may be offered for resale or otherwise
disposed of by the selling stockholders listed on the Selling Stockholder table on page 32 (the “Selling Stockholders”) at
a fixed price of $0.04, the closing price of our common stock on March 29, 2024.
We
will not receive any proceeds from the sale or other disposition of the securities by the Selling Stockholders. However, we may receive
up to approximately $2,750,000 in gross proceeds upon the cash exercise of the warrants by the Selling Stockholders. We will use such
proceeds, if and when received, for acquisitions and working capital.
Jeff
Kim, our President and CEO, has the majority of the voting rights of holders of our capital stock through his ownership of all 2,000,000
authorized and outstanding shares of our Series B preferred stock which has 40 votes for each share and 26,089,758 shares of our common
stock and after this offering will hold approximately 83.25% of the voting power of the issued and outstanding shares of our capital
stock. Accordingly, Jeff Kim will have voting control over all matters submitted to the holders of our common stock for approval, including
the election of directors, amendments to our certificate of incorporation and major corporate transactions.
We
have 10,000,000 shares of “blank check” preferred stock authorized of which we have designated 1,105,644 shares of Series
A preferred stock, none of which are outstanding, and 2,000,000 shares of Series B preferred stock, all of which are owned by Jeff Kim,
our President, CEO and Chairman of the Board. Holders of our Series A preferred stock are entitled to five votes for each share held
on all matters submitted to a vote of stockholders and holders of our Series B preferred stock are entitled to 40 votes for each share
held on all matters submitted to a vote of our stockholders.
We
are an “emerging growth company” under the federal securities laws and will be subject to reduced public company reporting
requirements as set forth on page 5 of this prospectus. Our common stock is quoted under the symbol “SPEV” on the OTC PINK
Market. On March 29, 2024, the last reported sale price of our common stock was $0.04.
Investing
in our securities involves a high degree of risk. See “Risk Factors” beginning on page 10 in this prospectus for
a discussion of information that should be considered in connection with an investment in our securities.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The
date of this prospectus is _______, 2024
ADDITIONAL
INFORMATION
You
should rely only on the information contained or incorporated by reference in this prospectus and in any accompanying prospectus supplement.
No one has been authorized to provide you with different information. The shares are not being offered in any jurisdiction where the
offer is not permitted. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of
any date other than the date on the front of such documents.
TABLE
OF CONTENTS
Trademarks
This
prospectus contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience,
trademarks and trade names referred to in this prospectus may appear without the ® or TM symbols, but such references are not intended
to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the
applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names, trademarks
or service marks to imply a relationship with, or endorsement or sponsorship of us by any other companies.
PROSPECTUS
SUMMARY
The
following summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information
that may be important to you. You should read this entire prospectus carefully, including the sections entitled “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical financial
statements and related notes included elsewhere in this prospectus. In this prospectus, unless otherwise noted, the terms “the
Company,” “Shorepower Technologies”, “United States Basketball League,” “USBL,” “we,”
“us,” and “our” refer to Shorepower Technologies, Inc.
The
Company
Overview
We
are a transportation electrification company that builds, deploys and operates plug-in stations that allow electric vehicles, trucks
and refrigerated trailers to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers
that will not have to use petroleum fuel thus significantly reducing associated toxic emissions and greenhouse gases by replacing diesel
fuel with electric power. To date we have raised approximately $16 million through grants and contracts from the federal and state Governments
and have received $453,954 in loans through Jeff Kim, our President and CEO.
We
currently operate one of the largest heavy-duty focused network of electrified parking spaces (EPS) in North America. This network
includes 60 facilities conveniently located at travel centers with approximately 1,800 electrified parking spaces. Most of these facilities
are focused on truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), but several sites already
include electric vehicle charging stations. The following is our anticipated schedule to upgrade our facilities to include electric
vehicle charging stations:
Site
Name |
|
City
& State |
|
State |
|
Number
of EV Connection Points |
|
Target
Completion
Date |
Love’s
Travel Stops |
|
Madera |
|
CA |
|
3 |
|
Completed |
Flying
J Travel center |
|
Bakersfield |
|
CA |
|
5 |
|
Mar-2023 |
Flying
J Travel center |
|
Lodi |
|
CA |
|
5 |
|
Mar-2024 |
Flying
J Travel center |
|
Lebec
(Fraisier Park) |
|
CA |
|
4 |
|
Apr-2024 |
Pilot
Travel Center |
|
Dunnigan |
|
CA |
|
4 |
|
Apr-2024 |
Love’s
Travel Stops |
|
Boron |
|
CA |
|
3 |
|
Apr-2024 |
Pilot
Travel Center |
|
Weed |
|
CA |
|
2 |
|
May-2024 |
Big
Boys Travel Stop |
|
Kenly |
|
NC |
|
4 |
|
Jun-2024 |
Arrowhead
Travel Plaza |
|
Pendleton |
|
OR |
|
4 |
|
Jul-2024 |
Jubitz
Travel Center |
|
Portland |
|
OR |
|
4 |
|
Aug-2024 |
Eco
Travel Center |
|
Crossville |
|
TN |
|
4 |
|
Sep-2024 |
Tennessean
Travel Stop |
|
Cornersville |
|
TN |
|
4 |
|
Oct-2024 |
Shoemaker
Travel Center |
|
Lincoln |
|
NE |
|
4 |
|
Nov20-24 |
Shorepower
originally started business as a TSE provider. TSE provides power for hotel loads at commercial parking facilities. Trucks are required
to take a rest period for a minimum of 10 hours per day. Trucks typically run their engines to provide heating and cooling to the cab
and power accessories. Shorepower allows drivers to shut down their main engine and plug into outlets that provide power for household
type devices such as heaters, air-conditioning units, coffee pots, microwaves, TVs, computers and other accessories. On average, this
saves drivers and fleets one gallon of diesel per hour. Idling (running) the engine 10 hours per day, 300 days per year could cost in
excess of $10,000 per year in wasted diesel fuel. By using Shorepower, drivers can save over $10,000 annually.
Additionally,
we have over 300 electric vehicle charging station connection points (plugs), sold or controlled that could be upgraded to include our
latest cellular-based control module, to make these stations revenue producing stations. Combined with upgrading the TSE stations, we
have the potential to expand to over 2,000 connection points. However, for our first phase of upgrades, we expect to convert up to five
stations per facility to level 2 and add one or more DC fast chargers to select locations.
We
believe that the key value of the existing travel center facilities is the electric infrastructure and utility service that could easily
be upgraded to include electric vehicle supply equipment (EVSE) for heavy-duty trucks and buses. Most of these sites could also accommodate
light-duty(automobile) electric vehicle charging.
Organizational
History
We
were incorporated in Delaware on May 29, 1984, as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the
purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”).
Since the inception of the League, we were primarily engaged in selling franchises and managing the League. From 1985 to April 2021,
we sold a total of approximately forty active franchises (teams), a vast majority of which were terminated for non-payment of their respective
franchise obligations. We cancelled seasons 2008 through 2021.
On
April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company,
Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the
“Meisenheimers”) sold 2,704,007 shares of common stock which it held, to a new investor group. The Meisenheimers also sold
1,105,644 shares of our preferred stock at a per share price of $.057 per share to EROP Enterprises, LLC. As a result of the sale by
the Meisenheimers of our common and preferred stock that they held, we experienced a change in control.
Effective
April 7, 2021, our Board of Directors accepted the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and
President of the Company. Effective April 7, 2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel
T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Mr. Michael Pruitt also joined the Board of
Directors.
After
April 7, 2021, we became a holding company with our principal purpose being to evaluate and assess new business opportunities.
On
November 23, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower
Technologies (“Shorepower”) under which Shorepower was merged with and into us (the “Merger”) following the satisfaction
of several closing conditions, including satisfactory completion of due diligence reviews by each party to the Merger Agreement, Shorepower
providing us with the most recent two years of audited financial statements by a PCAOB auditor, our authorizing a new class of Series
B preferred stock with each Series B preferred share having the voting power of 40 shares of our common stock, our completing a stock
and warrant financing to have a minimum of $480,000 in cash at closing (the “USBL Pre-Merger Financing”) and our eliminating
any debt or contingent liabilities of any kind at the time of the closing of the merger between us and Shorepower (the “Closing”).
The Closing occurred on March 22, 2023. The pro forma unaudited condensed combined financial statements reflecting the Merger is set
forth in Exhibit 99.2.
Under
the terms of the Merger Agreement, Mr. Kim now owns 55% of our issued and outstanding shares of common stock that includes the
sale of 14,817,272 shares of USBL common stock sold under the USBL Pre-Merger Financing that raised $660,000. Shorepower has received
2,000,000 shares of our Series B Preferred stock.
Under
the terms of the Merger Agreement, Saeb Jannoun and Michael Pruitt resigned their respective officer and director positions with the
Company and Jeff Kim was appointed as our sole officer and director.
Name
Change
On
April 13, 2023, we merged with Shorepower and on April 21, 2023, we filed an amendment to our certificate of incorporation with the Delaware
Secretary of State to change our name to Shorepower Technologies, Inc. The Amendment became effective on June 20, 2023.
Growth
Strategies
Our
growth strategies to continue to play a leadership role in EV charging are as follows:
Accelerate
new product offerings.
We
intend to have a leadership position with continued efficient investment in product development.
Invest
incrementally in marketing and sales.
We
intend to continue to attract new customers and pursue a business model which attracts new customers to our charging stations and encourages
existing customers to increase their charging footprint over time as EV penetration increases.
Pursue
Strategic Acquisitions.
We
intend to explore potential high-quality acquisition opportunities in this dynamic marketplace both domestically and overseas.
Implications
of Being an Emerging Growth Company
As
a company with less than $1.0 billion in revenue during our most recently completed fiscal year, we qualify as an “emerging growth
company” as defined in Section 2(a) of the Securities Act of 1933, as amended, which we refer to as the Securities Act, as modified
by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As an emerging growth company, we may take advantage of specified
reduced disclosure and other requirements that are otherwise applicable, in general, to public companies that are not emerging growth
companies. These provisions include:
|
● |
Reduced
disclosure about our executive compensation arrangements; |
|
|
|
|
● |
No
non-binding shareholder advisory votes on executive compensation or golden parachute arrangements; |
|
|
|
|
● |
Exemption
from the auditor attestation requirement in the assessment of our internal control over financial reporting; and |
|
|
|
|
● |
Reduced
disclosure of financial information in this prospectus, limited to two years of audited financial information and two years of selected
financial information. |
As
a smaller reporting company, each of the foregoing exemptions is currently available to us. We may take advantage of these exemptions
for up to five years or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company
if we have more than $1.0 billion in annual revenues as of the end of a fiscal year, if we are deemed to be a large-accelerated filer
under the rules of the Securities and Exchange Commission, or if we issue more than $1.0 billion of non- convertible debt over a three-year-period.
The
JOBS Act permits an emerging growth company to take advantage of an extended transition period to comply with new or revised accounting
standards applicable to public companies. We have elected the extended transition period for complying with new or revised accounting
standards pursuant to Section 107(b) of the Act until the earlier of the date we (i) are no longer an emerging growth company or (ii)
affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements
may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Corporate
Information
We
were incorporated in Delaware on May 29, 1984, as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the
purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”).
On April 7, 2021, we sold a majority of our voting power through the sale of shares of our common stock and preferred stock to EROP Enterprises,
LLC and its group of purchasers. On November 23, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”)
with Shurepower, LLC d/b/a Shorepower Technologies (“Shorepower”) under which Shorepower was merged with and into us.
Under
the terms of the Merger Agreement, Jeff Kim, as the sole shareholder of Shurepower, LLC, now owns 55% of our issued and outstanding
shares of common stock that includes the sale of 14,817,272 shares of our common stock sold on a private placement basis to satisfy a
condition of closing that we had a minimum of $480,000 in cash available for Shorepower. We raised $660,000 through this pre-merger financing
discussed below. Shorepower also received 2,000,000 shares of a Series B preferred stock and the right to receive the following additional
shares of Shorepower common stock upon achieving the following milestones: (i) an additional 2.5% of our issued and outstanding common
stock upon the completion of either (a) the conversion of 75 existing connection points to Level 2 or greater or the (b) installation
of 75 new connection points to revenue producing stations in the first 12 months or some combination of the two yielding 75 units, (ii)
an additional 2.5% of the of our issued and outstanding common stock upon (a) the application for $10M in grants and/or the (b) the award
of $1.0 million in grants in the first 18 months; (iii) an additional 2.5% of our issued and outstanding common stock upon the completion
of acquisitions in the first 24 months generating no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of
our common stock upon acquiring or hiring the following key personnel in the first six months after the effective date of the merger:
(a) three or more qualified Board members and (b) at least three of the following four individuals having the following qualifications:
one sales/marketing person, one grant writer/Government relations person, one technician/maintenance person and one software programmer/engineer.
Following
the closing of the merger, Shorepower transferred its current debt obligations of $1,400,000 to us. Shorepower agreed that in assuming
its management of the Company that it would not pay more than $2,000 per month from the proceeds of the pre-merger financing towards
reduction of such debt obligations for the first 12 months and that Jeff Kim, our new CEO, will not receive compensation in excess of
$10,000 per month for the first nine months after the merger is effective. The merger was effective on April 13, 2023,
with the filing of the Certificate of Merger between us and Shorepower with the Delaware Secretary of State.
On
December 1, 2022, we sold to a number of purchasers through a Stock and Warrant Purchase Agreement an aggregate of 11,000,000 shares
of our common stock (the “PIPE Shares”), through the purchase of units at a price of $0.04 per unit, each unit consisting
of one share of our common stock and one warrant to purchase a share of our common stock exercisable for two years at an exercise price
of $0.25 per share of warrant stock that is callable by us if our shares of 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. Pursuant to the Stock and Warrant Purchase Agreement, we agreed to use our best
commercial efforts to register on this Form S-1 the PIPE Shares within 60 days of the closing on March 22, 2023.
Our
principal executive office is located at 5291 NE Elam Young Pkwy., Suite 160, Hillsboro, OR 97124, and our telephone number is (503)
892-7345. Our internet website is www.shorepower,com. The information on, or that can be accessed through, our website is not
part of this prospectus, and you should not rely on any such information in making the decision whether to purchase our common stock.
Changes
in Registrant’s Certifying Accountant.
On
January 21, 2023, the Board of Directors of Shorepower approved the engagement of Olayinka Oyebola & Co. (“OO & Co”)
as its independent registered public accounting firm to audit its consolidated financial statements for the years ending December 31,
2020 and 2021. Prior to the merger of Shorepower and USBL, Shorepower was a private company and did not have audited financial statements.
Upon consummation of the reverse merger between Shorepower and USBL on March 22, 2023, Shorepower has kept USBL’s current independent
registered public accounting firm prior to the merger, Qi CPA LLC (“Qi CPA”) and informed OO & Co that it would not serve
as the Company’s independent registered public accounting firm following the consummation of the merger.
OO&
Co’s report on Shorepower’s consolidated balance sheets as of December 31, 2021 and 2020, the related statements of operations,
stockholders’ equity and cash flows for the year ended December 31, 2021 and 2020 (collectively, the “financial statements”)
did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting
principles other than to state that the negative working capital and accumulated deficits raised substantial doubt about Shorepower’s
ability to continue as a going concern .
During
the period from December 31, 2020 to December 31, 2022, and the subsequent period through March 22, 2023, upon the closing of the merger
of Shorepower and USBL, there were no: (i) disagreements with OO &o Co on any matter of accounting principles or practices, financial
statement disclosures or audited scope or procedures, which disagreements if not resolved to OO & CO’s satisfaction would have
caused OO & CO to make reference to the subject matter of the disagreement in connection with its report or (ii) reportable events
as defined in Item 304(a)(1)(v) of Regulation S-K.
During
Shorepower’s two most recent fiscal years prior to the closing of the merger with USBL and the period ended March 22, 2023, upon
the closing of the merger with USBL, Shorepower did not consult Qi CPA with respect to either (i) the application of accounting principles
to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on Shorepower’s financial
statements, and no written report or oral advice was provided to the Company by Qi CPA that Qi CPA concluded was an important factor
considered by Shorepower in reaching a decision as to the accounting, auditing or financial reporting issue; or (ii) any matter that
was either the subject of a disagreement, as that term is described in Item 304(a)(1)(iv) of Regulation S-K under the Exchange Act and
the related instructions to Item 304 of Regulation S-K under the Exchange Act, or a reportable event, as that term is defined in Item
304(a)(1)(v) of Regulation S-K under the Exchange Act.
Shorepower
has provided OO & Co with a copy of the disclosures made by the Company in response to this Item 3.04 of Regulation S-K and has requested
that OO & Co furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements made by the registrant
in response to this Item 304(a) and, if not, stating the respects in which it does not agree. A letter from OO & Co is attached hereto
as Exhibit 16.1.
The
Offering
Common
Stock to be Sold |
|
Up
to 25,817,272 shares of our common stock including (i) 14,817,272 shares of our common stock currently outstanding and (ii) 11,000,000
shares of our common stock underlying warrants we have issued to various persons. We will not receive any proceeds from the sale
of common stock by the Selling Stockholders but will receive up to $2,750,000 upon exercise of warrants by the Selling Stockholders.
|
|
|
|
Common
Stock Outstanding |
|
50,478,678
as of March 29, 2024, that excludes the 10,000,000 shares reserved for future issuance under our 2023 Stock Incentive Plan
(the “Plan”). |
|
|
|
Voting
Control by Management |
|
Our
President and CEO, Jeff Kim, has voting control over all matters submitted to our common stockholders, including amendments to our
certificate of incorporation, election of members of our Board of Directors and major corporate transactions, principally through
his ownership of shares of our common stock and 2,000,000 shares of our Series B preferred stock. |
|
|
|
Use
of Proceeds |
|
This
is a resale prospectus to register shares of the Selling Stockholders, but we may receive up to approximately $2,750,000 in gross
proceeds upon the cash exercise of the warrants by the Selling Stockholders. |
|
|
|
|
|
We
intend to use the net proceeds from the exercise of warrants by the Selling Stockholders for (i) potential mergers and acquisitions,
(ii) technology costs, (iii) general working capital and (iv) debt repayment. The expected uses of the net proceeds from the sale
of the offered shares represent our intentions based upon our current plans and business conditions. The precise uses, amounts and
timing of the application of proceeds have yet to be determined by our management and may differ, in some or all respects, from those
enumerated above. The amounts used for each purpose and the timing of our actual expenditures may also vary significantly depending
on numerous factors. See “Use of Proceeds.” We will not receive any of the proceeds from the sale or other disposition
of the securities by the Selling Stockholders other than a potential cash exercise of the warrants. See “Use of Proceeds”. |
|
|
|
Dividend
Policy |
|
We
have never declared any cash dividends on our common stock. We currently intend to retain all available funds and any future earnings
for use in financing the growth of our business and do not anticipate paying any cash dividends for the foreseeable future. See “Dividend
Policy”. |
|
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SPEV |
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Risk
Factors |
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You
should carefully consider the information set forth in this prospectus and, in particular, the specific factors set forth in the
“Risk Factors” section beginning on page 10 of this prospectus before deciding whether or not to invest in our common
stock. |
Summary
of Risk Factors
An
investment in our securities involves a high degree of risk. The occurrence of one or more of the events or circumstances described in
the section titled “Risk Factors,” alone or in combination with other events or circumstances, may materially adversely affect
our business, financial condition and operating results. In that event, the trading price of our securities could decline, and you could
lose all or part of your investment. Such risks include, but are not limited to:
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We
are an early stage company with a history of operating losses, and expect to incur significant expenses and continuing losses at
least for the near- and medium-term. |
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Our
growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of and demand for EVs. |
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We
currently face competition from a number of companies and expect to face significant competition in the future as the market for
EV charging develops. |
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We
rely on a limited number of vendors for our charging equipment and related support services. A loss of any of these partners would
negatively affect our business. |
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Our
business is subject to risks associated with construction, cost overruns and delays, and other contingencies that may arise in the
course of completing installations, and such risks may increase in the future as we expand the scope of such services with other
parties. |
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If
we are unable to attract and retain key employees and hire qualified management, technical, engineering and sales and business development
personnel, our ability to compete and successfully grow our business would be harmed. |
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Computer
malware, viruses, ransomware, hacking, phishing attacks and other network disruptions could result in security and privacy breaches,
loss of proprietary information and interruption in service, which would harm our business. |
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The
EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities
and others to offset the purchase or operating cost of EVs and EV charging stations. The reduction, modification or elimination of
such benefits could adversely affect our financial results. |
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Failure
to effectively expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader
market acceptance of our solutions. |
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Many
of our facilities are located in active earthquake zones or in areas susceptible to hurricanes, wildfires and other severe weather
events. An earthquake, a wildfire, a major hurricane or other types of disasters or resource shortages, including public safety power
shut offs that have occurred and will continue to occur in California or other states, could disrupt and harm our operations and
those of our customers. |
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We
are dependent upon the availability of electricity at our current and future charging stations. Cost increases, delays and/or other
restrictions on the availability of electricity would adversely affect our business and results of operations. |
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Our
revenue growth will depend in significant part on our ability to increase sales of our products and services to fleet operators including
medium- and heavy-duty vehicle fleets and rideshare operators. |
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If
we fail to offer high-quality support to host sites and drivers or fail to maintain high charger availability and strong user experience,
our business and reputation will suffer. |
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Computer
malware, viruses, ransomware, hacking, phishing attacks and other network disruptions could result in security and privacy breaches,
loss of proprietary information and interruption in service, which would harm our business. |
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The
EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities
and others to offset the purchase or operating cost of EVs and EV charging stations. The reduction, modification or elimination of
such benefits could adversely affect our financial results. |
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We
may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive,
and our business could be adversely affected. |
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Our
technology could have undetected defects, errors or bugs in hardware or software which could reduce market adoption, damage our reputation
with current or prospective customers, and/or expose us to product liability and other claims that could materially and adversely
affect our business. |
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The
EV charging market is characterized by rapid technological change, which requires us to continue to develop new products and product
innovations. Any delays in such development could adversely affect market adoption of our products and financial results. |
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Existing
and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating
costs or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or
other limitations that may adversely impact our financial results or results of operation. |
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Concentration
of ownership among our existing executive officers, directors and their affiliates may prevent new investors from influencing significant
corporate decisions. |
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Some
provisions of our certificate of incorporation and bylaws may deter takeover attempts, which may inhibit a takeover that stockholders
consider favorable and limit the opportunity of our stockholders to sell their shares at a favorable price. |
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Our
stock price will be volatile, and you may not be able to sell shares at or above the price at which shares of our common stock in
this registration statement are purchased. |
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Our
indemnification of our officers and directors may cause us to use corporate resources to the detriment of our stockholders. |
Summary
Financial Information
The
summary financial information set forth below is derived from the more detailed audited consolidated financial statements of the Company
appearing elsewhere in this prospectus. You should read the summary consolidated financial information below in conjunction with “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements, including the notes to
such financial statements.
Statement of Operations Data: | |
Year Ended
February 28,
2023 | | |
Year Ended
February 28,
2022 | |
| |
| | |
| |
Revenues - related party | |
$ | — | | |
$ | 5,000 | |
| |
| | | |
| | |
Total Operating Expenses | |
| 597,305 | | |
| 309,035 | |
Loss from Operations | |
| (597,305 | ) | |
| (304,035 | ) |
Other expense | |
| — | | |
| (1,769,355 | )(1) |
Net Loss | |
$ | (597,305 | ) | |
$ | (2,073,390 | ) |
| |
| | | |
| | |
Net Loss Per Share, Basic and Diluted | |
$ | (0.01 | ) | |
$ | (0.36 | ) |
Weighted Average Number of Shares Outstanding Basic and Diluted | |
| 47,133,596 | | |
| 5,752,866 | |
| (1) | Includes
the following non-cash transactions: a gain of forgiveness of debt of $55,270, a loss on
conversion of debt of $127,480 and an expense of $1,699,145 related to the conversion of
preferred stock. |
Balance Sheet Data: | |
February 28,
2023 | | |
February 28,
2022 | |
| |
| | |
| |
Cash | |
$ | 77,086 | | |
$ | 180,756 | |
Funds held in escrow | |
| 553,000 | | |
| — | |
Prepaid stock for services | |
| — | | |
| 32,208 | |
Other prepaids | |
| 535 | | |
| — | |
Receivable – related party | |
| 50,000 | | |
| — | |
Total Assets | |
$ | 680,621 | | |
$ | 212,964 | |
| |
| | | |
| | |
Accounts payable and accrued expenses | |
| 13,440 | | |
| 13,478 | |
Preferred stock | |
| 20,000 | | |
| 11,057 | |
Common stock | |
| 474,351 | | |
| 71,462 | |
Additional paid-in capital | |
| 8,005,803 | | |
| 5,653,489 | |
Common shares to be issued | |
| — | | |
| 1,699,146 | |
Treasury stock | |
| (42,454 | ) | |
| (42,454 | ) |
Accumulated Deficit | |
| (7,790,519 | ) | |
| (7,193,214 | ) |
Total Liabilities and Stockholders’ Equity | |
$ | 680,621 | | |
$ | 212,964 | |
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus contains forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent,
contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements
are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown
that could cause actual results and developments to differ materially from those expressed or implied in such statements.
In
some cases, you can identify forward-looking statements by terminology, such as “expects”, “anticipates”, “intends”,
“estimates”, “plans”, “potential”, “possible”, “probable”, “believes”,
“seeks”, “may”, “will”, “should”, “vision,” “could” or the negative
of such terms or other similar expressions. Accordingly, these statements involve estimates, assumptions and uncertainties that could
cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified in their entirety
by reference to the factors discussed throughout this prospectus.
You
should read this prospectus and the documents that we reference herein and therein and have filed as exhibits to the registration
statement, of which this prospectus is part, completely and with the understanding that our actual future results may be materially
different from what we expect. You should assume that the information appearing in this prospectus is accurate as of the date on the
front cover of this prospectus only. Because the risk factors referred to above could cause actual results or outcomes to differ
materially from those expressed in any forward-looking statements made by us or on our behalf, you should not place undue reliance
on any forward-looking statements. These risks and uncertainties, along with others, are described above under the heading
“Risk Factors” beginning on page 10 of this prospectus. Further, any forward-looking statement speaks only as of the
date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances
after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law. New
factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess
the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking statements. We qualify all of the information presented in this
prospectus, and particularly our forward-looking statements, by these cautionary statements.
RISK
FACTORS
Investing
in our common stock involves a high degree of risk. Prospective investors should carefully consider the risks described below, together
with all of the other information included or referred to in this prospectus, before purchasing shares of our common stock. There are
numerous and varied risks that may prevent us from achieving our goals. If any of these risks actually occurs, our business, financial
condition or results of operations may be materially adversely affected. In such case, the trading price of our common stock could decline
and investors in our common stock could lose all or part of their investment.
Risks
Related to Our Company and Our Business
We
are an early stage company with a history of operating losses, and expect to incur significant expenses and continuing losses at least
for the near- and medium-term.
We
have a history of operating losses and negative operating cash flows. We incurred a net loss of $(597,305) and $(2,073,390)
for the years ended February 28, 2023 and 2022, respectively. We believe we will continue to incur operating and net
losses each quarter at least for the medium term. Even if we achieve profitability, there can be no assurance that we will be able to
maintain profitability in the future. Our potential profitability is particularly dependent upon the continued adoption of EVs by consumers
and fleet operators, the widespread adoption of electric trucks and other vehicles, and other electric transportation modalities, continued
support from regulatory programs and in each case, the use of our chargers, any of which may not occur at the levels we currently anticipate
or at all. We may need to raise additional financing through grants, loans, securities offerings or additional investments in order to
fund our ongoing operations. There is no assurance that we will be able to obtain such additional financing or that we will be able to
obtain such additional financing on favorable terms.
Our
management concluded that these conditions raise substantial doubt about our ability to meet our financial obligations as they become
due for the next twelve months, and our ability to continue as a going concern. In addition, our independent registered public accounting
firm included an emphasis of matter paragraph regarding our ability to continue as a going concern in our opinion on our audited consolidated
financial statements as of and for the years ended December 31, 2021 and 2020, due to the factors noted above. Our audited consolidated
financial statements as of and for the years ended December 31, 2021 and 2020 do not include any adjustments that may result from the
outcome of this uncertainty and do not reflect the transactions contemplated by the Merger. Our independent registered public accounting
firm also included in Note 3 of the audited financial statements for Shurepower, LLC for the fiscal years ended December 31, 2022 and
2021 set forth in Exhibit 99.1 that those financial statements were prepared assuming that the Company will continue as a going concern
on the basis that the Company had negative working capital of $1,458,780 for the year ended December 31, 2022, minimal revenue
and had a net loss of $270,499 for the year ended December 31, 2022.
Our
growth and success is highly correlated with and thus dependent upon the continuing rapid adoption of and demand for EVs.
Our
growth is highly dependent upon the adoption of EVs both by businesses and consumers. The market for EVs is still rapidly evolving, characterized
by rapidly changing technologies, increasing consumer choice as it relates to available EV models, their pricing and performance, evolving
government regulation and industry standards, changing consumer preferences and behaviors, intensifying levels of concern related to
environmental issues, and governmental initiatives related to climate change and the environment generally. Our revenues will be driven
in large part by EV drivers’ driving and charging behavior. Potential shifts in behavior may include but are not limited to changes
in annual vehicle miles traveled, preferences for urban vs suburban vs rural and public vs private charging, demand from rideshare or
urban delivery fleets, and the emergence of autonomous vehicles and/or new forms of mobility. Although demand for EVs has grown in recent
years, there is no guarantee of continuing future demand. Public DC fast charging in particular may not develop as expected and may fail
to attract projected market share of total EV charging. If the market for EVs develops more slowly than expected, or if demand for EVs
decreases, our growth would be reduced and our business, prospects, financial condition and operating results would be harmed. The market
for EVs could be affected by numerous factors, such as:
|
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perceptions
about EV features, quality, driver experience, safety, performance and cost; |
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perceptions
about the limited range over which EVs may be driven on a single battery charge and about availability and access to sufficient public
EV charging stations; |
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competition,
including from other types of alternative fuel vehicles (such as hydrogen fuel cell vehicles), plug-in hybrid EVs and high fuel-economy
internal combustion engine (“ICE”) vehicles; |
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increases
in fuel efficiency in legacy ICE and hybrid vehicles; |
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volatility
in the price of gasoline and diesel at the pump; |
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EV
supply chain disruptions including but not limited to availability of certain components (e.g. semiconductors), ability of EV OEMs
to ramp-up EV production, availability of batteries, and battery materials; |
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concerns
regarding the stability of the electrical grid; |
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the
decline of an EV battery’s ability to hold a charge over time; |
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availability
of service for EVs; |
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consumers’
perception about the convenience, speed, and cost of EV charging; |
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government
regulations and economic incentives, including adverse changes in, or expiration of, favorable tax incentives related to EVs, EV
charging stations or decarbonization generally; |
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relaxation
of government mandates or quotas regarding the sale of EVs; |
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the
number, price and variety of EV models available for purchase; and |
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concerns
about the future viability of EV manufacturers. |
In
addition, sales of vehicles in the automotive industry can be cyclical, which may affect growth in acceptance of EVs. It is uncertain
how macroeconomic factors will impact demand for EVs, particularly since they can be more expensive than traditional gasoline-powered
vehicles, when the automotive industry globally has been experiencing a recent decline in sales. Furthermore, because fleet operators
often make large purchases of EVs, this cyclicality and volatility in the automotive industry may be more pronounced with commercial
purchasers, and any significant decline in demand from these customers could reduce demand for EV charging and our products and services
in particular.
While
many global OEMs and several new market entrants have announced plans for new EV models, the lineup of EV models with increasing fast
charging needs expected to come to market over the next several years may not materialize in that timeframe or may fail to attract sufficient
customer demand. Demand for EVs may also be affected by factors directly impacting automobile prices or the cost of purchasing and operating
automobiles, such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental
regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may
result in reduced demand for EV charging solutions and therefore adversely affect our business, financial condition and operating results.
We
expect to grow and expect to invest our earnings in growth for the foreseeable future. If we fail to manage growth effectively, our business,
operating results and financial condition would be adversely affected.
Our
expected growth and expansion of our business may place a significant strain on management, business operations, financial condition
and infrastructure and corporate culture.
With
our expected growth, our information technology systems and our internal control over financial reporting and procedures may not be adequate
to support our operations and may allow data security incidents that may interrupt business operations and allow third parties to obtain
unauthorized access to business information or misappropriate funds. We may also face risks to the extent such third parties infiltrate
the information technology infrastructure of our contractors.
To
manage growth in operations and personnel, we will need to continue to improve our operational, financial and management controls and
reporting systems and procedures. Failure to manage growth effectively could result in difficulty or delays in attracting new customers,
declines in quality or customer satisfaction, increases in costs, difficulties in introducing new products and services or enhancing
existing products and services, loss of customers, information security vulnerabilities or other operational difficulties, any of which
could adversely affect our business performance and operating results. Our strategy is based on a combination of growth and maintenance
of strong performance on our existing asset base, and any inability to scale, maintain customer experience or manage operations at our
charging stations may impact our growth trajectory.
Our
forecasts and projections are based upon assumptions, analyses and internal estimates developed by our management. If these assumptions,
analyses or estimates prove to be incorrect or inaccurate, our actual operating results may differ materially and adversely from those
forecasted or projected.
Our
forecasts and projections are subject to significant uncertainty and are based on assumptions, analyses and internal estimates developed
by our management, any or all of which may not prove to be correct or accurate. If these assumptions, analyses or estimates prove to
be incorrect or inaccurate, our actual operating results may differ materially and adversely from those forecasted or projected. Realization
of the results forecasted will depend on the successful implementation of our proposed business plan, and policies and procedures consistent
with the assumptions. Future results will also be affected by events and circumstances beyond our control, for example, the competitive
environment, our executive team, rapid technological change, economic and other conditions in the markets in which we propose to operate,
governmental regulation and, uncertainties inherent in product development and testing, our future financing needs and our ability to
grow and to manage growth effectively. In particular, our forecasts and projections include forecasts and estimates relating to the expected
size and growth of the markets in which we operate or seek to enter. See “— Our estimates of market opportunity and forecasts
of market growth may prove to be inaccurate.” Our forecasts and projections also assume that we are able to perform our obligations
under our commercial contracts. See “— Because we are currently dependent upon a limited number of customer and partner
s, the loss of a significant customer or partners could adversely affect our operating results.” For the reasons described
above, it is likely that the actual results of our operations will be different from the results forecasted and those differences may
be material and adverse. The forecasts were prepared by our management and have not been certified or examined by an accountant. We do
not have any duty to update the financial projections included in this prospectus.
Our
estimates of market opportunity and forecasts of market growth may prove to be inaccurate.
Estimates
of future EV adoption in the United States, the total addressable market, serviceable addressable market for our products and services
and the EV market in general are included in this prospectus. Market opportunity estimates and growth forecasts, whether obtained from
third-party sources or developed internally, are subject to significant uncertainty and are based on assumptions and estimates that may
prove to be inaccurate. This is especially so at the present time due to the uncertain and rapidly changing projections of the severity,
magnitude and duration of the COVID-19 pandemic. The estimates and forecasts included in this prospectus relating to the size and expected
growth of the target market, market demand, EV adoption across individual market verticals and use cases, capacity of automotive and
battery OEMs and ability of charging infrastructure to address this demand and related pricing may also prove to be inaccurate. In particular,
estimates regarding the current and projected market opportunity for public and commercial fast charging and future fast charging throughput
or Shorepower’s market share capture are difficult to predict. The estimated addressable market may not materialize in the timeframe
of the projections included herein, if ever, and even if the markets meet the size estimates and growth estimates presented in this prospectus,
our business could fail to grow at similar rates.
We
currently face competition from a number of companies and expect to face significant competition in the future as the market for EV charging
develops.
The
EV charging market is relatively new, and we currently face competition from a number of companies, including ChargePoint, Blink, Volta, EVgo, ABB, Cyber Switching and Siemens. We indirectly compete with site hosts, fleets and utilities
that choose to own their own charging infrastructure and procure their electric vehicle supply equipment (“EVSE”) from third-party
vendors, such as EVBox and ClipperCreek, rather than leveraging our public or dedicated charging offerings. The principal competitive
factors in the industry include charger count, locations and accessibility; charger connectivity to EVs and ability to charge all standards;
speed of charging relative to expected vehicle dwell times at the location; direct current fast charger (“DCFC”) network
reliability, scale and local density; software-enabled services offering and overall customer experience; and operator brand, track record
and reputation; access to equipment vendors, service providers, and policy incentives and pricing. Large early-stage markets require
early engagement across verticals and customers to gain market share, and ongoing effort to scale channels, installers, teams and processes.
In addition, there are competitors, in particular those with limited funding, experience or commitment to quality assurance, which could
cause poor experiences, hampering overall EV adoption or trust in any particular provider. Further, our current or potential competitors
may be acquired by third parties with different commercial objectives and imperatives and greater available resources.
In
addition, there are other means for charging EVs, which could affect the level of demand for charging at our DCFCs. For example, Tesla
Inc. (“Tesla”) continues to build out its supercharger network across the United States for Tesla vehicles, which could reduce
overall demand for EV charging at our sites. Tesla may also open its supercharger network to support charging of non-Tesla EVs in the
future, which could further reduce demand for charging at our sites. Further, BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz
and Stellantis recently announced a proposed joint venture to be formed in 2023 to make “EV charging more convenient, accessible
and reliable.” This proposed alliance intends to install at least 30,000 high-powered chargers, accessible to all battery-powered
electric vehicles from any automaker and will have stations that offer connectors for both the so-called Tesla system, known as the North
American Charging Standard (NACS), as well as the rival standard, known as the combined charging system (CCS).
Also,
other companies sell chargers designed for customers seeking to have on premise EV charging capability as well as for home or workplace
charging, which may reduce the demand for fast charging if EV owners find “slow” charging at a workplace, at home, or other
parking locations to be sufficient. Municipalities may decide to convert street lighting poles and lampposts to public charging points
for EV drivers who rent, have no access to home charging, or park their EVs on the street, potentially reducing our serviceable markets.
Retailers, utilities or other site hosts or commercial, municipal and federal fleet businesses may opt to become owners and operators
of public or private EV fast charging equipment and purchase that equipment and associated management software directly from vendors
in the marketplace.
Additionally,
future changes in charging preferences; the development of inductive EV charging capabilities; battery chemistries, ultralong-range batteries
or energy storage technologies, industry standards or applications; driver behavior or battery EV efficiency may develop in ways that
limit our future share of gains in certain high promising market verticals or slow the growth of our addressable or serviceable market.
Competitors may be able to respond more quickly and effectively than us to new or changing opportunities, technologies, standards or
customer requirements, and may be better equipped to initiate or withstand substantial price competition. In addition, competitors may
in the future establish cooperative relationships with vendors of complementary products, technologies or services to increase the availability
of their solutions in the marketplace.
The
EV charging business may become more competitive, pressuring future increases in utilization and margins. Competition is still developing
and is expected to increase as the number of EVs sold increases. Among our largest competitors is Electrify America, a subsidiary of
Volkswagen, Nikola Corporation and IONQ. Electrify America was formed as part of Volkswagen’s consent decree with the U.S. Environmental
Protection Agency in connection with its diesel emissions scandal. Volkswagen was forced to commit $2 billion to Electrify America and
the expansion of its EV charger network over a ten-year period which began in January 2017. Electrify America expects to install (or
have under development) approximately 800 public charging stations with approximately 3.500 chargers by December 2022 and is currently
approaching completion of cycle 2 of its 4-cycle spending program. Because Electrify America’s expansion of its EV charger network
is mandated by the consent decree and not necessarily done in a manner designed to maximize economic return, Electrify America’s
rate of expansion may outpace ours, at least in the short term.
Barriers
to entry in the EV charging market may erode as a result of government intervention, leading to more competitors. In addition, in some
jurisdictions, we may see competition from local utilities who may be interested in, and receive regulatory approval for, ownership of
public EV charging equipment, from various owners of non-networked Level 2 chargers, and from new entrants into the U.S. fast charging
market.
New
competitors or alliances may emerge in the future that secure greater market share, have proprietary technologies that drivers prefer,
more effective marketing abilities and/or face different financial hurdles, which could put us at a competitive disadvantage. Further,
our current strategic initiatives, pilots and contracts with OEM partners, business-to-business customers and key hosts may fail to result
in a sustainable competitive advantage for us. Future competitors could also be better positioned to serve certain segments of our current
or future target markets, which could create price pressure or erode our market share. In light of these factors, current or potential
customers may utilize charging services of competitors. If we fail to adapt to changing market conditions or continue to compete successfully
with current charging providers or new competitors, our growth will be inhibited, adversely affecting our business and results of operations.
We
face risks related to health pandemics, as demonstrated by the COVID-19 pandemic, which could have a material adverse effect on our business
and results of operations.
The
impact of COVID-19, including changes in consumer and business behavior, pandemic fears and market downturns and restrictions on business
and individual activities, created significant volatility in the global and domestic economies and led to reduced economic activity.
The spread of COVID-19 created charging equipment supply chain and shipping constraints. See “Shorepower’s Management’s
Discussion and Analysis of Results of Operations and Financial Condition of Shorepower — Recent Developments — COVID-19 Outbreak.”
COVID-19
temporarily disrupted the manufacturing, delivery and overall supply chain of vehicle manufacturers and suppliers and has led to a decrease
in vehicle sales, including EV sales, in markets around the world, and the accompanying demand for our charging services. Any sustained
downturn in demand for EVs would harm our business and negatively impact the growth of our charging station network.
When
governments and businesses shut down in response to shelter in place orders and other similar actions by state and local governments,
permitting, inspection and other city and municipal services were suspended, and we had reduced access to host sites for construction
and on-site survey and design.
The
pandemic resulted in government authorities implementing numerous measures to try to contain COVID-19, such as travel bans and restrictions,
quarantines, stay-at-home or shelter-in-place orders, and business shutdowns. A future pandemic resulting in these measures could adversely
impact our employees and operations and the operations of our customers, suppliers, vendors and business partners and negatively impact
demand for EV charging. These measures by government authorities could remain in place for a significant period of time and could
adversely affect manufacturing and building plans, sales and marketing activities, business and results of operations.
The
extent to which another pandemic would impact our business, prospects and results of operations will depend on future developments, which
are highly uncertain and cannot be predicted, including, but not limited to, the duration, spread and severity of the pandemic, the actions
to contain or treat its impact, and when and to what extent normal economic and operating activities could resume. A future pandemic
could limit the ability of customers, suppliers, vendors, permitting agencies, utilities and business partners to perform, including
third party suppliers’ ability to provide components and materials used in charging stations or in providing installation or maintenance
services. Even after a pandemic has subsided, we may continue to experience an adverse impact to our business as a result of the pandemic’s
global economic impact, including any recession that has occurred or may occur in the future. Specifically, difficult macroeconomic conditions,
such as decreases in per capita income and level of disposable income, increased and prolonged unemployment or a decline in consumer
confidence as a result of a future pandemic, as well as reduced spending by businesses, could each have a material adverse effect on
the demand for our products and services.
Supply
chain issues and inflationary pressure could increase the cost of materials and components. This could create an increase in the cost
of our products and service which could affect demand and negatively impact overall revenues. We use microchips in our products. Another
chip shortage could make it difficult or impossible to acquire the necessary materials to assemble our circuit boards, thus decreasing
sales. During the recent pandemic, we delayed production of some specific circuit boards until chips were available and/or came down
in price. If this type of supply chain issue reoccurs, we could redesign some circuit boards to use components that are more readily
available. We could also increase the cost of our products to decrease demand.
We
are highly reliant on its networked charging solution and information technology systems and data, and those of its service providers
and component suppliers, any of which systems and data may be subject to cyber-attacks, service disruptions or other security incidents,
which could result in data breaches, loss or interruption of services, intellectual property theft, claims, litigation, regulatory investigations,
significant liability, reputational damage and other adverse consequences.
We
continue to expand our information technology systems in the form of our networked charging solution, and as our operations grow, our
internal information technology systems, such as product data management, procurement, inventory management, production planning and
execution, sales, service and logistics, financial, tax and regulatory compliance systems, must increase commensurately. This includes
the implementation of new internally developed systems and the deployment of such systems in the United States and, in the future, abroad.
The implementation, maintenance, segregation and improvement of these systems require significant management time, support and cost,
and there are inherent risks associated with developing, improving and expanding our core systems as well as implementing new systems
and updating current systems, including disruptions to the related areas of business operations. These risks may affect our ability to
manage our data and inventory, procure parts or supplies or manufacture, sell, deliver and service products, adequately protect our intellectual
property or achieve and maintain compliance with, or realize available benefits under, tax laws and other applicable regulations.
While
we maintain information technology measures designed to protect against intellectual property theft, data breaches, sabotage and other
external or internal cyber-attacks or misappropriation, our systems and those of our service providers are potentially vulnerable to
malware, ransomware, viruses, denial-of-service attacks, phishing attacks, social engineering, computer hacking, unauthorized access,
exploitation of bugs, defects and vulnerabilities, breakdowns, damage, interruptions, system malfunctions, power outages, terrorism,
acts of vandalism, security breaches, security incidents, inadvertent or intentional actions by employees or other third parties, and
other cyber-attacks. To the extent any security incident results in unauthorized access or damage to or acquisition, use, corruption,
loss, destruction, alteration or dissemination of our data, including intellectual property and personal information, or our products,
or for it to be believed or reported that any of these occurred, it could disrupt our business, harm our reputation, compel us to comply
with applicable data breach notification laws, subject us to time consuming, distracting and expensive litigation, regulatory investigation
and oversight, mandatory corrective action, require us to verify the correctness of database contents, or otherwise subject us to liability
under laws, regulations and contractual obligations, including those that protect the privacy and security of personal information. This
could result in increased costs to us and result in significant legal and financial exposure and/or reputational harm.
Because
we also rely on third-party service providers, we cannot guarantee that our service providers’ and component suppliers’ systems
have not been breached or that they do not contain exploitable defects, bugs, or vulnerabilities that could result in a security incident,
or other disruption to us or our service providers’ or component suppliers’ systems. Our ability to monitor our service providers’
and component suppliers’ security measures is limited, and, in any event, malicious third parties may be able to circumvent those
security measures.
If
we do not successfully implement, maintain or expand our information technology systems as planned, our operations may be disrupted,
our ability to accurately and/or timely report our financial results could be impaired and deficiencies may arise in our internal control
over financial reporting, which may impact our ability to certify our financial results (see also “Risks Related to our Securities--If
we fail to establish and maintain an effective system of internal controls, we may not be able to report our financial results accurately
or prevent fraud. Any inability to report and file our financial results accurately and timely could harm our reputation and adversely
impact the trading price of our common stock,” for more detail). Moreover, our proprietary information, including intellectual
property and personal information, could be compromised or misappropriated, our reputation may be adversely affected if these systems
or their functionality do not operate as expected and we may be required to expend significant resources to make corrections or find
alternative sources for performing these functions.
Computer
malware, viruses, ransomware, hacking, phishing attacks and similar disruptions could result in security and privacy breaches and interruption
in service, which could harm our business.
Computer
malware, viruses, physical or electronic break-ins and similar disruptions could lead to interruption and delays in our services and
operations and loss, misuse or theft of data. Computer malware, viruses, ransomware, hacking and phishing attacks against online networks
have become more prevalent and may occur on our systems in the future. Cybersecurity organizations in many countries have published warnings
of increased cybersecurity threats to U.S. businesses, and external events, such as the conflict between Russia and Ukraine or between
Israel and Hamas, may increase the likelihood of cybersecurity attacks, particularly directed at energy, fueling or infrastructure service
providers. Any attempts by cyber attackers to disrupt our services or systems, if successful, could harm its business,
introduce liability to data subjects, result in the misappropriation of funds, be expensive to remedy, subject us to substantial fines,
penalties, damages and other liabilities under applicable laws and regulations, lead to a loss of protection of its intellectual property
or trade secrets and damage its reputation or brand. Insurance may not be sufficient to cover significant expenses and losses related
to cyber-attacks. Efforts to prevent cyber attackers from entering computer systems are expensive to implement, and we may not be able
to cause the implementation or enforcement of such preventions with respect to our third-party vendors. Though it is difficult to determine
what, if any, harm may directly result from any specific interruption or attack, any failure to maintain performance, reliability, security
and availability of systems and technical infrastructure may, in addition to other losses, harm to our reputation, brand and ability
to attract customers.
We
have processes and procedures in place designed to enable us to quickly recover from a disaster or catastrophe and continue business
operations and have tested this capability under controlled circumstances. We use Amazon AWS (and other server carriers) with 99% uptime.
Additionally, all data flowing across AWS Regions over the AWS global network is automatically encrypted at the physical layer before
it leaves AWS secured facilities. We do not save any sensitive data such as credit card information or social security numbers. We never
ask for social security numbers. Our vendor payments are handled through Stripe, Square, Authorize.net and PayPal. These payment processing
services are globally recognized for their state-of-the-art security measures and PCI compliance, including the use end-to-end encryption
to store data, adherence to the Payment Card Industry’s strict technical and operational standards around securing credit card
data and employing robust controls over how they handle customers’ payments.
We
anticipate that the vast majority of payments will be processed through the end-user’s smart-phone app from their personal cell
phones. Therefore, the users will strictly control the security of their payment information and may use existing payment options such
as Google Pay or Apple Pay to process payments. Even if the end-user manually enters their credit card information, access is restricted
to their own phone which is much more secure than a public card swipe. The payment information is then directly transferred to the payment
processor; therefore, we never collect nor can we ever see this information.
Although
we never collect social security numbers or credit card information, we may ask users to create a user account or ask for personal information.
Some of this information may be saved to our database, but providing this information is absolutely optional. This information may include
names, addresses, phone numbers, email addresses and vehicle information. However, all this information is optional, and users may use
aliases or opt to not provide it.
Despite
these efforts to minimize the impact of cybersecurity breaches, there are several factors ranging from human error to data corruption
that could materially impact the efficacy of such processes and procedures, including by lengthening the time services are partially
or fully unavailable to customers and users. It may be difficult or impossible to perform some or all recovery steps and continue normal
business operations due to the nature of a particular disaster or catastrophe, especially during peak periods, which could cause additional
reputational damages, or loss of revenue, any of which could adversely affect our business and financial results.
We
rely on a limited number of vendors for our charging equipment and related support services. A loss of any of these partners would negatively
affect our business.
We
rely on a limited number of vendors for design, testing and manufacturing of charging equipment which at this stage of the industry is
unique to each supplier and thus singularly sourced with respect to components as well as aftermarket maintenance and warranty services.
This reliance on a limited number of vendors increases our risks, since we do not currently have proven reliable alternative or replacement
vendors beyond these key parties. In the event of production interruptions or supply chain disruptions including but not limited to availability
of certain key components such as semiconductors, we may not be able to take advantage of increased production from other sources or
develop alternate or secondary vendors without incurring material additional costs and substantial delays. Thus, our business would be
adversely affected if one or more of our vendors is impacted by any interruption at a particular location.
As
the demand for public fast charging increases, the charging equipment vendors may not be able to dedicate sufficient supply chain, production,
or sales channel capacity to keep up with the required pace of charging infrastructure expansion. In addition, as the EV market grows,
the industry may be exposed to deteriorating design requirements, undetected faults or the erosion of testing standards by charging equipment
and component suppliers, which may adversely impact the performance, reliability and lifecycle cost of the chargers. If we or our suppliers
experience a significant increase in demand, or if we need to replace an existing supplier, we may not be able to supplement service
or replace them on acceptable terms, which may undermine our ability to install chargers in a timely manner. For example, it may take
a significant amount of time to identify a vendor that has the capability and resources to supply and/or service charging equipment in
sufficient volume. Identifying and approving suitable vendors could be an extensive process that requires us to become satisfied with
their quality control, technical capabilities, responsiveness and service, financial stability, regulatory compliance, and labor and
other ethical practices. Accordingly, a loss of any significant vendor would have an adverse effect on our business, financial condition
and operating results.
Further,
should the Biden Administration and Congress require that charging equipment be manufactured in the United States to access federal financial
support or secure contracts with the federal government, we will have to source parts from alternative vendors to participate in the
covered federal programs.
Our
business is subject to risks associated with construction, cost overruns and delays, and other contingencies that may arise in the course
of completing installations, and such risks may increase in the future as we expand the scope of such services with other parties.
We
do not typically install charging stations at our sites. These installations are typically performed by electrical contractors managed
by us. The installation of charging stations at a particular site is generally subject to oversight and regulation in accordance with
state and local laws and ordinances relating to building codes, safety, environmental protection and related matters, and typically requires
local utility cooperation in design and interconnection request approval and commissioning, as well as various local and other governmental
approvals and permits that vary by jurisdiction. In addition, building codes, accessibility requirements, utility interconnect specifications,
review, approval or study lead time or regulations may hinder EV charger installation because they end up costing the developer or installer
more in order to meet the code requirements. In addition, increased demand for the components necessary to install charging stations
could lead to higher installed costs. Meaningful delays or cost overruns caused by our vendor supply chains, contractors, or inability
of local utilities and approving agencies to cope with the level of activity may impact our recognition of revenue in certain cases and/or
impact our relationships, either of which could impact our business and profitability, pace of growth and prospects.
Working
with contractors may require us to obtain licenses or require us or our customers to comply with additional rules, working conditions
and other union requirements, which can add costs and complexity to an installation project. If these contractors are unable to provide
timely, thorough and quality installation-related services, we could fall behind our construction schedules or cause customers to become
dissatisfied with the solutions we offer. As the demand for public fast charging increases and qualification requirements for contractors
become more stringent, we may encounter shortages in the number of qualified contractors available to complete all of our desired installations.
If we fail to timely pay our contractors, they may file liens against our site hosts’ properties, which we are required to remove.
Our
business model is predicated on the presence of qualified and capable electrical and civil contractors and subcontractors in the new
markets we intend to enter. There is no guarantee that there will be an adequate supply of such partners. A shortage in the number of
qualified contractors may impact the viability of the business plan, increase risks around the quality of works performed and increase
costs if outside contractors are brought into a new market.
In
addition, our network expansion plan relies on our site development efforts, and our business is exposed to risks associated with receiving
site control and access necessary for the construction of the charging station and operation of the charging equipment, electrical interconnection
and power supply at identified locations sufficient to host chargers and on a timely basis. We generally do not own the land at the charging
sites and rely on the site licenses with hosts that convey the right to build, own, and operate the charging equipment on the site. We
may not be able to renew the site licenses or retain site control. The process of establishing or extending site control and access could
take longer or become more competitive. As the EV market grows, competition for premium sites may intensify, the power distribution grid
may require upgrading, electrical interconnection with local utilities may become competitive, all of which may lead to delays in construction
and/or commissioning. As a result, we may be exposed to increased interconnection costs and utility fees, as well as delays, which may
slow the growth of our network expansion.
If
we are unable to attract and retain key employees and hire qualified management, technical, engineering and sales and business development
personnel, our ability to compete and successfully grow our business would be harmed.
Our
success depends, in part, on our continuing ability to identify, hire, attract, train and develop and retain highly qualified personnel.
The inability to do so effectively would adversely affect our business. Competition for employees can be intense and the ability to attract,
hire and retain them depends on our ability to provide meaningful work at competitive compensation. We may not be able to attract, assimilate,
develop or retain qualified personnel in the future, and failure to do so would adversely affect our business, including the execution
of our global business strategy.
Failure
to effectively expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market
acceptance of our solutions.
Our
ability to grow our customer base, achieve broader market acceptance, grow revenue, and achieve and sustain profitability will depend,
to a significant extent, on our ability to effectively expand our sales and marketing operations and activities. We rely on our business
development, sales and marketing teams to obtain new OEM and fleet customers and grow our retail business, and on the technology, site
development, and project management personnel to build out and serve new sites. We plan to continue to expand in these functional areas,
but we may not be able to recruit and hire a sufficient number of competent personnel with requisite skills, technical expertise and
experience, which may adversely affect our ability to expand our sales capabilities. The hiring process can be costly and time-consuming,
and new employees may require significant training and time before they achieve full productivity. Recent hires and planned hires may
not become as productive as quickly as anticipated, and we may be unable to hire or retain sufficient numbers of qualified individuals.
Our ability to achieve significant revenue growth in the future will depend, in large part, on our success in recruiting, training, incentivizing
and retaining a sufficient number of qualified personnel attaining desired productivity levels within a reasonable time. Our business
will be harmed if investment in personnel related to business development and related company activities does not generate a significant
increase in revenue.
We
may need to raise additional funds and these funds may not be available when needed or may be available only on unfavorable terms.
We
may need to raise additional capital in the future to further scale our business and expand to additional markets. We may raise additional
funds through the issuance of equity, equity-related or debt securities, through obtaining credit from government or financial institutions
or through grant funding. We cannot be certain that additional funds or incentives will be available on favorable terms when required,
or at all, or that we will be able to capture expected grant funding under various existing and new state and local programs in the future.
If we cannot raise additional funds when needed, our financial condition, results of operations, business and prospects could be materially
and adversely affected. If we raise funds through the issuance of debt securities or through loan arrangements, the terms of which could
require significant interest payments, contain covenants that restrict our business, or other unfavorable terms. In addition, to the
extent we raise funds through the sale of additional equity securities, our stockholders would experience additional dilution.
Many
of our facilities are located in active earthquake zones or in areas susceptible to hurricanes, wildfires and other severe weather events.
An earthquake, a wildfire, a major hurricane or other types of disasters or resource shortages, including public safety power shut-offs
that have occurred and will continue to occur in California or other states, could disrupt and harm our operations and those of our customers.
Many
of our facilities are located in California, an active earthquake zone, and Florida and Texas, areas susceptible to hurricanes. The occurrence
of a natural disaster such as an earthquake, hurricane, drought, flood, fire (such as the recent extensive wildfires in California, Oregon
and Colorado), localized extended outages of critical utilities (such as California’s public safety power shut-offs) or transportation
systems, or any critical resource shortages could cause a significant interruption in our business, damage or destroy our facilities
or inventory, and cause us to incur significant costs, any of which could harm our business, financial condition, and results of operations.
The insurance we maintain against fires, earthquakes, hurricanes and other disasters and damage may not be adequate to cover losses in
any particular case.
In
addition, rolling public safety power shut offs in California or other states can affect throughput and/or user acceptance of EVs, as
charging may be unavailable at the desired times, or at all during these events. These shut offs could also affect the ability of fleet
operators to charge their EVs, which, for example, could adversely affect transportation schedules or any service level agreements to
which either we or the fleet operator may be a party. If these events persist, the demand for EVs could decline, which would result in
reduced demand for charging.
Further,
severe natural disasters could affect our data centers in a temporal or longer-term fashion which would adversely affect our ability
to operate our network.
Our
charging stations are often located in areas that are publicly accessible and may be exposed to vandalism or misuse by customers or other
individuals, which would increase our replacement and maintenance costs.
Our
public chargers may also be exposed to vandalism or misuse by customers and other individuals, increasing wear and tear of the charging
equipment. Such increased wear and tear could shorten the usable lifespan of the chargers and require us to increase our spending on
replacement and maintenance costs.
We
are dependent upon the availability of electricity at our current and future charging stations. Cost increases, delays and/or other restrictions
on the availability of electricity would adversely affect our business and results of operations.
The
operation and development of our charging stations is dependent upon the availability of electricity, which is beyond our control. Our
charging stations are affected by problems accessing electricity sources, such as planned or unplanned power outages. In recent years,
shortages of electricity have resulted in increased costs to users and interruptions in service. In particular, California has experienced
rolling blackouts due to excessive demands on the electrical grid or as precautionary measures against the risk of wildfire. In the event
of a power outage, we will be dependent on the utility company, and in some cases the site host, to restore power. Any prolonged power
outage could adversely affect customer experience and our business and results of operations.
Changes
in utility electricity pricing or new and restrictive constructs from regulations applicable to pricing may adversely impact future operating
results. For example, some jurisdictions may force us to adopt different pricing constructs such as switching from pricing on a per-minute
basis to a per kWh basis, which may intensify competitive pressures. Further, utility rates may change in a way that adversely affects
fast charging or in a way that may limit our ability to access certain beneficial rate schedules. In addition, utilities or other regulated
entities with monopoly power may receive authority to provide charging services that result in an anti-competitive advantage relative
to us and other operators.
Our
success depends on our ability to develop and maintain relationships with fleet partners.
There
can be no certainty that we will be able to identify and contract with suitable partners. To the extent we do identify such partners,
we will need to negotiate the terms of a commercial agreement with such partners. There can be no assurance that we will be able to negotiate
commercially attractive terms with additional fleet partners, if at all.
Our
revenue growth will depend in significant part on our ability to increase sales of our products and services to fleet operators including
medium- and heavy-duty vehicle fleets and rideshare operators.
Our
revenue growth will depend in significant part on our ability to increase sales of our products and services to fleet operators including
medium- and heavy-duty vehicle fleets and rideshare operators. The electrification of fleets is an emerging market, and fleet operators
may not adopt EVs on a widespread basis, operate on the timelines we anticipate or rely on public and/or private fast charging and our
network. In addition to the factors affecting the growth of the EV market generally, transitioning to an EV fleet can be costly and capital
intensive, which could result in slower than anticipated adoption. The sales cycle could also be longer for sales to fleet operators
with formal procurement processes. Fleet operators may also require significant additional services and support, and if we are unable
to provide such services and support, it may adversely affect our ability to attract additional fleet operators as customers. Any failure
to attract and retain fleet operators as customers in the future would adversely affect our business and results of operations.
If
we fail to offer high-quality support to host sites and drivers or fail to maintain high charger availability and strong user experience,
our business and reputation will suffer.
Once
Shorepower charging stations are installed, host sites and drivers will rely on us to provide maintenance services to resolve any issues
that might arise in the future. Rapid and high-quality customer and equipment support is important so drivers can receive reliable charging
for their EVs. The importance of high-quality customer and equipment support will increase as we seek to expand our business and pursue
new customers and geographies. If we do not quickly resolve issues and provide effective support, our ability to retain customers or
sell additional products and services to existing customers could suffer and our brand and reputation could be harmed.
Computer
malware, viruses, ransomware, hacking, phishing attacks and other network disruptions could result in security and privacy breaches,
loss of proprietary information and interruption in service, which would harm our business.
Computer
malware, viruses, physical or electronic break-ins and similar disruptions could lead to interruption and delays in our services and
operations and loss, misuse or theft of data. Computer malware, viruses, ransomware, hacking, phishing attacks or denial of service,
against online networks have become more prevalent and may occur on our systems. Any attempts by cyber attackers to disrupt our services
or systems, if successful, could harm our business, introduce liability to data subjects, result in the misappropriation of funds, be
expensive to remedy and damage our reputation or brand. Insurance may not be sufficient to cover significant expenses and losses related
to cyber-attacks. Even with the security measures implemented by us, such as managed security services that are designed to detect and
protect against cyber-attacks, and any additional measures we may implement or adopt in the future, our facilities and systems, and those
of our third-party service providers, could be vulnerable to security breaches, computer viruses, lost or misplaced data, programming
errors, scams, burglary, human errors, acts of vandalism, or other events. Efforts to prevent cyber attackers from entering computer
systems are expensive to implement, and we may not be able to cause the implementation or enforcement of such preventions with respect
to our third-party vendors. Though it is difficult to determine what, if any, harm may directly result from any specific interruption
or attack, any failure to maintain performance, reliability, security and availability of systems and technical infrastructure may, in
addition to other losses, harm our reputation, brand and ability to attract customers.
We
have previously experienced, and may in the future experience, service disruptions, outages and other performance problems due to a variety
of factors, including infrastructure changes, third-party service providers, human or software errors and capacity constraints. We rely
on carrier networks to support reliable operation, management and maintenance of our charger network, charging session management, and
driver authentication, and payment processing depend on reliable connections with wireless communications networks. As a result, our
operations depend on a handful of public carriers and are exposed to disruptions related to network outages and other communications
issues on the carrier networks. See “— Risks Related to Our Technology, Intellectual Property and Infrastructure —
Interruptions, delays in service, communications outages or inability to increase capacity at third-party data center facilities could
impair the use or functionality of our subscription services, harm our business and subject us to liability.” If our services
are unavailable when users attempt to access them, they may seek other services, which could reduce demand for our solutions from customers.
There
are several factors ranging from human error to data corruption that could materially impact the efficacy of any processes and procedures
designed to enable us to recover from a disaster or catastrophe, including by lengthening the time services are partially or fully unavailable
to customers and users. It may be difficult or impossible to perform some or all recovery steps and continue normal business operations
due to the nature of a particular cyber-attack, disaster or catastrophe or other disruption, especially during peak periods, which could
cause additional reputational damages, or loss of revenues, any of which would adversely affect our business and financial results.
Growing
our customer base depends upon the effective operation of our mobile applications with mobile operating systems, networks and standards
that we do not control.
We
will be dependent on the interoperability of our mobile applications with popular mobile operating systems that we do not control, such
as Google’s Android and Apple’s iOS, and any changes in such systems that degrade our products’ functionality or give
preferential treatment to competitive products could adversely affect the usage of our applications on mobile devices. Additionally,
in order to deliver high quality mobile products, it is important that our products work well with a range of mobile technologies, systems,
networks and standards that we do not control. We may not be successful in developing relationships with key participants in the mobile
industry or in developing products that operate effectively with these technologies, systems, networks or standards.
While
we to date have not made material acquisitions, should we pursue acquisitions in the future, we would be subject to risks associated
with acquisitions.
We
may acquire additional assets, products, technologies or businesses that are complementary to our existing business. The process of identifying
and consummating acquisitions and the subsequent integration of new assets and businesses into our own business would require attention
from management and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on
our operations. Acquired assets or businesses may not generate the expected financial results. Acquisitions could also result in the
use of cash, potentially dilutive issuances of equity securities or securities convertible into equity securities, the occurrence of
goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired
business. Moreover, the costs of identifying and consummating acquisitions may be significant. To date, we have no experience with material
acquisitions and the integration of acquired assets, businesses and personnel. Failure to successfully identify, complete, manage and
integrate acquisitions could materially and adversely affect our business, financial condition and results of operations.
Risks
Related to the EV Market
Changes
to fuel economy standards or the success of alternative fuels may negatively impact the EV market and thus the demand for our products
and services.
As
regulatory initiatives have required an increase in the mileage capabilities of cars and consumption of renewable transportation
fuels, such as ethanol and biodiesel, consumer acceptance of EVs and other alternative vehicles has been increasing. However, the EV
fueling model is different from gasoline and other fuel models, requiring behavior changes and education of businesses, consumers,
regulatory bodies, local utilities, and other stakeholders. Further developments in, and improvements in affordability of,
alternative technologies, such as renewable diesel, biodiesel, ethanol, hydrogen fuel cells or compressed natural gas, proliferation
of hybrid powertrains involving such alternative fuels, or improvements in the fuel economy of the ICE vehicles, whether as the
result of regulation or otherwise, may materially and adversely affect demand for EVs and EV charging stations in some market
verticals. Regulatory bodies may also adopt rules that substantially favor certain alternatives to petroleum-based propulsion over
others, which may not necessarily be EVs. Local jurisdictions may also impose restrictions on urban driving due to congestion, which
may prioritize and accelerate micromobility trends and slow EV adoption growth. Finally, the currently paused litigation between the
state of California and the National Highway Transit Safety Administration (“NHTSA”) could impact California’s
ability to set fuel economy standards that encourage the adoption of EVs, which are followed by many other states, should the Biden
Administration not substantially modify NHTSA and EPA’s current rules on preemption in its pending reconsideration of these
rules. If any of the above cause or contribute to automakers reducing the availability of EV models or cause or contribute to
consumers or businesses to no longer purchase EVs or purchase fewer of them, it would materially and adversely affect our business,
operating results, financial condition and prospects.
The
rideshare and commercial fleets may not electrify as quickly as expected and may not rely on public fast charging or on our network as
much as expected. Future demand for EVs from the medium and heavy-duty vehicle segment may not develop as anticipated or take
longer to develop than expected.
The
EV market is in the early stages of development and the medium- and heavy-duty vehicle segments, often particularly exposed to economic
cycles, may not electrify as expected. The medium- and heavy-duty vehicle fleets that lend themselves well to electrification via EV
powertrains are often linked to municipal and commercial budgets and may take longer to electrify as a result of budget or business constraints
and administrative approvals. The mix of zero and low emission powertrains in certain vehicle classes and use cases in the medium- and
heavy-duty sector may evolve less favorably for EV solutions due to future development of technologies and policy incentives that may
favor existing diesel fuel, hybrid, natural gas or hydrogen fuel cell drivetrains. Medium- and heavy-duty vehicle OEMs may choose not
to manufacture EVs in sufficient quantities or at all.
The
EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities
and others to offset the purchase or operating cost of EVs and EV charging stations. The reduction, modification or elimination of such
benefits could adversely affect our financial results.
The
U.S. federal government and some state and local governments provide incentives to end users and purchasers of EVs and EV charging stations
in the form of rebates, tax credits, and other financial incentives, such as payments for regulatory credits. The EV market relies on
these governmental rebates, tax credits, and other financial incentives to significantly lower the effective price of EVs and EV charging
stations. However, these incentives may expire on a particular date, end when the allocated funding is exhausted, or be reduced or terminated
as a matter of regulatory or legislative policy. In particular, we have benefitted from the availability of federal tax credits under
Section 30C of the Code, which effectively subsidize the cost of placing in service our charging stations. There can be no assurance
that the credits under Section 30C of the Code will be extended, or if extended, will not be otherwise reduced. Any reduction in rebates,
tax credits or other financial incentives, including the credit under Section 30C of the Code, could negatively affect the EV market
and adversely impact our business operations and expansion potential. In addition, there is no assurance we will have the necessary tax
attributes to utilize any such credits and may not be able to monetize them given the nascent state of the market for such credits or
be able to monetize such credits on favorable terms. New tariffs and policies that could incentivize overbuilding of infrastructure may
also have a negative impact on the economics of our stations. Furthermore, new tariffs and policy incentives could be put in place by
the Biden Administration that favor equipment manufactured by or assembled at American factories, which may put some of our equipment
or component vendors at a competitive disadvantage, including by increasing the cost or delaying the availability of charging equipment
and components, by challenging or eliminating our ability to apply or qualify for grants and other government incentives, or by disqualifying
us from the ability to compete for certain charging infrastructure buildout solicitations and programs, including those initiated by
federal government agencies.
If
we are not eligible for grants or other incentives under such programs, while our competitors are, it may adversely affect our competitiveness
or results of operation.
Risks
Related to Our Technology, Intellectual Property and Infrastructure
We
may need to defend against intellectual property infringement or misappropriation claims, which may be time-consuming and expensive,
and our business could be adversely affected.
From
time to time, the holders of intellectual property rights may assert their rights and urge us to take licenses, and/or may bring suits
alleging infringement or misappropriation of such rights. There can be no assurance that we will be able to mitigate the risk of potential
suits or other legal demands by competitors or other third parties. Accordingly, we may consider entering into licensing agreements with
respect to such rights, although no assurance can be given that such licenses can be obtained on acceptable terms or that litigation
will not occur, and such licenses and associated litigation could significantly increase our operating expenses. In addition, if we are
determined to have or believe there is a high likelihood that we have infringed upon or misappropriated a third party’s intellectual
property rights, we may be required to cease making, selling or incorporating certain key components or intellectual property into the
products and services we offer, to pay substantial damages and/or royalties, to redesign our products and services, and/or to establish
and maintain alternative branding. In addition, to the extent that our customers and business partners become the subject of any allegation
or claim regarding the infringement or misappropriation of intellectual property rights related to our products and services, we may
be required to indemnify such customers and business partners. The scope of these indemnity obligations varies, but may, in some instances,
include indemnification for damages and expenses, including attorneys’ fees. Even if we are not a party to any litigation between
a customer or business partner and a third party relating to infringement by our products, an adverse outcome in any such litigation
could make it more difficult for us to defend our products against intellectual property infringement claims in any subsequent litigation
in which we are a named party. If we were required to take one or more such actions, our business, prospects, brand, operating results
and financial condition could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could
result in substantial costs, negative publicity, reputational harm and diversion of resources and management attention.
Our
business may be adversely affected if we are unable to protect our technology and intellectual property from unauthorized use by third
parties.
Our
success depends, at least in part, on our ability to protect our core technology and intellectual property. To accomplish this, we rely
on, and plan to continue relying on, a combination of trade secrets (including know-how), employee and third-party nondisclosure agreements,
copyright, trademarks, intellectual property licenses and other contractual rights to retain ownership of, and protect, our technology.
Failure to adequately protect our technology and intellectual property could result in competitors offering similar products, potentially
resulting in the loss of some of our competitive advantage and a decrease in revenue which would adversely affect our business, prospects,
financial condition and operating results.
The
measures we take to protect our technology intellectual property from unauthorized use by others may not be effective for various reasons,
including the following:
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patent
applications we submit may not result in the issuance of any patents; |
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the
scope of any issued patents that may result from patent applications may not be broad enough to protect proprietary rights; |
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the
costs associated with enforcing patents, trademarks, confidentiality and invention agreements or other intellectual property rights
may make enforcement impracticable; |
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current
and future competitors may circumvent patents or independently develop similar inventions, trade secrets or works of authorship,
such as software; |
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know-how
and other proprietary information we purport to hold as a trade secret may not qualify as a trade secret under applicable laws; and |
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proprietary
designs and technology embodied in our products may be discoverable by third parties through means that do not constitute violations
of applicable laws. |
Intellectual
property and trade secret laws vary significantly throughout the world. Some foreign countries do not protect intellectual property rights
to the same extent as do the laws of the United States. Further, policing the unauthorized use of our intellectual property in foreign
jurisdictions may be costly, difficult or even impossible. Therefore, our intellectual property rights may not be as strong or as easily
enforced outside of the United States.
Any
issued patent which may result from the pending patent application may come to be considered “standards essential.” If this
is the case, we may be required to license certain technology on “fair, reasonable and non-discriminatory” terms, decreasing
revenue. Further, competitors, vendors, or customers may, in certain instances, be free to create variations or derivative works of our
technology and intellectual property, and those derivative works may become directly competitive with our offerings. Finally, we may
not be able to leverage, or obtain ownership of, all technology and intellectual property developed by our vendors in connection with
design and manufacture of our products, thereby jeopardizing our ability to obtain a competitive advantage over our competitors.
The
current lack of industry standards may lead to uncertainty, additional competition and further unexpected costs.
The
EV industry is new and evolving as are the standards governing EV charging which have not had the benefit of time-tested use cases. These
immature industry standards could result in future incompatibilities and issues that could require significant resources and or time
to remedy. Utilities and other large market participants also mandate their own adoption of specifications that have not become widely
adopted in the industry, may hinder innovation or slow new product or new feature introduction.
In
addition, automobile manufacturers, such as Tesla, may choose to develop and promulgate their own proprietary charging standards and
systems, which could lock out competition for EV charging stations, or to use their size and market position to influence the market,
which could limit our market and reach to customers, negatively impacting our business.
Further,
should regulatory bodies later impose a standard that is not compatible with our infrastructure or products, we may incur significant
costs to adapt our business model to the new regulatory standard, which may require significant time and expense and, as a result, may
have a material adverse effect on our revenues or results of operations.
Our
technology could have undetected defects, errors or bugs in hardware or software which could reduce market adoption, damage our reputation
with current or prospective customers, and/or expose us to product liability and other claims that could materially and adversely affect
our business.
We
may be subject to claims that charging stations have malfunctioned and persons were injured or purported to be injured due to latent
defects. Any insurance that we carry may not be sufficient or it may not apply to all situations. Similarly, to the extent that such
malfunctions are related to components obtained from third-party vendors, such vendors may not assume responsibility for such malfunctions.
Any of these events could adversely affect our brand, reputation, operating results or financial condition.
Our
software platform is complex and includes a number of licensed third-party commercial and open-source software libraries. Our software
may contain latent defects or errors that may be difficult to detect and remediate. We are continuing to evolve the features and functionality
of our platform through updates and enhancements, and as we do, we may introduce additional defects or errors that may not be detected
until after deployment to customers. In addition, if our products and services, including any updates or patches, are not implemented
or used correctly or as intended, inadequate performance and disruptions in service may result.
Any
defects or errors in product or services offerings, or the perception of such defects or errors, or other performance problems could
result in any of the following, each of which could adversely affect our business and results of operations:
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expenditure
of significant financial and product development resources, including recalls, in efforts to analyze, correct, eliminate or work
around errors or defects; |
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loss
of existing or potential customers or partners; |
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interruptions
or delays in sales; |
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equipment
replacements; |
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delayed
or lost revenue; |
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delay
or failure to attain market acceptance; |
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delay
in the development or release of new functionality or improvements; |
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negative
publicity and reputational harm; |
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sales
credits or refunds; |
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exposure
of confidential or proprietary information; |
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diversion
of development and customer service resources; |
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breach
of warranty claims; |
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legal
claims under applicable laws, rules and regulations; and |
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the
expense and risk of litigation. |
We
also face the risk that any contractual protections we seek to include in our agreements with customers are rejected, not implemented
uniformly or may not fully or effectively protect from claims by customers, reseller, business partners or other third parties. In addition,
any insurance coverage or indemnification obligations of suppliers for our benefit may not adequately cover all such claims or cover
only a portion of such claims. A successful product liability, warranty, or other similar claim could have an adverse effect on our business,
operating results, and financial condition. In addition, even claims that ultimately are unsuccessful could result in expenditure of
funds in litigation, divert management’s time and other resources and cause reputational harm.
Interruptions,
delays in service, communications outages or inability to increase capacity at third-party data center facilities could impair the use
or functionality of our subscription services, harm our business and subject us to liability.
We
currently serve customers from third-party data center facilities operated by Amazon Web Services and Google as well as others. All our
services are housed in third-party data centers operated in the United States. Any outage or failure of such data centers could negatively
affect our product connectivity and performance. Our primary environments are operated by Google and Amazon, and any interruptions of
these primary and backup data centers could negatively affect our product connectivity and performance. Furthermore, we depend on connectivity
from our charging stations to our data centers through cellular service and virtual private networking providers, such as AT&T and
Verizon. Any incident affecting a data center facility’s or cellular and/or virtual private networking services provider’s
infrastructure or operations, whether caused by fire, flood, storm, earthquake, power loss, telecommunications failures, breach of security
protocols, computer viruses and disabling devices, failure of access control mechanisms, natural disasters, war, criminal act, military
actions, terrorist attacks and other similar events could negatively affect the use, functionality or availability of our services.
Any
damage to, or failure of, our systems, or those of our third-party providers, could interrupt or hinder the use or functionality of our
services. Impairment of or interruptions in our services may reduce revenue, subject us to claims and litigation, cause customers to
terminate their subscriptions, and adversely affect renewal rates and our ability to attract new customers. Our business will also be
harmed if customers and potential customers believe our products and services are unreliable.
The
EV charging market is characterized by rapid technological change, which requires us to continue to develop new products and product
innovations. Any delays in such development could adversely affect market adoption of our products and financial results.
Continuing
technological changes in battery and other EV technologies could adversely affect adoption of current EV charging technology, continuing
and increasing reliance on EV charging infrastructure and/or the use of our products and services. Our future success will depend in
part upon our ability to develop and introduce a variety of new capabilities and innovations to our existing product offerings, as well
as introduce a variety of new product offerings to address the changing needs of the EV charging market.
As
EV technologies change, we may need to upgrade or adapt our charging station technology and introduce new products and services in order
to serve vehicles that have the latest technology, in particular battery technology, which could involve substantial costs. Even if we
are able to keep pace with changes in technology and develop new products and services, our research and development expenses could increase,
our gross margins could be adversely affected in some periods and our prior products could become obsolete more quickly than expected.
We
cannot guarantee that any new products will be released in a timely manner, or at all, or achieve market acceptance. Delays in delivering
new products that meet customer requirements could damage our relationships with customers and lead them to seek alternative products
or services. Delays in introducing products and innovations or the failure to offer innovative products or services at competitive prices
may cause existing and potential customers to use our competitors’ products or services.
If
we are unable to devote adequate resources to develop products or cannot otherwise successfully develop products or services that meet
customer requirements on a timely basis or that remain competitive with technological alternatives, our products and services could lose
market share, our revenue will decline, we may experience higher operating losses and our business and prospects will be adversely affected.
We
expect to incur research and development costs and devote significant resources to developing new products, which could significantly
reduce our profitability and may never result in revenue to us.
Our
future growth depends on penetrating new markets, adapting existing products to new applications and customer requirements, and introducing
new products that achieve market acceptance. We plan to incur significant research and development costs in the future as part of our
efforts to design, develop, manufacture and introduce new products and enhance existing products. Further, our research and development
program may not produce successful results, and our new products may not achieve market acceptance, create additional revenue or become
profitable.
We
may be unable to leverage customer data in all geographic locations, and this limitation may impact research and development operations.
We
rely on data collected through charging stations or our mobile technologies. We use this data in connection with the research, development
and analysis of our technologies, creating and delivering value-add customer services, and in assessing future charger locations as well
as charging station capacities. Our inability to obtain necessary rights to use this data or freely transfer this data could result in
delays or otherwise negatively impact our research and development and expansion efforts and limit our ability to derive revenues from
value-add customer services. For instance, consumer privacy regulations may limit our ability to make intelligent, data driven business
decisions, marketing strategy or provide microtargeting based offerings to EV drivers.
Financial,
Tax and Accounting-Related Risks
Our
financial condition and results of operations are likely to fluctuate on a quarterly basis in future periods, which could cause our results
for a particular period to fall below expectations, resulting in a decline in the price of our common stock.
Our
financial condition and results of operations have fluctuated in the past and may continue to fluctuate in the future due to a variety
of factors, many of which are beyond our control.
In
addition to the other risks described herein, the following factors could also cause our financial condition and results of operations
to fluctuate on a quarterly basis:
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the
timing and volume of new sales; |
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fluctuations
in service costs, particularly due to unexpected costs of servicing and maintaining charging stations, changes in utility tariffs
affecting costs of electricity, increases in property taxes and expenses related to permits, changes in dynamics with site-host partners
that may result in higher site-license fees and unexpected increases in third-party software costs; |
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the
timing of new charger installations and new product rollouts; |
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weaker
than anticipated demand for DC fast charging, whether due to changes in government incentives and policies or due to other conditions; |
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fluctuations
in sales and marketing, business development or research and development expenses; |
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supply
chain interruptions and manufacturing or delivery delays; |
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the
timing and availability of new products relative to customers’ and investors’ expectations; |
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the
length of the installation cycle for a particular location or market; |
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disruptions
in sales, production, service or other business activities or our inability to attract and retain qualified personnel; |
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the
impact of COVID-19 on our workforce, or those of our customers, suppliers, vendors or business partners; |
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unanticipated
changes in federal, state, local, or foreign government incentive programs, which can affect demand for EVs and charging stations; |
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the
potential adoption of time-of-day or time-of-use rates by local utilities, which may reduce our margins; and |
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seasonal
fluctuations in driving patterns. |
Fluctuations
in operating results and cash flow could, among other things, give rise to short-term liquidity issues. In addition, revenue, and other
operating results may fall short of the expectations of investors and financial analysts, which could have an adverse effect on the price
of the common stock.
If
we fail to maintain an effective system of internal control over financial reporting, this may result in material misstatements of our
consolidated financial statements or cause us to fail to meet our periodic reporting obligations.
As
a public company, we are required to provide management’s attestation on internal control over financial reporting. Management
may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance
and reporting requirements that will be applicable after the Merger. If we are not able to implement the additional requirements of Section
404(a) of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, we may not be able to assess whether our internal control
over financial reporting is effective, which may subject us to adverse regulatory consequences and could harm investor confidence.
In
order to maintain and improve the effectiveness of our internal control over financial reporting, we have expended, and anticipate that
we will continue to expend, significant resources, including accounting-related costs and significant management oversight.
Our
significant increased expenses and administrative burdens as a public company could have an adverse effect on our business, financial
condition and results of operations.
We
will face increased legal, accounting, administrative and other costs and expenses as a public company that we did not incur as a private
company. The Sarbanes-Oxley Act, including the requirements of Section 404, as well as rules and regulations subsequently implemented
by the SEC, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the rules and regulations promulgated and to be
promulgated thereunder, the Public Company Accounting Oversight Board and the securities exchanges, impose additional reporting and other
obligations on public companies. Compliance with public company requirements will increase our costs and make certain activities more
time-consuming. A number of those requirements require it to carry out activities we have not done previously. In addition, expenses
associated with SEC reporting requirements will be incurred. Furthermore, if any issues in complying with those requirements are identified
(for example, if the auditors identify a significant deficiency or additional material weaknesses in the internal control over financial
reporting), we could incur additional costs to rectify those issues, and the existence of those issues could adversely affect its reputation
or investor perceptions. In addition, we will purchase director and officer liability insurance, which has substantial additional premiums.
The additional reporting and other obligations imposed by these rules and regulations increase legal and financial compliance costs and
the costs of related legal, accounting and administrative activities. Advocacy efforts by stockholders and third parties may also prompt
additional changes in governance and reporting requirements, which could further increase costs.
Risks
Related to Legal Matters and Regulations
Privacy
concerns and laws, or other regulations, may adversely affect our business.
State
and local governments and agencies in the jurisdictions in which we operate, and in which customers operate, have adopted, are considering
adopting, or may adopt laws and regulations regarding the collection, use, storage, processing, and disclosure of information regarding
consumers and other individuals, which could impact our ability to offer services in certain jurisdictions. Laws and regulations relating
to the collection, use, disclosure, security, and other processing of individuals’ information can vary significantly from jurisdiction
to jurisdiction. The costs of compliance with, and other burdens imposed by, laws, regulations, standards, and other obligations relating
to privacy, data protection, and information security are significant. In addition, some companies, particularly larger enterprises,
often will not contract with vendors that do not meet these rigorous standards. Accordingly, the failure, or perceived inability, to
comply with these laws, regulations, standards, and other obligations may limit the use and adoption of our products and services, reduce
overall demand, lead to regulatory investigations, litigation, and significant fines, penalties, or liabilities for actual or alleged
noncompliance, or slow the pace at which we close sales transactions, any of which could harm our business. Moreover, if we or any of
our employees or contractors fail or are believed to fail to adhere to appropriate practices regarding customers’ data, it may
damage our reputation and brand.
Additionally,
existing laws, regulations, standards, and other obligations may be interpreted in new and differing manners in the future and may be
inconsistent among jurisdictions. Future laws, regulations, standards, and other obligations, and changes in the interpretation of existing
laws, regulations, standards, and other obligations could result in increased regulation, increased costs of compliance and penalties
for non-compliance, and limitations on data collection, use, disclosure, and transfer for us and our customers. Further, California adopted
the California Consumer Privacy Protection Act (“CCPA”) and the California State Attorney General has begun enforcement actions.
Further, on November 3, 2020, California voters approved the California Privacy Rights Act (“CPRA”). Although we initiated
a compliance program designed to comply with CCPA after consulting with outside privacy counsel, we remain exposed to ongoing legal risks
related to the CCPA and the expansion of the CCPA under the CPRA, which becomes effective January 1, 2023. The costs of compliance with,
and other burdens imposed by, laws and regulations relating to privacy, data protection, and information security that are applicable
to the businesses of customers may adversely affect ability and willingness to process, handle, store, use, and transmit certain types
of information, such as demographic and other personal information.
In
addition to government activity, privacy advocacy groups, the technology industry and other industries have established or may establish
various new, additional or different self-regulatory standards that may place additional burdens on technology companies. Customers may
expect that we will meet voluntary certifications or adhere to other standards established by them or third parties. If we are unable
to maintain these certifications or meet these standards, it could reduce demand for our solutions and adversely affect our business.
Existing
and future environmental health and safety laws and regulations could result in increased compliance costs or additional operating costs
or construction costs and restrictions. Failure to comply with such laws and regulations may result in substantial fines or other limitations
that may adversely impact our financial results or results of operation.
We
and our operations, as well as those of our contractors, suppliers and customers, are subject to certain environmental laws and regulations,
including laws related to the use, handling, storage, transportation and disposal of hazardous substances and wastes as well as electronic
wastes and hardware, whether hazardous or not. These laws may require us or others in our value chain to obtain permits and comply with
procedures that impose various restrictions and obligations that may have material effects on our operations. If key permits and approvals
cannot be obtained on acceptable terms, or if other operational requirements cannot be met in a manner satisfactory for our operations
or on a timeline that meets our commercial obligations, it may adversely impact our business.
Environmental
and health and safety laws and regulations can be complex and may be subject to change, such as through new requirements enacted at the
supranational, national, sub-national, and/or local level or new or modified regulations that may be implemented under existing law.
The nature and extent of any changes in these laws, rules, regulations and permits may be unpredictable and may have material effects
on our business. Future legislation and regulations or changes in existing legislation and regulations, or interpretations thereof, including
those relating to hardware manufacturing, electronic waste, or batteries, could cause additional expenditures, restrictions and delays
in connection with our operations as well as other future projects, the extent of which cannot be predicted. For instance, California
may adopt more stringent regulation for DC fast charging by 2024. Additionally, we could be regulated as a retail electric service provider
in the future.
Further,
we currently rely on third parties to ensure compliance with certain environmental laws, including those related to the disposal of hazardous
and non-hazardous wastes. Any failure to properly handle or dispose of wastes, regardless of whether such failure is ours or our contractors,
may result in liability under environmental laws, including, but not limited to, the Comprehensive Environmental Response, Compensation
and Liability Act (“CERCLA”) and state analogs, under which liability may be imposed without regard to fault or degree of
contribution for the investigation and clean-up of contaminated sites, as well as impacts to human health and damages to natural resources.
We may also generate or dispose of solid wastes, which may include hazardous wastes that are subject to the requirements of the Resource
Conservation and Recovery Act (“RCRA”), and comparable state statutes. While RCRA regulates both solid and hazardous wastes,
it imposes strict requirements on the generation, storage, treatment, transportation and disposal of hazardous wastes. Certain components
of our charging stations may be excluded from RCRA’s hazardous waste regulations, provided certain requirements are met. However,
if these components do not meet all of the established requirements for the exclusion, or if the requirements for the exclusion change,
we may be required to treat such products as hazardous waste, which are subject to more rigorous and costly disposal requirements. Any
such changes in the laws and regulations, or our ability to qualify the materials we use for exclusions under such laws and regulations,
could adversely affect our operating expenses. Additionally, we may not be able to secure contracts with third parties to continue their
key supply chain and disposal services for our business, which may result in increased costs for compliance with environmental laws and
regulations.
Risks
Related to our Securities
The
warrants are being accounted for as a warrant liability and are being recorded at fair value upon issuance with changes in fair value
each period reported in earnings, which may have an adverse effect on the market price of our common stock.
As
described in our financial statements included in this prospectus, we are accounting for our issued and outstanding warrants as a warrant
liability and are recording that liability at fair value upon issuance and are recording any subsequent changes in fair value as of the
end of each period for which earnings are reported. The impact of changes in fair value on earnings may have an adverse effect on our
balance sheet and statement of operations or the market price of the Common stock.
Concentration
of ownership among our existing executive officers, directors and their affiliates may prevent new investors from influencing significant
corporate decisions.
We
currently have only one executive officer and director, Jeff Kim, who after this offering will have approximately 83.25%
of the voting power of the issued and outstanding shares of our capital stock. As a result, Mr. Kim is able to exercise
a significant level of control over all matters requiring stockholder approval, including the election of directors, any amendment of
the certificate of incorporation and approval of significant corporate transactions. This control could have the effect of delaying or
preventing a change of control or changes in management and will make the approval of certain transactions difficult or impossible without
Mr.
Kim’s support. In addition, under the terms of Mr, Kim’s employment agreement with the Company as the sole member of the
Board of Directors of the Company Mr. Kim has sole control and decision-making power regarding his salary.
The
Company has never paid cash dividends on its capital stock and does not anticipate paying dividends in the foreseeable future.
We
have never paid cash dividends on our capital stock and currently intend to retain any future earnings to fund the growth of our business.
Any determination to pay dividends in the future will be at the discretion of the board of directors and will depend on financial condition,
operating results, capital requirements, general business conditions and other factors that the board may deem relevant. As a result,
capital appreciation, if any, of common stock will be the sole source of gain for the foreseeable future.
Our
stock price will be volatile, and you may not be able to sell shares at or above the price at which shares of our common stock in this
registration statement are purchased.
The
trading price of our common stock and warrants will be volatile and could be subject to wide fluctuations in response to various factors,
some of which are beyond our control. These factors include:
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actual
or anticipated fluctuations in operating results; |
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failure
to meet or exceed financial estimates and projections of the investment community or that we provide to the public; |
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issuance
of new or updated research or reports by securities analysts or changed recommendations for the industry in general; |
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announcements
of significant acquisitions, strategic partnerships, joint ventures, collaborations or capital commitments; |
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operating
and share price performance of other companies in the industry or related markets; |
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the
timing and magnitude of investments in the growth of our business; |
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actual
or anticipated changes in laws and regulations; |
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additions
or departures of key management or other personnel; |
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increased
labor costs; |
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disputes
or other developments related to intellectual property or other proprietary rights, including litigation; |
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the
ability to market new and enhanced solutions on a timely basis; |
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sales
of substantial amounts of our common stock by the Board, executive officers or significant stockholders or the perception that such
sales could occur; |
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changes
in capital structure, including future issuances of securities or the incurrence of debt; and |
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general
economic, political and market conditions. |
In
addition, the stock market in general, and the stock prices of technology companies in particular, have experienced extreme price and
volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. Broad market
and industry factors may seriously affect the market price of our common stock, regardless of actual operating performance. In addition,
in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities
class action litigation has often been instituted against these companies. This litigation, if instituted, could result in substantial
costs and a diversion of management’s attention and resources.
If
we fail to establish and maintain an effective system of internal controls, we may not be able to report our financial results accurately
or prevent fraud. Any inability to report and file our financial results accurately and timely could harm our reputation and adversely
impact the trading price of our common stock.
Effective
internal controls are necessary for us to provide reliable financial reports and prevent fraud. There exist material weaknesses in our
internal controls as of May 31, 2023, identified below. If we cannot provide reliable financial reports or prevent fraud, we may
not be able to manage our business as effectively as we would if an effective control environment existed, and our business and reputation
with investors may be harmed. With each prospective acquisition we may make we will conduct whatever due diligence is necessary or prudent
to assure us that the acquisition target can comply with the internal control requirements of the Sarbanes-Oxley Act. Notwithstanding
our diligence, certain internal control deficiencies may not be detected at acquired entities. As a result, any internal control deficiencies
may adversely affect our financial condition, results of operations, and access to capital.
A
material weakness is a deficiency, or a combination of deficiencies, in internal financial controls such that there is a reasonable possibility
that a material misstatement of our annual or interim financial statements will not be prevented or detected and corrected on a timely
basis. Effective internal controls are necessary for us to provide reliable financial reports and prevent fraud. We continue to evaluate
steps to remediate our material weaknesses. These remediation measures may be time consuming and costly and there is no assurance that
these initiatives will ultimately have the intended effects.
Any
failure to maintain effective internal controls could adversely impact our ability to report our financial position and results from
operations on a timely and accurate basis. If our financial statements are not accurate, investors may not have a complete understanding
of our operations. Likewise, if our financial statements are not filed on a timely basis, we could be subject to sanctions or investigations
by the SEC or other regulatory authorities. In either case, there could result a material adverse effect on our business. Ineffective
internal controls could also cause investors to lose confidence in our reported financial information which could have a negative
effect on the trading price of our stock.
The
material weaknesses we identified in our internal controls were:
(i)
we did not maintain financial close process and procedures that were adequately designed, documented and executed to support the accurate
and timely reporting of our financial results. As a result, we made a number of manual post-close adjustments necessary in order to prepare
the financial statements included in this registration statement; and
(ii)
we did not maintain effective controls to provide reasonable assurance that accounts were complete and accurate and agreed to detailed
support, and that account reconciliations were properly performed, reviewed and approved. While these activities should be performed
in the ordinary course of our preparing our financial statements, we instead needed to undertake significant efforts to complete reconciliations
and investigate items identified in those reconciliations during the course of our financial statement audit.
We
have begun taking steps and plan to take additional measures to remediate the underlying causes of the material weakness, primarily through
the development and implementation of formal policies, improved processes and documented procedures, as well as engaging an outside CPA
to assist with this process and, when our finances allow that we expect to occur in the near future, the hiring of additional finance
personnel.
We
can give no assurance that the measures we have taken and plan to take in the future will remediate the material weaknesses or that any
additional material weaknesses or restatements of financial results will not arise in the future due to a failure to implement and maintain
adequate internal control over financial reporting or circumvention of these controls.
The
market price of our common stock could be adversely affected by sales of substantial amounts of our common stock in the public or private
markets or the perception in the public markets that these sales may occur.
As
of November 1, 2023, we have 50,478,678 shares of our common stock issued and outstanding. In addition, we have agreed to register
under the terms of this registration statement the shares of common stock and warrants to purchase shares of our common stock and warrants.
We cannot predict the size of future issuances of common stock or securities convertible into common stock or the effect, if any, that
future issuances or sales of shares of common stock will have on the market price of common stock. Sales of substantial amounts of common
stock, or the perception that such sales could occur, may adversely affect prevailing market prices of common stock.
Because
we have no current plans to pay cash dividends on common stock for the foreseeable future, you may not receive any return on investment
unless you sell common stock for a price greater than that which you paid for it.
We
may retain future earnings, if any, for future operations, expansion and debt repayment and have no current plans to pay any cash dividends
for the foreseeable future. Any decision to declare and pay dividends as a public company in the future will be made at the discretion
of the Board and will depend on, among other things, our results of operations, financial condition, cash requirements, contractual restrictions
and other factors that the Board may deem relevant. In addition, our ability to pay dividends may be limited by covenants of any existing
and future outstanding indebtedness we or our subsidiaries incur. As a result, you may not receive any return on an investment in common
stock unless you sell common stock for a price greater than that which you paid for it.
If
securities or industry analysts do not publish or cease publishing research or reports about us, our business, or our market, or if they
change their recommendations regarding our securities adversely, the price and trading volume of our securities could decline.
The
trading market for our securities will be influenced by the research and reports that industry or securities analysts may publish about
us, our business, market or competitors. Securities and industry analysts do not currently, and may never, publish research on us. If
no securities or industry analysts commence coverage of us, our share price and trading volume would likely be negatively impacted. If
any of the analysts who may cover us change their recommendation regarding our shares of common stock adversely, or provide more favorable
relative recommendations about our competitors, the price of our shares of common stock would likely decline. If any analyst who may
cover us were to cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets,
which in turn could cause our share price or trading volume to decline.
USE
OF PROCEEDS
This
prospectus relates to shares of our common stock that may be offered and sold from time to time by the Selling Stockholders. We will
receive no proceeds from the sale of shares of common stock by the Selling Stockholders in this offering. We may receive proceeds from
warrants exercised by the Selling Stockholders. We may receive up to $2,750,000 from the exercise of warrants by the Selling Stockholders.
See “Plan of Distribution” elsewhere in this prospectus for more information.
We
expect to use the net proceeds from the exercise of warrants from the Selling Stockholders for acquisitions, joint ventures, technology
costs and general corporate purposes. See “Management’s Discussion and Analysis of Financial Condition and Results of
Operation-Pursue Strategic Acquisitions”.
The
aggregate proceeds to the Selling Stockholders from the sale of the securities offered by them will be the purchase price of the securities
less discounts or commissions, if any. Each of the Selling Stockholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of securities to be made directly or through agents. We will
not receive any of the proceeds from the sale or other disposition of the securities by the Selling Stockholders. However, we would receive
up to approximately $2,750,000 in gross proceeds upon the cash exercise of the warrants issued to the Selling Stockholders if they were
exercised in full. The exercise price of our warrants is $0.25, which is above the current $0.04 trading price of our common stock.
To receive the proceeds from the exercise of the warrants, our stock price would need to increase.
The
following table illustrates the amount of net proceeds we will receive on the exercise of warrants by the Selling Stockholders totaling
$2,750,000. It is possible that we may not raise the entire $2,750,000 through this prospectus. In such case, we will reallocate our
use of proceeds as the Board of Directors deems to be in the best interests of the Company to effectuate our business plan. The intended
use of proceeds are as follows:
| |
| 100% | | |
| 75% | | |
| 50% | | |
| 25% | |
Gross Offering Proceeds | |
$ | 2,750,000 | | |
$ | 2,062,500 | | |
$ | 1,375,000 | | |
$ | 687,500 | |
Offering Costs(1) | |
$ | 200,000 | | |
$ | 200,000 | | |
$ | 200,000 | | |
$ | 200,000 | |
Use of Net Proceeds: | |
| | | |
| | | |
| | | |
| | |
Acquisitions | |
$ | 500,000 | | |
| 375,000 | | |
| 250,000 | | |
| 125,000 | |
Technology Costs(2) | |
$ | 600,000 | | |
| 450,000 | | |
| 300,000 | | |
| 150,000 | |
Working Capital(3) | |
$ | 300,000 | | |
| 225,000 | | |
| 150,000 | | |
| 75,000 | |
Debt Reduction | |
$ | 500,000 | | |
| 375,000 | | |
| 250,000 | | |
| 125,000 | |
Charging Station Installation/Upgrades | |
| 650,000 | | |
| 487,500 | | |
| 325,000 | | |
| 162,500 | |
(1) |
We
expect to spend approximately $200,000 in expenses relating to this offering, including legal, accounting, printing and other miscellaneous
costs. |
|
|
(2) |
Technology
costs include the costs or hiring additional developers to further the development of our suite of products. |
|
|
(3) |
We
use working capital to pay for miscellaneous and general operating expenses, as well as legal and accounting fees. |
The
allocation of the use of proceeds among the categories of anticipated expenditures represents management’s best estimates based
on the current status of our proposed operations, plans, investment objectives, capital requirements, and financial conditions. Future
events, including changes in economic or competitive conditions of our business plan or the completion of less than the total offering,
may cause us to modify the above-described allocation of proceeds. Our use of proceeds may vary significantly in the event any of our
assumptions prove inaccurate. We reserve the right to change the allocation of net proceeds from the offering as unanticipated events
or opportunities arise.
MARKET
FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Our
common stock as of March 29, 2024, is quoted on the OTC Pink market under the symbol SPEV. As of March 29, 2024, there
were 735 holders of record of our common stock.
The
last reported sales price of our common stock on the OTC Pink market on March 29, 2024, was $0.04 per share.
Dividend
Policy
We
have not declared nor paid any cash dividend on our common stock, and we currently intend to retain future earnings, if any, to finance
the expansion of our business, and we do not expect to pay any cash dividends in the foreseeable future. The decision whether to pay
cash dividends on our common stock will be made by our board of directors, in their discretion, and will depend on our financial condition,
results of operations, capital requirements and other factors that our board of directors considers significant.
SELLING
STOCKHOLDERS
This
prospectus relates to the possible resale by the Selling Stockholders. We do not know how long the selling stockholder will hold the
shares of our common stock before selling them, and we currently have no agreements, arrangements or understandings with the Selling
Stockholders regarding the sale of any of the shares of our common stock. Any sale of shares of our common stock by the Selling Shareholders
shall be at a fixed price of $0.04, the last reported sales price for our shares of common stock on March 29, 2024. See
“Plan of Distribution.”
The
table below sets forth, to our knowledge, information concerning the beneficial ownership of shares of our common stock by the Selling
Stockholders as of March 11, 2024. The percentages of shares owned before and after the offering are based on 50,478,678 shares
of common stock outstanding and 76,295,950 shares of common stock, respectively, which includes the 50,478,678 shares of common stock
outstanding as of March 11, 2024, and the 25,817,272 shares of common stock offered by this prospectus, including the shares of
common stock underlying the warrants. The information in the table below with respect to the Selling Stockholders has been obtained from
the Selling Stockholders. solely on information supplied to us by the Selling Stockholders and assumes the sale of all the shares offered
hereby. Other than as described in the footnotes below, the Selling Stockholders have not, within the past three years, had any position,
office or other material relationship with us or any of our predecessors or affiliates other than as a holder of our securities, or are
broker-dealers or affiliates of a broker-dealer. Information concerning the Selling Stockholders may change from time to time and, if
necessary and required, we will amend or supplement this prospectus accordingly.
,
Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to shares. Unless
otherwise indicated below, to our knowledge, all persons named in the table have sole voting and investment power with respect to their
shares of common stock. The inclusion of any shares in this table does not constitute an admission of beneficial ownership for the person
named below.
Selling Stockholder(15) | |
Number of
Shares of
Common
Stock
Beneficially
Owned Prior
to
Offering(1) | | |
Maximum
Number of
Shares of
Common
Stock to be
Sold
Pursuant to
This
Prospectus | | |
Number of
Shares of
Common
Stock
Beneficially
Owned After
Offering(2) | | |
Percentage of
Common
Stock Owned
After the
Offering(2) | |
EROP Enterprises LLC(3) | |
| 5,399,146 | | |
| 3,200,000 | | |
| 3,799,146 | | |
| 6.38 | % |
Avenal Financial, LLC(4) | |
| 450,000 | | |
| 450,000 | | |
| 0 | | |
| 0 | % |
Clearview Consulting, LLC(5) | |
| 2,323,700 | | |
| 2,323,700 | | |
| 0 | | |
| 0 | % |
Sky Direct LLC(6) | |
| 4,000,000 | | |
| 4,000,000 | | |
| 0 | | |
| 0 | % |
Sidney J. & Gloria D. Lorio | |
| 4,000,000 | | |
| 4,000,000 | | |
| 0 | | |
| 0 | % |
Greenberg Equity Investments, LLC(7) | |
| 2,400,000 | | |
| 2,400,000 | | |
| 0 | | |
| 0 | % |
Inflection Partners, LLC(8) | |
| 1,043,572 | | |
| 1,043,572 | | |
| 0 | | |
| 0 | % |
Korr Value(9) | |
| 2,000,000 | | |
| 2,000,000 | | |
| 0 | | |
| 0 | % |
Gordon Holmes(10) | |
| 1,600,000 | | |
| 1,600,000 | | |
| 0 | | |
| 0 | % |
Proactive Capital Partners(11) | |
| 1,600,000 | | |
| 1,600,000 | | |
| 0 | | |
| 0 | % |
Axiom Financial Inc.(12) | |
| 800,000 | | |
| 800,000 | | |
| 0 | | |
| 0 | % |
Orion 4, LLC(13) | |
| 800,000 | | |
| 800,000 | | |
| 0 | | |
| 0 | % |
Patrick Lee(14) | |
| 400,000 | | |
| 400,000 | | |
| 0 | | |
| 0 | % |
Kenneth Jillson(15) | |
| 400,000 | | |
| 400,000 | | |
| 0 | | |
| 0 | % |
Charles & Michelle Day(16) | |
| 400,000 | | |
| 400,000 | | |
| 0 | | |
| 0 | % |
Ricardo Singson(17) | |
| 400,000 | | |
| 400,000 | | |
| 0 | | |
| 0 | % |
(1) |
Under
applicable SEC rules, a person is deemed to beneficially own securities which the person has the right to acquire within 60 days
through the exercise of any option or warrant or through the conversion of a convertible security. Also under applicable SEC rules,
a person is deemed to be the “beneficial owner” of a security with regard to which the person directly or indirectly,
has or shares (a) voting power, which includes the power to vote or direct the voting of the security, or (b) investment power, which
includes the power to dispose, or direct the disposition, of the security, in each case, irrespective of the person’s economic
interest in the security. Each listed selling stockholder has the sole investment and voting power with respect to all shares of
common stock shown as beneficially owned by such selling stockholder, except as otherwise indicated in these footnotes. |
|
|
(2) |
Represents
the amount and percentage of shares in the event all of the registered securities are sold during the offering. |
|
|
(3) |
EROP
Enterprises LLC is managed by Vince Sbarra who has sole voting and dispositive power over the shares held EROP Enterprises LLC. EROP
was issued 1,600,000 two year warrants exercisable at $ .25 that are being registered in this offering. The business address
of this stockholder is 3000 Millcreek Avenue, Suite 375, Alpharetta, Georgia 30022. |
|
|
(4) |
Avenal
Financial Group is managed by Michael Pruitt who has sole voting and dispositive power over the shares. The address of Avenal Financial
is 7529 Red Oak Lane, Charlotte, NC 28226. |
|
|
(5) |
Clearview
Consulting, LLC is managed by Lisa Mannion who has sole voting and investment power over the shares. The address of Clearview Consulting,
LLC is 4047 St Georges Ct, Duluth GA 30096. |
|
|
(6) |
Sky
Direct, LLC is managed by Steve Apolant who has sole voting and dispositive power over the shares. Sky Direct was issued 2,000,000
two year warrants exercisable at $ .25 that are being registered in this offering. The address of Sky Direct is 98 Cutter Mill
Road, Suite 4415, Great Neck, JY 11021. |
|
|
(7) |
Greenberg
Equity Investments, LLC is managed by Tricia Robertson, who has sole voting and dispositive power over the shares. Greenberg Equity
was issued 1,200,000 two year warrants exercisable at $ .25 that are being registered in this offering. The address of Greenberg
Equity Investments is 3590 South 42nd Street, Grand Fork, ND 58201. |
|
|
(8) |
Inflection
Partners LLC is managed by Eric Dusansky who has sole voting and dispositive power over the shares. The address of Inflection Partners
LLC is 1741 Coliseum Street, New Orleans LA 70130. |
|
|
(9) |
Korr
Value is managed by Kenneth Orr who has sole voting and dispositive power over the shares. Korr value was issued 1,000,000 two
year warrants exercisable at $ .25 that are being registered in this offering. The address of Korr Value is 1400 Old Country
Road, Suite 306, Westbury, NY 11590. |
|
|
(10) |
Gordon
Holmes was issued 800,000 two year warrants exercisable at $.25 being registered in this
offering. |
|
|
(11) |
Proactive
Capital Partners is managed by Jeff Ranson who has solve voting and dispositive power over the shares. Proactive Capital was issued
800,000 two year warrants exercisable at $.25 that are being registered in this offering. The address of Proactive Capital Partners
is 150 East 58th Street, 16th Floor, New York, NY 10155. |
|
|
(12) |
Axiom
Financial Inc. is managed by Darren Bankston who has sole voting and dispositive power over the shares. Axiom was issued 400,000
two year warrants exercisable at $.25 being registered in this offering. The address of Axiom Financial Inc. is 327 Dahlonega
Street, Suite 1701B, Cumming, GA 30040. |
|
|
(13) |
Orion
4, LLC is managed by Michael Khorassani who has sole voting and dispositive power over the shares. Orion 4 was issued 400,000
two year warrants exercisable at $.25 being registered in this offering. The address of Orion 4, LLC is 6 Marwood Road North,
Port Washington, NY 11050. |
|
|
(14) |
Patrick
Lee was issued 200,000 two year warrants exercisable at $.25 being registered in this offering.
|
|
|
(15) |
Kenneth
Jillson was issued 200,000 two year warrants exercisable at $.25 being registered in this
offering.
|
|
|
(16) |
Charles
and Michelle Day were issued 200,000 two year warrants exercisable at $.25 being registered
in this offering.
|
|
|
(17) |
Ricardo
Singson was issued 200,000 two year warrants exercisable at $.25 being registered in this
offering.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
The
following discussion should be read in conjunction with the consolidated financial statements and the related notes contained elsewhere
in this prospectus. In addition to historical information, the following discussion contains forward looking statements based upon current
expectations that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to
a number of factors, including, but not limited to, risks described in the section entitled “Risk Factors” and elsewhere
in this prospectus.
General
Our
executive offices are located at 5291 NE Elam Young Pkwy., Suite 160, Hillsboro, OR 97124, telephone (503) 892-7345. Our corporate website
address is www.shorepower.com.
Overview
Following
our merger with The United States Basketball League, Inc. on April 13, 2023, we applied to FINRA for a new symbol to reflect our filing
with the Delaware Secretary of State to change our name from The United States Basketball League, Inc. to Shorepower Technologies, Inc.
that was published in the Daily Record on June 16,2023, changed our symbol to SPEV and adopted the business of Shorepower Technologies.
Year
Ended February 28, 2023, Compared to the Year Ended February 28, 2022
Revenue
We
recognized consulting revenue of $0 for the year ended February 28, 2023, compared to $5,000 for the year ended February 28, 2022.
Professional
Fees
For
the year ended February 28, 2023, we incurred $131,300 of professional fees compared to $31,551 for the year ended February 28, 2022,
an increase of $99,749 or 316.2%. Professional fees generally consist of audit, legal, accounting and transfer agent fees. The increase
in the current year is due to an increase in legal, audit and transfer agent fees.
General
and Administrative Expense
For
the year ended February 28, 2023, we incurred $263,505 of general and administrative expenses compared to $229,484 for the year ended
February 28, 2022, an increase of $34,021 or 14.8%. The increase in the current period is primarily the result of stock compensation
of $183,042 and other fees related to our SEC filings.
Officer
Compensation
For
the year ended February 28, 2023, we incurred $135,000 of director compensation expense compared to $0 for the year ended February 28,
2022. During the current year we issued 500,000 shares of common stock for total non-cash stock compensation of $135,000.
Director
Compensation
For
the year ended February 28, 2023, we incurred $67,500 of director compensation expense compared to $48,000 for the year ended February
28, 2022. During the current year we issued 250,000 shares of our common stock for total non-cash stock compensation of $67,500. During
the prior year we issued common stock to two of our directors for total non-cash stock compensation of $48,000.
Other
Income/Expense
During
the year ended February 28, 2023, we had no other income or expense. During the year ended February 28, 2022, we recognized a gain of
forgiveness of debt of $55,270 (Note 5), related party loss on conversion of debt of $127,480 (Note 4), an expense of $1,699,145 related
to the conversion of preferred stock and $2,000 of other income.
Net
Loss
For
the year ended February 28, 2023, we had a net loss of $597,305 compared to $2,073,390 for the year ended February 28, 2022, which
includes the following non-cash transactions: a gain of forgiveness of debt of $55,270, a loss on conversion of debt of $127,480 and
an expense of $1,699,145 related to the conversion of preferred stock. Our decrease in net loss is largely attributed to our decrease
in other expense from the prior year.
Liquidity
and Capital Resources
Operating
Activities
For
the year ended February 28, 2023, we used $160,670 in operating activities compared to $117,989 for the year ended February 28, 2022.
Financing
Activities
During
the year ended February 28, 2023, we received $660,000 from the sale of our common stock. During the year ended February 28, 2022, we
received $240,000 from the sale of our common stock. We received a cash advance from our CEO of $3,000, $28,870 from another related
party and $29,800 from members of the prior management. We also received $3,581 from another party to assist with general operating expenses.
For the three months ended November 30,
2023 compared to the three months ended November 30, 2022
Revenue and Cost of Revenue
We had total revenue of $2,845 and $10,124 for
the three months ended November 30, 2023 and 2022, respectively, a decrease of $7,279 or 71.9%. We had cost of revenue of $9,517 and
$11,846, respectively, and a deduction for revenue share of $1,771 and $1,664, respectively, for gross margin of ($8,443) and ($3,386),
respectively. We are currently in the process of upgrading sites to a new payment and control system. Revenue will remain low until the
upgrades to the sites are completed.
Professional Fees
For the three months ended November 30, 2023,
the company incurred $14,921 of professional fees compared to $18,240 for the three months ended November 30, 2022, a decrease of $3,319
or 18.2%. Professional fees generally consist of audit, legal, accounting and investor relations fees.
General and Administrative Expense
For the three months ended November 30, 2023,
the company incurred $35,566 of general and administrative expense (“G&A”) compared to $7,729 for the three months ended
November 30, 2022, an increase of $27,837 or 360.2%. In the current period we incurred $17,051 of construction and maintenance expense
of which we had $0 in the prior period.
Consulting
Expense
For
the three months ended November 30, 2023 and 2022, we recognized $10,658 and $0, respectively, of consulting expense. This increase was
primarily for grant writing, engineering services and other consultants that were brought on after the merger to take advantage of available
government contracts and grant application opportunities, and update product offerings.
Officer
Compensation
For
the three months ended November 30, 2023 and 2022, we had officer compensation expense of $30,000 and $31,200, respectively.
Other
Income/Expense
For
the three months ended November 30, 2023 and 2022, we had interest expense of $33,953 and $1,026 of other income, respectively.
Net
Loss
For
the three months ended November 30, 2023, we had a net loss of $103,541 compared to $59,529 for the three months ended November 30, 2022,
an increase of $44,012. We had an increase in our net loss primarily due to the increase in G&A and consulting expense as discussed
above.
For
the nine months ended November 30, 2023 compared to the nine months ended November 30, 2022
Revenue
and Cost of Revenue
We
had total revenue of $18,440 and $19,674 for the nine months ended November 30, 2023 and 2022, respectively, a decrease of $1,234 or
6.3%. We had cost of revenue of $27,897 and $32,345, respectively, and a deduction for revenue share of $5,650 and $1,665, respectively,
for gross margins of ($15,107) and ($14,336), respectively.
Professional
Fees
For
the nine months ended November 30, 2023, the company incurred $245,170 of professional fees compared to $30,314 for the nine months ended
November 30, 2022, an increase of $214,856. Professional fees generally consist of audit, legal, accounting and investor relation fees.
In the current period we had an increase in all fees as a result of the merger and the required fees of being a public company. In addition,
we issued shares of common stock for total non-cash expense of $198,279. Excluding this one-time non-cash expense, $46,891 was incurred
for professional fees.
General
and Administrative Expense
For
the nine months ended November 30, 2023, the company incurred $99,609 of G&A expenses compared to $30,518 for the nine months ended
November 30, 2022, an increase of $69,091 or 226.4%. In the current period we had an increase of insurance expense of ~$6,800, transfer
agent fees of ~$10,000, licenses & fees of ~$6,000 and other expenses associated with being an SEC company ~$13,700.
Consulting
Expense
For
the nine months ended November 30, 2023 and 2022, we recognized $30,668 and $0, respectively, of consulting expense. This increase was
primarily for grant writing, engineering services and other consultants that were brought on after the merger to bolster access to government
contracts and grant opportunities and expand product offerings.
Officer
Compensation
For
the nine months ended November 30, 2023 and 2022, we had officer compensation expense of $90,000 and $93,600, respectively, a decrease
of $3,600 or 3.8%.
Other
Income/Expense
For
the nine months ended November 30, 2023 and 2022, we had total other expense of $50,442 and $45,037, respectively. In the current period
we recognized $50,507 of interest expense, offset with $65 of other income. In the prior period we recognized a loss on impairment of
$46,063, offset with $1,026 of other income.
Net
Loss
For
the nine months ended November 30, 2023, we had a net loss of $530,996 compared to $213,805 for the nine months ended November 30, 2022,
an increase of $317,191. We had an increase in our net loss primarily due to the stock issued for services discussed above.
Liquidity
and Capital Resources
Operating
Activities
For
the nine months ended November 30, 2023, the company used $278,398 of cash in operating activities compared to $154,273 for the nine
months ended November 30, 2022.
Financing
Activities
During
the nine months ended November 30, 2023 and 2022, we repaid $111,356 and $12,001 of related party loans, respectively. In the prior period
we also repaid $7,240 on a loan payable.
Off
Balance Sheet Arrangements
We
have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to investors.
Critical
Accounting Policies
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial
Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates.
The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation
of the Financial Statements.
BUSINESS
Overview
We
are a transportation electrification company that builds, deploys and operates plug-in stations that allow electric vehicles, trucks
and refrigerated trailers to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers
that will not have to use petroleum fuel thus significantly reducing associated toxic emissions and greenhouse gases by replacing diesel
fuel with electric power. To date we have raised approximately $16 million through grants and contracts from the federal and state Governments
and have received $453,954 in loans through Jeff Kim, our President and CEO.
We
currently operate the largest heavy-duty focused network of electrified parking spaces (EPS) in North America. This network includes
60 facilities conveniently located at travel centers with approximately 1,800 electrified parking spaces. Most of these facilities are
focused on truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), but several sites already include
electric vehicle charging stations.
Shorepower
originally started business as a TSE provider. TSE provides power for hotel loads at commercial parking facilities. Trucks are required
to take a rest period for a minimum of 10 hours per day. Trucks typically run their engines to provide heating and cooling in
the cab and power accessories. Shorepower TSE allows drivers to shut down their main engine and plug into outlets that provide
power for household type devices such as heaters, air-conditioning units, coffee pots, microwaves, TVs, computers and other accessories.
On average, this saves drivers and fleets one gallon of diesel per hour. Idling (running) the engine 10 hours per day, 300 days per year
could cost in excess of $10,000 per year in wasted diesel fuel. By using Shorepower, drivers can save over $7,000 annually.
Additionally,
we have over 300 electric vehicle charging station connection points (plugs), sold or controlled that could be upgraded to include our
latest cellular-based control module, to make these stations revenue producing stations. Combined with upgrading the TSE stations, we
have the potential to expand to over 2,000 connection points. However, for our first phase of upgrades, we expect to convert up to five
stations per facility to level 2 and add one or more DC fast chargers to select locations.
We
believe that the key value of the existing travel center facilities is the electric infrastructure and utility service that could easily
be upgraded to include electric vehicle supply equipment (EVSE) for heavy-duty trucks and buses. Most of these sites could also accommodate
light-duty(automobile) electric vehicle charging.
Several sites have already
been upgraded (or are in the process of being upgraded) to include level 2 charging connectors. We have secured over $185,000
in grants to upgrade additional sites and have an additional $3,000,000 in grants pending. Grants awarded as of September 2023
include approximately $71,000 for TSE equipment in New Hampshire and $114,000 to upgrade two sites in California to include Level 2 and
DC fast charging. Leveraging these funds and an investment, the existing infrastructure would help facilitate what we believe could
be the fastest roll-out of a national network of charging facilities to enable cross-country electric vehicle transportation.
Wall-mount
and/or freestanding pedestals with a proprietary, cloud-based payment/control system, and reporting
Competition
We
face competition from other EV charging companies, including ChargePoint,
ABB, Cyber Switching, Siemens, Tesla, EVBox, BP, Shell, Hyundai, Electrify America, EVGo, the recently announced joint venture among
BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz and Stellantis and others. To be competitive in the EV charging market, we intend
to provide the lowest build-out and operating cost, competitive end-user cost, highest cost savings and best overall feature set from
our proprietary back-office control and payment systems so that our customers achieve a faster ROI than offered by our competitors. In
addition, we believe that our success in obtaining government grants for electric transportation infrastructure will be a competitive
advantage that we have in obtaining additional non-dilutive grants to facilitate our goal of increasing the number of charging stations
in the United States and Canada, as well as our long-term relationships with essential manufacturers of commercial charging equipment.
Additionally, we will explore opportunities to expand into other South American, European and Asian countries as opportunities arise
and resources become available to invest in these regions.
There
are two types of TSE systems: on-board and off-board TSE. In off-board electrification, off-board equipment at the truck stop provides
heating, ventilation, and air conditioning (HVAC). These HVAC systems are contained in a structure above ground (called a gantry) or
on a pedestal beside the truck parking spaces. A hose from the HVAC system is connected to the truck window and, in some cases, to a
computer touch screen that enables payment. These stand-alone systems are generally owned and maintained by private companies that charge
an hourly fee. To accommodate the HVAC hose, an inexpensive window template may be required in the truck. “Off-board” refers
to the location of the HVAC equipment, since it is off-board (not permanently installed on the truck). IdleAir operates an off-board
TSE business.
On-board
electrification, also known as “shorepower,” requires some equipment on-board the truck. Then, trucks can plug into electrical
outlets at the truck stop. To use on-board electrification, trucks must be equipped with electric air conditioning equipment or a portable
heater and an extension cord to plug into the electrical outlet. The trucking company or driver owns and maintains the on-board equipment.
Shorepower operates on-board TSE facilities. Other than the equipment on-board the truck, these systems are generally considered
more cost effective to build, use (hourly fee), maintain and operate. In its simplest form, on-board TSE can be used by simply purchasing
a portable heater and an extension cord for as little as a $40 initial investment. This investment could be recouped during the
first day/night of use.
The
two types of TSE systems do not generally serve the same customers, but we may compete for the same space at a truck stop. However, at
least two facilities have both IdleAir and Shorepower in the same parking lot. Additionally, IdleAir currently only has fewer than a
dozen operational facilities. Trucks equipped with electric appliances will generally seek Shorepower (on-board) facilities.
Financing
Strategy
Under
the Bipartisan Infrastructure Law that became law on November 15, 2021, Congress will inject $7.5 billion specifically for charging stations.
Shorepower has been highly successful in obtaining government contracts and grants to deploy electric transportation infrastructure projects.
We have a goal of securing up to 5% ($375,000,000) of the available funds and up to 10% by the end of the EV charging station program
under the Bipartisan Infrastructure Law. We intend to use the funds from the Merger to pay Jeff Kim and employ an engineer, bookkeeper,
a marketing manager/grant writer and engineering technician (all of which we have hired as consultants) for six to nine
months and with these consultants upgrade the control system at sites to generate interim income until charging station upgrades
generate increased revenue and we are awarded some government contracts and/or grants. We estimate that 20% to 50% of infrastructure
build-out costs would have to be contributed by investors and revenues, depending on the desired speed of the build out, grant cost share
requirements and electric vehicle demand (based on number of electric vehicles produced). For example, if we are successful in securing
$10 million in grants, we may need to contribute $2 million or more in cost share. We believe that our 20 years of experience in the
transportation electrification space provide a competitive advantage in what we anticipate to be an explosive growth period in the electric
vehicle industry.
Key
Products and Markets
We
offer a line of transportation electrification stations that allow all types of vehicles to reduce petroleum consumptions whether for
reducing engine idling or charging electric vehicles. Our commercial products are all made with stainless steel enclosures designed to
offer decades of service. We already have some stations that have been operational for over 15 years and several hundred have been in
service for more than 10 years. Depending on the environment and climate the internal electronics are designed to last at least 5-10
years but can last much longer. All components are serviceable, so it is not necessary to replace the entire station even if one
component is damaged.
Our
Shorepower Truck Stop Electrification (TSE) pedestals provide power and entertainment services to long haul truck drivers during rest
periods at truck stops, fuel depots, rest areas, staging areas, warehouses and anywhere trucks and RVs park for extended periods. The
unit’s robust design provides years of operation in harsh environments with relatively low maintenance. These energy vending machines
track, control and allow payment for energy when tied into our back-office system. The Shorepower TSE station is an outdoor-rated unit
constructed with high-grade stainless steel. It is typically mounted to a concrete pad with the supplied base plate. Shorepower TSE
stations can service up to four vehicles depending on configuration.
Shorepower’s
electric-standby Transport Refrigeration Unit (eTRU) station provides easy access to higher power refrigerated trailers with electric-standby.
This allows them to run on electricity rather than diesel while stopped, staging or loading/unloading. This provides a clean efficient
energy source for refrigerated loads such as ice cream, meats, vegetables, pharmaceuticals and other frozen goods. This unit typically
mounts below the standard TSE station but is also available as a stand-alone or wall mounted station.
Additionally,
we offer on-board equipment to ensure our customers can utilize the TSE facilities we have in place. Accessories we offer include portable
heaters, heavy-duty extension cords and cab wiring kits. Shorepower supplies standard 110v AC and 208v power. Customers can use
any off-the-shelf electric appliance to make life on the road comfortable and convenient: heaters, coffeemakers, microwave ovens, hand-held
vacuums, chargers, computers, cell phone chargers, power tools, etc.
Locations
We
have 60 TSE facilities throughout the country along major Interstates. These sites provide a cost effective solution to reducing truck
engine idling. Primary corridors include Interstate 5 (I-5) on the West Coast, I-95 on the East Coast, I-80/I-90 in the North, I-10/I-20
in the South and other major interconnecting Interstates and US highways in between. These same facilities will be the first candidates
for upgrading to electric vehicle charging stations. We have an established network of facilities that can easily and cost-effectively
be upgraded in the short-term.
Growth
Strategies
Our
growth strategies to continue to play a leadership role in EV charging are as follows:
Accelerate
new product offerings.
We
intend to have a leadership position with continued efficient investment in product development. We currently manufacture and sell
TSE, eTRU and Level 2 charging stations. We are currently investigating DC fast charger products for resale and eventually hope to produce
our own. We recently submitted a federal proposal to help offset the cost of developing a new DC fast charger with battery energy storage.
This system will store energy from renewable energy sources such as solar and wind. These renewable energy sources are often available
when demand is low. This surplus energy can be used to charge the battery energy storage when rates are low and can later be offloaded
into an electric vehicle, thus maximizing available energy sources at the highest margin. More information on these efforts is provided
in the “research and development” section below.
Invest
incrementally in marketing and sales.
We
intend to continue to attract new customers and pursue a business model which attracts new customers to our charging stations and encourages
existing customers to increase their charging footprint over time as EV penetration increases.
Pursue
Strategic Acquisitions.
We
intend to explore potential high-quality acquisition opportunities in this dynamic marketplace both domestically and overseas. Acquisition
candidates include charging station companies, charging station management software, electrical contractors, alternative fuel equipment
suppliers and truck stop electrification (TSE) providers. An electrical contracting business, for example, would allow us to both sell
charging stations and install them without having to use subcontractors.
Manufacturing
We
have established strong commercial relationships over the decades in which we have been doing business in the transportation electrification
industry. We have designed many of the products that we use, including our comprehensive payment, monitoring and control system with
web base management. The majority of our hardware products are manufactured in Oregon. Components are sourced from a number of global
suppliers, with concentrations in the United States and Asia. We work proactively with piece part and final assembly supply partners.
We prepare factories for new products, establish and monitor quality control points, plan ongoing production and issues purchase orders.
Most of our major components are manufactured in the U.S. which will give us strategic advantage for qualifying for grants in the United
States.
Government
Regulation and Incentives
State,
regional and local regulations for installation of EV charging stations vary from jurisdiction to jurisdiction and may include permitting
requirements, inspection requirements, licensing of contractors and certifications as examples. Compliance with such regulation(s) may
cause installation delays.
OSHA
We
are subject to the Occupational Safety and Health Act of 1970, as amended (“OSHA”). OSHA establishes certain employer responsibilities,
including maintenance of a workplace free of recognized hazards likely to cause death or serious injury, compliance with standards promulgated
by OSHA and various record keeping, disclosure and procedural requirements. Various standards, including standards for notices of hazards,
safety in excavation and demolition work and the handling of asbestos, may apply to our operations. We are in full compliance with OSHA
regulations.
NEMA
The
National Electrical Manufacturers Association (“NEMA”) is the association of electrical equipment and medical imaging manufacturers.
NEMA provides a forum for the development of technical standards that are in the best interests of the industry and users, advocacy of
industry policies on legislative and regulatory matters, and collection, analysis, and dissemination of industry data. Our products comply
with the NEMA standards that are applicable to such products.
NRTL
Certification
Our
stations are certified by a Nationally Recognized Testing Laboratory (NRTL). A Nationally Recognized Testing Laboratory (NRTL) is a private-sector
organization that OSHA has recognized as meeting the legal requirements in 29 CFR 1910.7 to perform testing and certification of products
using consensus-based test standards We use Intertek Testing Laboratories and Underwriters Laboratories (UL) to certify that our
products are safe and use consistent manufacturing processes. Most permitting jurisdictions require NRTL certification on products
installed in their territory.
CAFE
Standards
The
regulations mandated by the Corporate Average Fuel Economy (“CAFE”) standards set the average new vehicle fuel economy, as
weighted by sales, that a manufacturer’s fleet must achieve. Although we are not a car manufacturer and are thus not directly subject
to the CAFE standards, we believe such standards may have a material effect on its business. The Energy Independence and Security Act
of 2007 raised the fuel economy standards of America’s cars, light trucks and sport utility vehicles to a combined average of at
least 35 miles per gallon by 2020—a 10 miles per gallon increase over 2007 levels—and required standards to be met at maximum
feasible levels through 2030. Building on the success of the first phase of the National Program, the second phase of fuel economy and
global warming pollution standards for light duty vehicles covers model years 2017–2025. These standards were finalized by the
U.S. Environmental Protection Agency (“EPA”) and NHTSA in August 2012. These standards would have required a reduction in
average carbon dioxide emissions of new passenger cars and light trucks to 163 grams per mile (g/mi) in model year 2025. Manufacturers
may choose to comply with these standards by manufacturing more EVs which would mean that more charging stations will be needed.
However,
in April 2020, EPA and NHTSA finalized the Safer Affordable Fuel-Efficient Vehicles Rule, which reformulated the required reductions,
establishing average carbon dioxide emissions of new passenger cars and light trucks of 240 g/mi in model year 2026. Several states and
groups have announced intentions to sue the U.S. government over this reformulation, so the final CAFE standards cannot currently be
predicted with any certainty. However, to the extent fuel-efficiency standards are decreased, this may result in less demand for EVs
and, in turn, charging stations of the type we manufacture.
Waste
Handling and Disposal
We
are subject to laws and regulations regarding the handling and disposal of hazardous substances and solid wastes, including electronic
wastes and batteries. These laws generally regulate the generation, storage, treatment, transportation and disposal of solid and hazardous
waste, and may impose strict, joint and several liability for the investigation and remediation of areas where hazardous substances may
have been released or disposed. For instance, CERCLA, also known as the Superfund law, in the United States and comparable state laws
impose liability, without regard to fault or the legality of the original conduct, on certain classes of persons that contributed to
the release of a hazardous substance into the environment. These persons include current and prior owners or operators of the site where
the release occurred as well as companies that disposed or arranged for the disposal of hazardous substances found at the site. Under
CERCLA, these persons may be subject to joint and several strict liability for the costs of cleaning up the hazardous substances that
have been released into the environment, for damages to natural resources and for the costs of certain health studies. CERCLA also authorizes
the EPA and, in some instances, third-parties to act in response to threats to the public health or the environment and to seek to recover
from the responsible classes of persons the costs they incur. We may handle hazardous substances within the meaning of CERCLA, or similar
state statutes, in the course of ordinary operations and, as a result, may be jointly and severally liable under CERCLA for all or part
of the costs required to clean up sites at which these hazardous substances have been released into the environment.
We
also generate solid wastes, which may include hazardous wastes that are subject to the requirements of the Resource Conservation and
Recovery Act (“RCRA”) and comparable state statutes. While RCRA regulates both solid and hazardous wastes, it imposes strict
requirements on the generation, storage, treatment, transportation and disposal of hazardous wastes. Certain components of our products
are excluded from RCRA’s hazardous waste regulations, provided certain requirements are met. However, if these components do not
meet all of the established requirements for the exclusion, or if the requirements for the exclusion change, we may be required to treat
such products as hazardous waste, which are subject to more rigorous and costly disposal requirements. Any such changes in the laws and
regulations, or our ability to qualify the materials it uses for exclusions under such laws and regulations, could adversely affect our
operating expenses.
Research
and Development
We
have invested a significant amount of time and expense into research and development of our charging platform technologies. Our ability
to play a leadership position depends in part on our ongoing research and development activities. Our research and development team is
composed of several consultants who are responsible for the design, development, manufacturing and testing of our products. We focus
our efforts on developing charging hardware and developing the technology to support our software subscriptions and support services.
Our
hardware research and development is principally conducted in Oregon and Michigan. We currently manufacture our own TSE and Level
2 charging stations. We are in the process of developing our own DC fast chargers but have white label and third-party products that
we can sell today. Our existing and recently hired engineers are working on software, a smartphone app and DC fast charger that will
include internal battery energy storage. This product will have advantages over standard DC fast chargers in that it will require much
lower input power requirements and can charge vehicles even if there is a power outage, since it has its own battery energy source. Standard
DC fast chargers usually require power upgrades and new utility service which are expensive and time consuming. Our self-contained DC
fast charger could be transported to the host-site and immediately be used to charge vehicles. It could even be used at temporary venues
such as concerts and sporting events with the optional solar array. The internal battery storage can be charged at off-peak hours, then
later be used to charge vehicles during high demand periods. The internal battery storage can also be charged with excess wind energy
(or other renewables) which can help stabilized the grid and make more efficient use of unused solar and wind energy. We have submitted
two grant applications valued at over $2,000,000 to help develop this product.
Intellectual
Property
We
rely on a combination of patent, trademark, copyright, unfair competition and trade secret laws, as well as confidentiality procedures
and contractual restrictions, to establish, maintain and protect its proprietary rights. Our success depends in part upon its ability
to obtain and maintain proprietary protection for our products, technology and know-how, to operate without infringing the proprietary
rights of others, and to prevent others from infringing our proprietary rights. As of January 15, 2023, we filed for one U.S. patent
that was abandoned. Should we file for any future patents that are issued to us, they may be challenged, invalidated or circumvented
and may not provide sufficiently broad protection and may not prove to be enforceable in actions against alleged infringers.
We
enter into agreements with our employees, contractors, customers, partners and other parties with which we do business to limit access
to and disclosure of our technology and other proprietary information. We cannot be certain that the steps it has taken will be sufficient
or effective to prevent the unauthorized access, use, copying or the reverse engineering of our technology and other proprietary information,
including by third-parties who may use our technology or other proprietary information to develop products and services that compete
with us. Moreover, others may independently develop technologies that are competitive with us or that infringe on, misappropriate or
otherwise violate our intellectual property and proprietary rights, and policing the unauthorized use of our intellectual property and
proprietary rights can be difficult. The enforcement of our intellectual property and proprietary rights also depends on any legal actions
we may bring against any such parties being successful, but these actions are costly, time-consuming and may not be successful, even
when our rights have been infringed, misappropriated or otherwise violated.
We
intend to continue to regularly assess opportunities for seeking patent protection for those aspects of our technology, designs and methodologies
that we believe provide a meaningful competitive advantage. However, our ability to do so may be limited until such time as it is able
to generate cash flow from operations or otherwise raise sufficient capital to continue to invest in our intellectual property. For example,
maintaining patents in the United States and other countries requires the payment of maintenance fees which, if we are unable
to pay, may result in loss of our patent rights as previously occurred. If we are unable to do so, our ability to protect our intellectual
property or prevent others from infringing our proprietary rights may be impaired.
Facilities
Shorepower’s
headquarters are located in Hillsboro, Oregon, in
the Portland metro area, where we currently utilize shared office and shop space with a monthly lease term. We believe this space is
sufficient to meet our needs for the foreseeable future and that any additional space we may require in Oregon will be available on commercially
reasonable terms. We also occupy a warehouse in Ferndale, Michigan near Detroit on a month-to-month basis. This building has space to
expand as needed for offices, manufacturing and assembly. We are currently in the process of updating this facility to add office
space and a light assembly area.
Employees
We
currently have only one full-time employee, Jeff Kim, and currently use consultants to perform, bookkeeping, accounting, engineering
and installation services. The use of consultants and contractors has enabled us to keep overhead costs low by utilizing resources as
needed. However, we expect to employ additional personnel following receipt of sufficient funding to do so as discussed above.
We will strive to offer competitive employee compensation and benefits in order to attract and retain a skilled and diverse work force.
Since the Merger, we hired the following consultants: a business development specialist with grant writing expertise, an engineer
for R&D of new products and updates to current products and a CPA to aid in preparing financial statements.
Legal
Proceedings
We
are not party to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident
to the ordinary course of business. Regardless of the outcome, such proceedings or claims can have an adverse impact on us because of
defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be
obtained.
COVID-19
The
unprecedented events related to COVID-19, the disease caused by the novel coronavirus (SARS-CoV-2), have had significant health, economic,
and market impacts and may have short-term and long-term adverse effects on our business that we cannot predict as the global pandemic
continues to evolve. The extent and effectiveness of responses by governments and other organizations also cannot be predicted.
Post-pandemic supply chain
issues affected our production capabilities. In particular, microchips and other circuit board components were difficult to find or extremely
expensive. This caused us to delay upgrading our legacy TSE sites to our new control, monitoring and payment system. These supply chain
issues have been largely resolved so that we recently ordered more control boards to update additional sites and started to run our legacy
hardware that should allow us to generate revenue again. In many cases, we will also be upgrading and/or adding electric vehicle charging
stations at these sites at the same time.
MANAGEMENT
Set
forth below is certain information regarding our executive officers and directors. Each of the directors listed below was elected to
our board of directors to serve until our next annual meeting of stockholders or until his or her successor is elected and qualified.
All directors hold office for one-year terms until the election and qualification of their successors. The following table sets forth
information regarding the members of our board of directors and our executive officers:
The
following persons are the executive officers and directors of our Company:
Name |
|
Age |
|
Position |
Jeff
Kim |
|
51 |
|
President;
Chief Executive Officer; Chief Financial Officer; Chairman of the Board and Secretary |
Jeff
Kim . Upon the consummation of the Merger, Mr. Kim will serve as the Company’s Chairman. Mr. Kim has served as Shorepower’s
Chief Executive Officer since January 2014 and as Chairman of Shrepower’s board of directors since July 2017. We believe Mr. Kim
is qualified to serve on the Company’s Board due to his experience serving as Shorepower’s Chief Executive Officer, Chief
Financial Officer and President and Chairman of Shorepower’s board of directors.as well as his expertise in electric transportation
infrastructure, electric vehicle charging technologies, heavy-duty vehicle technologies, data acquisition and analysis, product development/economic
analysis and construction and electrical management.
Mr.
Kim has studied advanced vehicle technologies during his master’s studies and served as team leader in the development of a hybrid
electric SUV for the U.S. Department of Energy FutureTruck engineering design competition, before hybrid vehicles were commercially available.
He graduated in June 2003. He is also experienced in the areas of: electric vehicle power trains, data collection, analysis, advanced
automotive technologies, alternative fuels, emission reduction technologies, and electric transportation infrastructure (charging stations).
Mr.
Kim has been involved with truck idle-reduction technologies for more than 20 years as an engineering consultant and design specialist.
In a project sponsored by NYSERDA (New York State Energy Research & Development Authority), he performed an operational analysis
of competing off-board truck stop electrification (TSE) facilities which helped develop a comprehensive understanding of the technical
issues of TSE technologies. He then led the design of the simpler and more cost effective Shorepower TSE infrastructure system that includes
power and entertainment connections: electrical power, video, and wireless Internet. He also led the design team responsible for the
engineering and assembly of Shorepower’s comprehensive unattended automated payment and control system. Mr. Kim presented preliminary
findings for the TSE demonstrations at the Transportation Research Board’s 83rd Annual Meeting in Washington, DC in January 2004.
Mr.
Kim has been responsible for all Shorepower corporate operations and will continue to work with local, state and regional stakeholders
to develop a strong market position for electric transportation infrastructure. He will continue to recommend product improvements and
establish R&D objectives, lead product engineering, manage assimilation of data collected from electrified facilities, and oversee
site construction and deployment activities at future locations. Mr. Kim has also been intimately involved with an Electric Power Research
Institute (EPRI) effort to develop electrical codes and standards for electric transportation power infrastructure. In February 2007
(https://www.ecmag.com/magazine/articles/article-detail/codes-standards-big-rigs-getting-good-nights-rest) the group submitted
recommended standards to the National Electric Code (NEC), which is now in the National Electrical Code Handbook, used by the majority
of jurisdictions throughout North America.
In
2005 Mr. Kim completed the development and demonstration of a higher power Shorepower variant to provide electrical power to electric
standby transport refrigeration units (eTRU) on trailers, to keep refrigerated loads, such as meats, ice cream and pharmaceuticals, cool
while stopped (or during loading/unloading). This technology leveraged the existing Shorepower system design, but with significantly
increased power ratings that can employ a simplified automated control system. This system was the first of its kind deployed to two
warehouses in New York but is now commonly used as a more efficient and clean alternative to running diesel TRUs.
Mr.
Kim performed an operational analysis of TSE facilities as part of the work sponsored by the U.S. Department of Energy and has a comprehensive
understanding of the technical attributes of these technologies. This $20 million project commissioned over 50 facilities with over 1,800
individual electrified parking spaces in 31 states. Jeff was also instrumental in the engineering and construction management of these
facilities, which includes design, cost considerations, safety, vehicle access/egress and maintenance of these facilities. This project
was conducted from 2010 through 2015 with the majority of the construction activity completed in 2012 through 2013.
Mr.
Kim was appointed by Oregon’s governor to the Alternative Fuels Infrastructure Working Group which helped develop the State’s
electrification plan. in September 2008 (https://www.greencarcongress.com/2008/09/oregon-governor.html). This plan provided guidance
to jurisdictions within the state to help adopt electric vehicle (EV) friendly zoning and planning codes and standards.
Mr.
Kim also consulted for TEPCO (Tokyo Electric Power Company) in 2008, to help develop a transportation electrification plan in Japan and
how to capitalize on providing electricity to power the transportation sector.
Mr.
Kim led the engineering team that designed, manufactured and installed some of the first (SAE J1772) Level 2 charging stations in the
world in 2009, to prepare for the arrival of the first current generation of electric vehicles in 2010+. In partnership with PGE, an
electric utility company in Oregon, this program deployed over 300 charging points in and around Oregon to help prepare for the introduction
of the first electric vehicles to hit the market that included the Nissan Leaf and Chevy Volt.
Mr.
Kim received a Bachelor’s Degree in Renewable Energy Resources from the University of California-Berkeley, 1995 and a Masters in
Mechanical Engineering from the University of Maryland at College Park in 2003.
Board
Composition
The
Company’s business and affairs is conducted under the direction of the Board. The Board consists of one member, Jeff Kim, who serves
as Executive Chairman of the Board. The primary responsibilities of the Board are to provide oversight, strategic guidance, counseling,
and direction to the Company’s management. The Board will meet on a regular basis and additionally as required.
Director
Independence
The
Board does not have any independent directors who qualify as independent directors, as defined under the listing rules of The Nasdaq
Stock Market LLC. The Board serves as the audit committee.
Role
of the Board in Risk Oversight/Risk Committee
One
of the key functions of the Board will be informed oversight of the Company’s risk management process. The Board does not currently
anticipate having a standing risk management committee and administers this oversight function directly. In particular, the Board is
responsible for monitoring and assessing strategic risk exposure and the Company’s major financial risk exposures and the steps
its management will take to monitor and control such exposures, including guidelines and policies to govern the process by which risk
assessment and management is undertaken. The Board will also monitor compliance with legal and regulatory requirements.
Limitation
on Liability and Indemnification of Directors and Officers
The
Company’s Certificate of Incorporation limits directors’ liability to the fullest extent permitted under the DGCL. The DGCL
provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors,
except for liability:
●
for any transaction from which the director derives an improper personal benefit;
●
for any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
●
for any unlawful payment of dividends or redemption of shares; or
●
for any breach of a director’s duty of loyalty to the corporation or its stockholders.
If
the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability
of directors will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended.
Delaware
law and the Company’s bylaws provide that the Company will, in certain situations, indemnify the Company’s directors and
officers and may indemnify other employees and other agents, to the fullest extent permitted by law. Any indemnified person is also entitled,
subject to certain limitations, to advancement, direct payment, or reimbursement of reasonable expenses (including attorneys’ fees
and disbursements) in advance of the final disposition of the proceeding.
We
intend to maintain a directors’ and officers’ insurance policy pursuant to which our directors and officers are insured against
liability for actions taken in their capacities as directors and officers. We believe this will be necessary to attract and retain qualified
persons as directors and officers.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or control persons, in the
opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
Code
of Business Conduct and Ethics for Employees, Executive Officers, and Directors
We
have adopted a Code of Business Conduct and Ethics, or the Code of Conduct, applicable to all our employees, executive officers and directors.
The Code of Conduct is available on our website at www.shorepower.com. The Board will be responsible for overseeing the
Code of Conduct and must approve any waivers of the Code of Conduct for employees, executive officers and directors. We will disclose
on our website any amendments to our Code of Conduct, or any waivers of its requirements.
Compensation
Committee Interlocks and Insider Participation
None
of our directors or executive officers serves as a member of the board of directors or compensation committee of any other entity that
has one or more of its executive officers serving as a member of our board of directors.
EXECUTIVE
COMPENSATION
Summary
Compensation Table
The following table sets
forth the cash and non-cash compensation awarded to or earned by: (i) each individual who served as the principal executive officer and
principal financial officer of the Company during the years ended February 28, 2024 and 2023; and (ii) each other individual that
served as an executive officer of the Company at the conclusion of the years ended February 29, 2024 and February 28, 2023
and who received more than $100,000 in the form of salary and bonus during such yea
On
March 22, 2023, Saeb Jannoun resigned as President and Chairman of the Board of Directors under the terms of the Merger Agreement and
Jeff Kim was appointed as President and CEO of the Company.
Name
and
Position | |
Years | | |
Salary | | |
Bonus | | |
Stock
Awards | | |
Option
Awards | | |
Non-equity
Incentive
Plan
Compensation | | |
Non-qualified
Deferred
Compensation
Earnings | | |
All
Other
Compensation | | |
Total | |
Jeff Kim, | |
| 2024 | | |
$ | 120,000 | 1 | |
| - | | |
| | | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 120,000 | |
Chairman,
President and Chief Executive Officer and Chief Financial and Accounting Officer | |
| 2023 | | |
$ | | | |
| - | | |
| 48,001 | 2 | |
| - | | |
| - | | |
| - | | |
| - | | |
$ | 48,001 | |
Saeb Jannoun, | |
| 2024 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | 0 | |
| |
| 2023 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 0 | |
(1) Mr. Kim accrued a
salary of $120,000 but will not be paid this salary until sufficient funds are available to the Company to pay him the accrued salary.
(2) Mr. Kim received
500,000 restricted shares of our common stock as director’s compensation and 250,000 restricted shares as compensation for his
services as an officer of Shorepower.
Employment
and Advisory Agreements
We
entered into an executive employment agreement with our sole executive officer, Jeff Kim. Under the terms of his employment agreement,
Mr. Kim s annual base salary is $200,000 but payment of such salary is subject to the cash flow of the Company as determined by the Board
that currently has only Mr. Kim as its sole member resulting in Mr. Kim having sole control and decision-making power regarding his
salary, but his base salary cannot exceed $10,000 per month for the nine months from the date of the employment agreement. Alternatively,
Mr. Kim may elect to defer his salary and receive repayment of his current outstanding loans to the Company, not to exceed $10,000 per
month, for nine months from the date of his employment agreement. Mr. Kim’s employment agreement provides that he is eligible for
bonuses in cash and/or stock as mutually agreed to by Mr. Kim and the Board, restricted stock and stock option awards at the discretion
of the Board and to participate in the Company’s health and welfare benefit plans maintained for the benefit of Company employees.
Mr. Kim has declined to participate in any annual cash bonus program provided by the Company, without regard to his eligibility for any
such program. Mr. Kim’s employment agreement contains customary confidentiality, non-solicitation and intellectual property assignment
provisions.
Pursuant
to the employment agreement, in the event of a termination for good reason by Mr. Kim or without
cause by us, he will receive 12 months of his the-current base salary to be paid over a period of six months and an acceleration of vesting
for all unvested stock or stock option grants.
Pursuant
to the employment agreement, Mr. Kim’s employment may be terminated upon his death or disability (defined as three aggregate months
of incapacity during any 365-consecutive day period) or upon conviction of a felony crime of moral turpitude or a material breach of
his obligations to us, in which case Mr. Kim will receive compensation due to him through the date of termination.
Mr.
Kim has also entered into a confidentiality and invention assignment agreement in conjunction with his or her employment agreement which
contains covenants prohibiting him or her from disclosure of confidential information regarding our company at any time.
The
foregoing description of the employment agreement with Mr. Kim is a summary only and is qualified in their entirety by the full text
of the employment agreement, a copy of which is attached hereto as Exhibit 10.5 and is incorporated herein by reference.
Equity
Compensation Plan Information
On
August 14, 2023, our Board of Directors and stockholders adopted our 2023 Stock Incentive Plan (the “2023 Plan”). The purpose
of the Plan is to provide an incentive to attract and retain directors, officers, consultants, advisors and employees whose services
are considered valuable, to encourage a sense of proprietorship, and to stimulate an active interest of these persons in our development
and financial success. Under the Plan, we are authorized to issue up to 10,000,000 shares of common stock, including incentive stock
options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, non-qualified stock options, stock appreciation
rights, performance shares, restricted stock and long-term incentive awards.
Administration.
The 2023 Plan is administered by the Board of Directors or the committee or committees as may be appointed by the Board of Directors
from time to time (the “Administrator”). The Administrator determines the persons who are to receive awards, the types of
awards to be granted, the number of shares subject to each such award and the terms and conditions of such awards. The Administrator
also has the authority to interpret the provisions of the 2023 Plan and of any awards granted there under and to modify awards granted
under the 2023 Plan. The Administrator may not, however, reduce the price of options or stock appreciation rights issued under the 2023
Plan without prior approval of the Company’s shareholders.
Eligibility.
The 2023 Plan provides that awards may be granted to employees, officers, directors and consultants of the Company or of any parent,
subsidiary or other affiliate of the Company as the Administrator may determine. A person may be granted more than one award under the
2023 Plan.
Shares
that are subject to issuance upon exercise of an option under the 2023 Plan but cease to be subject to such option for any reason (other
than exercise of such option), and shares that are subject to an award granted under the 2023 Plan but are forfeited or repurchased by
the Company at the original issue price, or that are subject to an award that terminates without shares being issued, will again be available
for grant and issuance under the 2023 Plan.
Terms
of Options and Stock Appreciation Rights. The Administrator determines many of the terms and conditions of each option and SAR granted
under the 2023 Plan, including whether the option is to be an incentive stock option or a non-qualified stock option, whether the SAR
is a related SAR or a freestanding SAR, the number of shares subject to each option or SAR, and the exercise price of the option and
the periods during which the option or SAR may be exercised. Each option and SAR is evidenced by a grant agreement in such form as the
Administrator approves and is subject to the following conditions (as described in further detail in the 2023 Plan):
(a)
Vesting and Exercisability: Options, restricted shares and SARs become vested and exercisable, as applicable, within such periods, or
upon such events, as determined by the Administrator in its discretion and as set forth in the related grant agreement. The term of each
option is also set by the Administrator. However, a related SAR will be exercisable at the time or times, and only to the extent, that
the option is exercisable and will not be transferable except to the extent that the option is transferable. A freestanding SAR will
be exercisable as determined by the Administrator but in no event after 10 years from the date of grant.
(b)
Exercise Price: Each grant agreement states the related option exercise price, which, in the case of SARs, may not be less than 100%
of the fair market value of the Company’s shares of common stock on the date of the grant. The exercise price of an incentive stock
option granted to a 10% stockholder may not be less than 110% of the fair market value of shares of the Company’s common stock
on the date of grant.
(c)
Method of Exercise: The option exercise price is typically payable in cash, common stock or a combination of cash of common stock, as
determined by the Administrator, but may also be payable, at the discretion of the Administrator, in a number of other forms of consideration.
(d)
Recapitalization; Change of Control: The number of shares subject to any award, and the number of shares issuable under the 2023 Plan,
are subject to proportionate adjustment in the event of a stock dividend, spin-off, split-up, recapitalization, merger, consolidation,
business combination or exchange of shares and the like. Except as otherwise provided in any written agreement between the participant
and the Company in effect when a change in control occurs, in the event an acquiring company does not assume plan awards (i) all outstanding
options and SARs shall become fully vested and exercisable; (ii) for performance-based awards, all performance goals or performance criteria
shall be deemed achieved at target levels and all other terms and conditions met, with award payout prorated for the portion of the performance
period completed as of the change in control and payment to occur within 45 days of the change in control; (iii) all restrictions and
conditional applicable to any restricted stock award shall lapse; (iv) all restrictions and conditions applicable to any restricted stock
units shall lapse and payment shall be made within 45 days of the change in control; and (v) all other awards shall be delivered or paid
within 45 days of the change in control.
(e)
Other Provisions: The option grant and exercise agreements authorized under the 2023 Plan, which may be different for each option, may
contain such other provisions as the Administrator deems advisable, including without limitation, (i) restrictions upon the exercise
of the option and (ii) a right of repurchase in favor of the Company to repurchase unvested shares held by an optionee upon termination
of the optionee’s employment at the original purchase price.
Amendment
and Termination of the 2023 Plan. The Administrator, to the extent permitted by law, and with respect to any shares at the time not subject
to awards, may suspend or discontinue the 2023 Plan or amend the 2023 Plan in any respect; provided that the Administrator may not, without
approval of the stockholders, amend the 2023 Plan in a manner that requires stockholder approval.
PRINCIPAL
SECURITYHOLDERS
The
following table sets forth certain information as of March 11, 2024, the beneficial ownership of our common stock by the following
persons:
|
● |
each
person or entity who, to our knowledge, owns more than 5% of our common stock; |
|
|
|
|
● |
our
executive officers named in the Summary Compensation Table above; |
|
|
|
|
● |
each
director; and |
|
|
|
|
● |
all
of our executive officers and directors as a group. |
Unless
otherwise indicated in the footnotes to the following table, each person named in the table has sole voting and investment power and
that person’s address is c/o 5291 NE Elam Young Pkwy., Suite 160, Hillsboro, OR 97124, and our telephone number is (509) 892-7345.
Shares of common stock subject to options, warrants, or other rights currently exercisable or exercisable within 60 days of the date
of this prospectus, are deemed to be beneficially owned and outstanding for computing the share ownership and percentage of the stockholder
holding the options, warrants or other rights, but are not deemed outstanding for computing the percentage of any other stockholder.
The beneficial ownership percentages set forth in the table below are based on approximately 50,478,678 shares of common stock issued
and outstanding as of March 11, 2024, and do not take into account the issuance of any shares of common stock upon the exercise
of warrants to purchase up to approximately 11,000,000 shares of our common stock.
Name and Address of Beneficial Owner | |
Class of Securities | |
# of Shares Prior to Offering | | |
# of Shares After Offering | | |
% of Class | | |
% of Voting Shares(2) | |
| |
| |
| | |
| | |
| | |
| |
Jeff Kim(1) | |
Common | |
| 26,089,758 | | |
| 26,089,758 | | |
| 53 | % | |
| 20 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
| |
Series B Preferred | |
| 2,000,000 | | |
| 2,000,000 | | |
| 100 | % | |
| 61.92 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
EROP Enterprises LLC(1) | |
Common | |
| 3,799,146 | | |
| 3,799,146 | | |
| 7.7 | % | |
| 2.9 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
Equity Markets Advisory(2) | |
Common | |
| 2,550,000 | | |
| | | |
| 5.18 | % | |
| 2.0 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
Sky Direct LLC(3) | |
Common | |
| 4,000,000 | | |
| 0 | | |
| 8.25 | % | |
| 3.09 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
Sidney J. & Gloria D. Lorio | |
Common | |
| 4,000,000 | | |
| 0 | | |
| 8.25 | % | |
| 3.09 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
All Officers and Directors as a Group (1 person) | |
Common | |
| 26,089,758 | | |
| | | |
| 53 | % | |
| 20 | % |
| |
| |
| | | |
| | | |
| | | |
| | |
| |
Series B Preferred | |
| 2,000,000 | | |
| | | |
| 100 | % | |
| 62 | % |
(1) |
Officer
and/or director of our Company. |
(2) |
Voting
control is based on a total of 129,190,204 voting rights attributable to shares of our common stock with one vote per share and shares
of our Series B preferred stock with 40 votes per share. |
(3) |
The number of shares beneficially owned by Sky Direct,
LLC includes 2,000,000 warrants issued in 2022 that are exercisable for two years. |
We
have agreed to keep such registration effective until all shares of common stock can be sold without registration pursuant to Rule 144
under the Securities Act.
Grants
of Plan-Based Awards
There
were no grants of plan-based awards to our named executive officers during the fiscal years ended February 28, 2022, and February 28,
2023. There were no grants of plan-based awards to our named executive officers during the quarter ended May 31, 2023.
Outstanding
Equity Awards
There
were no outstanding equity awards held by our named executive officers as of December 31, 2022.
Nonqualified
Deferred Compensation
We
do not maintain any nonqualified deferred compensation plans.
Defined
Contribution Plan
We
do not currently have a defined contribution plan.
Stock
Option and Other Employee Benefit Plans
The
purpose of the 2023 Plan is to advance the interests of our stockholders by enhancing our ability to attract, retain and motivate persons
who are expected to make important contributions and by providing such persons with equity ownership opportunities and performance-based
incentives that are intended to better align the interests of such persons with those of our stockholders.
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Except
as set forth below, during the past three years, there have been no transactions, whether directly or indirectly, between the Company
and any of its officers, directors or their family members.
The
certain relationships and related party transactions of the Company are the following two loans from Jeff Kim, CEO of the Company, the
first made on February 15, 2022, in the principal amount of $200,000 for which the Company issued a Convertible Promissory Note that
matures on February 15, 2042, and accrues interest at 6.58% per annum, with the first monthly payments of $1,500 to commence on April
1, 2022.
On
March 1, 2022, the Company issued a second Convertible Promissory Note to Jeff Kim in the principal amount of $253,954.17. The amount
of the note is the balance due to Mr. Kim for loans to the Company beginning in 2017. The note matures on March 1, 2032, and accrues
interest at 6.63% per annum beginning April 1, 2023. The Company is to begin monthly payments of principal and interest of $2,900 on
April 1, 2023, or within one year without penalty.
DESCRIPTION
OF SECURITIES
Authorized
Capital Stock
Our
Certificate of Incorporation, as amended, authorizes 100,000,000 shares of common stock and 10,00,000 shares of “blank check”
preferred stock, each with a par value of $.01 per share. As of March 11, 2024, we had 50,478,678 shares of common stock and 2,000,000
shares of Series B preferred stock outstanding.
Issued
and Outstanding Capital Stock
The
issued and outstanding securities of the Company on the date of this prospectus are as follows:
|
● |
50,478,678
shares of common stock; |
|
|
|
|
● |
2,000,000
shares of Series B preferred stock; and |
|
|
|
|
● |
Warrants
to purchase 11,000,000 shares of common stock at $0.25 per share. |
Description
of Common Stock
The
holders of common stock are entitled to one vote per share on all matters submitted to a vote of the stockholders, including the election
of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors,
by a plurality) of the votes entitled to be cast by all shares of common stock that are present in person or represented by proxy. Except
as otherwise provided by law, amendments to the articles of incorporation generally must be approved by a majority of the votes entitled
to be cast by all outstanding shares of common stock. Our Certificate of Incorporation does not provide for cumulative voting in the
election of directors. The common stockholders will be entitled to such cash dividends as may be declared from time to time by the Board
from funds available. Upon liquidation, dissolution or winding up of the Company, the common stockholders will be entitled to receive
pro rata all assets available for distribution to such holders.
Description
of Preferred Stock
We
have 10,000,000 shares of preferred stock authorized of which we have designated 1,105,644 shares of Series A preferred stock and 2,000,000
shares of Series B preferred stock.
Voting
Rights
Holders
of our Series A preferred stock are entitled to five votes for each share held on all matters submitted to a vote of stockholders and
holders of our Series B preferred stock are entitled to 40 votes for each share held on all matters submitted to a vote of stockholders.
Conversion
Rights
Holders
of our Series A preferred stock and Series B preferred stock have no conversion rights into shares of common stock.
Dividends
Both
holders of Series A preferred stock and Series B preferred stock are entitled to receive dividends, out of funds legally available for
that purpose, on the same terms and conditions as that of holders of common stock, as may be declared by the Board of Directors.
Liquidation
Rights
Upon
any liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”), the holders
of the Series A preferred stock and Series B preferred stock will be entitled to receive out of the assets, whether capital or surplus,
of the Company an amount equal to the liquidation value of their preferred shares before any distribution or payment shall be made to
the holders of any junior securities, and if the assets of the Company are insufficient to pay in full such amounts, then the entire
assets to be distributed to the holders of the Series A preferred stock and the Series B preferred stock shall be ratably distributed
among those holders in accordance with the respective amounts that would be payable on such shares if all amounts payable thereon were
paid in full.
Description
of Warrants
We
issued warrants to purchase a total of 11,000,000 shares of our common stock in connection with the sale of the PIPE Shares. The warrants
are exercisable for two years at an exercise price of $0.25 per share of warrant stock. The warrants are callable by us if our 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.
Anti-Takeover
Provisions
Certain
provisions of Delaware law, our amended certificate of incorporation and our bylaws, which are summarized below, may have the effect
of delaying, deferring or discouraging another person from acquiring control of us. They are also designed, in part, to encourage persons
seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection
of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal
to acquire us because negotiation of these proposals could result in an improvement of their terms.
Amended
Certificate of Incorporation and Bylaw Provisions
Our
amended certificate of incorporation and our bylaws include a number of provisions that could deter hostile takeovers or delay or prevent
changes in control of our board of directors or management team, including the following:
Board
of Directors Vacancies
Our
amended certificate of incorporation and bylaws authorize only our board of directors to fill vacant directorships, including newly created
seats. In addition, the number of directors constituting our board of directors will be permitted to be set only by a resolution adopted
by a majority vote of our entire board of directors. These provisions would prevent a stockholder from increasing the size of our board
of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This will make
it more difficult to change the composition of our board of directors and will promote continuity of management.
Stockholder
Action; Special Meeting of Stockholders
Our
amended certificate of incorporation provides that special meetings of our stockholders may be called only by a majority of our board
of directors, the chairperson of our board of directors, our Chief Executive Officer or our President, thus prohibiting a stockholder
from calling a special meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or
for stockholders controlling a majority of our capital stock to take any action, including the removal of directors.
Advance
Notice Requirements for Stockholder Proposals and Director Nominations
Our
bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate
candidates for election as directors at our annual meeting of stockholders. Our bylaws also specify certain requirements regarding the
form and content of a stockholder’s notice. These provisions might preclude our stockholders from bringing matters before our annual
meeting of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not
followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies
to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.
No
Cumulative Voting
The
Delaware General Corporation Law provides that stockholders are not entitled to cumulate votes in the election of directors unless a
corporation’s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation does not provide
for cumulative voting.
Amendment
of Charter and Bylaws Provisions
Amendments
to our amended certificate of incorporation will require the approval of the holders of at least a majority of the voting power of the
outstanding shares of our common stock. Our amended and restated bylaws will provide that the approval of the holders of at least a majority
of the voting power of the outstanding shares of our common stock to amend or adopt any provision of our bylaws.
Issuance
of Undesignated Preferred Stock
Our
board of directors has the authority, without further action by our stockholders, to issue up to 10,000,000 shares of undesignated preferred
stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of
authorized but unissued shares of preferred stock would enable our board of directors to render more difficult or to discourage an attempt
to obtain control of us by means of a merger, tender offer, proxy contest or other means.
Exclusive
Forum
Our
bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any
derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of
our directors, officers, or other employees to us or our stockholders, (iii) any action asserting a claim against the company or any
director or officer of the company arising pursuant to any provision of the Delaware General Corporation Law, (iv) any action to interpret,
apply, enforce, or determine the validity of our amended and restated certificate of incorporation or amended and restated bylaws, or
(v) any other action asserting a claim that is governed by the internal affairs doctrine shall be the Chancery Court of the State of
Delaware, in all cases subject to the court’s having jurisdiction over indispensable parties named as defendants. Our bylaws also
provide that the federal district court in the State of Delaware will be the exclusive forum for resolving any complaint asserting a
cause of action under the Securities Act and the Exchange Act.
Any
person or entity purchasing or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to
these provisions. We note that stockholders cannot waive compliance (or consent to non-compliance) with the federal securities laws and
the rules and regulations thereunder.
Transfer
Agent
Our
transfer agent is Olde Monmouth Stock Transfer, 200 Memorial Pkwy, Atlantic Highlands, NJ 07716.
INDEMNIFICATION
OF OFFICERS AND DIRECTORS
Delaware
General Corporation Law (“DGCL”) Section 145 provides us with the power to indemnify any of our directors, officers, employees
and agents. The person entitled to indemnification must have conducted himself in good faith, and must reasonably believe that his conduct
was in, or not opposed to, our best interests. In a criminal action, the director, officer, employee or agent must not have had reasonable
cause to believe that his conduct was unlawful.
Under
DGCL section 145, advances for expenses may be made by agreement if the director or officer affirms in writing that he has met the standards
for indemnification and will personally repay the expenses if it is determined that such officer or director did not meet those standards.
Our
bylaws include an indemnification provision under which we have the power to indemnify our directors, officers, former directors and
officers, employees and other agents (including heirs and personal representatives) against all costs, charges and expenses actually
and reasonably incurred, including an amount paid to settle an action or satisfy a judgment to which a director or officer is made a
party by reason of being or having been a director or officer of the Company. Our bylaws further provide for the advancement of all expenses
incurred in connection with a proceeding upon receipt of an undertaking by or on behalf of such person to repay such amounts if it is
determined that the party is not entitled to be indemnified under our bylaws. No advance will be made by the Company to a party if it
is determined that the party acting in bad faith. These indemnification rights are contractual, and as such will continue as to a person
who has ceased to be a director, officer, employee or other agent, and will inure to the benefit of the heirs, executors and administrators
of such a person.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted for our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.
SHARES
ELIGIBLE FOR FUTURE SALE
We
have a limited public market for our common stock and a limited number of shares in the public float. Sales of substantial amounts of
our common stock in the public market resulting from this offering could adversely affect the prevailing market price and our ability
to raise capital in the future.
As
of the date of this prospectus, we have 50,478,678 shares of common stock issued and outstanding. Upon the completion of this
offering, we will have outstanding an aggregate of up to an additional 25,817,272 shares of common stock that includes the shares of
the Selling Stockholders. All 25,817,272 shares included in this offering will be freely tradable without restriction or further registration
under the Securities Act. Of the 50,478,678 shares of our common stock outstanding prior to the completion of this offering and
held by existing stockholders, approximately 3,181,002 shares are currently free trading and the remaining are “restricted securities”
as that term is defined in Rule 144 under the Securities Act. Restricted shares may be sold in the public market only if registered or
if they qualify for exemption under Rule 144 or 701 promulgated under the Securities Act, which rules are summarized below, or another
exemption.
Rule
144
In
general, under Rule 144, as currently in effect, a person who owns shares that were acquired from us or one of our affiliates at least
six months prior to the proposed sale is entitled to sell, within any three-month period beginning 90 days after the date of this prospectus,
a number of shares that does not exceed the greater of:
|
● |
One
percent of the number of shares of common stock then outstanding, which will equal approximately 694,351 shares immediately after
this offering; or |
|
|
|
|
● |
The
average weekly trading volume of the common stock on a national securities exchange during the four calendar weeks preceding the
filing of a notice on Form 144 with respect to such sale. |
|
|
|
|
● |
In
addition to these volume limitations, sales of unregistered shares of our common stock in reliance on Rule 144 may only be made by
affiliates if such sales: |
|
● |
are
preceded by a notice filing on Form 144; |
|
|
|
|
● |
are
limited to broker’s transactions, as such term is defined under Section 4(a)(4) of the Securities Act; and |
|
|
|
|
● |
only
occur at a time when current public information about us is available, which generally would require that we are not delinquent with
any of our reports required pursuant to Sections 13 or 15(d) of the Exchange Act. Rule 144 also provides that our affiliates who
sell shares of our common stock that are not restricted shares must nonetheless comply with the same restrictions applicable to restricted
shares, with the exception of the holding period requirement. |
Under
Rule 144, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90
days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six months, including the holding period
of any prior owner other than one of our affiliates, is entitled to sell such shares without complying with the manner of sale, volume
limitation or notice provisions of Rule 144. If the non-affiliate has held the shares for at least one year, then the shares may be sold
without regard to the public information provisions of Rule 144. Therefore, unless otherwise restricted, shares held by non-affiliates
may be sold immediately upon the expiration of the lock-up agreements.
Rule
701
In
general, under Rule 701 as currently in effect, any of our employees, consultants or advisors who acquire shares from us in connection
with a compensatory stock or option plan or other written agreement will be eligible to resell such shares 90 days after the effective
date of this offering in reliance of Rule 144, but without compliance with certain restrictions, including the holding period, contained
in Rule 144.
Penny
Stock Rules
Broker-dealer
practices in connection with transactions in penny stocks are regulated by certain penny stock rules adopted by the SEC. Penny stocks
generally are equity securities with a price of less than US $5.00. Penny stock rules require a broker- dealer, prior to a transaction
in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document that provides information about
penny stocks and the risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations
for the penny stock, the compensation of the broker-dealer and its salesperson in the transaction, and monthly account statements showing
the market value of each penny stock held in the customer’s account. In addition, the penny stock rules generally require that
prior to a transaction in a penny stock, the broker-dealer make a special written determination that the penny stock is a suitable investment
for the purchaser and receive the purchaser’s written agreement to the transaction. These disclosure requirements may have the
effect of reducing the level of trading activity in the secondary market for a stock that becomes subject to the penny stock rules. Our
shares may in the future be subject to such penny stock rules in which care our stockholders would, in all likelihood, as a result of
the penny stock rules, find it difficult to sell their securities.
PLAN
OF DISTRIBUTION
The
Selling Stockholders may, from time to time, sell, transfer or otherwise dispose of any or all of their securities or interests in such
securities on any stock exchange, market or trading facility on which the securities are traded or in private transactions. The Selling
Stockholders shall offer and sell the common stock registered pursuant to this prospectus at a fixed price of $0.04, the closing
price of our common stock on March 29, 2024.
The
aggregate proceeds to the Selling Stockholders from the sale of the securities offered by them will be the purchase price of the securities
less discounts or commissions, if any. Each of the Selling Stockholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of securities to be made directly or through agents. We will
not receive any of the proceeds from the sale or other disposition of the securities by the Selling Stockholders. However, we would receive
up to approximately $2,750,000 in gross proceeds upon the cash exercise of the warrants issued to the Selling Stockholders if they were
exercised in full. The exercise price of our warrants is $0.25, which is above the current trading price of our common stock. In order
to receive the proceeds from the exercise of the warrants, our stock price would need to increase.
The
Selling Stockholders also may resell all or a portion of the securities in open market transactions in reliance upon Rule 144 under the
Securities Act of 1933, provided that they meet the criteria and conform to the requirements of that rule.
The
Selling Stockholders and any underwriters, broker-dealers or agents that participate in the sale of the securities or interests therein
may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions
or profit they earn on any resale of the securities may be underwriting discounts and commissions under the Securities Act. Selling Stockholders
who are “underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery
requirements of the Securities Act.
To
the extent required, the securities to be sold, the names of the Selling Stockholders, the respective purchase prices and public offering
prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will
be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the Registration Statement.
The
maximum amount of compensation to be received by any FINRA member or independent broker-dealer for the sale of any securities registered
under this prospectus will not be greater than 8% of the gross proceeds from the sale of such securities.
To
comply with the securities laws of some states, if applicable, the securities may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, the securities may not be sold unless they have been registered or qualified for sale under
the applicable state securities laws, or an exemption from registration or qualification requirements is available and is complied with,
or registration or qualification is otherwise not required.
We
have advised the Selling Stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of securities
in the market and to the activities of the Selling Stockholders and their affiliates. The Selling Stockholders may indemnify any broker-dealer
that participates in transactions involving the sale of the securities against certain liabilities, including liabilities arising under
the Securities Act.
We
intend to seek qualification for sale of the securities in those states where the securities will be offered. That qualification is necessary
to resell the securities in the public market. The securities can only be offered if they are qualified for sale or are exempt from qualification
in the states in which the selling stockholders or proposed purchasers reside. There is no assurance that the states in which we seek
qualification will approve of the security re-sales.
LEGAL
MATTERS
Culhane
Meadows PLLC, 1701 Pennsylvania Avenue, N.W., Suite 200, Washington, D.C. 20006, will pass upon the validity of the shares of our common
stock to be sold in this Offering.
EXPERTS
The
financial statements of the Company as of and for the years ended February 28, 2023, and 2022, included in this prospectus have been
audited by Qi CPA LLC, an independent registered public accounting firm as set forth in their report, and are included in reliance upon
such report given on the authority of such firm as experts in accounting and auditing, as well as the financial statements of
Shurepower LLC that as of and for the year ended December 31, 2022 were audited by Qi CPA LLC, and that Shurepower
LLC’s financial statements as of and for the year ended December 31, 2021, were audited by Olayinka Oyebola & Co.
Chartered Accountants, an independent registered public accounting firm as set forth in their report, and both reports are included
in reliance upon such reports given on the authority of such firms as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our common stock
offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information
set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules
and regulations of the SEC. For further information with respect to us and our common stock, we refer you to the registration statement,
including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents
of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration
statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract
or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains
reports, proxy statements and other information about issuers, like us, that file electronically with the SEC. The address of that website
is www.sec.gov.
As
a result of this offering, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance
with this law, will file periodic reports, proxy statements and other information with the SEC. We also maintain a website at www. humblpay.com.
Upon completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically
filed with, or furnished to, the SEC. Information contained on our website is not a part of this prospectus and the inclusion of our
website address in this prospectus is an inactive textual reference only.
SHOREPOWER
TECHNOLOGIES, INC.
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
SHOREPOWER
TECHNOLOGIES, INC.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Stockholders of
United
States Basketball League, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of United States Basketball League, Inc. (the “Company”) as of February 28,
2023 and February 28, 2022 and the related statements of operations, stockholders’ equity (deficiency), and cash flows for the
year ended February 28, 2023 and February 28, 2022, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of United States Basketball
League Inc. as of February 28, 2023 and February 28, 2022 and the results of its operations and cash flows for the year ended February
28, 2023 and February 28, 2022 conformity with accounting principles generally accepted in the United States.
Explanatory
Paragraph
As
discussed in Note 10 to the financial statements, the 2022 financial statements have been restated to correct two misstatements.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on my audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor are we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Going
Concern Uncertainty
The
accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 3 to the financial statements, the Company’s present financial situation raises substantial doubt about its ability
to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgements. We determined that there were no critical audit matters.
/s/
QI CPA LLC
Valley
Stream, New York
June
22, 2023
We
have served as the Company’s auditor since 2020.
Auditor
info:
PCAOB
ID 6631
UNITED
STATES BASKETBALL LEAGUE, INC.
BALANCE
SHEETS
| |
| | |
| |
| |
February 28, | | |
February 28, | |
| |
2023 | | |
2022 | |
| |
| | |
(Restated) | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 77,086 | | |
$ | 180,756 | |
Funds held in escrow | |
| 553,000 | | |
| | |
Prepaid stock for services | |
| — | | |
| 32,208 | |
Other prepaids | |
| 535 | | |
| — | |
Inventory | |
| | | |
| | |
Prepaids | |
| | | |
| | |
Note receivable | |
| | | |
| | |
Receivable
- related party | |
| 50,000 | | |
| - | |
Total Current Assets | |
| | | |
| | |
Non-Current Assets: | |
| | | |
| | |
Other asset | |
| | | |
| | |
Total non-current assets | |
| | | |
| | |
Total Assets | |
$ | 680,621 | | |
$ | 212,964 | |
| |
| | | |
| | |
LIABILITIES AND
STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts
payable and accrued expenses | |
$ | 13,440 | | |
$ | 13,478 | |
Accrued officer compensation – related party | |
| | | |
| | |
Accrued interest – related party | |
| | | |
| | |
Notes payable – related party | |
| - | | |
| - | |
Note payable | |
| - | | |
| - | |
Total Current Liabilities | |
| 13,440 | | |
| 13,478 | |
Notes
payable, net of current portion – related party | |
| | | |
| | |
| |
| | | |
| | |
Total Liabilities | |
| 13,440 | | |
| 13,478 | |
| |
| | | |
| | |
Stockholders’ Equity (Deficit): | |
| | | |
| | |
Preferred stock, $0.01
par value, 6,894,356 shares authorized; no shares issued and outstanding | |
| — | | |
| — | |
Series A preferred stock,
$0.01
par value, 1,105,644
shares designated; none
and 1,105,644 shares issued and outstanding, respectively | |
| — | | |
| 11,057 | |
Series B preferred stock,
$0.01 par value, 2,000,000 shares designated; 2,000,000 and 0 shares issued and outstanding, respectively | |
| 20,000 | | |
| — | |
Common
stock, $0.01 par
value, 100,000,000 shares
authorized; 50,478,678 and
7,146,202 shares
issued and outstanding, respectively | |
| 474,351 | | |
| 71,462 | |
Additional paid-in capital | |
| 8,005,803 | | |
| 5,653,489 | |
Common shares to be issued | |
| — | | |
| 1,699,146 | |
Accumulated deficit | |
| (7,790,519 | ) | |
| (7,193,214 | ) |
Treasury
stock, at cost; 39,975 shares of common stock | |
| (42,454 | ) | |
| (42,454 | ) |
Total Stockholders’
Equity | |
| 667,181 | | |
| 199,486 | |
Total Liabilities and
Stockholders’ Deficit | |
$ | 680,621 | | |
$ | 212,964 | |
The
accompanying notes are an integral part of these financial statements.
UNITED
STATES BASKETBALL LEAGUE, INC.
STATEMENTS
OF OPERATIONS
| |
| | |
| |
| |
For the Years Ended | |
| |
February
28, | |
| |
2023 | | |
2022 | |
Revenue – related party | |
$ | — | | |
$ | 5,000 | |
Cost of revenue | |
| | | |
| | |
Less revenue share | |
| | | |
| | |
Gross margin | |
| - | | |
| | |
| |
| | | |
| | |
Operating Expenses: | |
| | | |
| | |
Professional fees | |
| 131,300 | | |
| 31,551 | |
General and administrative | |
| 263,505 | | |
| 229,484 | |
Consulting | |
| | | |
| | |
Officer compensation | |
| 135,000 | | |
| — | |
Director
compensation | |
| 67,500 | | |
| 48,000 | |
Total operating expenses | |
| 597,305 | | |
| 309,035 | |
| |
| | | |
| | |
Loss from Operations | |
| (597,305 | ) | |
| (304,035 | ) |
| |
| | | |
| | |
Other Income (Expense): | |
| | | |
| | |
Gain on forgiveness of
debt | |
| — | | |
| 55,270 | |
Other income | |
| — | | |
| 2,000 | |
Interest expense | |
| | | |
| | |
Impairment of fixed asset | |
| | | |
| | |
Preferred stock expense | |
| — | | |
| (1,699,145 | ) |
Loss
on conversion of debt – related party | |
| — | | |
| (127,480 | ) |
Total other expense | |
| — | | |
| (1,769,355 | ) |
| |
| | | |
| | |
Net loss | |
$ | (597,305 | ) | |
$ | (2,073,390 | ) |
| |
| | | |
| | |
Loss
per Common Share: Basic and Diluted | |
$ | (0.01 | ) | |
$ | (0.36 | ) |
| |
| | | |
| | |
Weighted
Average Number of Common Shares Outstanding: Basic and Diluted | |
| 47,133,596 | | |
| 5,752,866 | |
The
accompanying notes are an integral part of these financial statements.
UNITED
STATES BASKETBALL LEAGUE, INC.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE YEARS ENDED FEBRUARY 28, 2023 and 2022
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
|
|
| |
| | |
| | |
| |
| |
Common
Stock | | |
Series
A Preferred Stock | | |
Series
B Preferred Stock | | |
Additional
Paid-in | | |
Accumulated | |
|
Shares
to |
| |
Treasury
Stock | | |
Total
Stockholders’
Equity | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Shares | | |
be
Issued | | |
Capital | | |
Deficit | |
|
Be
Issued |
| |
Shares | | |
Amount | | |
(Deficit) | |
Balance,
February 28, 2021 | |
| 3,552,502 | | |
$ | 35,525 | | |
| 1,105,679 | | |
$ | 11,057 | | |
| — | | |
$ | — | | |
$ | 2,679,855 | | |
$ | (5,119,824 | ) |
|
— |
| |
| 39,975 | | |
$ | (42,454 | ) | |
$ | (2,435,841 | ) |
Common
stock issued for director services | |
| 400,000 | | |
| 4,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 44,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 48,000 | |
Forgiveness
of related party debt | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,346,971 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 2,346,971 | |
Common
stock issued for services | |
| 475,000 | | |
| 4,750 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 210,500 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 215,250 | |
Common
stock sold for cash | |
| 2,400,000 | | |
| 24,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 216,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 240,000 | |
Common
stock issued for loans payable – related party | |
| 318,700 | | |
| 3,187 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 156,163 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 159,350 | |
Conversion
of preferred stock to common stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
|
1,699,146 |
| |
| — | | |
| — | | |
| 1,699,146 | |
Net
Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (2,073,390 | ) |
|
— |
| |
| — | | |
| — | | |
| (2,073,390 | ) |
Balance,
February 28, 2022 (restated) | |
| 7,142,202 | | |
| 71,462 | | |
| 1,105,679 | | |
| 11,057 | | |
| — | | |
| — | | |
| 5,653,489 | | |
| (7,193,214 | ) |
|
1,699,146 |
| |
| 39,975 | | |
| (42,454 | ) | |
| 199,486 | |
Balance | |
| 7,142,202 | | |
| 71,462 | | |
| 1,105,679 | | |
| 11,057 | | |
| — | | |
| — | | |
| 5,653,489 | | |
| (7,193,214 | ) |
|
1,699,146 |
| |
| 39,975 | | |
| (42,454 | ) | |
| 199,486 | |
Common
stock issued for director services | |
| 250,000 | | |
| 2,500 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 65,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 67,500 | |
Common
stock issued for officer compensation | |
| 500,000 | | |
| 5,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 130,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 135,000 | |
Common
stock issued for services – related party | |
| 500,000 | | |
| 5,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 130,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 135,000 | |
Common
stock issued for services | |
| 250,000 | | |
| 2,500 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 65,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 67,500 | |
Shares
issued for pending acquisition | |
| 26,089,758 | | |
| 260,898 | | |
| — | | |
| — | | |
| 2,000,000 | | |
| 20,000 | | |
| (280,898 | ) | |
| — | |
|
— |
| |
| — | | |
| — | | |
| — | |
Common
stock and warrants sold for cash | |
| 11,000,000 | | |
| 110,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 550,000 | | |
| — | |
|
— |
| |
| — | | |
| — | | |
| 660,000 | |
Conversion
of preferred stock to common stock | |
| 1,699,146 | | |
| 16,991 | | |
| (1,105,679 | ) | |
| (11,057 | ) | |
| — | | |
| — | | |
| 1,693,212 | | |
| — | |
|
(1,699,146 |
) | |
| — | | |
| — | | |
| | |
Net
Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (597,305 | ) |
|
— |
| |
| — | | |
| — | | |
| (597,305 | ) |
Balance,
February 28, 2023 | |
| 50,478,678 | | |
$ | 474,351 | | |
| — | | |
$ | — | | |
| 2,000,000 | | |
$ | 20,000 | | |
$ | 8,005,803 | | |
$ | (7,790,519 | ) |
|
— |
| |
| 39,975 | | |
$ | (42,454 | ) | |
$ | 667,181 | |
Balance | |
| 50,478,678 | | |
$ | 474,351 | | |
| — | | |
$ | — | | |
| 2,000,000 | | |
$ | 20,000 | | |
$ | 8,005,803 | | |
$ | (7,790,519 | ) |
|
|
| |
| 39,975 | | |
$ | (42,454 | ) | |
$ | 667,181 | |
The
accompanying notes are an integral part of these financial statements.
UNITED
STATES BASKETBALL LEAGUE, INC.
STATEMENTS
OF CASH FLOWS
| |
| | |
| |
| |
For the Years Ended | |
| |
February
28, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities: | |
| | | |
| | |
| |
| | | |
| | |
Net loss | |
$ | (597,305 | ) | |
$ | (2,073,390 | ) |
Adjustments to reconcile net loss to net cash
used in operating activities: | |
| | | |
| | |
Impairment expense | |
| | | |
| | |
Gain on forgiveness of
debt | |
| — | | |
| (55,270 | ) |
Loss on conversion of debt
– related party | |
| — | | |
| 127,480 | |
Depreciation expense | |
| | | |
| | |
Preferred stock expense | |
| — | | |
| 1,699,145 | |
Common stock granted for
director fees | |
| 67,500 | | |
| 48,000 | |
Common stock granted for
officer compensation | |
| 135,000 | | |
| — | |
Common stock issued for
services – related party | |
| 135,000 | | |
| | |
Common stock issued for
services | |
| 67,500 | | |
| 183,043 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| | | |
| | |
Inventory | |
| | | |
| | |
Prepaids | |
| 31,673 | | |
| — | |
Note receivable | |
| | | |
| | |
Accounts
payable and accrued expenses | |
| (38 | ) | |
| (46,997 | ) |
Accrued interest – related party | |
| | | |
| | |
Accrued officer compensation | |
| | | |
| | |
Net cash used in operating
activities | |
| (160,670 | ) | |
| (117,989 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities | |
| | | |
| | |
Loan
receivable – related party | |
| (50,000 | ) | |
| — | |
Net cash used in investing
activities | |
| (50,000 | ) | |
| — | |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Increase in due to related
parties | |
| — | | |
| 58,670 | |
Loan payable | |
| — | | |
| 3,581 | |
Repayment of related party loan | |
| | | |
| | |
Repayment of loan payable | |
| — | | |
| (3,581 | ) |
Cash
proceeds from sale of common stock | |
| 660,000 | | |
| 240,000 | |
Net cash provided by
financing activities | |
| 660,000 | | |
| 298,670 | |
| |
| | | |
| | |
Net change in cash | |
| 449,330 | | |
| 180,681 | |
Funds held in escrow | |
| (553,000 | ) | |
| — | |
Funds held in escrow, beginning of period | |
| (553,000 | ) | |
| — | |
Cash, beginning of year | |
| 180,756 | | |
| 75 | |
Cash, end of year | |
$ | 77,086 | | |
$ | 180,756 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Interest
paid | |
$ | — | | |
$ | — | |
Income
tax paid | |
$ | — | | |
$ | — | |
Supplemental disclosure of non-cash financing
activity: | |
| | | |
| | |
Related
party loans converted to common stock | |
$ | — | | |
$ | 31,870 | |
The
accompanying notes are an integral part of these financial statements.
UNITED
STATES BASKETBALL LEAGUE, INC.
NOTES
TO FINANCIAL STATEMENTS
FEBRUARY
28, 2023
NOTE
1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
United
States Basketball League, Inc. (“SPEV (formerly
“USBL”)”, “the Company”) was incorporated in Delaware on May 29, 1984 as a wholly owned
subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the purpose of developing and managing a professional basketball
league, the United States Basketball League (the “League”). Prior to the pending merger, SPEV has primarily engaged in
selling franchises and managing the League. From 1985 and up to the present time, SPEV has sold a total of approximately forty
active franchises (teams), a vast majority of which were terminated for non-payment of their respective franchise
obligations.
On
April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company,
Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the
“Sellers”) sold 2,704,007 common shares which it held, to a new investor group. The Sellers also sold 1,105,644 of SPEV’s
preferred stock at a per share price of $.057 per share to EROP Enterprises, LLC. As a result of the sale of common and preferred stock
by the Sellers, the Company experienced a change in control.
World
Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000 shares of common stock for
its services, and Verde Capital was issued 150,000 shares for Consulting Services. Effective April 7, 2021, the Board of Directors accepted
the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Effective April 7,
2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel T. Meisenheimer, III as Chairman of the Board
of Directors and President of the Company. Mr. Michael Pruitt also joined the Board.
On
November 23, 2022, SPEV entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a
Shorepower Technologies, Inc. (“Shorepower”) under which Shorepower will be merged with and into SPEV subject to several
closing conditions, including satisfactory completion of due diligence reviews by each party to the Merger Agreement, Shorepower
providing SPEV with the most recent two years of audited financial statements by a PCAOB auditor, SPEV authorizing a new class of
Series B preferred stock with each Series B preferred share having the voting power of 40
shares of SPEV common stock, SPEV completing a stock and warrant financing to have a minimum of $480,000
in cash at closing (the “SPEV Pre-Merger Financing”) and SPEV not having any debt or contingent liabilities of any kind
at the time of the closing.
The
closing occurred on March 22, 2023.
Shorepower
is a transportation electrification infrastructure manufacturer of Electric Vehicle Supply Equipment (EVSE), Truck Stop Electrification
(TSE) and electric standby Transport Refrigeration Unit (eTRU) stations. They have 60 operational TSE facilities with over 1,800 individual
electrified parking spaces in 31 states. Shorepower’s stations are EPA SmartWay-Verified and CARB-Verified. Shorepower is a New
York limited liability company with headquarters in Hillsboro (Portland Area), Oregon and an office in Detroit, Michigan metro area.
Shorepower is a certified minority owned business enterprise (MBE). The Shorepower management team is comprised of a group of seasoned
individuals with knowledge of technology, transportation and heavy-duty vehicles and nearly two decades working together. Combined, the
team has managed over $16 million in government contracts and grant funds to deploy transportation electrification throughout the nation.
The
Company changed its name to Shorepower Technology, Inc. effective June 20, 2023.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
Use
of Estimates
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.
Concentration
of Credit Risk
We
maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor
our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant
credit risk on cash.
Stock-based
Compensation
In
June 2018, the FASB issued ASU 2018-07, Compensation
– Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU
2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal
years beginning after December 15, 2018, and interim periods within those annual periods.
Cash
Equivalents
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There
were no cash equivalents for the years ended February 28, 2023 or 2022.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level 1: |
Quoted market prices available in active markets
for identical assets or liabilities as of the reporting date. |
Level 2: |
Pricing inputs other than
quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
Level 3: |
Pricing inputs that are generally
unobservable inputs and not corroborated by market data. |
The
carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate
their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of
such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial
arrangements on February 28, 2023 and 2022.
Net
Income (Loss) Per Common Share
Net
income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income
(loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number
of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common
shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period
presented.
Income
Taxes
Income
taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus
deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future
tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or
settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred
tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on
matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s
judgment about the need for a valuation allowance for deferred taxes could change in the near term.
Tax
benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.
A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that
do not meet these recognition and measurement standards. As of February 28, 2023, and 2022, no liability for unrecognized tax benefits
was required to be reported.
Revenue
Recognition
In
2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle
of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC
606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1)
identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3)
determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing
revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that
the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has
concluded that the new guidance did not require any significant change to its revenue recognition processes.
Recently
Issued Accounting Pronouncements
The
Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material
impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE
3 – GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity
of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying financial
statements, the Company has an accumulated deficit of $7,790,519, with minimal revenue generated. Due to these conditions, it raises substantial
doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating
to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should
the Company be unable to continue as a going concern.
NOTE
4 – RELATED PARTY TRANSACTIONS
During
the year ended February 28, 2022, Saeb Jannoun, CEO, advanced the Company $3,000 for general operating expenses. The advance was non-interest
bearing and due on demand. On July 26, 2021, Mr. Jannoun converted the $3,000 into 30,000 shares of common stock. The shares were valued
at $0.50, the closing stock price on the date of conversion, for a loss on conversion of debt of $12,000.
During
the year ended February 28, 2022, EROP Enterprises LLC (“EROP”), a significant shareholder, advanced the Company $28,870
for general operating expenses. The advance was non-interest bearing and due on demand. On July 26, 2021, EROP converted $28,870 into
288,700 shares of common stock. The shares were valued at $0.50, the closing stock price on the date of conversion, for a loss on conversion
of debt of $115,480.
On
April 7, 2021, the Company issued 200,000 restricted shares of common stock each to two of its directors for services. The shares were
valued at $0.12, the closing stock price on the date of grant, for total non-cash expense of $48,000.
During
the year ended February 28, 2022, EROP purchased 1,475,000 shares of common stock for $147,500. In addition, the Company granted 200,000
shares of common stock to EROP for services per the terms of a consulting agreement. The shares were valued at $0.52, the closing stock
price on the date of grant, for total non-cash expense of $104,000. The expense was being amortized over the one-year term of the service
agreement with EROP. As of February 28, 2022, the Company recognized $73,667 of the expense.
From February 1, 2022 through February 28, 2022, EROP
provided consulting services for total cash compensation of $7,000.
During
the year ended February 28, 2022, the Company was engaged by a relative of a shareholder to provide consulting services. As of February
28, 2022, the Company has recorded $5,000 of consulting revenue for services provided.
During
the year ended February 28, 2023, the Company granted 500,000 shares of common stock to EROP for services per the terms of a consulting
agreement. The shares were valued at $0.27, the closing stock price on the date of grant, for total non-cash expense of $135,000.
During
the year ended February 28, 2023, the Company granted 500,000 shares of common stock to Thirty-05, LLC, a company owned by Saeb Jannoun,
its CEO, for officer and director services. The shares were valued at $0.27, the closing stock price on the date of grant, for total
non-cash expense of $135,000.
During
the year ended February 28, 2023, the Company granted 250,000 shares of common stock to Michael Pruitt for director services. The shares
were valued at $0.27, the closing stock price on the date of grant, for total non-cash expense of $67,500.
On
February 23, 2023, pursuant to the terms of the merger with Shorepower, the Company granted 2,000,000
shares of Series B preferred stock and 26,089,758
shares of its common stock to Jeff Kim, the CEO of Shorepower.
During
Q4 2022, the Company advanced $50,000
to Shorepower for operating expenses. The advance was made as part of the merger agreement (see Note 11) and is non-interest
bearing. The advance will be eliminated upon consolidation of the financial statements of the Company and
Shorepower in the first quarter of fiscal year 2024.
NOTE
5 – DUE TO PRIOR RELATED PARTIES
On
April 7, 2021, as part of the purchase and sale agreement, the principals of MCI consisting of Daniel Meisenheimer III, Richard Meisenheimer
and their affiliated entities agreed to cancel previously issued and outstanding loans made to the Company.
Spectrum
Associates agreed to cancel indebtedness in the amount of $1,318,789 and the principals (D. Meisenheimer III and R. Meisenheimer) and
their other affiliates agreed to cancel indebtedness in the amount of $815,590.
As
a result of the debt cancellation the Company recognized a gain on the forgiveness of debt of $55,270 and credited $2,346,971 to additional
paid in capital.
NOTE
6 – COMMON STOCK
On
April 29, 2021, the Company issued 125,000 shares of common stock to World Equity Markets who acted in the capacity of a broker/dealer
for the Purchase Agreements (Note 1). The shares were valued at $0.71, the closing stock price on the date of grant, for total non-cash
expense of $88,750. The expense is being amortized over the six-month term of the service agreement with World Equity Markets. As of
February 28, 2022, the Company recognized $88,750 of the expense.
On
April 6, 2021, the Company issued 150,000 shares of common stock to Verde Capital, LLC for consulting services. The shares were valued
at $0.15, the closing stock price on the date of grant, for total non-cash expense of $22,500. The expense is being amortized over the
one-year term of the service agreement with Verde Capital, LLC. As of February 28, 2022, the Company recognized $19,688 of the expense.
During
the year ended February 28, 2022, the Company sold 2,400,000 shares of common stock for total cash proceeds of $240,000.
On
May 18, 2021, the Company increased its authorized shares of common stock to 100,000,000 shares.
During
the year ended February 28, 2023, the Company granted 250,000 shares of common stock to Millennial Investments, LLC for consulting services
per the terms of a consulting agreement. The shares were valued at $0.27, the closing stock price on the date of grant, for total non-cash
expense of $135,000.
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of its common stock and one warrant to purchase shares of its common stock, for total proceeds
of $660,000.
Funds held at escrow after deducting legal and investor relation expenses was $553,000
as of February 28, 2023.
On March 4, 2023, 1,105,679 shares of Series
A Preferred stock were cancelled and 1,699,146 shares of common stock were issued (Note 7).
Refer
to Note 4 for shares issued to a related party.
NOTE
7 – PREFERRED STOCK
On
May 18, 2021, the Company increased its authorized shares of Preferred Stock from 2,000,000 to 10,000,000 shares.
There
are 1,105,644
shares designated as Series A preferred stock
(“Series A”). Each share of the Series A has five votes, is entitled to a 2%
cumulative annual dividend, and is convertible at any time into shares of common stock. On February 28, 2022, EROP converted its 1,105,679
shares of Series A Preferred stock into 1,699,146
shares of common stock. As a result of the conversion,
the Company recognized interest expense of $1,699,146.
The conversion was not processed by the transfer agent until March 4, 2022, therefore, although the expense has been recognized as of
February 28, 2022, the conversion was not reflected in the shares outstanding.
As of February 28, 2023, there were no
shares of Series A issued and outstanding.
As
part of the contemplated merger, the Company designated 2,000,000 of its 10,000,000 shares of authorized preferred stock as Series B
preferred. Each Series B preferred share will have voting power of 40 shares of the Company’s common stock. The Series B preferred
will have no conversion feature.
Refer
to Note 4 for shares issued to a related party.
NOTE
8 – WARRANTS
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of common stock and one warrant to purchase common stock, for total proceeds of $660,000.
The Warrants are exercisable for shares of the Company’s common stock at a price of $0.25
per share and expire two years from the date
of issuance. 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. Using the fair value calculation,
the relative fair value for the warrants was calculated to determine the warrants recorded equity amount of $524,737,
which has been accounted for in additional paid in capital.
In
accordance to ASC 815-40, an equity-linked financial instrument can be classified in equity only if it (1) is indexed to the reporting
entity’s own stock and (2) meets all other conditions for equity classification. The warrants are classified as equity instruments
because a fixed amount of cash is exchanged for a fixed amount of equity.
The
fair value of the warrants was determined using the Black-Scholes option pricing model which requires the input of subjective assumptions,
the expected life of the warrants, and the expected stock price volatility. The assumptions used in calculating the fair value of stock-based
awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different
for future awards.
The
assumptions used to determine the fair value of the Warrants as follows:
SCHEDULE
OF WARRANT OF FAIR VALUE ASSUMPTIONS
| |
| | | |
| | |
| |
Years Ended February 28, | |
| |
2023 | | |
2022 | |
Expected life (years) | |
| 2 | | |
| N/A | |
Risk-free interest rate | |
| 4.78 | % | |
| N/A | |
Expected volatility | |
| 224.92 | % | |
| N/A | |
Dividend yield | |
| 0 | % | |
| N/A | |
The
expected life of the warrants was estimated using the “simplified method,” as the Company has no historical information to
develop reasonable expectations about future exercise patterns for its warrant grants. The simplified method is based on the average
of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual
maturity since they are vested when issued.
For
stock price volatility, the Company calculated its expected volatility based on the historical closing price of its common stock, par
value $0.01 per share. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the
warrant at the grant-date.
SCHEDULE
OF WARRANT ACTIVITY
| |
Number
of Warrants | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining
Contract Term | | |
Intrinsic Value | |
Outstanding, February 28, 2022 | |
| — | | |
| — | | |
| — | | |
| - | |
Issued | |
| 11,000,000 | | |
$ | 0.25 | | |
| 2 | | |
| - | |
Cancelled | |
| — | | |
$ | — | | |
| — | | |
| - | |
Exercised | |
| — | | |
$ | — | | |
| — | | |
| - | |
Outstanding, February 28, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 1.97 | | |
$ | 2,519,000 | |
NOTE
9 – INCOME TAXES
Deferred
taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating
loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences
are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a
valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets
will not be realized. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of
the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment. The U.S. federal income tax rate of 21% is being used.
Net
deferred tax assets consist of the following components as of February:
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
2023 | | |
2022 | |
Deferred tax assets: | |
| | | |
| | |
NOL Carryover | |
$ | (345,100 | ) | |
$ | (295,000 | ) |
Related Party Accruals | |
| – | | |
| – | |
Less: valuation allowance | |
| 345,100 | | |
| 295,000 | |
Net deferred tax
asset | |
$ | – | | |
$ | – | |
The
income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from
continuing operations for the period ended February 28, due to the following:
SCHEDULE
OF INCOME TAX PROVISION
| |
2023 | | |
2022 | |
Deferred Tax Assets: | |
| | | |
| | |
Book Loss | |
$ | (125,400 | ) | |
$ | (435,400 | ) |
Related Party Accruals | |
| – | | |
| (453,500 | ) |
Other nondeductible expenses | |
| 85,100 | | |
| 341,700 | |
Less valuation allowance | |
| 40,300 | | |
| 547,200 | |
Net deferred tax provision | |
$ | – | | |
$ | – | |
At
February 28, 2023, the Company had net operating loss carry forwards of approximately $1,327,000 that may be offset against future taxable
income. NOLs from tax years up to 2017 can be carried forward twenty years. Under the CARES Act,
the Company carry forward NOLs indefinitely for NOLs generated in a tax year beginning after 2017, that remain after they are carried
back to tax years in the five-year carryback period. No tax benefit has been reported in the February 28, 2023, financial statements
since the potential tax benefit is offset by a valuation allowance of the same amount.
Due
to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal Income tax reporting
purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to
use in future years. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by
tax authorities for years before 2016.
NOTE
10 – RESTATEMENT
The balance sheet as of February 28, 2022, was being restated to correctly present 1,105,679 shares of Series A preferred stock that were
converted into 1,699,146 shares of common stock. The conversion, although effective on February 28, 2022, the common shares were not processed
and issued by the transfer agent until March 4, 2022. The restatement had no impact on the statement of operations and the statement of
cash flows for the year ended February 28,2022.
SCHEDULE
OF RESTATED BALANCE SHEET
| |
| | | |
| | | |
| | |
As of February 28, 2022 |
| |
As Reported | | |
Adjusted | | |
As Restated | |
| |
| | |
| | |
| |
Current Assets: | |
| | | |
| | | |
| | |
Cash | |
$ | 180,756 | | |
$ | — | | |
$ | 180,756 | |
Prepaid stock for services | |
| 32,208 | | |
| — | | |
| 32,208 | |
Total Assets | |
$ | 212,964 | | |
$ | — | | |
$ | 212,964 | |
| |
| | | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | | |
| | |
Accounts payable | |
$ | 13,478 | | |
$ | — | | |
$ | 13,478 | |
Total Current Liabilities | |
| 13,478 | | |
| — | | |
| 13,478 | |
| |
| | | |
| | | |
| | |
Stockholders’ Equity (Deficit): | |
| | | |
| | | |
| | |
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding | |
| — | | |
| 11,057 | | |
| 11,057 | |
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 | |
| 88,453 | | |
| (16,991 | ) | |
| 71,462 | |
Additional paid-in capital | |
| 7,346,701 | | |
| (1,693,212 | ) | |
| 5,653,489 | |
Common shares to be issued | |
| — | | |
| 1,699,146 | | |
| 1,699,146 | |
Accumulated deficit | |
| (7,193,214 | ) | |
| — | | |
| (7,193,214 | ) |
Treasury stock, at cost; 39,975 shares of common stock | |
| (42,454 | ) | |
| — | | |
| (42,454 | ) |
Total Stockholders’ Equity | |
| 199,486 | | |
| — | | |
| 199,486 | |
Total Liabilities and Stockholders’ Deficit | |
$ | 212,964 | | |
$ | — | | |
$ | 212,964 | |
In
addition, a disclosure was added to Note 4, for $7,000 consulting services paid to EROP, a related party of the Company, for the year
ended February 28, 2022.
NOTE
11 – SUBSEQUENT EVENTS
The
Company’s Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies
(“Shorepower”) under which Shorepower was merged with and into SPEV (the “Merger”) was closed on March 22,
2023.
Under
the terms of the Merger Agreement, Shorepower now owns 55%
of the issued and outstanding shares of SPEV common stock that includes the sale of 11,000,000 shares
of SPEV common stock sold under the SPEV Pre-Merger Financing that raised $660,000 (Note
5). Shorepower has received 2,000,000 shares
of a Series B Preferred stock (Note 5) and the right to receive the following additional shares of SPEV common stock upon achieving
the following milestones: (i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing
connection points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the
first 12 months or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV
Common Stock upon (a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months;
(iii) an additional 2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the
first 24 months generating no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock
upon acquiring or hiring the following key personnel in the first six months after the effective date of the merger: (a) three or
more qualified Board members and (b) at least three of the following four individuals having the following qualifications: one
sales/marketing person, one grant writer/Government relations person, one technician/maintenance person and one software
programmer/engineer.
Following
the closing of the merger between SPEV and Shorepower, Shorepower has transferred its current debt obligations of $1,400,000
to SPEV. Shorepower agreed that in assuming its management of SPEV that it shall not pay more than $2,000
per month from the proceeds of the SPEV Pre-Merger Financing towards reduction of such debt obligations for the first 12 months and
that the compensation of SPEV’s new CEO will not exceed $10,000
per month for the first nine months after the merger is effective. The Company has agreed to repay $10,000 a month towards the loans due to the CEO.
Effective
on the date of closing the merger, Saeb Jannoun and Michael D. Pruitt resigned as directors of the Company, and Mr. Jannoun resigned
as the CEO. Jeff Kim was appointed as the sole officer and director.
Effective June 20, 2023, the Company’s name was changed to Shorepower Technologies Inc and its ticker symbol
to SPEV.
SHOREPOWER
TECHNOLOGIES INC.
(Formerly
United States Basketball League, Inc.)
CONDENSED
BALANCE SHEETS
(Unaudited)
| |
November 30, | | |
February 28, | |
| |
2023 | | |
2023 | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 278,097 | | |
$ | 114,851 | |
Funds held in escrow | |
| — | | |
| 553,000 | |
Accounts receivable | |
| 2,500 | | |
| — | |
Prepaids | |
| — | | |
| 535 | |
Note receivable | |
| 35,000 | | |
| — | |
Inventory | |
| 6,876 | | |
| 6,880 | |
Total Current Assets | |
| 322,473 | | |
$ | 675,266 | |
| |
| | | |
| | |
Non-Current Assets: | |
| | | |
| | |
Other asset | |
| 1,000 | | |
| 1,000 | |
Total non-current assets | |
| 1,000 | | |
| 1,000 | |
| |
| | | |
| | |
Total Assets | |
$ | 323,473 | | |
$ | 676,266 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 57,169 | | |
| 106,394 | |
Accrued officer compensation – related party | |
| 110,000 | | |
| 20,000 | |
Accrued interest – related party | |
| 65,450 | | |
| — | |
Notes payable – related party | |
| 125,773 | | |
| 105,689 | |
Note payable | |
| 111,395 | | |
| 111,395 | |
Total Current Liabilities | |
| 469,787 | | |
| 343,478 | |
| |
| | | |
| | |
Notes payable, net of current portion – related party | |
| 1,037,924 | | |
| 1,184,309 | |
| |
| | | |
| | |
Total Liabilities | |
| 1,507,711 | | |
| 1,527,787 | |
| |
| | | |
| | |
Stockholders’ Deficit: | |
| | | |
| | |
Preferred stock, $0.01 par value, 6,894,356 shares authorized; no shares issued and outstanding | |
| — | | |
| — | |
Series A preferred stock, $0.01 par value, 1,105,644 shares designated; no shares issued and outstanding | |
| — | | |
| — | |
Series B preferred stock, $0.01 par value, 10,000,000 shares designated; 2,000,000 issued and outstanding | |
| 20,000 | | |
| 20,000 | |
Preferred stock value | |
| | | |
| | |
Common stock, $0.01
par value, 100,000,000 shares
authorized; 50,478,678 and 47,435,106
shares issued and outstanding, respectively | |
| 484,787 | | |
| 474,351 | |
Additional paid-in capital | |
| 803,127 | | |
| 615,284 | |
Accumulated deficit | |
| (2,449,698 | ) | |
| (1,918,702 | ) |
Treasury stock, at cost; 39,975 shares of common stock | |
| (42,454 | ) | |
| (42,454 | ) |
Total Stockholders’ Deficit | |
| (1,184,238 | ) | |
| (851,521 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 323,473 | | |
$ | 676,266 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
SHOREPOWER
TECHNOLOGIES INC.
CONDENSED
STATEMENTS OF OPERATIONS
(Unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
November 30, | | |
November 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Service revenue, net | |
$ | 2,845 | | |
$ | 8,420 | | |
$ | 10,531 | | |
$ | 15,535 | |
Product sales | |
| — | | |
| 1,704 | | |
| 7,909 | | |
| 4,139 | |
Total revenue | |
| 2,845 | | |
| 10,124 | | |
| 18,440 | | |
| 19,674 | |
Cost of revenue | |
| 9,517 | | |
| 11,846 | | |
| 27,897 | | |
| 32,345 | |
Less revenue share | |
| 1,771 | | |
| 1,664 | | |
| 5,650 | | |
| 1,665 | |
Gross margin | |
| (8,443 | ) | |
| (3,386 | ) | |
| (15,107 | ) | |
| (14,336 | ) |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 14,921 | | |
| 18,240 | | |
| 245,170 | | |
| 30,314 | |
General and administrative | |
| 35,566 | | |
| 7,729 | | |
| 99,609 | | |
| 30,518 | |
Consulting | |
| 10,658 | | |
| — | | |
| 30,668 | | |
| — | |
Officer compensation | |
| 30,000 | | |
| 31,200 | | |
| 90,000 | | |
| 93,600 | |
Total operating expenses | |
| 91,145 | | |
| 57,169 | | |
| 465,447 | | |
| 154,432 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from Operations | |
| (99,588 | ) | |
| (60,555 | ) | |
| (480,554 | ) | |
| (168,768 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income (Expense): | |
| | | |
| | | |
| | | |
| | |
Other income | |
| — | | |
| 1,026 | | |
| 65 | | |
| 1,026 | |
Interest expense | |
| (3,953 | ) | |
| — | | |
| (50,507 | ) | |
| — | |
Impairment of fixed asset | |
| — | | |
| — | | |
| — | | |
| (46,063 | ) |
Total other income (expense) | |
| (3,953 | ) | |
| 1,026 | | |
| (50,442 | ) | |
| (45,037 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (103,541 | ) | |
$ | (59,529 | ) | |
$ | (530,996 | ) | |
$ | (213,805 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per Common Share: Basic and Diluted | |
$ | (0.00 | ) | |
$ | (0.01 | ) | |
$ | (0.01 | ) | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | |
| 50,478,678 | | |
| 9,405,788 | | |
| 48,027,610 | | |
| 9,030,803 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
SHOREPOWER
TECHNOLOGIES INC.
CONDENSED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE THREE AND NINE MONTHS ENDED NOVEMBER 30, 2023 and 2022
(Unaudited)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in Capital | | |
Deficit | | |
Shares | | |
Amount | | |
Equity (Deficit) | |
| |
Common Stock | | |
Series B Preferred Stock | | |
Additional | | |
Accumulated | | |
Treasury Stock | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in Capital | | |
Deficit | | |
Shares | | |
Amount | | |
Equity (Deficit) | |
Balance, February 28, 2023 | |
| 47,435,106 | | |
$ | 474,351 | | |
| 2,000,000 | | |
$ | 20,000 | | |
$ | 615,284 | | |
$ | (1,918,702 | ) | - |
| 39,975 | | |
$ | (42,454 | ) | |
$ | (851,521 | ) |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (115,085 | ) | - |
| — | | |
| — | | |
| (115,085 | ) |
Balance, May 31, 2023 | |
| 47,435,106 | | |
| 474,351 | | |
| 2,000,000 | | |
| 20,000 | | |
| 615,284 | | |
| (2,033,787 | ) | - |
| 39,975 | | |
| (42,454 | ) | |
| (966,606 | ) |
Common stock issued for services | |
| 1,043,572 | | |
| 10,436 | | |
| — | | |
| — | | |
| 187,843 | | |
| — | | |
| — | | |
| — | | |
| 198,279 | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (312,370 | ) | - |
| — | | |
| — | | |
| (312,370 | ) |
Balance, August 31, 2023 | |
| 50,478,678 | | |
| 484,787 | | |
| 2,000,000 | | |
| 20,000 | | |
| 803,127 | | |
| (2,346,157 | ) | - |
| 39,975 | | |
| (42,454 | ) | |
| (1,080,697 | ) |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (103,541 | ) | - |
| — | | |
| — | | |
| (103,541 | ) |
Balance, November 30, 2023 | |
| 50,478,678 | | |
$ | 484,787 | | |
| 2,000,000 | | |
$ | 20,000 | | |
$ | 803,127 | | |
$ | (2,449,698 | ) | - |
| 39,975 | | |
$ | (42,454 | ) | |
$ | (1,184,238 | ) |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in Capital | | |
Deficit | | |
To be Issued | | |
Shares | | |
Amount | | |
Equity (Deficit) | |
| |
Common Stock | | |
Series A Preferred Stock | | |
Additional | | |
Accumulated | | |
Common
Shares | | |
Treasury Stock | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in Capital | | |
Deficit | | |
To be Issued | | |
Shares | | |
Amount | | |
Equity (Deficit) | |
Balance, February 28, 2022 | |
| 7,142,202 | | |
$ | 71,462 | | |
| 1,105,644 | | |
$ | 11,057 | | |
$ | (1,539,725 | ) | |
$ | (1,605,572 | ) | |
$ | 1,699,146 | | |
| 39,975 | | |
$ | (42,454 | ) | |
$ | (1,406,086 | ) |
Conversion of preferred stock to common stock | |
| 1,699,146 | | |
| 16,991 | | |
| (1,105,644 | ) | |
| (11,057 | ) | |
| 1,693,212 | | |
| — | | |
| (1,699,146 | ) | |
| — | | |
| — | | |
| — | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (101,603 | ) | |
| — | | |
| — | | |
| — | | |
| (101,603 | ) |
Balance, May 31, 2022 | |
| 8,841,348 | | |
| 88,453 | | |
| — | | |
| — | | |
| 153,487 | | |
| (1,707,175 | ) | |
| — | | |
| 39,975 | | |
| (42,454 | ) | |
| (1,507,689 | ) |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (52,673 | ) | |
| — | | |
| — | | |
| — | | |
| (52,673 | ) |
Balance, August 31, 2022 | |
| 8,841,348 | | |
| 88,453 | | |
| — | | |
| — | | |
| 153,487 | | |
| (1,759,848 | ) | |
| — | | |
| 39,975 | | |
| (42,454 | ) | |
| (1,560,362 | ) |
Balance | |
| 8,841,348 | | |
| 88,453 | | |
| — | | |
| — | | |
| 153,487 | | |
| (1,759,848 | ) | |
| — | | |
| 39,975 | | |
| (42,454 | ) | |
| (1,560,362 | ) |
Common stock issued for director services | |
| 750,000 | | |
| 7,500 | | |
| — | | |
| — | | |
| 195,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 202,500 | |
Common stock issued for services | |
| 750,000 | | |
| 7,500 | | |
| — | | |
| — | | |
| 195,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 202,500 | |
Net Loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (59,529 | ) | |
| — | | |
| — | | |
| — | | |
| (59,529 | ) |
Balance, November 30, 2022 | |
| 10,341,348 | | |
$ | 103,453 | | |
| — | | |
$ | — | | |
$ | 543,487 | | |
$ | (1,819,377 | ) | |
$ | — | | |
| 39,975 | | |
$ | (42,454 | ) | |
$ | (1,214,891 | ) |
Balance | |
| 10,341,348 | | |
$ | 103,453 | | |
| — | | |
$ | — | | |
$ | 543,487 | | |
$ | (1,819,377 | ) | |
$ | — | | |
| 39,975 | | |
$ | (42,454 | ) | |
$ | (1,214,891 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
SHOREPOWER
TECHNOLOGIES INC.
STATEMENTS
OF CASH FLOWS
(Unaudited)
| |
2023 | | |
2022 | |
| |
For the Nine Months Ended | |
| |
November 30, | |
| |
2023 | | |
2022 | |
Cash Flows from Operating Activities: | |
| | | |
| | |
| |
| | | |
| | |
Net loss | |
$ | (530,996 | ) | |
$ | (213,805 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Impairment expense | |
| — | | |
| 46,063 | |
Common stock issued for services | |
| 198,279 | | |
| — | |
Depreciation expense | |
| — | | |
| 5,133 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (2,500 | ) | |
| — | |
Inventory | |
| 4 | | |
| (2,186 | ) |
Prepaids | |
| 535 | | |
| (38,605 | ) |
Note receivable | |
| (35,000 | ) | |
| — | |
Accounts payable and accrued expenses | |
| (49,225 | ) | |
| (44,473 | ) |
Accrued interest – related party | |
| 50,505 | | |
| — | |
Accrued officer compensation | |
| 90,000 | | |
| 93,600 | |
Net cash used in operating activities | |
| (278,398 | ) | |
| (154,273 | ) |
| |
| | | |
| | |
Cash Flows from Investing Activities | |
| — | | |
| — | |
| |
| | | |
| | |
Cash Flows from Financing Activities: | |
| | | |
| | |
Repayment of loan payable | |
| — | | |
| (7,240 | ) |
Repayment of related party loan | |
| (111,356 | ) | |
| (12,001 | ) |
Net cash used in financing activities | |
| (111,356 | ) | |
| (19,241 | ) |
| |
| | | |
| | |
Net change in cash | |
| (389,754 | ) | |
| (173,514 | ) |
Cash, beginning of period | |
| 114,851 | | |
| 319,980 | |
Funds held in escrow, beginning of period | |
| 553,000 | | |
| — | |
Cash, end of period | |
$ | 278,097 | | |
$ | 146,466 | |
| |
| | | |
| | |
Supplemental disclosures of cash flow information: | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | — | |
Income tax paid | |
$ | — | | |
$ | — | |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
SHOREPOWER
TECHNOLOGIES INC.
NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
November
30, 2023
NOTE
1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Shorepower
Technologies Inc. (“SPEV” “Shorepower” “the Company”) (formerly United States Basketball League,
Inc) was incorporated in Delaware on May 29, 1984, as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for
the purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”).
On
April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company,
Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the
“Sellers”) sold 2,704,007
common shares which it held, to a new
investor group. The Sellers also sold 1,105,644
of SPEV’s preferred stock at a per
share price of $.057
per share to EROP Enterprises, LLC. As
a result of the sale of common and preferred stock by the Sellers, the Company experienced a change in control.
World
Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000
shares of common stock for its services,
and Verde Capital was issued 150,000
shares for Consulting Services. Effective
April 7, 2021, the Board of Directors accepted the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and
President of the Company. Effective April 7, 2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel
T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Mr. Michael Pruitt also joined the Board.
The
Company’s Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies
under which Shorepower was merged with and into SPEV (the “Merger”) was closed on March 22, 2023.
Under
the terms of the Merger Agreement, Jeff Kim, the prior CEO of Shurepower, LLC and the current CEO of the Company, now owns 26,089,758
of the issued and outstanding shares of
the Company’s common stock. 11,000,000
shares of common stock were sold under
the Pre-Merger Financing that raised $660,000.
Mr. Kim has received 2,000,000
shares of a Series B Preferred stock and
the right to receive the following additional shares of SPEV common stock upon achieving the following milestones: (i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing connection
points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the first 12 months
or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV Common Stock upon
(a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months; (iii) an additional
2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the first 24 months generating
no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock upon acquiring or hiring the following
key personnel in the first six months after the effective date of the merger: (a) three or more qualified Board members and (b) at least
three of the following four individuals having the following qualifications: one sales/marketing person, one grant writer/Government
relations person, one technician/maintenance person and one software programmer/engineer.
We
accounted for the Merger transaction as a recapitalization resulting from the acquisition by a non-operating public company that is not
a shell company (as defined in Rule 12b-2 under the Securities Exchange Act of 1934). This accounting treatment as a recapitalization
is consistent with Commission guidance promulgated in staff speeches and the SEC Reporting Manual, Topic 12 on Reverse Acquisitions and
Recapitalizations. As such, the transaction is outside the scope of FASB ASC 805. Specifically, the Merger transaction was treated as
a reverse recapitalization in which the entity that issues securities (the legal acquirer) is determined to be the accounting acquiree,
while the entity receiving securities (the legal acquiree) is the accounting acquirer.
Under
reverse merger accounting (i.e., recapitalization), historical financial statements of Shurepower, LLC (the legal acquiree, accounting
acquirer), are presented with one adjustment, which is to retroactively adjust the accounting acquirer’s legal capital to reflect
the legal capital of the accounting acquiree. That adjustment is required to reflect the capital of the legal parent (the accounting
acquiree). Comparative information presented in the consolidated financial statements also is retroactively adjusted to reflect the legal
capital of the legal parent (accounting acquiree).
As
a result of the merger transaction the Company reduced its accumulated deficit and increased its additional paid in capital by approximately
$5,872,000.
Effective
on the date of closing the merger, Saeb Jannoun and Michael D. Pruitt resigned as directors of the Company, and Mr. Jannoun resigned
as the CEO. Jeff Kim was appointed as the sole officer and director.
Effective
June 20, 2023, the Company’s name was changed to Shorepower Technologies Inc and its ticker symbol to SPEV.
The
Company is a transportation electrification infrastructure manufacturer and service provider of Electric Vehicle Supply Equipment (EVSE),
Truck Stop Electrification (TSE) and electric standby Transport Refrigeration Unit (eTRU) stations. They have 60
operational TSE facilities with over 1,800
individual electrified parking spaces
in 31
states. Shorepower’s stations are
EPA SmartWay-Verified and CARB-Verified. The Company has headquarters in Hillsboro (Portland Area), Oregon and an office in Detroit,
Michigan metro area. Shorepower is a certified minority owned business enterprise (MBE). The Company’s management team is comprised
of a group of seasoned individuals with knowledge of technology, transportation and heavy-duty vehicles and nearly two decades working
together. Combined, the team has managed over $16
million in government contracts and grant funds to deploy transportation
electrification throughout the nation.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unaudited
Interim Financial Information
The
accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction
with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with
the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation
of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods
are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate
the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal
year ended February 28, 2023, have been omitted. The condensed consolidated financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in the United States of America (“US GAAP”).
Use
of Estimates
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.
Inventory
Inventories
are stated at the lower of cost or market. Cost is principally determined using the last-in, first-out (LIFO) method. The Company periodically
assesses if any of the inventory has become obsolete or if the value has fallen below cost. When this occurs, the Company recognizes
an expense for inventory write down. Total inventory at November 30, 2023 and February 28, 2023, was $6,876
and $6,880,
respectively.
Revenue
Recognition
The
Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be
met before revenue can be recognized: (1) identify the contract (or PO) with a customer; (2) identify the performance obligations in
the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and
(5) recognize revenue when or as the Company satisfies a performance obligation. The Company generated revenues from selling power vending
stations (charging stations) or services. The Company considers its performance obligations satisfied upon shipment and/or delivery of
the purchased products to the customer. The Company evaluates returns from customers purchasing product on a case-by-case basis and generally
will issue replacement product in the limited cases of product returns. The Company has no policy requiring cash refunds.
Cost
of Revenue
Cost
of revenues includes actual product cost, labor, if any, and direct overheard, including utility (electricity) bills, which is applied
on a per unit basis.
Accounts
Receivable
Revenues
that have been recognized but not yet received are recorded as accounts receivable. Losses on receivables will be recognized when it
is more likely than not that a receivable will not be collected. An allowance for estimated uncollectible amounts will be recognized
to reduce the amount of receivables to its net realizable value when needed. As of November 30, 2023, management has determined that
an allowance for doubtful accounts is not required as all amounts are considered to be collectible.
Recently
Issued Accounting Pronouncements
The
Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material
impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
NOTE
3 – GOING CONCERN
The
accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying
financial statements, the Company has an accumulated deficit of $2,449,698
as of November 30, 2023, with minimal
revenue generated. Due to these conditions, it raises substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or
the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.
NOTE
4 – NOTE RECEIVABLE
On November 25, 2023, the Company entered
into a Promissory Note Agreement with Convoy Solutions, LLC (“Convoy”), for $40,000.
The Note matures on December
18, 2023. As of November 30, 2023, the balance due is $35,000.
NOTE
5 – LOAN PAYABLE
As
of November 30, 2023 and February
28, 2023, the Company has a loan payable to a third party of $111,395
and $111,395,
respectively. The loan is non-interest bearing and due on demand.
NOTE
6 – RELATED PARTY TRANSACTIONS
On
February 15, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $200,000
for funds loaned to the Company on February
15, 2022. The note matures in twenty
years and accrues interest at 6.58%
per annum. The Company began monthly payments of $1,500
on April 1, 2022. As of November 30, 2023
and February 28, 2023, the balance due on this note is $88,044
and $185,000,
respectively. As of November 30, 2023, there is $18,536
of accrued interest on this note.
On
March 1, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $253,954.
The amount of the note is the balance due to Mr. Kim for loans to the Company beginning in 2017. The note matures in ten years and accrues
interest at 6.63%
per annum beginning April 1, 2023. The Company is to begin monthly payments of principal and interest on April 1, 2023, or within one
year without penalty. As of November 30, 2023, there is $238,054
and $10,967
of principal and interest due on this
note, respectively.
On
December 31, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $1,237,600.
The amount of the note is the balance due to Mr. Kim for accrued compensation. The note matures in ten years and accrues interest at
6.42%
per annum beginning April 1, 2023. The Company is to begin monthly payments principal and interest on April 1, 2023, or within one year
without penalty. On December 31, 2022, Mr. Kim forgave $400,000
of the principal amount of the note. As
of November 30, 2023, there is $837,600
and $35,947
of principal and interest due on this
note, respectively.
On
March 22, 2023, the Company entered into an executive employment agreement with its executive officer, Jeff Kim. Under the terms of his
employment agreement, Mr. Kim’s annual base salary is $200,000
but payment of such salary is subject
to the cash flow of the Company as determined by the Board and agreed to by Mr. Kim and any payment cannot exceed $10,000
per month for the nine months from the
date of the employment agreement. Additionally, a $2,000
monthly loan payment will be made as part
of the merger agreement. Mr. Kim may elect to defer his salary and receive repayment of his current outstanding loans to the Company,
not to exceed $10,000
per month, for nine months from the date
of his employment agreement. Mr. Kim is still entitled to his $10,000
monthly salary. As of November 30, 2023
and February 28, 2023, there is $110,000
and $20,000,
of accrued compensation due to Mr. Kim.
NOTE
7 – COMMON STOCK
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of its common stock and one warrant to purchase shares of its common stock, for total proceeds
of $660,000.
Funds held at escrow after deducting legal and investor relation expenses was $553,000
as of February 28, 2023. The funds held in escrow
were transferred to the Company in March 2023.
On
August 30, 2023, the Company granted 1,043,572
shares of common stock for investor relation
services. The shares were valued at $0.19,
the closing price on the date of grant, for total non-cash expense of $198,279.
As of November 30, 2023, there are 48,478,678
shares of common stock outstanding.
NOTE
8 – PREFERRED STOCK
On
May 18, 2021, the Company increased its authorized shares of Preferred Stock from 2,000,000
to 10,000,000
shares.
There
are 1,105,644
shares designated as Series A preferred
stock (“Series A”). Each share of the Series A has five votes, is entitled to a 2%
cumulative annual dividend, and is convertible
at any time into shares of common stock.
On February 28, 2022, EROP converted its 1,105,644
shares of Series A Preferred stock into
1,699,146
shares of common stock. As a result of
the conversion, the Company recognized interest expense of $1,699,146.
The conversion was not processed by the transfer agent until March 4, 2022, therefore, although the expense was recognized as of February
28, 2022, the conversion was not reflected in the shares outstanding.
As
of November 30, 2023, there were no
shares of Series A issued and outstanding.
As
part of the merger, the Company designated 2,000,000
of its 10,000,000
shares of authorized preferred stock as
Series B preferred. Each
Series B preferred share has voting power of 40 shares of the Company’s common stock.
The
Series B preferred will have no conversion feature.
As
of November 30, 2023, there are 2,000,000
shares of Series B issued and outstanding.
NOTE
9 – WARRANTS
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of common stock and one warrant to purchase common stock, for total proceeds of $660,000.
The Warrants are exercisable for shares of the Company’s common stock at a price of $0.25
per share and expire two years from the date
of issuance. 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. Using the fair value calculation, the relative fair value for the warrants was calculated to
determine the warrants recorded equity amount of $524,737,
which has been accounted for in additional paid in capital.
In
accordance to ASC 815-40, an equity-linked financial instrument can be classified in equity only if it (1) is indexed to the reporting
entity’s own stock and (2) meets all other conditions for equity classification. The warrants are classified as equity instruments
because a fixed amount of cash is exchanged for a fixed amount of equity.
The
fair value of the warrants was determined using the Black-Scholes option pricing model which requires the input of subjective assumptions,
the expected life of the warrants, and the expected stock price volatility. The assumptions used in calculating the fair value of stock-based
awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different
for future awards.
The
assumptions used to determine the fair value of the Warrants as follows:
SCHEDULE
OF WARRANTS FAIR VALUE ASSUMPTIONS
| |
Year
Ended February
28, 2023 | |
Expected life (years) | |
| 2 | |
Risk-free interest rate | |
| 4.78 | % |
Expected volatility | |
| 224.92 | % |
Dividend yield | |
| 0 | % |
The
expected life of the warrants was estimated using the “simplified method,” as the Company has no historical information to
develop reasonable expectations about future exercise patterns for its warrant grants. The simplified method is based on the average
of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual
maturity since they are vested when issued.
For
stock price volatility, the Company calculated its expected volatility based on the historical closing price of its common stock, par
value $0.01 per
share. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the warrant at the
grant-date.
SCHEDULE
OF WARRANT ACTIVITY
| |
Number
of Warrants | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining
Contract
Term | | |
Intrinsic Value | |
Outstanding, February 28, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 2 | | |
| | |
Issued | |
| — | | |
$ | — | | |
| — | | |
| | |
Cancelled | |
| — | | |
$ | — | | |
| — | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| — | | |
| | |
Outstanding, November 30, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 1.47 | | |
$ | 660,000 | |
NOTE
10 – SUBSEQUENT EVENTS
In
accordance with ASC 855-10 the Company has analyzed its operations subsequent to November 30, 2023, and to the date these unaudited financial
statements were issued and has determined that it does not have any subsequent events to disclose in these unaudited financial statements.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION.
Forward-looking
Statements
Unless
the context indicates otherwise, as used in this Quarterly Report, the terms “SPEV,” “we,” “us,”
“our,” “our company” and “our business” refer, to Shorepower Technologies Inc. Certain statements,
other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and
expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.”
These forward-looking statements generally are identified by the words “believes,” “project,” “expects,”
“anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,”
“will,” “would,” “will be,” “will continue,” “will likely result,” and similar
expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual
effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on our operations and
future prospects include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital,
interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in
evaluating forward-looking statements and undue reliance should not be placed on such statements.
OVERVIEW
Until
March 22, 2023, we were an emerging diversified investment vehicle focused on acquiring equity in companies that we believed were or
could be leaders in the markets in which they were involved.
On
November 23, 2022, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower
Technologies (“Shorepower”), under which Shorepower was merged with and into SPEV (formerly “USBL”) The closing
occurred on March 22, 2023.
Shorepower
is a transportation electrification infrastructure manufacturer and service provider of Electric Vehicle Supply Equipment (EVSE), Truck
Stop Electrification (TSE) and electric standby Transport Refrigeration Unit (eTRU) stations. They have 60 operational TSE facilities
with over 1,800 individual electrified parking spaces in 31 states. Shorepower’s stations are EPA SmartWay-Verified and CARB-Verified.
Shorepower has its headquarters in Hillsboro, Oregon, near Portland, Oregon, and an office in the Detroit, Michigan metro area. Shorepower
is a certified minority owned business enterprise (MBE). The Shorepower management team is comprised of a group of seasoned individuals
with knowledge of technology, transportation electrification, charging stations and heavy-duty vehicle technologies. Combined, the team
has managed over $16 million in government contracts and grant funds to deploy transportation electrification throughout the nation.
Results
of Operations
For
the three months ended November 30, 2023 compared to the three months ended November 30, 2022
Revenue
and Cost of Revenue
We
had total revenue of $2,845 and $10,124 for the three months ended November 30, 2023 and 2022, respectively, a decrease of $7,279 or
71.9%. We had cost of revenue of $9,517 and $11,846, respectively, and a deduction for revenue share of $1,771 and $1,664, respectively,
for gross margin of ($8,443) and ($3,386), respectively. We are currently in the process of upgrading sites to a new payment and control
system. Revenue will remain low until the upgrades to the sites are completed.
Professional
Fees
For
the three months ended November 30, 2023, the company incurred $14,921 of professional fees compared to $18,240 for the three months
ended November 30, 2022, a decrease of $3,319 or 18.2%. Professional fees generally consist of audit, legal, accounting and investor
relations fees.
General
and Administrative Expense
For
the three months ended November 30, 2023, the company incurred $35,566 of general and administrative expense (“G&A”)
compared to $7,729 for the three months ended November 30, 2022, an increase of $27,837 or 360.2%. In the current period we incurred
$17,051 of construction and maintenance expense of which we had $0 in the prior period.
Consulting
Expense
For
the three months ended November 30, 2023 and 2022, we recognized $10,658 and $0, respectively, of consulting expense. This increase was
primarily for grant writing, engineering services and other consultants that were brought on after the merger to take advantage of available
government contracts and grant application opportunities, and update product offerings.
Officer
Compensation
For
the three months ended November 30, 2023 and 2022, we had officer compensation expense of $30,000 and $31,200, respectively.
Other
Income/Expense
For
the three months ended November 30, 2023 and 2022, we had interest expense of $33,953 and $1,026 of other income, respectively.
Net
Loss
For
the three months ended November 30, 2023, we had a net loss of $103,541 compared to $59,529 for the three months ended November 30, 2022,
an increase of $44,012. We had an increase in our net loss primarily due to the increase in G&A and consulting expense as discussed
above.
For
the nine months ended November 30, 2023 compared to the nine months ended November 30, 2022
Revenue
and Cost of Revenue
We
had total revenue of $18,440 and $19,674 for the nine months ended November 30, 2023 and 2022, respectively, a decrease of $1,234 or
6.3%. We had cost of revenue of $27,897 and $32,345, respectively, and a deduction for revenue share of $5,650 and $1,665, respectively,
for gross margins of ($15,107) and ($14,336), respectively.
Professional
Fees
For
the nine months ended November 30, 2023, the company incurred $245,170 of professional fees compared to $30,314 for the nine months ended
November 30, 2022, an increase of $214,856. Professional fees generally consist of audit, legal, accounting and investor relation fees.
In the current period we had an increase in all fees as a result of the merger and the required fees of being a public company. In addition,
we issued shares of common stock for total non-cash expense of $198,279. Excluding this one-time non-cash expense, $46,891 was incurred
for professional fees.
General
and Administrative Expense
For
the nine months ended November 30, 2023, the company incurred $99,609 of G&A expenses compared to $30,518 for the nine months ended
November 30, 2022, an increase of $69,091 or 226.4%. In the current period we had an increase of insurance expense of ~$6,800, transfer
agent fees of ~$10,000, licenses & fees of ~$6,000 and other expenses associated with being an SEC company ~$13,700.
Consulting
Expense
For
the nine months ended November 30, 2023 and 2022, we recognized $30,668 and $0, respectively, of consulting expense. This increase was
primarily for grant writing, engineering services and other consultants that were brought on after the merger to bolster access to government
contracts and grant opportunities and expand product offerings.
Officer
Compensation
For
the nine months ended November 30, 2023 and 2022, we had officer compensation expense of $90,000 and $93,600, respectively, a decrease
of $3,600 or 3.8%.
Other
Income/Expense
For
the nine months ended November 30, 2023 and 2022, we had total other expense of $50,442 and $45,037, respectively. In the current period
we recognized $50,507 of interest expense, offset with $65 of other income. In the prior period we recognized a loss on impairment of
$46,063, offset with $1,026 of other income.
Net
Loss
For
the nine months ended November 30, 2023, we had a net loss of $530,996 compared to $213,805 for the nine months ended November 30, 2022,
an increase of $317,191. We had an increase in our net loss primarily due to the stock issued for services discussed above.
Liquidity
and Capital Resources
Operating
Activities
For
the nine months ended November 30, 2023, the company used $278,398 of cash in operating activities compared to $154,273 for the nine
months ended November 30, 2022.
Financing
Activities
During
the nine months ended November 30, 2023 and 2022, we repaid $111,356 and $12,001 of related party loans, respectively. In the prior period
we also repaid $7,240 on a loan payable.
Off
Balance Sheet Arrangements
We
have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to investors.
Critical
Accounting Policies
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities of the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Note 2 to the Financial Statements describes the significant accounting policies and methods used in the preparation of the Financial
Statements. Estimates are used for, but not limited to, contingencies and taxes. Actual results could differ materially from those estimates.
The following critical accounting policies are impacted significantly by judgments, assumptions, and estimates used in the preparation
of the Financial Statements.
OUTSIDE
BACK COVER OF PROSPECTUS
We
have not authorized any dealer, salesperson or any other person to give any information or to represent anything other than those contained
in this prospectus in connection with the offer contained herein, and, if given or made, you should not rely upon such information or
representations as having been authorized by Shorepower Technologies, Inc. This prospectus does not constitute an offer of any securities
other than those to which it relates or an offer to sell, or a solicitation of an offer to buy, to those to which it relates in any state
to any person to whom it is not lawful to make such offer in such state. The delivery of this prospectus at any time does not imply that
the information herein is correct as of any time after the date of this prospectus.
DEALER
PROSPECTUS DELIVERY REQUIREMENT
Until
_______________, 2024 [90 days from the date of this prospectus], all dealers that effect transactions in these securities, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers’ obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.
SHOREPOWER
TECHNOLOGIES, INC.
25,817,272
Shares
common
stock
PROSPECTUS
_______
___, 2024
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
ITEM
13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The
following table sets forth the costs and expenses payable by us in connection with the issuance and distribution of the securities being
registered. None of the following expenses are payable by the Selling Stockholders. All of the amounts shown are estimates, except for
the SEC registration fee.
SEC registration fee | |
$ | 580.86 |
|
Legal fees and expenses | |
$ | 45,000.00 |
|
Accounting fees and expenses | |
$ | 20,000.00 |
|
Miscellaneous | |
$ | 10,000.00 |
|
TOTAL | |
$ | 75,580.86 |
|
ITEM
14. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Delaware
General Corporation Law (“DGCL”) Section 145 provides us with the power to indemnify any of our directors, officers,
employees and agents. The person entitled to indemnification must have conducted himself in good faith, and must reasonably believe that
his conduct was in, or not opposed to, our best interests. In a criminal action, the director, officer, employee or agent must not have
had reasonable cause to believe that his conduct was unlawful.
Under
DGCL section 145, advances for expenses may be made by agreement if the director or officer affirms in writing that he has met the standards
for indemnification and will personally repay the expenses if it is determined that such officer or director did not meet those standards.
Our
bylaws include an indemnification provision under which we have the power to indemnify our directors, officers, former directors and
officers, employees and other agents (including heirs and personal representatives) against all costs, charges and expenses actually
and reasonably incurred, including an amount paid to settle an action or satisfy a judgment to which a director or officer is made a
party by reason of being or having been a director or officer of the Company. Our bylaws further provide for the advancement of all expenses
incurred in connection with a proceeding upon receipt of an undertaking by or on behalf of such person to repay such amounts if it is
determined that the party is not entitled to be indemnified under our bylaws. No advance will be made by the Company to a party if it
is determined that the party acting in bad faith. These indemnification rights are contractual, and as such will continue as to a person
who has ceased to be a director, officer, employee or other agent, and will inure to the benefit of the heirs, executors and administrators
of such a person.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted for our directors, officers and controlling persons
pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable.
Our
Corporate Bylaws at Article IX, provide that the Corporation has accepted a provision indemnifying to the full extent permitted by the
law, thereby eliminating or limiting the personal liability of directors, officers, employees or corporate agents for damages for breach
of fiduciary duty as a director or officer, but such provision must not eliminate or limit the liability of a director or officer for
(a) acts or omissions involving willful misconduct, gross negligence, fraud, or knowing violation of law; or (b) the payments of distributions
in violation of Delaware General Corporation Law.
INSOFAR
AS INDEMNIFICATION FOR LIABILITIES ARISING UNDER THE SECURITIES ACT OF 1933 MAY BE PERMITTED TO OUR DIRECTORS, OFFICERS AND CONTROLLING
PERSONS PURSUANT TO THE FORGOING PROVISIONS OR OTHERWISE, WE HAVE BEEN ADVISED THAT, IN THE OPINION OF THE SECURITIES AND EXCHANGE COMMISSION,
SUCH INDEMNIFICATION IS AGAINST PUBLIC POLICY AS EXPRESSED IN THAT ACT AND IS, THEREFORE, UNENFORCEABLE.
ITEM
15. RECENT SALES OF UNREGISTERED SECURITIES.
Since
February 28, 2020, we have issued the following unregistered securities:
Common
Stock and Warrant Issuances
On
December 1, 2022, we issued to 11 purchasers pursuant to a Stock and Warrant Purchase Agreement an aggregate of 11,000,000 shares of
restricted common stock through the purchase of units at a price of $0.04 per unit, each unit consisting of one share of our common
stock and one warrant to purchase a share of our common stock exercisable for two years at an exercise price of $0.25 per share of warrant
stock.
On
April 26, 2023, we issued 1,043,572 shares of our common stock to a consultant.
None
of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering. We believe the
offers, sales and issuances of the above securities were exempt from registration under the Securities Act (or Regulation D or Regulation
S promulgated thereunder) by virtue of Section 4(a)(2) of the Securities Act because the issuance of securities to the recipients did
not involve a public offering, or in reliance on Rule 701 because the transactions were pursuant to compensatory benefit plans or contracts
relating to compensation as provided under such rule. The recipients of the securities in each of these transactions represented their
intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof,
and appropriate legends were placed upon the stock certificates issued in these transactions. All recipients had adequate access, through
their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.
ITEM
16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
(a)
Exhibits
See
the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement
on Form S-1, which Exhibit Index is incorporated herein by reference.
(b)
Financial Statement Schedules
All
financial statement schedules are omitted because the information called for is not required or is shown either in the consolidated financial
statements or in the notes thereto.
ITEM
17. UNDERTAKINGS.
The
undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers, or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule
424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other
than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the
date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is
part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of first use.
(5)
That, for the purpose of determining any liability under the Securities Act of 1933 to any purchaser in the initial distribution of the
securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to
this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are
offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424 (§ 230.424 of this chapter);
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
the undersigned registrant. The portion of any other free writing prospectus relating to the offering containing material information
about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
(iii)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(6)
(i) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
it was declared effective.
(i)
For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(7)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of
the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue.
EXHIBIT
INDEX
Exhibit
No. |
|
Description |
2.1*+ |
|
Agreement and Plan of Merger dated November 23, 2022 by and between The United States Basketball League, Inc. and Shurepower, LLC |
|
|
|
2.2 |
|
Certificate of Merger of The United States Basketball League, Inc. and Shurepower, LLC dated April 13, 2023 |
|
|
|
3.1** |
|
Certificate of Incorporation |
|
|
|
3.2
|
|
Amendment to Certificate of Incorporation for Designation of Series B Preferred Stock |
|
|
|
3.3 |
|
Amendment to Certificate of Incorporation to Change the Name to Shorepower Technologies, Inc. |
|
|
|
3.4 |
|
Amended and Restated Bylaws of Shorepower Technologies, Inc. |
|
|
|
5.1 |
|
Opinion of Culhane Meadows PLLC |
|
|
|
10.1 |
|
Form of Stock Purchase and Warrant Agreement dated November 4, 2022 among The United States Basketball League, Inc. and Various Purchasers |
|
|
|
10.2 |
|
Form of Warrant dated December 1, 2022 |
|
|
|
10.3*** |
|
Convertible Note Dated February 15, 2022 Issued by Shurepower, LLC to Jeff Kim |
|
|
|
10.4*** |
|
Convertible Note dated March 1, 2022 Issued by Shurepower, LLC to Jeff Kim |
|
|
|
10.5*** |
|
Convertible Note Dated December 31, 2022 Issued by Shurepower, LLC to Jeff Kim |
|
|
|
10.6*** |
|
Employment Agreement dated March 22, 2023 between the Company and Jeff Kim |
|
|
|
10.7# |
|
2023 Stock Incentive Plan |
|
|
|
16.1 |
|
Letter from Olayinka Oyebola & Co. |
|
|
|
23.1 |
|
Consent of Qi CPA LLC |
|
|
|
23.2 |
|
Consent of Culhane Meadows PLLC (included in Exhibit 5.1) |
|
|
|
23.3 |
|
Consent of Olayinka Oyebola & Co.
|
|
|
|
99.1 |
|
Shurepower, LLC Unaudited Consolidated Financial Statements |
|
|
|
99.2 |
|
Shorepower, LLC Unaudited Pro Forma Condensed Combined Financial Statements |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
|
|
|
107 |
|
Filing Fee Table |
+
The schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule
and/or exhibit will be furnished to the SEC upon request.
*Incorporated
by reference to the Company’s Current Report on Form 8-K filed November 29, 2022.
**Incorporated
by reference to the Company’s Registration Statement on Form 10-SB, and amendments thereto, filed with the SEC on May 30, 2000.
***Incorporated
by reference to the Company’s Current Report on Form 8-K filed March 27, 2023.
#
Indicates management contract or compensatory plan or arrangement.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Hillsboro, Oregon, on April 4, 2024.
|
Shorepower
Technologies, Inc. |
|
|
|
|
By: |
/s/
Jeff Kim |
|
Name: |
Jeff
Kim |
|
Title: |
President,
Chief Executive Officer and Chief Financial and Accounting Officer |
Exhibit 2.2
Exhibit 3.2
Exhibit 3.3
Exhibit
3.4
AMENDED
AND RESTATED BYLAWS OF SHOREPOWER TECHNOLOGIES, INC.
(A
DELAWARE CORPORATION)
========================
ARTICLE
I - CORPORATE OFFICES
1.1
REGISTERED OFFICE.
The
registered office of the Corporation shall be fixed in the corporation’s certificate of incorporation, as the same may be amended
from time to time.
1.2
OTHER OFFICES.
The
corporation’s Board of Directors (the “Board”) may at any time establish branch or other offices at any place or places
where the corporation is qualified to do business.
ARTICLE
II - MEETINGS OF STOCKHOLDERS
2.1
PLACE OF MEETINGS.
Meetings
of stockholders shall be held at any place, within or outside the State of Delaware, designated by the Board. The Board may, in its sole
discretion, determine that a meeting of stockholders shall not be held at any place but may instead be held solely by means of remote
communication as authorized by Section 211 of the General Corporation Law of Delaware (the “DGCL”). In the absence of any
such designation or determination, stockholders’ meetings shall be held at the corporation’s principal executive office.
2.2
ANNUAL MEETING.
The
annual meeting of stockholders shall be held each year. The Board shall designate the date and time of the annual meeting. At the annual
meeting, directors shall be elected and any other proper business may be transacted.
2.3
SPECIAL MEETING.
A
special meeting of the stockholders may be called at any time by the Board, chairperson of the Board, chief executive officer or president
(in the absence of a chief executive officer), but such special meetings may not be called by any other person or persons.
No
business may be transacted at such special meeting other than the business specified in such notice to stockholders. Nothing contained
in this paragraph of this Section 2.3 shall be construed as limiting, fixing, or affecting the time when a meeting of stockholders called
by action of the Board may be held.
2.4
ADVANCE NOTICE PROCEDURES; NOTICE OF STOCKHOLDERS’ MEETINGS.
(i)
At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting.
To be properly brought before an annual meeting, business must be: (A) specified in the notice of meeting (or any supplement thereto)
given by or at the direction of the board of directors, (B) otherwise properly brought before the meeting by or at the direction of the
board of directors, or (C) otherwise properly brought before the meeting by a stockholder. For business to be properly brought before
an annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the secretary of the corporation.
To be timely, a stockholder’s notice must be delivered to or mailed and received at the principal executive offices of the corporation
not more than one hundred twenty (120) calendar days nor less than ninety (90) calendar days before the one year anniversary of the date
on which the corporation first mailed its proxy statement to stockholders in connection with the previous year’s annual meeting
of stockholders; provided, however, that in the event that no annual meeting was held in the previous year or the date of the annual
meeting has been changed by more than thirty (30) days from the date of the prior year’s meeting, notice by the stockholder to
be timely must be so received not later than the close of business on the later of one hundred twenty (120) calendar days in advance
of such annual meeting and ten (10) calendar days following the date on which public announcement of the date of the meeting is first
made. A stockholder’s notice to the secretary shall set forth as to each matter the stockholder proposes to bring before the annual
meeting: (a) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such
business at the annual meeting, (b) the name and address, as they appear on the corporation’s books, of the stockholder proposing
such business, (c) the class and number of shares of the corporation that are beneficially owned by the stockholder, (d) any material
interest of the stockholder in such business, and (e) any other information that is required to be provided by the stockholder pursuant
to Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), in his capacity as a proponent
to a stockholder proposal. Notwithstanding the foregoing, in order to include information with respect to a stockholder proposal in the
proxy statement and form of proxy for a stockholder’s meeting, stockholders must provide notice as required by the regulations
promulgated under the Exchange Act. Notwithstanding anything in these bylaws to the contrary, no business shall be conducted at any annual
meeting except in accordance with the procedures set forth in this paragraph (i). The chairman of the annual meeting shall, if the facts
warrant, determine and declare at the meeting that business was not properly brought before the meeting and in accordance with the provisions
of this paragraph (i), and, if he should so determine, he shall so declare at the meeting that any such business not properly brought
before the meeting shall not be transacted.
(ii)
Only persons who are nominated in accordance with the procedures set forth in this paragraph (ii) shall be eligible for election as directors.
Nominations of persons for election to the board of directors of the corporation may be made at a meeting of stockholders by or at the
direction of the board of directors or by any stockholder of the corporation entitled to vote in the election of directors at the meeting
who complies with the notice procedures set forth in this paragraph (ii). Such nominations, other than those made by or at the direction
of the board of directors, shall be made pursuant to timely notice in writing to the secretary of the corporation in accordance with
the provisions of paragraph (i) of this Section 2.4. Such stockholder’s notice shall set forth (a) as to each person, if any, whom
the stockholder proposes to nominate for election or re-election as a director: (A) the name, age, business address and residence address
of such person, (B) the principal occupation or employment of such person, (C) the class and number of shares of the corporation that
are beneficially owned by such person, (D) a description of all arrangements or understandings between the stockholder and each nominee
and any other person or persons (naming such person or persons) pursuant to which the nominations are to be made by the stockholder,
and (E) any other information relating to such person that is required to be disclosed in solicitations of proxies for elections of directors,
or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act (including without limitation such person’s
written consent to being named in the proxy statement, if any, as a nominee and to serving as a director if elected); and (b) as to such
stockholder giving notice, the information required to be provided pursuant to paragraph (i) of this Section 2.4. At the request of the
board of directors, any person nominated by a stockholder for election as a director shall furnish to the secretary of the corporation
that information required to be set forth in the stockholder’s notice of nomination which pertains to the nominee. No person shall
be eligible for election as a director of the corporation unless nominated in accordance with the procedures set forth in this paragraph
(ii). The chairman of the meeting shall, if the facts warrant, determine and declare at the meeting that a nomination was not made in
accordance with the procedures prescribed by these bylaws, and if he should so determine, he shall so declare at the meeting, and the
defective nomination shall be disregarded.
These
provisions shall not prevent the consideration and approval or disapproval at an annual meeting of reports of officers, directors and
committees of the board of directors, but in connection therewith no new business shall be acted upon at any such meeting unless stated,
filed and received as herein provided. Notwithstanding anything in these bylaws to the contrary, no business brought before a meeting
by a stockholder shall be conducted at an annual meeting except in accordance with procedures set forth in this Section 2.4. All notices
of meetings of stockholders shall be sent or otherwise given in accordance with either Section 2.5 or Section 8.1 of these bylaws not
less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall
specify the place, if any, date and hour of the meeting, the means of remote communication, if any, by which stockholders and proxy holders
may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which
the meeting is called.
2.5
MANNER OF GIVING NOTICE; AFFIDAVIT OF NOTICE.
Notice
of any meeting of stockholders shall be given either (i) personally, (ii) by private courier, (iii) by first- or third-class United States
mail, (iv) by other written communication, or (v) by electronic transmission as provided in Section 8.1 or other wireless means. Notices
not personally delivered shall be sent postage prepaid, directed to the stockholder at his or her address as it appears on the records
of the Corporation or given by the stockholder to the corporation for the purpose of notice. Notice shall be deemed to have been given
at the time when delivered personally or by courier or deposited in the mail or sent by other means of written communication or by electronic
transmission or other wireless means.
An
affidavit of the secretary or an assistant secretary of the corporation or of the transfer agent or any other agent of the corporation
that the notice has been given by mail or by a form of electronic transmission, as applicable, shall, in the absence of fraud, be prima
facie evidence of the facts stated therein.
2.6
QUORUM.
The
holders of a majority of the stock issued and outstanding and entitled to vote, present in person or represented by proxy, shall constitute
a quorum for the transaction of business at all meetings of the stockholders. If, however, such quorum is not present or represented
at any meeting of the stockholders, then either (i) the chairperson of the meeting, or (ii) the stockholders entitled to vote at the
meeting, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than
announcement at the meeting, until a quorum is present or represented. At such adjourned meeting at which a quorum is present or represented,
any business may be transacted that might have been transacted at the meeting as originally noticed.
2.7
ADJOURNED MEETING; NOTICE.
When
a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting
if the time, place if any thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed
to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned
meeting, the corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for
more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting
shall be given to each stockholder of record entitled to vote at the meeting.
2.8
CONDUCT OF BUSINESS.
The
chairperson of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation
of the manner of voting and the conduct of business.
2.9
VOTING.
The
stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Section 2.11 of
these bylaws, subject to Section 217 (relating to voting rights of fiduciaries, pledgors and joint owners of stock) and Section 218 (relating
to voting trusts and other voting agreements) of the DGCL.
Except
as may be otherwise provided in the certificate of incorporation or these bylaws, each stockholder shall be entitled to one vote for
each share of capital stock held by such stockholder. Except as otherwise provided by the DGCL or the certificate of incorporation, when
a quorum is present at any meeting of the stockholders, the vote of the holders of a majority of the shares having voting power present
in person or represented by proxy shall decide any action brought to vote before such meeting, other than the election of directors for
which the vote of a plurality of the shares having voting power present in person or represented by proxy is required. There shall be
no cumulative voting in the election of directors.
2.10
STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING.
Any
action required or permitted to be taken by the stockholders of the corporation at a duly called annual or special meeting of stockholders
of the corporation may be effected by a consent in writing by such stockholders.
2.11
RECORD DATE FOR STOCKHOLDER NOTICE; VOTING; GIVING CONSENTS.
In
order that the corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment
thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any
rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix, in
advance, a record date, which record date shall not precede the date on which the resolution fixing the record date is adopted and which
shall not be more than sixty (60) calendar days nor less than ten (10) calendar days before the date of such meeting, nor more than sixty
(60) calendar days prior to any other such action.
If
the Board does not so fix a record date:
(i)
The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business
on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding
the day on which the meeting is held.
(ii)
The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board adopts
the resolution relating thereto.
A
determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment
of the meeting; provided, however, that the Board may fix a new record date for the adjourned meeting.
2.12
PROXIES.
Each
stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder as proxy
by executing an instrument in writing or by authorizing the transmission of a telegram, cablegram or other means of electronic transmission
(provided that any such telegram, cablegram, or other means of electronic transmission either sets forth or is submitted with information
from which it can be determined that the telegram, cablegram, or other means of electronic transmission was authorized by the person)
and filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years
from its date, unless the proxy provides for a longer period. The revocability of a proxy that states on its face that it is irrevocable
shall be governed by the provisions of Section 212 of the DGCL.
2.13
LIST OF STOCKHOLDERS ENTITLED TO VOTE.
The
officer who has charge of the stock ledger of the corporation shall prepare and make, at least 10 days before every meeting of stockholders,
a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each
stockholder and the number of shares registered in the name of each stockholder. The corporation shall not be required to include electronic
mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder, for
any purpose germane to the meeting for a period of at least ten (10) calendar days prior to the meeting: (i) on a reasonably accessible
electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or
(ii) during ordinary business hours, at the corporation’s principal executive office. In the event that the corporation determines
to make the list available on an electronic network, the corporation may take reasonable steps to ensure that such information is available
only to stockholders of the corporation. If the meeting is to be held at a place, then the list shall be produced and kept at the time
and place of the meeting during the whole time thereof and may be inspected by any stockholder who is present. If the meeting is to be
held solely by means of remote communication, then the list shall also be open to the examination of any stockholder during the whole
time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided
with the notice of the meeting. Such list shall presumptively determine the identity of the stockholders entitled to vote at the meeting
and the number of shares held by each of them.
2.14
INSPECTORS OF ELECTION
Before
any meeting of stockholders, the board of directors shall appoint an inspector or inspectors of election to act at the meeting or its
adjournment. The number of inspectors shall be either one (1) or three (3). If any person appointed as inspector fails to appear or fails
or refuses to act, then the chairperson of the meeting may, and upon the request of any stockholder or a stockholder’s proxy shall,
appoint a person to fill that vacancy.
Such
inspectors shall:
|
(i) |
determine
the number of shares outstanding and the voting power of each, the number of shares represented at the meeting, the existence of
a quorum, and the authenticity, validity, and effect of proxies; |
|
|
|
|
(ii) |
receive
votes, ballots or consents; |
|
|
|
|
(iii) |
hear
and determine all challenges and questions in any way arising in connection with the right to vote; |
|
|
|
|
|
|
|
(iv) |
count
and tabulate all votes or consents; |
|
|
|
|
|
|
|
(v) |
determine
when the polls shall close; |
|
|
|
|
|
|
|
(vi) |
determine
the result; and |
|
|
|
|
(vii) |
do
any other acts that may be proper to conduct the election or vote with fairness to all stockholders. |
The
inspectors of election shall perform their duties impartially, in good faith, to the best of their ability and as expeditiously as is
practical. If there are three (3) inspectors of election, the decision, act or certificate of a majority is effective in all respects
as the decision, act or certificate of all. Any report or certificate made by the inspectors of election is prima facie evidence of the
facts stated therein.
ARTICLE
III - DIRECTORS
3.1
POWERS.
Subject
to the provisions of the DGCL and any limitations in the certificate of incorporation or these bylaws relating to action required to
be approved by the stockholders or by the outstanding shares, the business and affairs of the corporation shall be managed and all corporate
powers shall be exercised by or under the direction of the Board.
3.2
NUMBER OF DIRECTORS.
The
authorized number of directors shall be determined from time to time by resolution of the Board, provided the Board shall consist of
at least one member. No reduction of the authorized number of directors shall have the effect of removing any director before that director’s
term of office expires.
3.3
ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS.
Except
as provided in Section 3.4 of these bylaws, each director, including a director elected to fill a vacancy, shall hold office until the
expiration of the term for which elected and until such director’s successor is elected and qualified or until such director’s
earlier death, resignation or removal. Directors need not be stockholders unless so required by the certificate of incorporation or these
bylaws. The certificate of incorporation or these bylaws may prescribe other qualifications for directors.
3.4
RESIGNATION AND VACANCIES.
Any
director may resign at any time upon notice given in writing or by electronic transmission to the corporation. When one or more directors
so resigns and the resignation is effective at a future date, a majority of the directors then in office, including those who have so
resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall
become effective, and each director so chosen shall hold office as provided in this section in the filling of other vacancies.
Unless
otherwise provided in the certificate of incorporation or these bylaws, vacancies, including vacancies resulting from the removal of
a director pursuant to Section 3.11 of these bylaws, and newly created directorships resulting from any increase in the authorized number
of directors may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.
If the directors are divided into classes, a person so elected by the directors then in office to fill a vacancy or newly created directorship
shall hold office until the next election of the class for which such director shall have been chosen and until his or her successor
shall have been duly elected and qualified.
If
at any time, by reason of death or resignation or other cause, the corporation should have no directors in office, then any officer or
any stockholder or an executor, administrator, trustee or guardian of a stockholder, or other fiduciary entrusted with like responsibility
for the person or estate of a stockholder, may call a special meeting of stockholders in accordance with the provisions of the certificate
of incorporation or these bylaws, or may apply to the Court of Chancery for a decree summarily ordering an election as provided in Section
211 of the DGCL.
3.5
PLACE OF MEETINGS; MEETINGS BY TELEPHONE.
The
Board may hold meetings, both regular and special, either within or outside the State of Delaware.
Unless
otherwise restricted by the certificate of incorporation or these bylaws, members of the Board, or any committee designated by the Board,
may participate in a meeting of the Board, or any committee, by means of conference telephone or other communications equipment by means
of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence
in person at the meeting.
3.6
REGULAR MEETINGS.
Regular
meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board.
3.7
SPECIAL MEETINGS; NOTICE.
Special
meetings of the Board for any purpose or purposes may be called at any time by the chairperson of the Board, the chief executive officer,
the president or a majority of the authorized number of directors.
Notice
of the time and place of special meetings shall be:
|
(i) |
delivered
personally by hand, by courier or by telephone; |
|
|
|
|
(ii) |
sent
by United States first-class mail, postage prepaid; |
|
|
|
|
(iii) |
sent
by facsimile; or |
|
|
|
|
(iv) |
sent
by electronic mail, directed to each director at that director’s address, telephone number, facsimile number or electronic
mail address, as the case may be, as shown on the corporation’s records. |
If
the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or (iii) sent by electronic mail,
it shall be delivered or sent at least 24 hours before the time of the holding of the meeting. If the notice is sent by United States
mail, it shall be deposited in the United States mail at least four days before the time of the holding of the meeting. Any oral notice
may be communicated to the director. The notice need not specify the place of the meeting (if the meeting is to be held at the corporation’s
principal executive office) nor the purpose of the meeting.
3.8
QUORUM.
At
all meetings of the Board, a majority of the authorized number of directors shall constitute a quorum for the transaction of business.
The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board, except as
may be otherwise specifically provided by statute, the certificate of incorporation or these bylaws. If a quorum is not present at any
meeting of the Board, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement
at the meeting, until a quorum is present.
A
meeting at which a quorum is initially present may continue to transact business notwithstanding the withdrawal of directors, if any
action taken is approved by at least a majority of the required quorum for that meeting.
3.9
BOARD ACTION BY WRITTEN CONSENT WITHOUT A MEETING.
Unless
otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting
of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be,
consent thereto in writing or by electronic transmission and the writing or writings or electronic transmission or transmissions are
filed with the minutes of proceedings of the Board or committee. Such filing shall be in paper form if the minutes are maintained in
paper form and shall be in electronic form if the minutes are maintained in electronic form.
3.10
FEES AND COMPENSATION OF DIRECTORS.
Unless
otherwise restricted by the certificate of incorporation or these bylaws, the Board shall have the authority to fix the compensation
of directors.
3.11
REMOVAL OF DIRECTORS.
Any
director may be removed from office at any special or annual meeting of the shareholders by a majority of stockholders of the Corporation.
No
reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director’s
term of office.
ARTICLE
IV - COMMITTEES
4.1
COMMITTEES OF DIRECTORS.
The
Board may, by resolution passed by a majority of the authorized number of directors, designate one or more committees, each committee
to consist of one or more of the directors of the corporation. The Board may designate one or more directors as alternate members of
any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification
of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such
member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any
such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board or in these bylaws, shall
have and may exercise all the powers and authority of the Board in the management of the business and affairs of the corporation, and
may authorize the seal of the corporation to be affixed to all papers that may require it; but no such committee shall have the power
or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the DGCL to be submitted
to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the corporation.
4.2
COMMITTEE MINUTES.
Each
committee shall keep regular minutes of its meetings and report the same to the Board when required.
4.3
MEETINGS AND ACTION OF COMMITTEES.
Meetings
and actions of committees shall be governed by, and held and taken in accordance with, the provisions of:
|
(i) |
Section 3.5 (place of meetings and meetings by telephone); |
|
(ii) |
Section 3.6 (regular meetings); |
|
(iii) |
Section 3.7 (special meetings and notice); |
|
(iv) |
Section 3.8 (quorum); |
|
(v) |
Section 3.9 (action without a meeting); and |
| (vi) | Section
7.12 (waiver of notice) with such changes in the context of those bylaws as are necessary
to substitute the committee and its members for the Board and its members; provided, however: |
| (i) | the
time of regular meetings of committees may be determined either by resolution of the Board
or by resolution of the committee; |
| (ii) | special
meetings of committees may also be called by resolution of the Board; and |
| (iii) | notice
of special meetings of committees shall also be given to all alternate members, who shall
have the right to attend all meetings of the committee. The Board may adopt rules for the
governance of any committee not inconsistent with the provisions of these bylaws. |
ARTICLE
V - OFFICERS
5.1
OFFICERS.
The
officers of the corporation shall be a president and a secretary. The corporation may also have, at the discretion of the Board, a chairperson
of the Board, a vice chairperson of the Board, a chief executive officer, a chief financial officer or treasurer, one or more vice presidents,
one or more assistant vice presidents, one or more assistant treasurers, one or more assistant secretaries, and any such other officers
as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person.
5.2
APPOINTMENT OF OFFICERS.
The
Board shall appoint the officers of the corporation, except such officers as may be appointed in accordance with the provisions of Sections
5.3 and 5.5 of these bylaws, subject to the rights, if any, of an officer under any contract of employment.
5.3
SUBORDINATE OFFICERS.
The
Board may appoint, or empower the chief executive officer or, in the absence of a chief executive officer, the president, to appoint,
such other officers and agents as the business of the corporation may require. Each of such officers and agents shall hold office for
such period, have such authority, and perform such duties as are provided in these bylaws or as the Board may from time to time determine.
5.4
REMOVAL AND RESIGNATION OF OFFICERS.
Subject
to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by an
affirmative vote of the majority of the Board at any regular or special meeting of the Board or, except in the case of an officer chosen
by the Board, by any officer upon whom such power of removal may be conferred by the Board.
Any
officer may resign at any time by giving written notice to the corporation. Any resignation shall take effect at the date of the receipt
of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance
of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the corporation
under any contract to which the officer is a party.
5.5
VACANCIES IN OFFICES.
Any
vacancy occurring in any office of the corporation shall be filled by the Board or as provided in Section 5.2.
5.6
REPRESENTATION OF SHARES OF OTHER CORPORATIONS.
The
chairperson of the Board, the president, any vice president, the treasurer, the secretary or assistant secretary of this corporation,
or any other person authorized by the Board or the president or a vice president, is authorized to vote, represent, and exercise on behalf
of this corporation all rights incident to any and all shares of any other corporation or corporations standing in the name of this corporation.
The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power
of attorney duly executed by such person having the authority.
5.7
CHAIRPERSON OF THE BOARD.
The
chairperson of the Board, if such an officer be elected, shall, if present, preside at meetings of the board of directors and exercise
such other powers and perform such other duties as may from time to time be assigned to him by the board of directors or as may be prescribed
by these bylaws. If there is no chairperson of the Board, then the chief executive officer of the corporation shall have the powers and
duties prescribed herein.
5.8
CHIEF EXECUTIVE OFFICER.
Subject
to such supervisory powers, if any, as may be given by the Board to the chairperson of the Board, if there be such an officer, the chief
executive officer of the corporation shall, subject to the control of the Board, have general supervision, direction and control of the
business and the officers of the corporation. He or she shall preside at all meetings of the stockholders and, in the absence or nonexistence
of a chairperson of the Board, at all meetings of the Board.
5.9
PRESIDENT.
Subject
to such supervisory powers, if any, as may be given by the Board to the chief executive officer, if there be such an officer, the president
of the corporation shall, subject to the control of the Board, have general supervision over the operations of the corporation. He or
she shall have the general powers and duties of management usually vested in the office of president of a corporation and shall have
such other powers and perform such other duties as may be prescribed by the Board or these bylaws.
5.10
VICE PRESIDENTS.
In
the absence or disability of the president, and if there is no chairperson of the Board, the vice presidents, if any, in order of their
rank as fixed by the Board or, if not ranked, a vice president designated by the Board, shall perform all the duties of the president
and when so acting shall have all the powers of, and be subject to all the restrictions upon, the president. The vice presidents shall
have such other powers and perform such other duties as from time to time may be prescribed for them respectively by the Board, these
bylaws, the president or the chairperson of the Board.
5.11
SECRETARY.
The
secretary shall keep or cause to be kept at the principal executive office of the corporation or such other place as the Board may direct,
a book of minutes of all meetings and actions of the Board, committees of directors and stockholders. The minutes shall show the time
and place of each meeting, whether regular or special (and, if special, how authorized and the notice given), the names of those present
at directors’ meetings or committee meetings, the number of shares present or represented at stockholders’ meetings and the
proceedings thereof.
The
secretary shall keep, or cause to be kept, at the principal executive office of the corporation or at the office of the corporation’s
transfer agent or registrar, as determined by resolution of the Board, a share register or a duplicate share register, showing the names
of all stockholders and their addresses, the number and classes of shares held by each, and, if certificates have been issued, the number
and date of certificates evidencing such shares and the number and date of cancellation of every certificate surrendered for cancellation.
The
secretary shall give, or cause to be given, notice of all meetings of the stockholders and of the Board required to be given by law or
by these bylaws. He or she shall keep the seal of the corporation, if one be adopted, in safe custody and shall have such other powers
and perform such other duties as may be prescribed by the Board or by these bylaws.
5.12
CHIEF FINANCIAL OFFICER.
The
chief financial officer shall keep and maintain, or cause to be kept and maintained, adequate and correct books and records of accounts
of the properties and business transactions of the corporation, including accounts of its assets, liabilities, receipts, disbursements,
gains, losses, capital, retained earnings and shares. The books of account shall at all reasonable times be open to inspection by any
director for a purpose reasonably related to his position as a director.
The
chief financial officer shall deposit all money and other valuables in the name and to the credit of the corporation with such depositaries
as may be designated by the Board. He or she shall disburse the funds of the corporation as may be ordered by the Board, shall render
to the president and directors, whenever they request it, an account of all of his or her transactions as chief financial officer and
of the financial condition of the corporation, and shall have such other powers and perform such other duties as may be prescribed by
the Board or these bylaws.
5.13
AUTHORITY AND DUTIES OF OFFICERS.
In
addition to the foregoing authority and duties, all officers of the corporation shall respectively have such authority and perform such
duties in the management of the business of the corporation as may be designated from time to time by the Board or the stockholders and,
to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.
ARTICLE
VI - RECORDS AND REPORTS
6.1
MAINTENANCE AND INSPECTION OF RECORDS.
The
corporation shall, either at its principal executive office or at such place or places as designated by the Board, keep a record of its
stockholders listing their names and addresses and the number and class of shares held by each stockholder, a copy of these bylaws as
amended to date, accounting books, and other records.
Any
stockholder of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have
the right during the usual hours for business, at such stockholder’s expense, to inspect for any proper purpose the corporation’s
stock ledger, a list of its stockholders, and its other books and records and to make copies or extracts therefrom. A proper purpose
shall mean a purpose reasonably related to such person’s interest as a stockholder. In every instance where an attorney or other
agent is the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other
writing that authorizes the attorney or other agent so to act on behalf of the stockholder. The demand under oath shall be directed to
the corporation at its registered office in Delaware or at its principal executive office.
6.2
INSPECTION BY DIRECTORS.
Any
director shall have the right to examine the corporation’s stock ledger, a list of its stockholders, and its other books and records
for a purpose reasonably related to his or her position as a director. The Court of Chancery is hereby vested with the exclusive jurisdiction
to determine whether a director is entitled to the inspection sought. The Court may summarily order the corporation to permit the director
to inspect any and all books and records, the stock ledger, and the stock list and to make copies or extracts therefrom. The Court may,
in its discretion, prescribe any limitations or conditions with reference to the inspection, or award such other and further relief as
the Court may deem just and proper.
ARTICLE
VII - GENERAL MATTERS
7.1
EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS.
The
Board, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract
or execute any instrument in the name of and on behalf of the corporation; such authority may be general or confined to specific instances.
Unless so authorized or ratified by the Board or within the agency power of an officer, no officer, agent or employee shall have any
power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose
or for any amount.
7.2
STOCK CERTIFICATES; PARTLY PAID SHARES.
The
shares of the corporation shall be represented by certificates, provided that the Board may provide by resolution or resolutions that
some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares
represented by a certificate until such certificate is surrendered to the corporation. Notwithstanding the adoption of such a resolution
by the Board, every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of
the corporation by the chairperson or vice-chairperson of the Board, or the president or vice-president, and by the treasurer or an assistant
treasurer, or the secretary or an assistant secretary of such corporation representing the number of shares registered in certificate
form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed
or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such
certificate is issued, it may be issued by the corporation with the same effect as if he were such officer, transfer agent or registrar
at the date of issue. The corporation also may issue paperless book-entry shares as a pre-condition for inclusion in the DWAC/FAST and
DRS Profile systems offered by The Depository Trust & Clearing Corporation.
The
corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to
be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books
and records of the corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor
and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the corporation shall declare
a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.
7.3
SPECIAL DESIGNATION ON CERTIFICATES.
If
the corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations,
the preferences, and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications,
limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate
that the corporation shall issue to represent such class or series of stock; provided, however, that, except as otherwise provided in
Section 202 of the DGCL, in lieu of the foregoing requirements there may be set forth on the face or back of the certificate that the
corporation shall issue to represent such class or series of stock a statement that the corporation will furnish without charge to each
stockholder who so requests the powers, the designations, the preferences, and the relative, participating, optional or other special
rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.
7.4
LOST CERTIFICATES.
Except
as provided in this Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the
latter is surrendered to the corporation and cancelled at the same time. The corporation may issue a new certificate of stock or uncertificated
shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the corporation
may require the owner of the lost, stolen or destroyed certificate, or such owner’s legal representative, to give the corporation
a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction
of any such certificate or the issuance of such new certificate or uncertificated shares.
7.5
CONSTRUCTION; DEFINITIONS.
Unless
the context requires otherwise, the general provisions, rules of construction, and definitions in the DGCL shall govern the construction
of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes
the singular, and the term “person” includes both a business entity and a natural person.
7.6
DIVIDENDS.
The
Board, subject to any restrictions contained in either (i) the DGCL, or (ii) the certificate of incorporation, may declare and pay dividends
upon the shares of its capital stock. Dividends may be paid in cash, in property, or in shares of the corporation’s capital stock.
The
Board may set apart out of any of the funds of the corporation available for dividends a reserve or reserves for any proper purpose and
may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property
of the corporation, and meeting contingencies.
7.7
FISCAL YEAR.
The
fiscal year of the corporation shall be fixed by resolution of the Board and may be changed by the Board.
7.8
SEAL.
The
corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board. The corporation may use the corporate
seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.
7.9
TRANSFER OF STOCK.
To
the extent that certificates have been issued, upon surrender to the corporation or the transfer agent of the corporation of a certificate
for shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, it shall be the duty
of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate, and record the transaction
in its books.
7.10
STOCK TRANSFER AGREEMENTS.
The
corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock
of the corporation to restrict the transfer of shares of stock of the corporation of any one or more classes owned by such stockholders
in any manner not prohibited by the DGCL.
7.11
REGISTERED STOCKHOLDERS.
The
corporation:
(i)
shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and
to vote as such owner;
(ii)
shall be entitled to hold liable for calls and assessments the person registered on its books as the owner of shares; and
(iii)
shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether
or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.
7.12
WAIVER OF NOTICE.
Whenever
notice is required to be given under any provision of the DGCL, the certificate of incorporation or these bylaws, a written waiver, signed
by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the
time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute
a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of
the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted
at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver
by electronic transmission unless so required by the certificate of incorporation or these bylaws.
7.13
FORUM FOR ADJUDICATING DISPUTES.
(a)
Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the Court
of Chancery of the State of Delaware (or, if that court lacks subject matter jurisdiction, another federal or state court situated in
the State of Delaware) shall be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative
action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any
director, officer or other employee of the Corporation to the Corporation or the Corporation’s stockholders, (iii) any action asserting
a claim against the Corporation, its directors, officers or employees arising pursuant to any provision of the DGCL, the certificate
of incorporation or these bylaws, or (iv) any action asserting a claim against the Corporation, its directors, officers or employees
governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock
of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 7.13.
(b)
Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal
district courts of the United States situated in the State of Delaware shall be the exclusive forum for the resolution of any complaint
asserting a cause of action under the Securities Act of 1933 and the Securities Exchange Act of 1934. Any person or entity purchasing
or otherwise acquiring any interest in shares of capital stock of the corporation shall be deemed to have notice of and consented to
the provisions of this Section 7.13.
(c)
If any action the subject matter of which is within the scope of Section 7.13(a) above is filed in a court other than a court located
within the State of Delaware (a “Foreign Action”) in the name of any stockholder, such stockholder shall be deemed to have
consented to (i) the personal jurisdiction of the state and/or federal courts (as applicable) located within the State of Delaware in
connection with any action brought in any such court to enforce Section 7.13(a) above (an “FSC Enforcement Action”) and (ii)
having service of process made upon such stockholder in any such FSC Enforcement Action by service upon such stockholder’s counsel
in the Foreign Action as agent for such stockholder.
(d).
If any provision or provisions of this Section 7.13 shall be held to be invalid, illegal or unenforceable as applied to any person or
entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability
of such provisions in any other circumstance and of the remaining provisions of this Section 7.13 (including, without limitation, each
portion of any sentence of this Section 7.13 containing any such provision held to be invalid, illegal or unenforceable that is not itself
held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall
not in any way be affected or impaired thereby. Any person or entity purchasing or otherwise acquiring any interest in shares of capital
stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Section 713.
ARTICLE
VIII - NOTICE BY ELECTRONIC TRANSMISSION
8.1
NOTICE BY ELECTRONIC TRANSMISSION.
Without
limiting the manner by which notice otherwise may be given effectively to stockholders pursuant to the DGCL, the certificate of incorporation
or these bylaws, any notice to stockholders given by the corporation under any provision of the DGCL, the certificate of incorporation
or these bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is
given. Any such consent shall be revocable by the stockholder by written notice to the corporation. Any such consent shall be deemed
revoked if:
(i)
the corporation is unable to deliver by electronic transmission two consecutive notices given by the corporation in accordance with such
consent; and
(ii)
such inability becomes known to the secretary or an assistant secretary of the corporation or to the transfer agent, or other person
responsible for the giving of notice.
However,
the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action.
Any
notice given pursuant to the preceding paragraph shall be deemed given:
(i) if
by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice;
(ii) if
by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice;
(iii) if
by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A)
such posting and (B) the giving of such separate notice; and
(iv) if
by any other form of electronic transmission, when directed to the stockholder.
An
affidavit of the secretary or an assistant secretary or of the transfer agent or other agent of the corporation that the notice has been
given by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein.
8.2
DEFINITION OF ELECTRONIC TRANSMISSION.
An
“electronic transmission” means any form of communication, not directly involving the physical transmission of paper, that
creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form
by such a recipient through an automated process.
8.3
INAPPLICABILITY.
Notice
by a form of electronic transmission shall not apply to Sections 164, 296, 311, 312 or 324 of the DGCL.
ARTICLE
IX - INDEMNIFICATION
9.1
INDEMNIFICATION OF DIRECTORS AND OFFICERS
The
corporation shall indemnify and hold harmless, to the fullest extent permitted by the DGCL as it presently exists or may hereafter be
amended, any director or officer of the corporation who was or is made or is threatened to be made a party or otherwise involved in any
action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) by reason of the fact
that he or she is or was a director, officer, employee or agent of the corporation or is or was serving at the written request of the
corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise,
against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by such person in connection with any such Proceeding. The corporation shall be required to indemnify a person in connection with a Proceeding
initiated by such person only if the Proceeding was authorized by the Board.
9.2
INDEMNIFICATION OF OTHERS
The
corporation may indemnify and hold harmless, to the extent permitted by the DGCL as it presently exists or may hereafter be amended,
any employee or agent of the corporation who was or is made or is threatened to be made a party or otherwise involved in any Proceeding
by reason of the fact that he or she is or was an employee or agent of the corporation or is or was serving at the written request of
the corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or enterprise
against expenses actually and reasonably incurred by such person in connection with any such Proceeding.
9.3
PREPAYMENT OF EXPENSES
The
corporation shall pay the expenses incurred by any officer or director of the corporation, and may pay the expenses incurred by any employee
or agent of the corporation, in defending any Proceeding in advance of its final disposition; provided, however, that the payment of
expenses incurred by a person in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking
by the person to repay all amounts advanced if it should be determined that the person is not entitled to be indemnified under this Article
IX or otherwise.
9.4
DETERMINATION; CLAIM
If
a claim for indemnification or payment of expenses under this Article IX is not paid in full within sixty days after a written claim
therefor has been received by the corporation the claimant may file suit to recover the unpaid amount of such claim and, if successful
in whole or in part, shall be entitled to be paid the expense of prosecuting such claim.
9.5
NON-EXCLUSIVITY OF RIGHTS
The
rights conferred on any person by this Article IX shall not be exclusive of any other rights which such person may have or hereafter
acquire under any statute, provision of the certificate of incorporation, these bylaws, agreement, vote of stockholders or disinterested
directors or otherwise.
9.6
INSURANCE
The
corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation,
or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against him or her and incurred by him or her in any such capacity,
or arising out of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such
liability under the provisions of the DGCL.
9.7
OTHER INDEMNIFICATION
The
corporation’s obligation, if any, to indemnify any person who was or is serving at its request as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, enterprise or non-profit entity shall be reduced by any amount such
person may collect as indemnification from such other corporation, partnership, joint venture, trust, enterprise or non-profit enterprise.
9.8
AMENDMENT OR REPEAL
Any
repeal or modification of the foregoing provisions of this Article IX shall not adversely affect any right or protection hereunder of
any person in respect of any act or omission occurring prior to the time of such repeal or modification.
ARTICLE
X - AMENDMENTS
These
bylaws may be adopted, amended or repealed by the board of directors or a majority of the stockholders entitled to vote thereon.
Exhibit
5.1
|
1701
Pennsylvania Avenue, N.W.
Suite
200
Washington,
D.C. 20006
Direct:
844-285-4263 ext. 758
Cell:
(301) 910-2030
estern@culhanemeadows.com
Ernest
M. Stern
Partner |
March
18, 2024
Shorepower
Technologies, Inc.
5291
NE Elam Young Pkwy.
Suite
160
Hillsboro,
OR 97124
Attn:
Jeff Kim
Re:
Registration Statement on Form S-1
Ladies
and Gentlemen:
We
have acted as counsel for Shorepower Technologies, Inc., a Delaware corporation (the “Company”), in connection
with the resale Registration Statement on Form S-1 (Registration Number 333-274184) as amended (the “Registration Statement”),
relating to the registration under the Securities Act of 1933, as amended (the “Act”), of up to 25,817,272
(i) previously issued and outstanding shares of common stock of the Company, par value $.01 per share (the “Common Stock”),
held by current shareholders of the Company (the “Selling Stockholders”) and (ii) the shares of Common Stock,
all of which are authorized but heretofore unissued, to be offered and sold by the Company, issuable upon exercise of the warrants held
by the Selling Stockholders (collectively, the “Warrants”) (the “Warrant Shares”).
Unless otherwise indicated, capitalized terms used herein shall have the meanings ascribed thereto in the Registration Statement.
As
such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter.
With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters
without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware,
and we express no opinion with respect to any other laws.
Based
upon the foregoing and subject to the limitations, qualifications and assumptions set forth herein, we are of the opinion that:
| 1. | The
shares of Common Stock held by the Selling Stockholders have been duly authorized and issued;
and |
| 2. | The
Warrant Shares have been duly authorized and, if duly issued and sold against the payment
therefor on the date hereof in accordance with the terms of the Warrants, would be validly
issued, fully paid and nonassessable. |
Our
opinions are subject to: (i) the effect of bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws
relating to or affecting the rights and remedies of creditors; and (ii) the effect of general principles of equity, whether considered
in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of
materiality, reasonableness, good faith and fair dealing, and the discretion of the court before which a proceeding is brought. We express
no opinion or confirmation as to federal or state securities laws, tax laws, antitrust or trade regulation laws, insolvency or fraudulent
transfer laws, antifraud laws, compliance with fiduciary duty requirements, pension or employee benefit laws, FINRA rules or stock exchange
rules (without limiting other laws excluded by customary practice).
This
opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely
upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement
and to the reference to our firm in the Prospectus under the heading “Legal Matters.” In giving such consent, we do not thereby
admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the
Commission thereunder.
|
Very
truly yours, |
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Culhane
Meadows PLLC |
|
|
|
/s/
Culhane Meadows PLLC |
Exhibit
10.1
NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE
REASONABLY SATISFACTORY TO THE COMPANY, THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED,
OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE
STATE SECURITIES LAWS.
UNITED
STATES BASKETBALL LEAGUE, INC.
WARRANT
TO PURCHASE SHARES OF COMMON STOCK
1. Issuance.
For good and valuable consideration as set forth in the Stock and Warrant Purchase Agreement (as defined below), including without limitation
the exercise price (as defined in the Purchase Agreement), the receipt and sufficiency of which are hereby acknowledged by United
States Basketball League, Inc., a Nevada corporation, its successors and assigns (“Company”), EROP Enterprises
LLC, its successors and/or registered assigns (“Investor”), is hereby granted the right to purchase at any time on
or after the Issue Date (as defined below) until March 22, 2025 (the “Expiration Date”), 1,600,000 fully paid and
non-assessable shares (the “Warrant Shares”) of Company’s common stock, par value $0.01 per share (the “Common
Stock”), as such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant to Purchase
Shares of Common Stock (this “Warrant”).
This
Warrant is being issued pursuant to the terms of that certain Stock and Warrant Purchase Agreement dated January 15, 2023, to which Company
and Investor are parties (as the same may be amended from time to time, the “Purchase Agreement”). Certain capitalized
terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference. This Warrant was issued
to Investor on March 22, 2023 (the “Issue Date”).
2. Exercise
of Warrant.
2.1. General.
(a) This
Warrant is exercisable in whole or in part at any time and from time to time commencing on the Issue Date and ending on the Expiration
Date. Such exercise shall be effectuated by submitting to Company (either by delivery to Company or by email or facsimile transmission)
a completed and signed Notice of Exercise substantially in the form attached to this Warrant as Exhibit A (the “Notice
of Exercise”). The date a Notice of Exercise is delivered to Company shall be the “Exercise Date,” provided
that, if such exercise represents the full exercise of the outstanding balance of this Warrant, Investor shall tender this Warrant to
Company within five (5) Trading Days thereafter, but only if the Warrant Shares to be delivered pursuant to the Notice of Exercise have
been delivered to Investor as of such date. The Notice of Exercise shall be executed by Investor and shall indicate the number of Warrant
Shares to be issued pursuant to such exercise
(b) The
Exercise Price per share of Common Stock for the Warrant Shares shall be payable, at the election of Investor, in cash or by certified
or official bank check or by wire transfer in accordance with instructions provided by Company at the request of Investor.
(c) Upon
the appropriate payment to Company of the Exercise Price for the Warrant Shares, Company shall promptly, but in no case later than the
date that is ten (10) Trading Days following the date the Exercise Price is paid to Company (the “Delivery Date”),
deliver or cause Company’s Transfer Agent to deliver the applicable Warrant Shares electronically via the DWAC system to the account
designated by Investor on the Notice of Exercise. If for any reason Company is not able to so deliver the Warrant Shares via the DWAC
system, Company shall instead, on or before the applicable date set forth above in this subsection, issue and deliver to Investor or
its broker (as designated in the Notice of Exercise), via reputable overnight courier, a certificate, registered in the name of Investor
or its designee, representing the applicable number of Warrant Shares.
(d) In
no event may this Warrant be net cash settled.
2.2. Mandatory
Exercise. Should the registration statement that Company is obligated to file under the terms of the Purchase Agreement of the Common
Stock underlying this Warrant be deemed effective and the Common Stock trade a minimum of _____ shares per day over $____ for a period
of __Trading Days, Investor shall have a 60 day period to exercise this Warrant or this Warrant shall be cancelled.
3. Mutilation
or Loss of Warrant. Upon receipt by Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) receipt of reasonably satisfactory indemnification, and (in the case of mutilation)
upon surrender and cancellation of this Warrant, Company will execute and deliver to Investor a new Warrant of like tenor and date and
any such lost, stolen, destroyed or mutilated Warrant shall thereupon become void.
4. Rights
of Investor. Investor shall not, by virtue of this Warrant alone, be entitled to any rights of a stockholder in Company, either at
law or in equity, and the rights of Investor with respect to or arising under this Warrant are limited to those expressed in this Warrant
and are not enforceable against Company except to the extent set forth herein
5. Adjustments.
If Company shall issue any shares of Common Stock as a stock dividend or subdivide the number of outstanding shares of Common Stock into
a greater number of shares, then, in either such case, the Exercise Price in effect before such dividend or subdivision shall be proportionately
reduced and the number of Warrant Shares at that time issuable pursuant to the exercise of this Warrant shall be proportionately increased;
and, conversely, if Company shall contract the number of outstanding shares of Common Stock by combining such shares into a smaller number
of shares, then the Exercise Price in effect before such combination shall be proportionately increased and the number of Warrant Shares
at that time issuable pursuant to the exercise or conversion of this Warrant shall be proportionately decreased. Each adjustment in the
number of shares of Warrant Stock issuable shall be to the nearest whole share.
6. Certificate
as to Adjustments. In the case of any adjustment in the Exercise Price or Warrant Shares, Company will promptly give written notice
to Investor in the form of a certificate, certified and confirmed by an officer of the Company, setting forth the adjustment in reasonable
detail.
7. Transfer
to Comply with the Securities Act. This Warrant and the Warrant Shares have not been registered under the Securities Act of 1933,
as amended (the “1933 Act”). Neither this Warrant nor the Warrant Shares may be sold, transferred, pledged or hypothecated
without (a) an effective registration statement under the 1933 Act relating to such security or (b) an opinion of counsel reasonably
satisfactory to Company that registration is not required under the 1933 Act. Until such time as registration has occurred under the
1933 Act, each certificate for this Warrant and any Warrant Shares shall contain a legend, in form and substance satisfactory to counsel
for Company, setting forth the restrictions on transfer contained in this Section 7.
8. Notices.
Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices” in the
Purchase Agreement, the terms of which are incorporated herein by reference.
9. Supplements
and Amendments; Whole Agreement. This Warrant may be amended or supplemented only by an instrument in writing signed by the parties
hereto. This Warrant, together with the Purchase Agreement, contains the full understanding of the parties hereto with respect to the
subject matter hereof and thereof and there are no representations, warranties, agreements or understandings with respect to the subject
matter hereof and thereof other than as expressly contained herein and therein.
10. Governing
Law; Venue. This Warrant shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Warrant shall be governed by, the internal laws of the State of Nevada, without giving effect
to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other than
the State of Nevada. Any action brought by either party against the other concerning the transactions contemplated by this Agreement
shall be brought only in the state and federal courts in Los Angeles County, California. The parties to this Agreement hereby irrevocably
waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The prevailing party in any dispute arising under this Agreement shall be entitled to recover
from the other party its reasonable attorney’s fees and costs.
11. Waiver
of Jury Trial. EACH OF COMPANY AND INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS WARRANT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS
WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION.
FURTHER, COMPANY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY JURY.
12. Counterparts.
This Warrant may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. Electronic signatures shall be considered original
signatures for all purposes hereof.
13. Attorneys’
Fees. In the event of any litigation or dispute arising from this Warrant, the parties agree that the prevailing party shall be entitled
to an additional award of the full amount of the reasonable attorneys’ fees and expenses paid by said prevailing party in connection
with litigation or dispute.
14. Severability.
Whenever possible, each provision of this Warrant shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such provision shall be modified to
achieve the objective of the parties to the fullest extent permitted and such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Warrant or the validity or enforceability of this Warrant in any other jurisdiction.
[Remainder
of page intentionally left blank; signature page follows]
IN
WITNESS WHEREOF, Company has caused this Warrant to be duly executed as of the Issue Date.
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COMPANY: |
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United
States Basketball League, Inc. |
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By: |
|
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Saeb
Jannoun, President |
[Signature
Page to Warrant]
ATTACHMENT
1
DEFINITIONS
For
purposes of this Warrant, the following terms shall have the following meanings:
A1.
“Exercise Price” means $0.__ per share of Common Stock, as the same may be adjusted from time to time pursuant to
the terms and conditions of this Warrant.
A2.
“Trading Day(s)” means any day(s) the New York Stock Exchange is open for trading.
Attachment 1 to Warrant, Page 1 |
EXHIBIT
A
NOTICE
OF EXERCISE OF WARRANT
TO: |
UNITED STATES BASKETBALL LEAGUE, INC. |
ATTN:
_______________
VIA
FAX TO: ( )______________ EMAIL: ______________
The
undersigned hereby irrevocably elects to exercise the right, represented by the Warrant to Purchase Shares of Common Stock dated as of
June 25, 2021 (the “Warrant”), to purchase shares of the common stock, $0.01 par value (“Common Stock”),
of United States Basketball League, Inc., and tenders herewith payment in accordance with Section 2 of the Warrant, as follows:
Warrant
Shares: _______________________
Exercise
Price: $_______________________
Purchase
Price: $___________________ = (Exercise Price x Warrant Shares)
Payment
is being made by:
_____
enclosed check
_____
wire transfer
_____
other
Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Warrant.
It
is the intention of Investor to comply with the provisions of Section 2.2 of the Warrant regarding certain limits on Investor’s
right to receive shares thereunder. Investor believes this exercise complies with the provisions of such Section 2.2. Nonetheless, to
the extent that, pursuant to the exercise effected hereby, Investor would receive more shares of Common Stock than permitted under Section
2.2, Company shall not be obligated and shall not issue to Investor such excess shares until such time, if ever, that Investor could
receive such excess shares without violating, and in full compliance with, Section 2.2 of the Warrant.
As
contemplated by the Warrant, this Notice of Exercise is being sent by email to the officer indicated above.
If
this Notice of Exercise represents the full exercise of the entire Warrant, Investor will surrender (or cause to be surrendered) the
Warrant to Company at the address indicated above by express courier within five (5) Trading Days after the Warrant Shares to be delivered
pursuant to this Notice of Exercise have been delivered to Investor.
To
the extent the Warrant Shares are not able to be delivered to Investor via the DWAC system, please deliver certificates representing
the Warrant Shares to Investor via reputable overnight courier after receipt of this Notice of Exercise (by facsimile transmission or
otherwise) to:
Dated: |
|
|
|
|
|
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[Name of Investor] |
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By: |
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Exhibit A to Warrant, Page 1 |
Exhibit
10.2
NEITHER
THIS WARRANT NOR THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES
LAWS OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE
REASONABLY SATISFACTORY TO THE COMPANY, THAT THIS WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED,
OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE
STATE SECURITIES LAWS.
UNITED
STATES BASKETBALL LEAGUE, INC.
WARRANT
TO PURCHASE SHARES OF COMMON STOCK
1. Issuance. For good and valuable consideration as set forth in the Stock and Warrant Purchase Agreement (as defined below), including
without limitation the exercise price (as defined in the Purchase Agreement), the receipt and sufficiency of which are hereby acknowledged
by United States Basketball League, Inc., a Delaware corporation, its successors and assigns
(“Company”), INVESTORNAME, its successors and/or registered assigns (“Investor”), is hereby granted
the right to purchase at any time on or after the Issue Date (as defined below) until _______, 2025 (the “Expiration Date”),
___________ fully paid and non-assessable shares (the “Warrant Shares”) of Company’s common stock, par value
$0.01 per share (the “Common Stock”), as such number may be adjusted from time to time pursuant to the terms and conditions
of this Warrant to Purchase Shares of Common Stock (this “Warrant”).
This
Warrant is being issued pursuant to the terms of that certain Stock and Warrant Purchase Agreement dated _________, to which Company
and Investor are parties (as the same may be amended from time to time, the “Purchase Agreement”). Certain capitalized
terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference. This Warrant was issued
to Investor on March 22, 2023 (the “Issue Date”).
2.
Exercise of Warrant.
2.1. General.
(a) This Warrant is exercisable in whole or in part at any time and from time to time commencing on the Issue Date and ending on the Expiration
Date. Such exercise shall be effectuated by submitting to Company (either by delivery to Company or by email or facsimile transmission)
a completed and signed Notice of Exercise substantially in the form attached to this Warrant as Exhibit A (the “Notice
of Exercise”). The date a Notice of Exercise is delivered to Company shall be the “Exercise Date,” provided
that, if such exercise represents the full exercise of the outstanding balance of this Warrant, Investor shall tender this Warrant to
Company within five (5) Trading Days thereafter, but only if the Warrant Shares to be delivered pursuant to the Notice of Exercise have
been delivered to Investor as of such date. The Notice of Exercise shall be executed by Investor and shall indicate the number of Warrant
Shares to be issued pursuant to such exercise
(b) The Exercise Price per share of Common Stock for the Warrant Shares shall be payable, at the election of Investor, in cash or by certified
or official bank check or by wire transfer in accordance with instructions provided by Company at the request of Investor.
(c) Upon the appropriate payment to Company of the Exercise Price for the Warrant Shares, Company shall promptly, but in no case later than
the date that is ten (10) Trading Days following the date the Exercise Price is paid to Company (the “Delivery Date”),
deliver or cause Company’s Transfer Agent to deliver the applicable Warrant Shares electronically via the DWAC system to the account
designated by Investor on the Notice of Exercise. If for any reason Company is not able to so deliver the Warrant Shares via the DWAC
system, Company shall instead, on or before the applicable date set forth above in this subsection, issue and deliver to Investor or
its broker (as designated in the Notice of Exercise), via reputable overnight courier, a certificate, registered in the name of Investor
or its designee, representing the applicable number of Warrant Shares.
(d) In no event may this Warrant be net cash settled.
2.2. Mandatory Exercise. Should the registration statement that Company is obligated to file under the terms of the Purchase Agreement
of the Common Stock underlying this Warrant be deemed effective and the Common Stock trade a minimum of _____ shares per day over $____
for a period of __Trading Days, Investor shall have a 60 day period to exercise this Warrant or this Warrant shall be cancelled.
3. Mutilation
or Loss of Warrant. Upon receipt by Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) receipt of reasonably satisfactory indemnification, and (in the case of mutilation)
upon surrender and cancellation of this Warrant, Company will execute and deliver to Investor a new Warrant of like tenor and date and
any such lost, stolen, destroyed or mutilated Warrant shall thereupon become void.
4. Rights of Investor. Investor shall not, by virtue of this Warrant alone, be entitled to any rights of a stockholder in Company,
either at law or in equity, and the rights of Investor with respect to or arising under this Warrant are limited to those expressed in
this Warrant and are not enforceable against Company except to the extent set forth herein
5.
Adjustments. If Company shall issue any shares of Common Stock as a stock dividend or subdivide the number of outstanding shares
of Common Stock into a greater number of shares, then, in either such case, the Exercise Price in effect before such dividend or subdivision
shall be proportionately reduced and the number of Warrant Shares at that time issuable pursuant to the exercise of this Warrant shall
be proportionately increased; and, conversely, if Company shall contract the number of outstanding shares of Common Stock by combining
such shares into a smaller number of shares, then the Exercise Price in effect before such combination shall be proportionately increased
and the number of Warrant Shares at that time issuable pursuant to the exercise or conversion of this Warrant shall be proportionately
decreased. Each adjustment in the number of shares of Warrant Stock issuable shall be to the nearest whole share.
6. Certificate
as to Adjustments. In the case of any adjustment in the Exercise Price or Warrant Shares, Company will promptly give written notice
to Investor in the form of a certificate, certified and confirmed by an officer of the Company, setting forth the adjustment in reasonable
detail.
7. Transfer to Comply with the Securities Act. This Warrant and the Warrant Shares have not been registered under the Securities
Act of 1933, as amended (the “1933 Act”). Neither this Warrant nor the Warrant Shares may be sold, transferred, pledged
or hypothecated without (a) an effective registration statement under the 1933 Act relating to such security or (b) an opinion of counsel
reasonably satisfactory to Company that registration is not required under the 1933 Act. Until such time as registration has occurred
under the 1933 Act, each certificate for this Warrant and any Warrant Shares shall contain a legend, in form and substance satisfactory
to counsel for Company, setting forth the restrictions on transfer contained in this Section 7.
8. Notices. Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by reference.
9. Supplements and Amendments; Whole Agreement. This Warrant may be amended or supplemented only by an instrument in writing signed
by the parties hereto. This Warrant, together with the Purchase Agreement, contains the full understanding of the parties hereto with
respect to the subject matter hereof and thereof and there are no representations, warranties, agreements or understandings with respect
to the subject matter hereof and thereof other than as expressly contained herein and therein.
10. Governing Law; Venue. This Warrant shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of Nevada, without giving
effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any jurisdiction other
than the State of Nevada. Any action brought by either party against the other concerning the transactions contemplated by this Agreement
shall be brought only in the state and federal courts in Los Angeles County, California. The parties to this Agreement hereby irrevocably
waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction
or venue or based upon forum non conveniens. The prevailing party in any dispute arising under this Agreement shall be entitled to recover
from the other party its reasonable attorney’s fees and costs.
11.
Waiver of Jury Trial. EACH OF COMPANY AND INVESTOR IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS WARRANT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY
JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE
OR REGULATION. FURTHER, COMPANY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY JURY.
12. Counterparts. This Warrant may be executed in any number of counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Electronic signatures
shall be considered original signatures for all purposes hereof.
13.
Attorneys’ Fees. In the event of any litigation or dispute arising from this Warrant, the parties agree that the prevailing
party shall be entitled to an additional award of the full amount of the reasonable attorneys’ fees and expenses paid by said prevailing
party in connection with litigation or dispute.
14. Severability.
Whenever possible, each provision of this Warrant shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such provision shall be modified to
achieve the objective of the parties to the fullest extent permitted and such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Warrant or the validity or enforceability of this Warrant in any other jurisdiction.
[Remainder
of page intentionally left blank; signature page follows]
IN
WITNESS WHEREOF, Company has caused this Warrant to be duly executed as of the Issue Date.
|
COMPANY: |
|
|
|
|
United
States Basketball League, Inc. |
|
|
|
|
By: |
|
|
|
Saeb
Jannoun, President |
[Signature
Page to Warrant]
ATTACHMENT
1
DEFINITIONS
For
purposes of this Warrant, the following terms shall have the following meanings:
A1. “Exercise Price” means $0.__ per share of Common Stock, as the same may be adjusted from time to time pursuant to
the terms and conditions of this Warrant.
A2. “Trading Day(s)” means any day(s) the New York Stock Exchange is open for trading.
Attachment 1 to Warrant, Page 1
EXHIBIT
A
NOTICE
OF EXERCISE OF WARRANT
TO:
UNITED STATES BASKETBALL LEAGUE, INC.
ATTN:
_______________
VIA
FAX TO: ( )______________ EMAIL: ______________
The
undersigned hereby irrevocably elects to exercise the right, represented by the Warrant to Purchase Shares of Common Stock dated as of
June 25, 2021 (the “Warrant”), to purchase shares of the common stock, $0.01 par value (“Common Stock”),
of United States Basketball League, Inc., and tenders herewith payment in accordance with Section 2 of the Warrant, as follows:
Warrant
Shares: _______________________
Exercise
Price: $_______________________
Purchase
Price: $___________________ = (Exercise Price x Warrant Shares)
Payment
is being made by:
_____
enclosed check
_____
wire transfer
_____
other
Capitalized
terms used but not otherwise defined herein shall have the meanings ascribed to them in the Warrant.
It
is the intention of Investor to comply with the provisions of Section 2.2 of the Warrant regarding certain limits on Investor’s
right to receive shares thereunder. Investor believes this exercise complies with the provisions of such Section 2.2. Nonetheless, to
the extent that, pursuant to the exercise effected hereby, Investor would receive more shares of Common Stock than permitted under Section
2.2, Company shall not be obligated and shall not issue to Investor such excess shares until such time, if ever, that Investor could
receive such excess shares without violating, and in full compliance with, Section 2.2 of the Warrant.
As
contemplated by the Warrant, this Notice of Exercise is being sent by email to the officer indicated above.
If
this Notice of Exercise represents the full exercise of the entire Warrant, Investor will surrender (or cause to be surrendered) the
Warrant to Company at the address indicated above by express courier within five (5) Trading Days after the Warrant Shares to be delivered
pursuant to this Notice of Exercise have been delivered to Investor.
To
the extent the Warrant Shares are not able to be delivered to Investor via the DWAC system, please deliver certificates representing
the Warrant Shares to Investor via reputable overnight courier after receipt of this Notice of Exercise (by facsimile transmission or
otherwise) to:
_____________________________________
_____________________________________
_____________________________________
Dated: |
|
|
|
|
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[Name
of Investor] |
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By: |
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|
Exhibit
A to Warrant, Page 1
Exhibit
10.7
Shorepower
Technologies, Inc.
2023 Stock Incentive Plan
1. Establishment,
Purpose and Types of Awards
Shorepower
Technologies, Inc., a Delaware corporation (the “Company”), hereby establishes the Shorepower Technologies, Inc. 2023 Stock
Incentive Plan (the “Plan”). The purpose of the Plan is to promote the long-term growth and profitability of the Company
by (i) providing key people with incentives to improve stockholder value and to contribute to the growth and financial success of the
Company, and (ii) enabling the Company to attract, retain and reward the best-available persons.
The
Plan permits the granting of stock Options (including incentive stock options qualifying under Code Section 422 and nonqualified stock
options), Stock Appreciation Rights, restricted or unrestricted Stock Awards, Restricted Stock Units, Performance Awards, other stock-based
awards, or any combination of the foregoing.
2. Definitions
Under
this Plan, except where the context otherwise indicates, the following definitions apply:
2.1 “Administrator”
shall mean the committee or committees as may be appointed by the Board from time to time to administer the Plan, or if no such committee
is appointed, the Board itself. For purposes of establishing and certifying the achievement of Performance Goals pursuant to Code Section
162(m), any such committee shall consist of three or more persons, each of whom, unless otherwise determined by the Board, is (i) an
“outside director” within the meaning of Code Section 162(m), (ii) a “nonemployee director” within the meaning
of Rule 16b-3 and (iii) satisfies the requirements of the New York Stock Exchange for independent directors.
2.2 “Affiliate”
shall mean any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, the
Company (including, but not limited to, joint ventures, limited liability companies, and partnerships). For this purpose, “control”
shall mean ownership of 50% or more of the total combined voting power or value of all classes of stock or interests of the entity.
2.3 “Award”
shall mean any stock Option, Stock Appreciation Right, Stock Award, Restricted Stock Unit, Performance Award, or other stock-based
award.
2.4 “Board”
shall mean the Board of Directors of the Company.
2.5 “Change
in Control” shall mean the occurrence of one or more of the change in ownership or control events set forth in Treasury Regulation
Section 1.409A-3(i)(5).
2.6 “Code”
shall mean the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.
2.7 “Common
Stock” shall mean shares of common stock of the Company, par value $.01 per share.
2.8 “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.
2.9 “Fair
Market Value” So long as the Common Stock is registered under Section 12(b) or (g) of the Exchange Act, “Fair Market
Value” shall mean, as applicable, (i) either the closing price or the average of the high and low sale price on the relevant
date, as determined in the Administrator’s discretion, quoted on the New York Stock Exchange, the American Stock Exchange, or the
Nasdaq National Market; (ii) the last sale price on the relevant date quoted on the Nasdaq National Market; (iii) the average of the
high bid and low asked prices on the relevant date quoted on the FINRA OTC Bulletin Board or by the National Quotation Bureau, Inc. or
a comparable service as determined in the Administrator’s discretion; or (iv) if the Common Stock is not quoted by any of the above,
the average of the closing bid and asked prices on the relevant date furnished by a professional market maker for the Common Stock, or
by such other source, selected by the Administrator. If no public trading of the Common Stock occurs on the relevant date, then Fair
Market Value shall be determined as of the next preceding date on which trading of the Common Stock does occur. In the event that the
Common Stock is not registered under Section 12(b) or (g) of the Exchange Act, Fair Market Value shall mean, with respect to a share
of the Company’s Common Stock for any purpose on a particular date, the value determined by the Administrator in good faith; provided
that for purpose of any Option or any Award that is deferred compensation subject to Code Section 409A, such value shall be determined
reasonably in a manner that satisfies Code Section 409A.
2.10 “Grant
Agreement” shall mean a written document memorializing the terms and conditions of an Award granted pursuant to the Plan and
shall incorporate the terms of the Plan.
2.11 “Incentive
Stock Option” shall mean an Option that is an “incentive stock option” within the meaning of Code Section 422,
or any successor provision, and that is designated by the Administrator as an Incentive Stock Option.
2.12 “Nonqualified
Stock Option” means an Option other than an Incentive Stock Option.
2.13 “Option”
means the right to purchase a stated number of shares of Common Stock at a stated price for a stated period of time, granted pursuant
to Section 7.
2.14 “Parent”
shall mean a corporation, whether now or hereafter existing, within the meaning of the definition of “parent corporation”
provided in Code Section 424(e), or any successor thereto.
2.15 “Participant”
shall mean an employee, officer, director or consultant of the Company, or of any Affiliate of the Company to whom an Award is granted
pursuant to the Plan, or upon the death of the Participant, his or her successors, heirs, executors, and administrators, as the case
may be.
2.16 “Performance
Awards” shall mean an Award of a number of shares or units granted to a Participant pursuant to Section 11 that is paid out
based on the achievement of stated performance criteria or Performance Goals during a stated period of time.
2.17 “Performance
Goals” shall mean the objectives established by the Administrator in its sole discretion with respect to any performance-based
Awards that relate to one or more business criteria within the meaning of Code Section 162(m). Performance Goals may include or be based
upon, without limitation: sales; gross revenue; gross margins; internal rate of return; cost; ratio of debt to debt plus equity; profit
before tax; earnings before interest and taxes; earnings before interest, taxes, depreciation, and amortization; earnings per share;
operating earnings; economic value added; ratio of operating earnings to capital spending; cash flow; free cash flow; net operating profit;
net income; net earnings; net sales or net sales growth; price of Common Stock; return on capital, net assets, equity, or shareholders’
equity; segment income; market share; productivity ratios; expense targets; working capital targets; or total return to shareholders.
Performance Goals may (a) be used to measure the performance of the Company as a whole or any Subsidiary, business unit or segment of
the Company, (b) include or exclude (or be adjusted to include or exclude) extraordinary items, the impact of charges for restructurings,
discontinued operations and other unusual and non-recurring items, and the cumulative effects of tax or accounting changes, each as defined
by generally accepted accounting principles and as identified in the financial statements, notes to the financial statements, management’s
discussion and analysis or other Securities and Exchange Commission filings, and/or (c) reflect absolute entity performance or a relative
comparison of entity performance to the performance of a peer group, index, or other external measure, in each case as determined by
the Administrator in its sole discretion.
2.18 “Restricted
Stock Units” shall mean an Award granted to a Participant pursuant to Section 10, denominated in units, providing a Participant
the right to receive payment at a future date after the lapse of restrictions or achievement of performance criteria or Performance Goals
or other conditions determined by the Administrator.
2.19 “Stock
Appreciation Right” or “SAR” shall mean the right to receive an amount calculated as provided in a grant pursuant
to Section 8.
2.20 “Stock
Award” shall mean an Award of restricted or unrestricted Common Stock granted to a Participant pursuant to Section 9 and the
other provisions of the Plan.
2.21 “Subsidiary”
and “subsidiaries” shall mean only a corporation or corporations, whether now or hereafter existing, within the meaning
of the definition of “subsidiary corporation” provided in Code Section 424(f), or any successor thereto.
2.22 “Ten
Percent Owner” means a person who owns or is deemed within the meaning of Section 422(b)(6) of the Code to own, stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company (or any Parent or Subsidiary of the Company).
Whether a person is a Ten Percent Owner shall be determined with respect to an Option based on the facts existing immediately prior to
the grant date of the Option.
3. Administration
3.1 Administration
of the Plan. The Plan shall be administered by the Board or the Administrator.
3.2 Powers
of the Administrator. The Administrator shall have all the powers vested in it by the terms of the Plan, such powers to include authority,
in its sole and absolute discretion, to grant Awards under the Plan, prescribe Grant Agreements evidencing such Awards and establish
programs for granting Awards.
The
Administrator shall have full power and authority to take all other actions necessary to carry out the purpose and intent of the Plan,
including, but not limited to, the authority to: (i) determine the eligible persons to whom, and the time or times at which Awards shall
be granted; (ii) determine the types of Awards to be granted; (iii) determine the number of shares to be covered by or used for reference
purposes for each Award; (iv) impose such terms, limitations, restrictions and conditions upon any such Award as the Administrator shall
deem appropriate; (v) modify, amend, extend or renew outstanding Awards, or accept the surrender of outstanding Awards and substitute
new Awards (provided however, that, except as provided in Section 14.4 of the Plan, any modification that would materially adversely
affect any outstanding Award shall not be made without the consent of the holder); (vi) accelerate or otherwise change the time in which
an Award may be exercised or becomes payable and to waive or accelerate the lapse, in whole or in part, of any restriction or condition
with respect to such Award, including, but not limited to, any restriction or condition with respect to the vesting or exercisability
of an Award following termination of any grantee’s employment or other relationship with the Company (vii) establish objectives
and conditions, including Performance Goals, if any, for earning Awards and determining whether Awards will be paid after the end of
a performance period, (viii) make adjustments in the Performance Goals in recognition of unusual or nonrecurring events affecting the
Company or the financial statements of the Company, or in response to changes in applicable laws, regulations, or accounting principles,
and (ix) provide for forfeiture of outstanding Awards and recapture of realized gains and other realized value in such events as determined
by the Administrator, which include, but are not limited to, a breach of restrictive covenants or an intentional or negligent misstatement
of financial records.
The
Administrator shall have full power and authority, in its sole and absolute discretion, to administer and interpret the Plan and to adopt
and interpret such rules, regulations, agreements, guidelines and instruments for the administration of the Plan and for the conduct
of its business as the Administrator deems necessary or advisable.
3.3 Non-Uniform
Determinations. The Administrator’s determinations under the Plan (including without limitation, determinations of the persons
to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Grant Agreements evidencing
such Awards) need not be uniform and may be made by the Administrator selectively among persons who receive, or are eligible to receive,
Awards under the Plan, whether or not such persons are similarly situated.
3.4 Limited
Liability. To the maximum extent permitted by law, no member of the Administrator shall be liable for any action taken or decision
made in good faith relating to the Plan or any Award thereunder.
3.5 Indemnification.
To the maximum extent permitted by law and by the Company’s charter and by-laws, the members of the Administrator shall be indemnified
by the Company in respect of all their activities under the Plan.
3.6 Effect
of Administrator’s Decision. All actions taken and decisions and determinations made by the Administrator on all matters relating
to the Plan pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute discretion and shall
be conclusive and binding on all parties concerned, including the Company, its stockholders, any Participants in the Plan and any other
employee, consultant, or director of the Company, and their respective successors in interest.
4. Shares
Available for the Plan
4.1 Shares
Available for Awards. Subject to adjustments as provided in Section 14.4 of the Plan, the shares of Common Stock that may be issued
with respect to Awards granted under the Plan shall not exceed an aggregate of 10,000,000 shares of Common Stock. The Company shall reserve
such number of shares for Awards under the Plan, subject to adjustments as provided in Section 14.4 of the Plan. The maximum number of
shares of Common Stock under the Plan that may be issued as Incentive Stock Options shall be 10,000,000 shares. Shares may be authorized
but unissued Common Stock or authorized and issued Common Stock held in the Company’s treasury. If any Award, or portion of an
Award, under the Plan expires or terminates unexercised, becomes unexercisable or is forfeited or otherwise terminated, surrendered or
canceled as to any shares, or if any shares of Common Stock are surrendered to the Company in connection with any Award (whether or not
such surrendered shares were acquired pursuant to any Award), the shares subject to such Award and the surrendered shares shall thereafter
be available for further Awards under the Plan; provided, however, that any such shares that are surrendered to the Company in connection
with any Award or that are otherwise forfeited after issuance shall not be available for purchase pursuant to Incentive Stock Options.
Shares under substitute awards pursuant to Section 14.4 for grants made under a plan of an acquired business entity shall not reduce
the maximum number of shares that may be issued under the Plan.
4.2 Performance-Based
Award Limitation. Awards that are designed to comply with the performance-based exception from the tax deductibility limitation of
Code Section 162(m) shall be subject to the following rules:
(a) The
number of shares of Common Stock that may be granted in the form of Options in a single fiscal year to a Participant may not exceed 2,000,000,
as adjusted pursuant to Section 14.4.
(b) The
number of shares of Common Stock that may be granted in the form of SARs in a single fiscal year to a Participant may not exceed 2,000,000,
as adjusted pursuant to Section 14.4.
(c) The
number of shares of Common Stock that may be granted in the form of restricted Stock Awards in a single fiscal year to a Participant
may not exceed 2,000,000, as adjusted pursuant to Section 14.4.
(d) The
number of Restricted Stock Units that may be granted in a single fiscal year to a Participant may not exceed 2,000,000, as adjusted pursuant
to Section 14.4.
(e) The
number of shares of Common Stock that may be granted as Performance Award shares in a single fiscal year to a Participant may not exceed
2,000,000 as adjusted pursuant to Section 14.4.
(f) The
maximum amount that may be paid to a Participant for Performance Award units granted in a single fiscal year to the Participant may not
exceed $1,000,000.
5. Participation
Participation
in the Plan shall be open to all employees, officers, directors, and consultants of the Company, or of any Affiliate of the Company,
as may be selected by the Administrator from time to time. However, only employees of the Company, and of any Parent or Subsidiary of
the Company, shall be eligible for the grant of an Incentive Stock Option. The grant of an Award at any time to any person shall not
entitle that person to a grant of an Award at any future time.
6. Awards
Awards
that may be granted under the Plan consist of Options, Stock Appreciation Rights, Stock Awards, Restricted Stock Units, Performance Awards
and other stock-based awards. The Administrator, in its sole discretion, establishes the terms of all Awards granted under the Plan.
Awards may be granted individually or in tandem with other types of Awards. All Awards are subject to the terms and conditions provided
in the Grant Agreement. If there is any inconsistency between the terms of the Plan and a Grant Agreement, the terms of the Plan shall
control unless the Grant Agreement explicitly states that an exception to the Plan is being made. By accepting an Award, a Participant
agrees that the Award shall be subject to all of the terms and provisions of the Plan and the applicable Grant Agreement.
7. Stock
Options
7.1 Terms
and Grant Agreement. Subject to the terms of the Plan, Options may be granted to Participants at any time as determined by the Administrator.
The Administrator shall determine, and the Grant Agreement shall reflect, the following for each Option granted:
(a) the
number of shares subject to each Option;
(b) duration
of the Option (provided that no Option shall have an expiration date later than the the 10th anniversary of the date of grant and no
Incentive Stock Option that is granted to any Participant who is a Ten Percent Owner shall have an expiration date later than the fifth
anniversary of the date of grant);
(c) vesting
requirements that specify a vesting period;
(d) whether
the Option is an Incentive Stock Option or a Nonqualified Stock Option; provided, however, no Option shall be an Incentive Stock Option
unless so designated by the Administrator at the time of grant or in the Grant Agreement evidencing such Option;
(e) the
exercise price for each Option, which, except with respect to substitute awards complying with Code Section 424 and regulations thereunder,
shall not be less than the Fair Market Value on the date of the grant (with respect to Incentive Stock Options, 110% of the Fair Market
Value on the date of grant for any Participant who is a Ten Percent Owner);
(f) the
permissible method(s) of payment of the exercise price;
(g) the
rights of the Participant upon termination of employment or service as a director; and
(h) any
other terms or conditions established by the Administrator.
7.2 Exercise
of Options. Options shall be exercisable at such times and subject to such restrictions and conditions as the Administrator, in its
sole discretion, deems appropriate, which need not be the same for all Participants.
An
Option shall be exercised by delivering written notice as specified in the Grant Agreement on the form of notice provided by the Company.
Options may be exercised in whole or in part. The exercise price of any Option shall be payable to the Company in full, in cash or in
cash equivalent approved by the Administrator, by tendering (if permitted by the Adminstrator) previously acquired Common Stock
having an aggregate Fair Market Value at the time of exercise equal to the total Option exercise price (provided that the tendered Common
Stock must have been held by the Participant for any period required by the Administrator), or by any other means that the Administrator
determines to be consistent with the Plan’s purpose and applicable law. For a Participant who is subject to Section 16 of the
Exchange Act, the Company may require that the method of payment comply with Section 16 and the rules and regulations thereunder. Any
payment in shares of Common Stock, if permitted, shall be made by delivering the shares to the secretary of the Company, duly endorsed
in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidence as the secretary shall
require (or delivering a certification or attestation of ownership of such Common Stock, if permitted by the Administrator).
Certificates
for shares of Common Stock purchased upon the exercise of an Option shall be issued in the name of or for the account of the Participant
or other person entitled to receive the shares and delivered to the Participant or other person as soon as practicable following the
effective date on which the Option is exercised.
7.3 Incentive
Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall
be interpreted, amended, or altered, nor shall any discretion or authority granted under the Plan be exercised so as to disqualify the
Plan under Code Section 422, or, without the consent of any affected Participant, to cause any Incentive Stock Option previously granted
to fail to qualify for the federal income tax treatment afforded under Code Section 421. An Option shall be considered to be an Incentive
Stock Option only to the extent that the number of shares of Common Stock for which the Option first becomes exercisable in a calendar
year do not have an aggregate Fair Market Value (as of the date of the grant of the Option) in excess of the “current limit.”
The current limit for any optionee for any calendar year shall be $100,000 minus the aggregate Fair Market Value at the date of grant
of the number of shares of Common Stock available for purchase for the first time in the same year under each other incentive option
previously granted to the optionee under all other plans of the Company and Affiliates. Any Common Stock which would cause the foregoing
limit to be violated shall be deemed to have been granted under a separate Nonqualified Stock Option, otherwise identical in its terms
to those of the Incentive Stock Option. The current limit will be calculated according to the chronological order in which the Options
were granted.
7.4 Reduction
in Price or Reissuance. In no event shall the Administrator cancel any outstanding Option for the purpose of (i) providing a replacement
award under this or another Company plan, or (ii) cashing out an Option, unless such cash-out occurs in conjunction with a Change in
Control. Additionally, in no event shall the Administrator, without first receiving shareholder approval, (a) cancel any outstanding
Option for the purpose of reissuing the Option to the Participant at a lower exercise price or (b) reduce the exercise price of a previously
issued Option.
7.5 Notification
of Disqualifying Disposition. If any Participant shall make any disposition of shares issued pursuant to the exercise of an Incentive
Stock Option under the circumstances described in Code Section 421(b) (relating to certain disqualifying dispositions), such Participant
shall notify the Company of such disposition within ten (10) calendar days thereof.
8. Stock
Appreciation Rights
8.1 Terms
and Agreement. Subject to the terms of the Plan, Stock Appreciation Rights may be granted to Participants at any time as determined
by the Administrator. The grant price of the SAR shall be at least equal to one hundred percent (100%) of the Fair Market Value of Stock
as determined on the date of the grant, except with respect to substitute awards complying with Code Section 424 and regulations thereunder.
The Administrator shall determine, and the Grant Agreement shall reflect, the following for each SAR granted:
(a) the
number of shares subject to each SAR;
(b) whether
the SAR is a Related SAR or a Freestanding SAR (as defined below);
(c) the
duration of the SAR (provided however, that no SAR shall have an expiration date later than the date after the 10th anniversary
of the date of grant);
(d) vesting
requirements;
(e) rights
of the Participant upon termination of employment or service as a director; and
(f) any
other terms or conditions established by the Administrator.
8.2 Related
and Freestanding SARs. A Stock Appreciation Right may be granted in connection with an Option, either at the time of grant or at
any time thereafter during the term of the Option (a “Related SAR”) or may be granted unrelated to an Option (a “Freestanding
SAR”).
8.3 Surrender
of Option. A Related SAR shall require the holder, upon exercise, to surrender the Option with respect to the number of shares as
to which the SAR is exercised, in order to receive payment. The Option will, to the extent surrendered, cease to be exercisable.
8.4 Reduction
in Number of Shares Subject to Related SARs. For Related SARs, the number of shares subject to the SAR shall not exceed the number
of shares subject to the Option. For example, if the SAR covers the same number of shares as the Option, the exercise of a portion of
the Option shall reduce the number of shares subject to the SAR to the number of shares remaining under the Option. If the Related SAR
covers fewer shares than the Option, the exercise of a portion of the Option shall reduce the number of shares subject to the SAR to
the extent necessary so that the number of remaining shares subject to the SAR is not more than the remaining shares under the Option.
8.5 Exercisability.
Subject to Section 8.7 and to any rules and restrictions imposed by the Administrator, a Related SAR will be exercisable at the time
or times, and only to the extent, that the Option is exercisable and will not be transferable except to the extent that the Option is
transferable. A Freestanding SAR will be exercisable as determined by the Administrator but in no event after 10 years from the date
of grant.
8.6 Payment.
Upon the exercise of a Stock Appreciation Right, the holder will be entitled to receive payment of an amount determined by multiplying:
(a) The
excess of the Fair Market Value on the date of exercise over the Fair Market Value on the date of grant, by
(b) The
number of shares with respect to which the SAR is being exercised.
The
Administrator may limit the amount payable upon exercise of a Stock Appreciation Right. Any limitation must be determined as of the date
of grant and noted on the Grant Agreement evidencing the grant.
Payment
may be made in cash, Common Stock, or a combination of cash and Common Stock, in the Administrator’s sole discretion. No fractional
shares shall be used for such payment and the Administrator shall determine whether cash shall be given in lieu of such fractional shares
or whether such fractional shares shall be eliminated.
8.7 Reduction
in Price or Reissuance. In no event shall the Administrator cancel any outstanding Stock Appreciation Right for the purpose of (i)
providing a replacement award under this or another Company plan, or (ii) cashing out a Stock Appreciation Right, unless such cash-out
occurs in conjunction with a change in control. Additionally, in no event shall the Administrator, without first receiving shareholder
approval, (a) cancel any outstanding Stock Appreciation Right for the purpose of reissuing the Stock Appreciation Right to the Participant
at a lower exercise price or (b) reduce the exercise price of a previously issued Stock Appreciation Right.
8.8 Additional
Terms. The Administrator may impose additional conditions or limitations on the exercise of a Stock Appreciation Right as it may
deem necessary or desirable to secure for holders the benefits of Rule 16b-3, or any successor provision, or as it may otherwise deem
advisable.
9. Stock
Awards
9.1 Terms
and Agreement. Subject to the terms of the Plan, shares of restricted or unrestricted Common Stock may be granted to Participants
at any time as determined by the Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following
for the Stock Awards granted:
|
(a) |
the
number of shares of granted; |
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(b) |
the
purchase price, if any, to be paid by the Participant for each share of Common Stock; |
|
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(c) |
the
restriction period established, if any; |
|
|
|
|
(d) |
any
requirements with respect to elections under Code Section 83(b); |
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(e) |
rights
of the Participant upon termination of employment or service as a director; and |
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(f) |
any
other terms or conditions established by the Administrator. |
9.2 Restriction
Period. At the time of the grant of the Stock Award, the Administrator may establish a restriction period for the shares granted,
which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based,
or based on any other criteria the Administrator deems appropriate. The Administrator may divide the shares into classes and assign a
different restriction period for each class. The Administrator may impose additional conditions or restrictions upon the vesting of the
Stock Award as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the termination of the restriction
period with respect to a share of restricted Common Stock, the share shall vest and the restrictions shall lapse. To the extent required
to ensure that a Performance Goal-based Award of the Stock Award to an executive officer is deductible by the Company pursuant to Code
Section 162(m), any such Award shall vest only upon the Administrator’s determination that the Performance Goals applicable to
the Award have been attained.
9.3 Restrictions
on Transfer Prior to Vesting. Prior to the vesting of a restricted Stock Award, the Participant may not sell, assign, pledge, hypothecate,
transfer, or otherwise encumber the Stock Award. Upon any attempt to transfer rights in a share of restricted Common Stock, the share
and all related rights shall immediately be forfeited by the Participant. Upon the vesting of a restricted Stock Award, the transfer
restrictions of this section shall lapse with respect to that share.
9.4 Rights
as a Shareholder. Except for the restrictions set forth here and unless otherwise determined by the Administrator, the Participant
shall have all the rights of a shareholder with respect to shares of a Stock Award, including but not limited to the right to vote and
the right to receive dividends, provided that the Administrator, in its sole discretion, may require that any dividends paid on shares
of a restricted Stock Award be held in escrow until all restrictions on the shares have lapsed.
9.5 Section
83(b) Election. The Administrator may provide in the Grant Agreement that the Award is conditioned upon the Participant making or
not making an election under Code Section 83(b). If the Participant makes an election pursuant to Code Section 83(b), the Participant
shall be required to file a copy of the election with the Company within ten (10) calendar days.
10. Restricted
Stock Units
10.1 Terms
and Agreement. Subject to the terms of the Plan, Restricted Stock Units may be granted to Participants at any time as determined
by the Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Restricted Stock
Units granted:
(a) the
number of Restricted Stock Units awarded;
(b) the
purchase price, if any, to be paid by the Participant for each Restricted Stock Unit;
(c) the
restriction period established, if any;
(d) whether
dividend equivalents will be credited with respect to Restricted Stock Units, and, if so, any accrual, forfeiture or payout restrictions
on the dividend equivalents;
(e) rights
of the Participant upon termination of employment or service as a director; and
(f) any
other terms or conditions established by the Administrator.
To
the extent a Restricted Stock Unit Award constitutes “deferred compensation” within the meaning of Code Section 409A, the
Administrator shall establish Grant Agreement terms and provisions that comply with Code Section 409A and regulations thereunder.
10.2 Restriction
Period. At the time of the grant of Restricted Stock Units, the Administrator may establish a restriction period, which may be time-based,
based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based on any other criteria
the Administrator deems appropriate. The Administrator may divide the awarded Restricted Stock Units into classes and assign a different
restriction period for each class. The Administrator may impose any additional conditions or restrictions upon the vesting of the Restricted
Stock Units as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the termination of the restriction
period with respect to a Restricted Stock Unit, the Unit shall vest. To the extent required to ensure that a Performance Goal-based Award
of Restricted Stock Units to an executive officer is deductible by the Company pursuant to Code Section 162(m), any such Award shall
become vested only upon the Administrator’s determination that the Performance Goals applicable to the Award, if any, have been
attained.
10.3 Payment.
Upon vesting of a Restricted Stock Unit, the Participant shall be entitled to receive payment of an amount equal to the Fair Market Value
of one share of Stock. Payment may be made in cash, Stock, or a combination of cash and Stock, in the Administrator’s sole discretion.
11. Performance
Awards
11.1 Terms
and Agreement. Subject to the terms of the Plan, Performance Awards may be granted to Participants at any time as determined by the
Administrator. The Administrator shall determine, and the Grant Agreement shall reflect, the following for the Performance Awards granted:
(a) the
number of shares or units awarded;
(b) the
performance period and performance criteria or Performance Goals applicable to the Award;
(c) whether
dividend equivalents will be credited with respect to Performance Awards, and if so, any accrual, forfeiture, or payout restrictions
on the dividend equivalents;
(d) the
rights of the Participant upon termination of employment or service as a director (which may be different based on the reason for termination);
and
(e) any
other terms or conditions established by the Administrator.
To
the extent an Award constitutes “deferred compensation” within the meaning of Code Section 409A, the Administrator shall
establish Grant Agreement terms and provisions that comply with Code Section 409A and regulations thereunder.
11.2 Payment.
After the applicable performance period has ended, the Administrator will review the performance criteria and/or Performance Goals and
determine the amount payable with respect to the Award, based upon the extent to which the performance criteria and/or Performance Goals
have been attained within the performance period and any other applicable terms and conditions. Payment of an earned Performance Award
may be made in cash, Common Stock, or a combination of cash and Common Stock, as determined by the Administrator in its sole discretion.
12. Other
Stock-Based Awards
The
Administrator may from time to time grant other stock-based awards to eligible Participants in such amounts, on such terms and conditions,
and for such consideration, including no consideration or such minimum consideration as may be required by law, as it shall determine.
Other stock-based awards may be denominated in cash, in Common Stock or other securities, in stock-equivalent units, in stock appreciation
units, in securities or debentures convertible into Common Stock, or in any combination of the foregoing and may be paid in Common Stock
or other securities, in cash, or in a combination of Common Stock or other securities and cash, all as determined in the sole discretion
of the Administrator.
13. Change
in Control Provisions
Except
as otherwise provided in any written agreement between the Participant and the Company or its Affiliate in effect when a Change in Control
occurs, in the event an acquiring company does not assume Plan Awards:
(a) all
outstanding Options and Stock Appreciation Rights shall become fully vested and exercisable;
(b) for
Performance- Awards, to the extent consistent with Section 162(m), all Performance Goals or performance criteria shall be deemed achieved
at target levels and all other terms and conditions met, with Award payout prorated for the portion of the performance period completed
as of the Change in Control and payment to occur within 45 days of the Change in Control;
(c) all
restrictions and conditional applicable to any restricted Stock Award shall lapse;
(d) all
restrictions and conditions applicable to any Restricted Stock Units shall lapse and payment shall be made within 45 days of the Change
in Control;
(e) all
other Awards shall be delivered or paid within 45 days of the Change in Control.
14. Miscellaneous
14.1 Withholding
of Taxes. Grantees and holders of Awards shall pay to the Company or its Affiliate or make provision satisfactory to the
Administrator for payment of, any taxes required to be withheld in respect of Awards under the Plan no later than the date of the
event creating the tax liability. The Company or its Affiliate may, to the extent permitted by law, deduct any such tax obligations
from any payment of any kind otherwise due to the grantee or holder of an Award. In the event that payment to the Company or its
Affiliate of such tax obligations is made in shares of Common Stock, such shares shall be valued at Fair Market Value on the
applicable date for such purposes.
14.2 Transferability.
Except as otherwise provided in this Section, Awards shall not be transferable, and no Award or interest therein may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and
distribution. However, the Award of a Nonstatutory Option or Restricted Stock may be transferred by the Participant through a gift
or domestic relations order in settlement of marital property rights to any of the following donees or transferees and may be
reacquired by the Participant from any of such donors or transferees (each a “Permitted Transferee”):
(a) any
“family member,” which includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive
relationships and any individual sharing the Participant’s household (other than a tenant or employee);
(b) a
trust in which family members have more than 50% of the beneficial interest;
(c) a
foundation in which family members (or the Participant) control the management of assets; and
(d) any
other entity in which family members (or the Participant) own more than 50% of the voting interests,
provided,
that (x) any such transfer is without payment of any value whatsoever; and (y) subsequent transfers of transferred Awards shall be prohibited
except in accordance with this Section. Following transfer, any such Awards and any securities issued pursuant thereto shall continue
to be subject to the same terms and conditions as were applicable immediately prior to transfer (including but not limited to risks of
forfeiture), provided that the term of the Plan and the Grant Agreement shall continue to be applied with respect to the original Participant,
and any Awards shall be exercisable by the transferee only to the extent and for the periods specified in the Grant Agreement. No transfer
of an Award by will or the laws of descent and distribution shall be effective to bind the Company unless the Administrator has been
furnished with (a) written notice and a copy of the will and/or such evidence as the Administrator may deem necessary to establish the
validity of the transfer, and (b) an agreement by the transferee to comply with all the terms and conditions of the Award that would
have applied to the Participant and to be bound by the acknowledgments made by the Participant in connection with the grant of the Award.
Unless otherwise determined by the Administrator in accord with the provisions of the first sentence of this subsection, an Award may
be exercised during the lifetime of the grantee, only by the grantee or, during the period the grantee is under a legal disability, by
the grantee’s guardian or legal representative.
14.3 Adjustments;
Business Combinations. In the event of changes in the Common Stock of the Company by reason of any stock dividend, spin-off, split-up,
recapitalization, merger, consolidation, business combination or exchange of shares and the like, the Administrator shall, in its discretion
and without the consent of holders of Awards, make appropriate adjustments to (i) the maximum number and kind of shares reserved for
issuance or with respect to which Awards may be granted under the Plan as provided in Section 4 of the Plan, and (ii) the number, kind
and price of shares covered by outstanding Awards. In the event of any such changes in the Common Stock, the Administrator shall, in
its discretion and without the consent of holders of Awards, make any other adjustments in outstanding Awards, including but not limited
to reducing the number of shares subject to Awards or providing or mandating alternative settlement methods such as settlement of the
Awards in cash or in shares of Common Stock or other securities of the Company or of any other entity.
The
Administrator is authorized to make, in its discretion and without the consent of holders of Awards, adjustments in the terms and conditions
of, and the criteria included in, Awards in recognition of unusual or nonrecurring events affecting the Company, or the financial statements
of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan.
14.4 Substitution
of Awards in Mergers and Acquisitions. Awards may be granted under the Plan from time to time in substitution for Awards held by
employees, officers, consultants or directors of entities who become or are about to become employees, officers, consultants or directors
of the Company or an Affiliate as the result of a merger or consolidation of the employing entity with the Company or an Affiliate, or
the acquisition by the Company or an Affiliate of the assets or stock of the employing entity. The terms and conditions of any substitute
Awards so granted may vary from the terms and conditions set forth herein to the extent that the Administrator deems appropriate at the
time of grant to conform without dilution or enlargement of benefits the substitute Awards to the provisions of the awards for which
they are substituted.
14.5 Stock
Restriction Agreement and Voting Trust. As a condition precedent to the grant of any Award under the Plan, the exercise pursuant
to such an Award, or to the delivery of certificates for shares issued pursuant to any Award, the Administrator may require the grantee
or the grantee’s successor or permitted transferee, as the case may be, to become a party to a stock restriction agreement of the
Company and/or a voting trust agreement in such form(s) as the Administrator may determine from time to time.
14.6 Termination,
Amendment and Modification of the Plan. The Board may terminate, amend or modify the Plan or any portion thereof at any time. Notwithstanding
the foregoing, no amendment shall be made without shareholder approval if approval is required under applicable law or the rules of any
stock exchange on which the Company is listed.
14.7 Non-Guarantee
of Employment or Service. Nothing in the Plan or in any Grant Agreement thereunder shall confer any right on an individual to continue
in the service of the Company or shall interfere in any way with the right of the Company to terminate such service at any time with
or without cause or notice.
14.8 Compliance
with Securities Laws; Listing and Registration. If at any time the Administrator determines that the delivery of Common Stock under
the Plan is or may be unlawful under the laws of any applicable jurisdiction, or federal or state securities laws, the right to exercise
an Award or receive shares of Common Stock pursuant to an Award shall be suspended until the Administrator determines that such delivery
is lawful. The Company shall have no obligation to effect any registration or qualification of the Common Stock under federal or state
laws.
The
Company may require that a grantee, as a condition to exercise of an Award, and as a condition to the delivery of any share certificate,
make such written representations (including representations to the effect that such person will not dispose of the Common Stock so acquired
in violation of federal or state securities laws) and furnish such information as may, in the opinion of counsel for the Company, be
appropriate to permit the Company to issue the Common Stock in compliance with applicable federal and state securities laws. The stock
certificates for any shares of Common Stock issued pursuant to this Plan may bear a legend restricting transferability of the shares
of Common Stock unless such shares are registered or an exemption from registration is available under the Securities Act and applicable
state securities laws.
14.9 No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company and a grantee or any other person. To the extent that any grantee or other person acquires
a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general
creditor of the Company.
14.10
Section 409A. Unless the Administrator expressly determines otherwise, Awards (and any amendments thereto) are intended
to be exempt from Code Section 409A as stock rights or short-term deferrals and, accordingly, the terms of any Awards shall be construed
and administered to preserve such exemption (including with respect to the time of payment following a lapse of restrictions applicable
to an Award). To the extent that Section 409A applies to a particular Award granted under the Plan (notwithstanding the preceding sentence),
then the terms of the Award shall be construed and administered to permit the Award to comply with Section 409A, including, if necessary,
by delaying the payment of any Award payable upon separation from service to a Participant who is a “specified employee”
(as defined in Code Section 409A and determined consistently for all of the Company’s arrangements that are subject to Code Section
409A), for a period of six months and one day after such Participant’s separation from service, and by construing any reference
to “termination of employment” or the like to be a “separation from service” within the meaning of Code Section
409A. In the event any person is subject to income inclusion, additional interest or taxes, or any other adverse consequences under Code
Section 409A, then neither the Company, the Administrator, the Board nor its or their employees, designees, agents or contractors shall
be liable to any Participant or other persons in connection with such adverse consequences under Code Section 409A.
14.11 No
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan. The Administrator shall determine
whether cash, other Awards, or other property shall be issued or paid in lieu of any fractional shares or whether fractional shares or
any rights to fractional shares shall be forfeited or otherwise eliminated.
14.12 Beneficiary.
A Participant may file with the Administrator a written designation of a beneficiary on the form prescribed by the Administrator and
may, from time to time, amend or revoke the designation. If no designated beneficiary survives the Participant, the Participant’s
spouse, if any, shall be deemed to be the Participant’s beneficiary. If the Participant does not have a spouse, the the executor
or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.
14.13 Section
162(m). The Plan is designed and intended, and all provisions shall be construed in a manner, to comply, to the extent applicable,
with Code Section 162(m) and the regulations thereunder. To the extent permitted by Code Section 162(m), the Administrator shall have
sole discretion to reduce or eliminate payment of the amount of any Award which might otherwise become payable upon attainment of a Performance
Goal.
14.14
Form of Communication. Any election, application, claim, notice, or other communication required or permitted to be made by a
Participant to the Administrator or the Company shall be made in writing and in such form as the Company may prescribe. Any communication
shall be effective upon receipt by Jeff Kim, President, at jkim@shorepower.com.
14.15 Severability.
If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected.
14.16 Governing
Law. The validity, construction and effect of the Plan, of Grant Agreements entered into pursuant to the Plan, and of any rules,
regulations, determinations or decisions made by the Administrator relating to the Plan or such Grant Agreements, and the rights of any
and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with applicable
federal laws and the laws of the State of Delaware without regard to its conflict of laws principles.
14.17 Effective
Date; Termination Date. The Plan is effective as of the date on which the Plan is adopted by the Board, subject to approval of the
stockholders within twelve months before or after such date. No Award shall be granted under the Plan after the close of business on
the day immediately preceding the tenth anniversary of the effective date of the Plan. Subject to other applicable provisions of the
Plan, all Awards made under the Plan prior to such termination of the Plan shall remain in effect until such Awards have been satisfied
or terminated in accordance with the Plan and the terms of such Awards.
Date
Approved by the Board:________________________
Date
Approved by the Stockholders:___________________
Exhibit
16.1
RE:
SHOREPOWER TECHNOLOGIES, INC
Ladies
and Gentlemen:
We
have read the statements under Item 3.04 of Regulation S-K in the Form S-1/A of Shorepower Technologies, Inc. (the “Company”)
to be filed with the Securities and Exchange Commission and we agree with such statements therein as related to our firm. We have no
basis to, and therefore, do not agree or disagree with the other statements made by the Company in the Form S-1/A.
/S/
Olayinka Oyebola |
|
OLAYINKA
OYEBOLA & CO |
|
Chartered
Accountant |
|
PCAOB
No:5968
Lagos,
Nigeria
February
14, 2024
Exhibit
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
hereby consent to the incorporation in this Registration Statement on Form S-1 of our report dated June 22, 2023, relating to the financial
statements of Shorepower Technologies, Inc. as of February 28, 2023 and 2022, and of our report dated February 14, 2024, relating to the financial statements of Shurepower, LLC as of and
for the year ended December 31, 2022, and to all references to our firm included in
this Registration Statement.
/s/
QI CPA LLC |
|
Valley
Stream, New York |
|
April 4, 2024 |
|
We
have served as the Company’s auditor since 2020. |
|
Exhibit
23.3
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
The Members and Board of Directors of Shurepower, LLC.
We
consent to the inclusion in the Form S-1 Registration Statement of Shurepower, LLC of our report dated March 13, 2023, of the
Balance sheet, and the related statements of operations, and cashflows for the year ended December 31, 2021, and to all other references
to our firm in the Form S-1 Registration Statement of Shorepower Technologies, Inc.
/S/
Olayinka Oyebola
OLAYINKA
OYEBOLA & CO
Chartered
Accountant
PCAOB
No:5968
Lagos,
Nigeria
April 4, 2024
Exhibit
99.1
SHUREPOWER,
LLC.
INDEX
TO FINANCIAL STATEMENTS
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Members of Shurepower, LLC.
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Shurepower, LLC. (the “Company”) as of December 31, 2022, and the
related statements of operations, stockholders’ deficiency, and cash flows for the year then ended, and the related notes (collectively
referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects,
the financial position of Shurepower, LLC. as of December 31, 2022, and the results of its operations and cash flows for the year
then ended in conformity with accounting principles generally accepted in the United States.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Going
Concern Uncertainty
The
accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 3 to the financial statements, the Company’s present financial situation raises substantial doubt about its ability
to continue as a going concern. Management’s plans in regard to this matter are also described in Note 3. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Revenue
Recognition– Refer to Note 2
Critical
Audit Matter Description
Revenue
recognition was identified as the critical audit matter due to its significance to the financial statements as a whole. The sale is from
a services, products, and project reimbursements.
How
the Critical Audit Matter was Addressed in the Audit:
Our
principal audit procedures related to the Company’s sales included:
|
1. |
Reviewed
the Company’s revenue recognition process and ascertained the Company has adopted ASC 606. |
|
2. |
Performed
detail testing on sales to ascertain sales are valid and accurate |
|
3. |
Performed
sales cutoff procedures to verify sales are recorded in the proper period. |
|
4. |
Considered
the adequacy of the disclosure in the financial statements in relation to sales. |
Valley
Stream, New York
February
14, 2024
We
have served as the Company’s auditor since 2022.
Report
of Independent Registered Public Accounting Firm
To
the Members of Shurepower, LLC.
Opinion
on the financial statement
We
have audited the accompanying balance sheets of Shurepower, LLC. d/b/a Shorepower Technologies (the “Company”)
as of December 31, 2021, the related statements of operations and cash flows, for the period
ended December 31, 2021, and the related notes collectively referred to as the “financial statements”.
In
our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December
31, 2021, and the results of its operations and its cash flows for the year ended December 31, 2021, in conformity with U.S. generally
accepted accounting principles.
Going
Concern
The
accompanying financial statements have been prepared assuming the company will continue as a going concern as disclosed in Note 3 to
the financial statement, the Company has negative working capital of $(1,515,024) for the year ended December 31, 2021, and an accumulated
deficit of $(1,581,653) as at December 31, 2021. The continuation of the Company as a going concern through December 31, 2021, is dependent
upon improving the profitability and the continuing financial support from its stockholders. Management believes the existing members
or external financing will provide the additional cash to meet the Company’s obligations as they become due.
These
factors raise substantial doubt about the company ability to continue as a going concern. These financial statements do not include any
adjustments that might result from the outcome of the uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included
performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for
our opinion. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express
no such opinion.
OLAYINKA
OYEBOLA & CO.
(Chartered
Accountants)
We
have served as the Company’s auditor since November 2022.
March
13th, 2023.
Lagos,
Nigeria
SHUREPOWER,
LLC.
BALANCE
SHEETS
| |
December 31, 2022 | | |
December 31, 2021 | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 6,341 | | |
$ | 3,538 | |
Inventory | |
| 6,880 | | |
| 4,269 | |
Total Current Assets | |
| 13,221 | | |
| 7,807 | |
| |
| | | |
| | |
Property and equipment, net | |
| — | | |
| 36,183 | |
Intangible assets | |
| — | | |
| 6,013 | |
Other assets | |
| 1,000 | | |
| 10,000 | |
Total Other Assets | |
| 1,000 | | |
| 52,196 | |
| |
| | | |
| | |
Total Assets | |
$ | 14,221 | | |
$ | 60,003 | |
| |
| | | |
| | |
LIABILITIES AND MEMBERS DEFICIT | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
| 89,052 | | |
| 174,945 | |
Related party payables | |
| 1,271,554 | | |
| 1,353,754 | |
Loan payables | |
| 111,395 | | |
| 118,635 | |
Total Current Liabilities | |
| 1,472,001 | | |
| 1,647,334 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Total Liabilities | |
| 1,472,001 | | |
| 1,647,334 | |
| |
| | | |
| | |
Member’s Deficit: | |
| | | |
| | |
Paid in capital | |
| 400,000 | | |
| — | |
Accumulated Deficit | |
| (1,857,780 | ) | |
| (1,587,331 | ) |
Total Member’s Deficit | |
| (1,457,780 | ) | |
| (1,587,331 | ) |
Total Liabilities and Members Deficit | |
$ | 14,221 | | |
$ | 60,003 | |
The
accompanying notes are an integral part of these financial statements.
SHUREPOWER,
LLC.
STATEMENTS
OF OPERATIONS
| |
For the Years Ended December 31, | |
| |
2022 | | |
2021 | |
Service revenue | |
$ | 17,174 | | |
$ | 181,119 | |
Product sales | |
| 2,379 | | |
| 14,514 | |
Other revenue | |
| 3,064 | | |
| 10,981 | |
Total revenue | |
| 22,617 | | |
| 206,614 | |
Cost of service revenues | |
| 44,486 | | |
| 1,468 | |
Gross profit | |
| (21,869 | ) | |
| 205,146 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
General and Administrative | |
| 36,225 | | |
| 83,619 | |
Depreciation and amortization | |
| 6,013 | | |
| 4,831 | |
Compensation expense | |
| 124,800 | | |
| 124,800 | |
Professional fees | |
| 35,914 | | |
| 14,207 | |
Impairment expense | |
| 45,183 | | |
| — | |
Total operating expenses | |
| 248,135 | | |
| 227,457 | |
| |
| | | |
| | |
Loss from Operations | |
| (270,004 | ) | |
| (22,311 | ) |
| |
| | | |
| | |
Other Income / (Expense): | |
| | | |
| | |
Other income | |
| 1,026 | | |
| 9,014 | |
Interest expense | |
| (1,471 | ) | |
| (8,063 | ) |
Total Other (Expense) / Income | |
| (445 | ) | |
| 951 | |
| |
| | | |
| | |
Net loss | |
$ | (270,449 | ) | |
$ | (21,360 | ) |
The
accompanying notes are an integral part of these financial statements.
SHUREPOWER,
LLC.
STATEMENTS
OF CASH FLOWS
| |
For the Years Ended December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net Loss | |
$ | (270,449 | ) | |
$ | (21,360 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 6,013 | | |
| 4,831 | |
Impairment expense | |
| 45,183 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Inventory | |
| (2,611 | ) | |
| 2,162 | |
Related party payables | |
| 124,800 | | |
| 150,650 | |
Deferred income | |
| — | | |
| (175,059 | ) |
Accounts payable and accrued expenses | |
| (85,893 | ) | |
| 46,823 | |
Net Cash (used) provided by operating activities | |
| (182,957 | ) | |
| 8,047 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| — | | |
| — | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from loan payable – related party | |
| 208,000 | | |
| — | |
Repayment of loan payable – related party | |
| (15,000 | ) | |
| — | |
Convertible Note payable | |
| (7,240 | ) | |
| (5,865 | ) |
Net Cash provided (used) by financing activities | |
| 185,760 | | |
| (5,865 | ) |
| |
| | | |
| | |
Net change in cash | |
| 2,803 | | |
| 2,182 | |
Cash – Beginning of year | |
| 3,538 | | |
| 1,356 | |
Cash – End of year | |
$ | 6,341 | | |
$ | 3,538 | |
| |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest Paid | |
$ | — | | |
$ | — | |
Taxes Paid | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Supplemental non-cash disclosure: | |
| | | |
| | |
Forgiveness of debt – related party | |
$ | 400,000 | | |
$ | — | |
The
accompanying notes are an integral part of these financial statements.
SHUREPOWER,
LLC.
STATEMENT
OF CHANGES IN MEMBER’S DEFICIT
FOR
THE YEARS ENDED DECEMBER 31, 2022 AND 2021
| |
Paid in Capital | | |
Accumulated Deficit | | |
Total Member Deficit | |
Balance, December 31, 2020 | |
$ | — | | |
$ | (1,565,971 | ) | |
$ | (1,565,971 | ) |
Net loss | |
| — | | |
| (21,360 | ) | |
| (21,360 | ) |
Balance, December 31, 2021 | |
| — | | |
| (1,587,331 | ) | |
| (1,587,331 | ) |
Forgiveness of related party debt | |
| 400,000 | | |
| — | | |
| 400,000 | |
Net loss | |
| — | | |
| (270,449 | ) | |
| (270,449 | ) |
Balance, December 31, 2022 | |
$ | 400,000 | | |
$ | (1,857,780 | ) | |
$ | (1,457,780 | ) |
SHUREPOWER,
LLC.
Notes
to the Financial Statements
December
31, 2022 and December 31, 2021
NOTE
1 - DESCRIPTION OF BUSINESS
Shurepower,
LLC. (the “Company”) was registered in the state of New York, on July 12, 2004.
The
business purpose of the Company is to manufacture and sell transportation electrification equipment.
The
Company’s registered office is located at 5291 NE Elam Young Pkwy, Suite 160, Hillsboro, OR 97124.
The
Company’s founder and director is Jeff Kim.
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the
United States (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
Use
of Estimates
The
preparation of these financial statements in conformity with United States 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. The
Company regularly evaluates estimates and assumptions related to long-lived assets and deferred income tax asset valuation allowances.
The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to
be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by
the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between
the estimates and the actual results, future results of operations will be affected.
Cash
and Cash Equivalents
For
financial accounting purposes, cash and cash equivalents are considered to be all highly liquid investments with a maturity of three
months or less at the time of purchase.
Inventory
Inventories
are stated at the lower of cost or market. Cost is principally determined using the last-in, first-out (LIFO) method. The Company periodically
assesses if any of the inventory has become obsolete or if the value has fallen below cost. When this occurs, the Company recognizes
an expense for inventory write down. The Company has impaired its inventory down 50% from its original cost. Total inventory at December
31, 2022 and 2021 was $6,880 and $4,269, respectively.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line
method over the estimated useful lives of the assets. Leasehold improvements are amortized over the lesser of the remaining term of the
lease or the estimated useful life of the asset. Expenditures for repairs and maintenance are expensed as incurred.
Intangible
Assets
The
Company accounts for intangible assets under ASC 350-30, Intangibles – Goodwill and Other. Intangible assets are stated
at cost less accumulated amortization. Intangibles are amortized using the straight line method over their useful life and include purchased
software as well as trademarks. We review our long-lived assets, including intangibles, for impairment when events or changes in circumstances
indicate that the carrying value of an asset may not be recoverable. At each balance sheet date, we evaluate whether events and circumstances
have occurred that indicate possible impairment. We use an estimate of future undiscounted net cash flows from the related asset or group
of assets over their remaining life in measuring whether the assets are recoverable.
Stock-based
Compensation
In
June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based
Payment Accounting. ASU 2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance
is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. We adopted this ASU
on January 1, 2019. The adoption of ASU 2018-07 did not have a material impact on our financial statements.
Income
Taxes
Income
taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus
deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future
tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or
settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred
tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on
matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s
judgment about the need for a valuation allowance for deferred taxes could change in the near term.
Tax
benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.
A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that
do not meet these recognition and measurement standards. As of December 31, 2022, and 2021, no liability for unrecognized tax benefits
was required to be reported.
Revenue
Recognition
The
Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be
met before revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract;
(3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and (5) recognize
revenue when or as the Company satisfies a performance obligation.
During
the year ended December 31, 2022 and 2021, the Company generated revenues from selling power vending stations (charging stations). The
Company considers its performance obligations satisfied upon shipment and/or delivery of the purchased products to the customer. The
Company evaluates returns from customers purchasing product on a case-by-case basis and generally will issue replacement product in the
limited cases of product returns. The Company has no policy requiring cash refunds.
Cost
of Revenue
Cost
of revenues includes actual product cost, labor, if any, and direct overheard, which is applied on a per unit basis.
Fair
Value of Financial Instruments
Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The
hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of
inputs used to measure fair value are as follows:
|
● |
Level
1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|
|
|
|
● |
Level
2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted
market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable,
and inputs derived from or corroborated by observable market data. |
|
|
|
|
● |
Level
3 — inputs to the valuation methodology are unobservable. |
Unless
otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, and prepaid expenses,
short-term borrowings, accounts payable, due to related parties, and other payables and other current liabilities, approximate the fair
value of the respective assets and liabilities as of December 31, 2022 and 2021 based upon the short-term nature of the assets and liabilities.
Recent
accounting pronouncements
The
Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on
the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements
that have been issued that might have a material impact on our financial position or results of operations.
NOTE
3 - GOING CONCERN
The
accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has negative
working capital of $1,463,780 for the year ended December 31, 2022, minimal revenue and had a net loss of $275,499 for the year ended
December 31, 2022. Due to these conditions, it raises substantial doubt about the Company’s ability to continue as a going concern.
The continuation of the Company as a going concern is dependent upon improving the profitability of the Company and the continuing financial
support from its stockholders. Management believes the existing members or external financing will provide the additional cash to meet
the Company’s obligations as they become due. The financial statements do not include any adjustments relating to the recoverability
and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable
to continue as a going concern.
NOTE
4 – PROPERTY EQUIPMENT AND INTANGIBLES
Property
and equipment, net, consists of the following:
| |
December 31, 2022 | | |
December 31, 2021 | |
Buildings | |
$ | — | | |
$ | 235,842 | |
Computer | |
| — | | |
| 4,275 | |
Equipment | |
| — | | |
| 25,617 | |
TSE Pedestal | |
| — | | |
| 62,173 | |
Total | |
| — | | |
| 327,907 | |
Less: accumulated depreciation | |
| — | | |
| (291,726 | ) |
Total property and equipment, net | |
$ | — | | |
$ | 36,181 | |
| |
December 31, 2022 | | |
December 31, 2021 | |
Software | |
$ | — | | |
$ | 5,133 | |
Trademark | |
| — | | |
| 880 | |
Total intangibles | |
| — | | |
| 6,013 | |
Depreciation
and amortization expense amounted to $6,013 and $4,831 for the years ended December 31, 2022 and 2021, respectively. During the year
ended December 31, 2022, all property, equipment and intangibles were fully impaired or amortized, as they have been held beyond their
useful life per the Company’s depreciation and amortization policy. The Company recognized impairment expense of $45,183 for the
year ended December 31, 2022.
NOTE
5 - LOANS PAYABLE
As
of December 31, 2022 and 2021, the Company has a loan payable to a third party of $111,395 and $118,635, respectively. The loan is non-interest
bearing and due on demand.
NOTE
6 - RELATED PARTY TRANSACTIONS
On
February 15, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $200,000 for funds loaned to the Company on February
15, 2022. The note matures in twenty years and accrues interest at 6.58% per annum. The Company began monthly payments of $1,500 of principal
on April 1, 2022. Two monthly payments were made in December 2022. The note does not carry prepayment penalty. As of December 31, 2022,
the balance due on this note is $185,000.
On
March 1, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $248,954. The amount of the note is the balance due
to Mr. Kim for loans to the Company beginning in 2017. The note matures in ten years and accrues interest at 6.63% per annum beginning
April 1, 2023. The Company is to begin monthly payments of principal and interest of $2,900 on April 1, 2023, or within one year without
penalty. As of December 31, 2022, there is $248,954 due on this note.
On
December 31, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $1,237,600. The amount of the note is the balance
due to Mr. Kim for accrued compensation. The note matures in ten years and accrues interest at 6.42% per annum beginning April 1, 2023.
The Company is to begin monthly payments principal and interest of $14,000 on April 1, 2023, or within one year without penalty. On December
31, 2022, Mr. Kim forgave $400,000 of the principal amount of the note. The amount has been credited to paid in capital.
NOTE
7 - SUBSEQUENT EVENTS
In
accordance with ASC 855-10 the Company has analyzed its operations subsequent to December 31, 2022, and to the date these financial statements
were issued, and has determined that it does not have any subsequent event to disclose in these financial statements other than the following.
On
November 23, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with United States Basketball
League, Inc. (“USBL”) under which Shorepower was merged with and into USBL (the “Merger”). The Closing of the
Merger occurred on March 22, 2023.
On
March 22, 2023, the Company entered into an executive employment agreement with its executive officer, Jeff Kim. Under the terms of his
employment agreement, Mr. Kim’s annual base salary is $200,000 but payment of such salary is subject to the cash flow of the Company
as determined by the Board and agreed to by Mr. Kim and any payment cannot exceed $10,000 per month for the nine months from the date
of the employment agreement. Alternatively, Mr. Kim may elect to defer his salary and receive repayment of his current outstanding loans
to the Company, not to exceed $10,000 per month, for nine months from the date of his employment agreement.
Exhibit
99.2
UNITED
STATES BASKETBALL LEAGUE, INC.
UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
On
November 23, 2022, United States Basketball League, Inc. (“USBL”), entered into an Agreement and Plan of Merger (the “Merger
Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies, Inc. (“Shorepower”) under which Shorepower will be
merged with and into USBL subject to several closing conditions, including satisfactory completion of due diligence reviews by each party
to the Merger Agreement, Shorepower providing USBL with the most recent two years of audited financial statements by a PCAOB auditor,
USBL authorizing a new class of Series B preferred stock with each Series B preferred share having the voting power of 40 shares of USBL
common stock, USBL completing a stock and warrant financing to have a minimum of $480,000 in cash at closing (the “USBL Pre-Merger
Financing”) and USBL not having any debt or contingent liabilities of any kind at the time of the closing.
Under
the terms of the Merger Agreement, following the closing, Shorepower shall own 55% of the issued and outstanding shares of USBL common
stock that includes any dilution from the USBL Pre-Merger Financing, Shorepower shall receive 2,000,000 shares of a Series B Preferred
stock and the right to receive the following additional shares of USBL common stock upon achieving the following milestones: (i) an additional
2.5% of the issued and outstanding USBL Common Stock upon the completion of either (a) the conversion of 75 existing connection points
to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the first 12 months or some
combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding USBL Common Stock upon (a) the
application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months; (iii) an additional 2.5% of
the issued and outstanding USBL common stock outstanding upon the completion of acquisitions in the first 24 months generating no less
than $3.0 million in gross revenues and (iv) an additional 500,000 shares of USBL common stock upon acquiring or hiring the following
key personnel in the first six months after the effective date of the merger: (a) three or more qualified Board members and (b) at least
three of the following four individuals having the following qualifications: one sales/marketing person, one grant writer/Government
relations person, one technician/maintenance person and one software programmer/engineer.
The
following unaudited pro forma condensed combined financial information is based on the financial statements of the Company and Shorepower.
Shorepower
is a transportation electrification company that builds, deploys and operates plug-in stations that allow vehicles and refrigerated trailers
to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers that will not have to
use petroleum fuel thus significantly reducing associated toxic emissions and greenhouse gases from replacing diesel fuel with electric
power.
The
notes to the unaudited pro forma condensed combined financial information describe the reclassifications and adjustments to the financial
information presented.
The
unaudited pro forma condensed combined financial information is not intended to represent or be indicative of the Company’s consolidated
results of operations or financial position that the Company would have reported had the Shorepower acquisition been completed as of
the dates presented and should not be taken as a representation of the Company’s future consolidated results of operation or financial
position.
The
unaudited pro forma condensed combined financial statements do not give effect to the potential impact of current financial conditions,
regulatory matters or any anticipated synergies, operating efficiencies or cost savings that may be associated with the acquisition.
The unaudited pro forma condensed combined financial statements also do not include any integration costs, cost overlap or estimated
future transaction costs that the companies expect to incur as a result of the acquisition.
The
historical financial information has been adjusted to give effect to events that are directly attributable to the Acquisition, factually
supportable and expected to have a continuing impact on the results of the combined company. Per Rules 8-05, 11-01 and 11-02 of Regulation
S-X, the historical financials of the companies are within one quarter of one another; therefore, no adjustments were made to the periods
presented. The adjustments that are included in the following unaudited pro forma condensed combined financial statements are described
in Note 3 below, which includes the numbered notes that are marked in those financial statements.
UNITED
STATES BASKETBALL LEAGUE, INC.
Unaudited
Pro Forma Condensed Combined Balance Sheets
| |
United
States Basketball League, Inc. as of November 30, 2022 | | |
Shurepower, LLC
as of November 30, 2022 | | |
Pro
Forma Adjustments | | |
Notes | | |
Pro
Forma Combined | |
ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | |
Current
Assets: | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash | |
$ | 133,713 | | |
$ | 12,754 | | |
$ | 660,000 | | |
| | | |
$ | 806,467 | |
Prepaid
stock for services | |
| 135,000 | | |
| — | | |
| — | | |
| | | |
| 135,000 | |
Other
prepaids | |
| 2,440 | | |
| — | | |
| — | | |
| | | |
| 2,440 | |
Inventory | |
| — | | |
| 6,455 | | |
| — | | |
| | | |
| 6,455 | |
Total
Current Assets | |
| 271,153 | | |
| 19,209 | | |
| 660,000 | | |
| | | |
| 950,362 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other
assets | |
| — | | |
| 1,000 | | |
| — | | |
| | | |
| 1,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Assets | |
$ | 271,153 | | |
$ | 20,209 | | |
$ | 660,000 | | |
| | | |
$ | 951,362 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
LIABILITIES
AND SHAREHOLDERS’ EQUITY (DEFICIT) | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Accounts
payable and accrued expenses | |
$ | 5,040 | | |
$ | 79,675 | | |
$ | — | | |
| | | |
$ | 84,715 | |
Related
party payables | |
| — | | |
| 1,648,354 | | |
| — | | |
| | | |
| 1,648,354 | |
8Loan
payables | |
| — | | |
| 111,395 | | |
| | | |
| | | |
| 111,395 | |
Total
Current Liabilities | |
| 5,040 | | |
| 1,839,424 | | |
| — | | |
| | | |
| 1,844,464 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Liabilities | |
| 5,040 | | |
| 1,839,424 | | |
| — | | |
| | | |
| 1,844,464 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders’
Equity (Deficit): | |
| | | |
| | | |
| | | |
| | | |
| | |
Preferred
stock, $0.01 par value, 10,000,000 shares authorized; no shares issued and outstanding | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Series
A preferred stock, $0.01 par value, 1,105,644 shares designated; no shares issued and outstanding | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Series
B preferred stock, $0.01 par value, 2,000,000 shares designated; no shares issued and outstanding | |
| — | | |
| — | | |
| 20,000 | | |
| (2 | ) | |
| 20,000 | |
Common
stock, $0.01 par value, 100,000,000 shares authorized; 10,345,348 shares issued and outstanding | |
| 103,453 | | |
| — | | |
| 110,000 | | |
| (1 | ) | |
| 213,453 | |
Additional
paid-in-capital | |
| 7,736,701 | | |
| — | | |
| 530,000 | | |
| (1)
(2) | | |
| 8,266,701 | |
Accumulated
deficit | |
| (7,531,587 | ) | |
| (1,819,215 | ) | |
| — | | |
| | | |
| (9,350,802 | ) |
Treasury
stock, at cost | |
| (42,454 | ) | |
| — | | |
| — | | |
| | | |
| (42,454 | ) |
Total
Shareholders’ Equity (Deficit) | |
| 266,113 | | |
| (1,819,215 | ) | |
| 660,000 | | |
| | | |
| (893,102 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Liabilities and Shareholders’ Deficit | |
$ | 271,153 | | |
$ | 20,209 | | |
$ | 660,000 | | |
| | | |
$ | 951,362 | |
UNITED
STATES BASKETBALL LEAGUE, INC.
Unaudited
Pro Forma Condensed Combined Statements of Operations
| |
United States Basketball League, Inc. for the nine months ended November 30, 2022 | | |
Shurepower, LLC for the nine months ended September 30, 2022 | | |
Pro Forma Adjustments | | |
Notes | | |
Pro Forma Combined | |
Revenues | |
$ | — | | |
$ | 20,320 | | |
$ | — | | |
| | | |
$ | 20,320 | |
Cost of revenues | |
| — | | |
| 1,941 | | |
| — | | |
| | | |
| 1,941 | |
Gross profit | |
| — | | |
| 18,379 | | |
| — | | |
| | | |
| 18,379 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 17,940 | | |
| — | | |
| — | | |
| | | |
| 17,940 | |
General and administrative | |
| 117,933 | | |
| 178,033 | | |
| — | | |
| | | |
| 295,966 | |
Director compensation | |
| 202,500 | | |
| — | | |
| — | | |
| | | |
| 202,500 | |
Total operating expenses | |
| 338,373 | | |
| 178,033 | | |
| — | | |
| | | |
| 516,406 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (338,373 | ) | |
| (159,654 | ) | |
| — | | |
| | | |
| (498,027 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other Expense: | |
| | | |
| | | |
| | | |
| | | |
| | |
Impairment expense | |
| — | | |
| (46,063 | ) | |
| — | | |
| | | |
| (46,063 | ) |
Interest expense | |
| — | | |
| (1,514 | ) | |
| — | | |
| | | |
| (1,514 | ) |
Total other expense | |
| — | | |
| (47,577 | ) | |
| — | | |
| | | |
| (47,577 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (338,373 | ) | |
$ | (207,231 | ) | |
$ | — | | |
| | | |
$ | (545,604 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.04 | ) | |
| | | |
| | | |
| | | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding, basic and diluted | |
| 9,030,803 | | |
| | | |
| | | |
| | | |
| 20,030,803 | |
UNITED
STATES BASKETBALL LEAGUE, INC.
Unaudited
Pro Forma Condensed Combined Statements of Operations
| |
United States Basketball League, Inc. for the year ended February, 2022 | | |
Shurepower, LLC for the year ended December 31, 2021 | | |
Pro Forma Adjustments | | |
Notes | | |
Pro Forma Combined | |
Revenues | |
$ | — | | |
$ | 206,614 | | |
$ | — | | |
| | | |
$ | 206,614 | |
Revenue – related party | |
| 5,000 | | |
| — | | |
| — | | |
| | | |
| 5,000 | |
Cost of revenues | |
| — | | |
| 1,468 | | |
| — | | |
| | | |
| 1,468 | |
Gross profit | |
| 5,000 | | |
| 205,146 | | |
| — | | |
| | | |
| 210,146 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Professional fees | |
| 31,551 | | |
| — | | |
| — | | |
| | | |
| 31,551 | |
General and administrative | |
| 229,484 | | |
| 227,457 | | |
| — | | |
| | | |
| 456,941 | |
Director compensation | |
| 48,000 | | |
| — | | |
| — | | |
| | | |
| 48,000 | |
Total operating expenses | |
| 309,035 | | |
| 227,457 | | |
| — | | |
| | | |
| 536,492 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (304,035 | ) | |
| (22,311 | ) | |
| — | | |
| | | |
| (326,346 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other Income (Expense): | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income | |
| 2,000 | | |
| 9,014 | | |
| — | | |
| | | |
| 11,014 | |
Interest expense | |
| (1,699,145 | ) | |
| (8,063 | ) | |
| — | | |
| | | |
| (1,707,208 | ) |
Gain on forgiveness of debt | |
| 55,270 | | |
| — | | |
| — | | |
| | | |
| 55,270 | |
Loss on conversion of debt | |
| (127,480 | ) | |
| — | | |
| — | | |
| | | |
| (127,480 | ) |
Total other income (expense) | |
| (1,769,355 | ) | |
| 951 | | |
| — | | |
| | | |
| (1,768,404 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (2,073,390 | ) | |
$ | (21,360 | ) | |
$ | — | | |
| | | |
$ | (2,094,750 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss per common share, basic and diluted | |
$ | (0.36 | ) | |
| | | |
| | | |
| | | |
$ | (0.13 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average number of common shares outstanding, basic and diluted | |
| 5,752,866 | | |
| | | |
| | | |
| | | |
| 16,752,866 | |
UNITED
STATES BASKETBALL LEAGUE, INC.
UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
NOTE
1 - BASIS OF PRO FORMA PRESENTATION
The
unaudited pro forma statement of operations for the periods presented, is based on the financial statements of the Company and Shorepower,
after giving effect to the Company’s acquisition of Shorepower that was consummated on March 22, 2023, and adjustments described
in the accompanying notes to the unaudited pro forma condensed combined financial information.
NOTE
2 - ACQUISITION OF SHUREPOWER, LLC
On
March 22, 2023 (the “Closing Date”), United States Basketball League, Inc. (“USBL”, “the Company”)
and Shurepower, LLC d/b/a Shorepower Technologies, Inc. (“Shorepower”), consummated the merger contemplated by that certain
Merger Agreement (the “Merger Agreement”) made and entered into as of November 23, 2022, by and among USBL and Shorepower.
Under the terms of the Merger Agreement, Shorepower now owns 55% of the issued and outstanding shares of USBL common stock that includes
any dilution from the USBL Pre-Merger Financing, Shorepower has received 2,000,000 shares of a Series B Preferred stock.
Following
the Closing, Shorepower will be deemed the accounting predecessor of the Merger and will be the successor registrant for SEC purposes,
meaning that Shorepower’s financial statements for previous periods will be disclosed in the Company’s future periodic reports
filed with the SEC.
The
Merger is accounted for as a reverse recapitalization. Under this method of accounting, USBL will be treated as the acquired company
for financial statement reporting purposes.
NOTE
3 - PRO FORMA ADJUSTMENTS
The
following pro forma adjustments are included in the Company’s unaudited pro forma condensed combined financial information:
|
(1) |
Adjustment
to account for the sale of 11,000,000 common stock units. Each unit consists of one share of common stock and one warrant to purchase
one additional share of common stock. Total proceeds from the sale of the common stock units is $660,000. |
|
(2) |
Adjustment
to account for the issuance of 2,000,000 shares of the Company’s Series B preferred stock. |
Exhibit
107
CALCULATION
OF REGISTRATION FEE
Title of each Class of
Securities to be Registered | |
Shares to be
Registered(1)
| | |
Proposed Maximum
Aggregate
Offering
Price Per
Share(1) | | |
Maximum
Aggregate
Offering
Price(2)(3)
| | |
Amount of
Registration
Fee | |
Shares of common stock, par value $0.01 | |
| 14,817,272 | | |
$ | 0.04 | | |
$ | 592,691 | | |
$ | 87.48 | |
Shares of common stock issuable upon exercise of warrants | |
| 11,000,000 | | |
$ | 0.25 | | |
$ | 2,750,000 | | |
$ | 405.90 | |
Total number of securities to be registered | |
| 25,817,272 | | |
$ | | | |
| | | |
$ | 493.38 | |
|
(1) |
Pursuant
to Rule 416 under the Securities Act, this registration statement shall be deemed to cover additional securities (i) to be offered
or issued in connection with any provision of any securities purported to be registered hereby pursuant to terms which provide for
a change in the amount of securities being offered or issued to prevent dilution resulting from stock splits, stock dividends, or
similar transactions and (ii) of the same class as the securities covered by this registration statement issued or issuable prior
to completion of the distribution of the securities covered by this registration statement as a result of a split of, or a stock
dividend on, the registered securities. |
|
|
|
|
(2) |
Estimated
solely for the purpose of calculating the amount of the registration fee in accordance with Rule 457(o) promulgated under the Securities
Act of 1933, as amended. |
|
|
|
|
(3) |
Pursuant
to Rule 457(g) under the Securities Act, the registration fee is determined pursuant to the price at which a share subject to the
warrants may be exercised, which is $0.25. The proposed maximum aggregate offering price of the Representative’s Warrants is
$2,750,000. |
v3.24.1
Cover
|
9 Months Ended |
Nov. 30, 2023 |
Entity Addresses [Line Items] |
|
Document Type |
S-1/A
|
Amendment Flag |
true
|
Amendment Description |
Amendment
No. 6
|
Entity Registrant Name |
SHOREPOWER TECHNOLOGIES, INC.
|
Entity Central Index Key |
0000764630
|
Entity Tax Identification Number |
06-1120072
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
Suite 160
|
Entity Address, Address Line Two |
Hillsboro
|
Entity Address, Address Line Three |
OR
|
Entity Address, City or Town |
97124
|
Entity Address, Postal Zip Code |
Hillsboro
|
City Area Code |
(509)
|
Local Phone Number |
892-7345
|
Entity Filer Category |
Non-accelerated Filer
|
Entity Small Business |
true
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Business Contact [Member] |
|
Entity Addresses [Line Items] |
|
Entity Address, Address Line One |
Suite 160
|
Entity Address, Address Line Two |
5291 NE Elam Young Pkwy.
|
Entity Address, City or Town |
Hillsboro
|
Entity Address, State or Province |
OR
|
Entity Address, Postal Zip Code |
97124
|
Contact Personnel Name |
Jeff Kim
|
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v3.24.1
Condensed Balance Sheets - USD ($)
|
Nov. 30, 2023 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Current Assets: |
|
|
|
Cash |
$ 278,097
|
$ 77,086
|
$ 180,756
|
Funds held in escrow |
|
553,000
|
|
Prepaid stock for services |
|
|
32,208
|
Other prepaids |
|
535
|
|
Inventory |
6,876
|
|
|
Prepaids |
|
|
|
Note receivable |
35,000
|
|
|
Accounts receivable |
2,500
|
|
|
Total Current Assets |
322,473
|
|
|
Non-Current Assets: |
|
|
|
Other asset |
1,000
|
|
|
Total non-current assets |
1,000
|
|
|
Total Assets |
323,473
|
680,621
|
212,964
|
Current Liabilities: |
|
|
|
Accounts payable and accrued expenses |
57,169
|
13,440
|
13,478
|
Accrued officer compensation – related party |
110,000
|
|
|
Accrued interest – related party |
65,450
|
|
|
Total Current Liabilities |
469,787
|
13,440
|
13,478
|
Total Liabilities |
1,507,711
|
13,440
|
13,478
|
Stockholders’ Deficit: |
|
|
|
Preferred stock value |
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized; 50,478,678 and 47,435,106 shares issued and outstanding, respectively |
484,787
|
474,351
|
71,462
|
Additional paid-in capital |
803,127
|
8,005,803
|
5,653,489
|
Common shares to be issued |
|
|
1,699,146
|
Accumulated deficit |
(2,449,698)
|
(7,790,519)
|
(7,193,214)
|
Treasury stock, at cost; 39,975 shares of common stock |
(42,454)
|
(42,454)
|
(42,454)
|
Total Stockholders’ Deficit |
(1,184,238)
|
667,181
|
199,486
|
Total Liabilities and Stockholders’ Deficit |
323,473
|
680,621
|
212,964
|
Revision of Prior Period, Adjustment [Member] |
|
|
|
Current Assets: |
|
|
|
Cash |
|
114,851
|
|
Funds held in escrow |
|
553,000
|
|
Inventory |
|
6,880
|
|
Prepaids |
|
535
|
|
Note receivable |
|
|
|
Accounts receivable |
|
|
|
Total Current Assets |
|
675,266
|
|
Non-Current Assets: |
|
|
|
Other asset |
|
1,000
|
|
Total non-current assets |
|
1,000
|
|
Total Assets |
|
676,266
|
|
Current Liabilities: |
|
|
|
Accounts payable and accrued expenses |
|
106,394
|
|
Accrued officer compensation – related party |
|
20,000
|
|
Accrued interest – related party |
|
|
|
Total Current Liabilities |
|
343,478
|
|
Total Liabilities |
|
1,527,787
|
|
Stockholders’ Deficit: |
|
|
|
Preferred stock value |
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized; 50,478,678 and 47,435,106 shares issued and outstanding, respectively |
|
474,351
|
|
Additional paid-in capital |
|
615,284
|
|
Accumulated deficit |
|
(1,918,702)
|
|
Treasury stock, at cost; 39,975 shares of common stock |
|
(42,454)
|
|
Total Stockholders’ Deficit |
|
(851,521)
|
(1,406,086)
|
Total Liabilities and Stockholders’ Deficit |
|
676,266
|
|
Series A Preferred Stock [Member] |
|
|
|
Stockholders’ Deficit: |
|
|
|
Preferred stock value |
|
|
11,057
|
Series A Preferred Stock [Member] | Revision of Prior Period, Adjustment [Member] |
|
|
|
Stockholders’ Deficit: |
|
|
|
Preferred stock value |
|
|
|
Series B Preferred Stock [Member] |
|
|
|
Stockholders’ Deficit: |
|
|
|
Preferred stock value |
20,000
|
20,000
|
|
Series B Preferred Stock [Member] | Revision of Prior Period, Adjustment [Member] |
|
|
|
Stockholders’ Deficit: |
|
|
|
Preferred stock value |
|
20,000
|
|
Related Party [Member] |
|
|
|
Current Assets: |
|
|
|
Accounts receivable |
|
50,000
|
|
Current Liabilities: |
|
|
|
Note payable |
125,773
|
|
|
Notes payable, net of current portion – related party |
1,037,924
|
|
|
Related Party [Member] | Revision of Prior Period, Adjustment [Member] |
|
|
|
Current Liabilities: |
|
|
|
Note payable |
|
105,689
|
|
Notes payable, net of current portion – related party |
|
1,184,309
|
|
Nonrelated Party [Member] |
|
|
|
Current Liabilities: |
|
|
|
Note payable |
$ 111,395
|
|
|
Nonrelated Party [Member] | Revision of Prior Period, Adjustment [Member] |
|
|
|
Current Liabilities: |
|
|
|
Note payable |
|
$ 111,395
|
|
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v3.24.1
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Nov. 30, 2023 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
6,894,356
|
6,894,356
|
6,894,356
|
Preferred stock, shares issued |
0
|
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
0
|
Common Stock, Par or Stated Value Per Share |
$ 0.01
|
$ 0.01
|
$ 0.01
|
Common Stock, Shares Authorized |
100,000,000
|
100,000,000
|
100,000,000
|
Common Stock, Shares, Issued |
|
50,478,678
|
7,146,202
|
Common Stock, Shares, Outstanding |
50,478,678
|
50,478,678
|
7,146,202
|
Treasury stock, share |
39,975
|
39,975
|
39,975
|
Revision of Prior Period, Adjustment [Member] |
|
|
|
Preferred stock, par value |
|
$ 0.01
|
|
Preferred stock, shares authorized |
|
6,894,356
|
|
Preferred stock, shares issued |
|
0
|
|
Preferred stock, shares outstanding |
|
0
|
|
Common Stock, Par or Stated Value Per Share |
|
$ 0.01
|
|
Common Stock, Shares, Outstanding |
|
47,435,106
|
|
Series A Preferred Stock [Member] |
|
|
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
1,105,644
|
1,105,644
|
1,105,644
|
Preferred stock, shares issued |
0
|
0
|
1,105,644
|
Preferred stock, shares outstanding |
0
|
0
|
1,105,644
|
Series A Preferred Stock [Member] | Revision of Prior Period, Adjustment [Member] |
|
|
|
Preferred stock, par value |
|
$ 0.01
|
|
Preferred stock, shares authorized |
|
1,105,644
|
|
Preferred stock, shares issued |
|
0
|
|
Preferred stock, shares outstanding |
|
0
|
|
Series B Preferred Stock [Member] |
|
|
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized |
10,000,000
|
2,000,000
|
2,000,000
|
Preferred stock, shares issued |
2,000,000
|
2,000,000
|
0
|
Preferred stock, shares outstanding |
2,000,000
|
2,000,000
|
0
|
Series B Preferred Stock [Member] | Revision of Prior Period, Adjustment [Member] |
|
|
|
Preferred stock, par value |
|
$ 0.01
|
|
Preferred stock, shares issued |
|
2,000,000
|
|
Preferred stock, shares outstanding |
|
2,000,000
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1
Condensed Statements of Operations - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Total revenue |
$ 2,845
|
$ 10,124
|
$ 18,440
|
$ 19,674
|
|
$ 5,000
|
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] |
|
|
|
|
Related Party [Member]
|
Related Party [Member]
|
Cost of revenue |
9,517
|
11,846
|
27,897
|
32,345
|
|
|
Less revenue share |
1,771
|
1,664
|
5,650
|
1,665
|
|
|
Gross margin |
(8,443)
|
(3,386)
|
(15,107)
|
(14,336)
|
|
|
Operating Expenses: |
|
|
|
|
|
|
Professional fees |
14,921
|
18,240
|
245,170
|
30,314
|
131,300
|
$ 31,551
|
General and administrative |
35,566
|
7,729
|
99,609
|
30,518
|
263,505
|
229,484
|
Consulting |
10,658
|
|
30,668
|
|
|
|
Officer compensation |
30,000
|
31,200
|
90,000
|
93,600
|
135,000
|
|
Director compensation |
|
|
|
|
67,500
|
48,000
|
Total operating expenses |
91,145
|
57,169
|
465,447
|
154,432
|
597,305
|
309,035
|
Loss from Operations |
(99,588)
|
(60,555)
|
(480,554)
|
(168,768)
|
(597,305)
|
(304,035)
|
Other Income (Expense): |
|
|
|
|
|
|
Gain on forgiveness of debt |
|
|
|
|
|
55,270
|
Other income |
|
1,026
|
65
|
1,026
|
|
2,000
|
Interest expense |
(3,953)
|
|
(50,507)
|
|
|
|
Impairment of fixed asset |
|
|
|
(46,063)
|
|
|
Preferred stock expense |
|
|
|
|
|
(1,699,145)
|
Loss on conversion of debt – related party |
|
|
|
|
|
(127,480)
|
Total other income (expense) |
(3,953)
|
1,026
|
(50,442)
|
(45,037)
|
|
(1,769,355)
|
Net loss |
$ (103,541)
|
$ (59,529)
|
$ (530,996)
|
$ (213,805)
|
$ (597,305)
|
$ (2,073,390)
|
Basic loss per common share |
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
$ (0.02)
|
$ (0.01)
|
$ (0.36)
|
Diluted loss per common share |
$ (0.00)
|
$ (0.01)
|
$ (0.01)
|
$ (0.02)
|
$ (0.01)
|
$ (0.36)
|
Weighted average number of common shares outstanding - basic |
|
9,405,788
|
48,027,610
|
9,030,803
|
47,133,596
|
5,752,866
|
Weighted average number of common shares outstanding - diluted |
50,478,678
|
9,405,788
|
48,027,610
|
9,030,803
|
47,133,596
|
5,752,866
|
Service [Member] |
|
|
|
|
|
|
Total revenue |
$ 2,845
|
$ 8,420
|
$ 10,531
|
$ 15,535
|
|
|
Product [Member] |
|
|
|
|
|
|
Total revenue |
|
$ 1,704
|
$ 7,909
|
$ 4,139
|
|
|
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v3.24.1
Condensed Statements of Changes in Stockholders' Equity (Deficit) - USD ($)
|
Common Stock [Member] |
Common Stock [Member]
Revision of Prior Period, Adjustment [Member]
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
Revision of Prior Period, Adjustment [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
|
Preferred Stock [Member]
Series B Preferred Stock [Member]
Revision of Prior Period, Adjustment [Member]
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Revision of Prior Period, Adjustment [Member]
|
Retained Earnings [Member] |
Retained Earnings [Member]
Revision of Prior Period, Adjustment [Member]
|
Shares To Be Issued [Member] |
Shares To Be Issued [Member]
Revision of Prior Period, Adjustment [Member]
|
Treasury Stock, Common [Member] |
Treasury Stock, Common [Member]
Revision of Prior Period, Adjustment [Member]
|
Total |
Revision of Prior Period, Adjustment [Member] |
Balance at Feb. 28, 2021 |
$ 35,525
|
|
$ 11,057
|
|
|
|
$ 2,679,855
|
|
$ (5,119,824)
|
|
|
|
$ (42,454)
|
|
$ (2,435,841)
|
|
Balance, shares at Feb. 28, 2021 |
3,552,502
|
|
1,105,679
|
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Common stock issued for director services |
$ 4,000
|
|
|
|
|
|
44,000
|
|
|
|
|
|
|
|
48,000
|
|
Common stock issued for director services, shares |
400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forgiveness of related party debt |
|
|
|
|
|
|
2,346,971
|
|
|
|
|
|
|
|
2,346,971
|
|
Common stock issued for services |
$ 4,750
|
|
|
|
|
|
210,500
|
|
|
|
|
|
|
|
215,250
|
|
Common stock issued for services, shares |
475,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and warrants sold for cash |
$ 24,000
|
|
|
|
|
|
216,000
|
|
|
|
|
|
|
|
240,000
|
|
Common stock and warrants sold for cash, shares |
2,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for loans payable – related party |
$ 3,187
|
|
|
|
|
|
156,163
|
|
|
|
|
|
|
|
159,350
|
|
Common stock issued for loans payable related party, shares |
318,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock to common stock |
|
|
|
|
|
|
|
|
|
|
1,699,146
|
|
|
|
$ 1,699,146
|
|
Conversion of preferred stock to common stock, shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
(2,073,390)
|
|
|
|
|
|
$ (2,073,390)
|
|
Balance at Feb. 28, 2022 |
$ 71,462
|
$ 71,462
|
$ 11,057
|
$ 11,057
|
|
|
5,653,489
|
$ (1,539,725)
|
(7,193,214)
|
$ (1,605,572)
|
1,699,146
|
$ 1,699,146
|
$ (42,454)
|
$ (42,454)
|
199,486
|
$ (1,406,086)
|
Balance, shares at Feb. 28, 2022 |
7,142,202
|
|
1,105,679
|
1,105,644
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Conversion of preferred stock to common stock |
|
16,991
|
|
$ (11,057)
|
|
|
|
1,693,212
|
|
|
|
(1,699,146)
|
|
|
|
|
Conversion of preferred stock to common stock, shares |
1,699,146
|
|
(1,105,644)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
|
(101,603)
|
|
|
|
|
|
(101,603)
|
Balance at May. 31, 2022 |
$ 88,453
|
|
|
|
|
|
153,487
|
|
(1,707,175)
|
|
|
|
$ (42,454)
|
|
(1,507,689)
|
|
Balance, shares at May. 31, 2022 |
8,841,348
|
|
|
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Balance at Feb. 28, 2022 |
$ 71,462
|
71,462
|
$ 11,057
|
$ 11,057
|
|
|
5,653,489
|
(1,539,725)
|
(7,193,214)
|
(1,605,572)
|
1,699,146
|
1,699,146
|
$ (42,454)
|
(42,454)
|
199,486
|
(1,406,086)
|
Balance, shares at Feb. 28, 2022 |
7,142,202
|
|
1,105,679
|
1,105,644
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(213,805)
|
|
Balance at Nov. 30, 2022 |
$ 103,453
|
|
|
|
|
|
543,487
|
|
(1,819,377)
|
|
|
|
$ (42,454)
|
|
(1,214,891)
|
|
Balance, shares at Nov. 30, 2022 |
10,341,348
|
|
|
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Balance at Feb. 28, 2022 |
$ 71,462
|
71,462
|
$ 11,057
|
$ 11,057
|
|
|
5,653,489
|
(1,539,725)
|
(7,193,214)
|
(1,605,572)
|
1,699,146
|
1,699,146
|
$ (42,454)
|
(42,454)
|
199,486
|
(1,406,086)
|
Balance, shares at Feb. 28, 2022 |
7,142,202
|
|
1,105,679
|
1,105,644
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Common stock issued for director services |
$ 2,500
|
|
|
|
|
|
65,000
|
|
|
|
|
|
|
|
67,500
|
|
Common stock issued for director services, shares |
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for services |
$ 2,500
|
|
|
|
|
|
65,000
|
|
|
|
|
|
|
|
67,500
|
|
Common stock issued for services, shares |
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock and warrants sold for cash |
$ 110,000
|
|
|
|
|
|
550,000
|
|
|
|
|
|
|
|
660,000
|
|
Common stock and warrants sold for cash, shares |
11,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock to common stock |
$ 16,991
|
|
$ (11,057)
|
|
|
|
1,693,212
|
|
|
|
(1,699,146)
|
|
|
|
|
|
Conversion of preferred stock to common stock, shares |
1,699,146
|
|
(1,105,679)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
(597,305)
|
|
|
|
|
|
(597,305)
|
|
Common stock issued for officer compensation |
$ 5,000
|
|
|
|
|
|
130,000
|
|
|
|
|
|
|
|
135,000
|
|
Common stock issued for officer compensation, shares |
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for services – related party |
$ 5,000
|
|
|
|
|
|
130,000
|
|
|
|
|
|
|
|
135,000
|
|
Common stock issued for services related party, shares |
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued for pending acquisition |
$ 260,898
|
|
|
|
$ 20,000
|
|
(280,898)
|
|
|
|
|
|
|
|
|
|
Shares issued for pending acquisition, shares |
26,089,758
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Feb. 28, 2023 |
$ 474,351
|
$ 474,351
|
|
|
$ 20,000
|
$ 20,000
|
8,005,803
|
615,284
|
(7,790,519)
|
(1,918,702)
|
|
|
$ (42,454)
|
(42,454)
|
667,181
|
(851,521)
|
Balance, shares at Feb. 28, 2023 |
50,478,678
|
47,435,106
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Balance at May. 31, 2022 |
$ 88,453
|
|
|
|
|
|
153,487
|
|
(1,707,175)
|
|
|
|
$ (42,454)
|
|
(1,507,689)
|
|
Balance, shares at May. 31, 2022 |
8,841,348
|
|
|
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
(52,673)
|
|
|
|
|
|
(52,673)
|
|
Balance at Aug. 31, 2022 |
$ 88,453
|
|
|
|
|
|
153,487
|
|
(1,759,848)
|
|
|
|
$ (42,454)
|
|
(1,560,362)
|
|
Balance, shares at Aug. 31, 2022 |
8,841,348
|
|
|
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Common stock issued for director services |
$ 7,500
|
|
|
|
|
|
195,000
|
|
|
|
|
|
|
|
202,500
|
|
Common stock issued for director services, shares |
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued for services |
$ 7,500
|
|
|
|
|
|
195,000
|
|
|
|
|
|
|
|
202,500
|
|
Common stock issued for services, shares |
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
(59,529)
|
|
|
|
|
|
(59,529)
|
|
Balance at Nov. 30, 2022 |
$ 103,453
|
|
|
|
|
|
543,487
|
|
(1,819,377)
|
|
|
|
$ (42,454)
|
|
(1,214,891)
|
|
Balance, shares at Nov. 30, 2022 |
10,341,348
|
|
|
|
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Balance at Feb. 28, 2023 |
$ 474,351
|
$ 474,351
|
|
|
$ 20,000
|
20,000
|
8,005,803
|
615,284
|
(7,790,519)
|
(1,918,702)
|
|
|
$ (42,454)
|
(42,454)
|
667,181
|
(851,521)
|
Balance, shares at Feb. 28, 2023 |
50,478,678
|
47,435,106
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
|
(115,085)
|
|
|
|
|
|
(115,085)
|
Balance at May. 31, 2023 |
$ 474,351
|
|
|
|
$ 20,000
|
|
615,284
|
|
(2,033,787)
|
|
|
|
$ (42,454)
|
|
(966,606)
|
|
Balance, shares at May. 31, 2023 |
47,435,106
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Balance at Feb. 28, 2023 |
$ 474,351
|
$ 474,351
|
|
|
$ 20,000
|
$ 20,000
|
8,005,803
|
$ 615,284
|
(7,790,519)
|
$ (1,918,702)
|
|
|
$ (42,454)
|
$ (42,454)
|
667,181
|
$ (851,521)
|
Balance, shares at Feb. 28, 2023 |
50,478,678
|
47,435,106
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(530,996)
|
|
Balance at Nov. 30, 2023 |
$ 484,787
|
|
|
|
$ 20,000
|
|
803,127
|
|
(2,449,698)
|
|
|
|
$ (42,454)
|
|
(1,184,238)
|
|
Balance, shares at Nov. 30, 2023 |
50,478,678
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Balance at May. 31, 2023 |
$ 474,351
|
|
|
|
$ 20,000
|
|
615,284
|
|
(2,033,787)
|
|
|
|
$ (42,454)
|
|
(966,606)
|
|
Balance, shares at May. 31, 2023 |
47,435,106
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Common stock issued for services |
$ 10,436
|
|
|
|
|
|
187,843
|
|
|
|
|
|
|
|
198,279
|
|
Common stock issued for services, shares |
1,043,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
(312,370)
|
|
|
|
|
|
(312,370)
|
|
Balance at Aug. 31, 2023 |
$ 484,787
|
|
|
|
$ 20,000
|
|
803,127
|
|
(2,346,157)
|
|
|
|
$ (42,454)
|
|
(1,080,697)
|
|
Balance, shares at Aug. 31, 2023 |
50,478,678
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
Net Loss |
|
|
|
|
|
|
|
|
(103,541)
|
|
|
|
|
|
(103,541)
|
|
Balance at Nov. 30, 2023 |
$ 484,787
|
|
|
|
$ 20,000
|
|
$ 803,127
|
|
$ (2,449,698)
|
|
|
|
$ (42,454)
|
|
$ (1,184,238)
|
|
Balance, shares at Nov. 30, 2023 |
50,478,678
|
|
|
|
2,000,000
|
|
|
|
|
|
|
|
39,975
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
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v3.24.1
Statements of Cash Flows - USD ($)
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Nov. 30, 2022 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Cash Flows from Operating Activities: |
|
|
|
|
Net loss |
$ (530,996)
|
$ (213,805)
|
$ (597,305)
|
$ (2,073,390)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
Impairment expense |
|
46,063
|
|
|
Gain on forgiveness of debt |
|
|
|
(55,270)
|
Loss on conversion of debt – related party |
|
|
|
127,480
|
Depreciation expense |
|
5,133
|
|
|
Preferred stock expense |
|
|
|
1,699,145
|
Common stock granted for director fees |
|
|
67,500
|
48,000
|
Common stock granted for officer compensation |
90,000
|
93,600
|
135,000
|
|
Common stock issued for services – related party |
|
|
135,000
|
|
Common stock issued for services |
198,279
|
|
67,500
|
183,043
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
(2,500)
|
|
|
|
Inventory |
4
|
(2,186)
|
|
|
Prepaids |
535
|
(38,605)
|
31,673
|
|
Note receivable |
(35,000)
|
|
|
|
Accounts payable and accrued expenses |
(49,225)
|
(44,473)
|
(38)
|
(46,997)
|
Accrued interest – related party |
50,505
|
|
|
|
Accrued officer compensation |
90,000
|
93,600
|
|
|
Net cash used in operating activities |
(278,398)
|
(154,273)
|
(160,670)
|
(117,989)
|
Cash Flows from Investing Activities |
|
|
|
|
Loan receivable – related party |
|
|
(50,000)
|
|
Cash Flows from Investing Activities |
|
|
(50,000)
|
|
Cash Flows from Financing Activities: |
|
|
|
|
Increase in due to related parties |
|
|
|
58,670
|
Loan payable |
|
|
|
3,581
|
Repayment of related party loan |
(111,356)
|
(12,001)
|
|
|
Repayment of loan payable |
|
(7,240)
|
|
(3,581)
|
Cash proceeds from sale of common stock |
|
|
660,000
|
240,000
|
Net cash used in financing activities |
(111,356)
|
(19,241)
|
660,000
|
298,670
|
Net change in cash |
(389,754)
|
(173,514)
|
449,330
|
180,681
|
Funds held in escrow, beginning of period |
553,000
|
|
(553,000)
|
|
Cash, beginning of period |
114,851
|
319,980
|
319,980
|
75
|
Cash, end of period |
278,097
|
146,466
|
114,851
|
319,980
|
Supplemental disclosures of cash flow information: |
|
|
|
|
Interest paid |
|
|
|
|
Income tax paid |
|
|
|
|
Supplemental disclosure of non-cash financing activity: |
|
|
|
|
Related party loans converted to common stock |
|
|
|
$ 31,870
|
X |
- DefinitionCommon stock granted for director fees
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v3.24.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Accounting Policies [Abstract] |
|
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Shorepower
Technologies Inc. (“SPEV” “Shorepower” “the Company”) (formerly United States Basketball League,
Inc) was incorporated in Delaware on May 29, 1984, as a wholly owned subsidiary of Meisenheimer Capital, Inc. (“MCI”) for
the purpose of developing and managing a professional basketball league, the United States Basketball League (the “League”).
On
April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company,
Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the
“Sellers”) sold 2,704,007
common shares which it held, to a new
investor group. The Sellers also sold 1,105,644
of SPEV’s preferred stock at a per
share price of $.057
per share to EROP Enterprises, LLC. As
a result of the sale of common and preferred stock by the Sellers, the Company experienced a change in control.
World
Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000
shares of common stock for its services,
and Verde Capital was issued 150,000
shares for Consulting Services. Effective
April 7, 2021, the Board of Directors accepted the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and
President of the Company. Effective April 7, 2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel
T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Mr. Michael Pruitt also joined the Board.
The
Company’s Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies
under which Shorepower was merged with and into SPEV (the “Merger”) was closed on March 22, 2023.
Under
the terms of the Merger Agreement, Jeff Kim, the prior CEO of Shurepower, LLC and the current CEO of the Company, now owns 26,089,758
of the issued and outstanding shares of
the Company’s common stock. 11,000,000
shares of common stock were sold under
the Pre-Merger Financing that raised $660,000.
Mr. Kim has received 2,000,000
shares of a Series B Preferred stock and
the right to receive the following additional shares of SPEV common stock upon achieving the following milestones: (i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing connection
points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the first 12 months
or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV Common Stock upon
(a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months; (iii) an additional
2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the first 24 months generating
no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock upon acquiring or hiring the following
key personnel in the first six months after the effective date of the merger: (a) three or more qualified Board members and (b) at least
three of the following four individuals having the following qualifications: one sales/marketing person, one grant writer/Government
relations person, one technician/maintenance person and one software programmer/engineer.
We
accounted for the Merger transaction as a recapitalization resulting from the acquisition by a non-operating public company that is not
a shell company (as defined in Rule 12b-2 under the Securities Exchange Act of 1934). This accounting treatment as a recapitalization
is consistent with Commission guidance promulgated in staff speeches and the SEC Reporting Manual, Topic 12 on Reverse Acquisitions and
Recapitalizations. As such, the transaction is outside the scope of FASB ASC 805. Specifically, the Merger transaction was treated as
a reverse recapitalization in which the entity that issues securities (the legal acquirer) is determined to be the accounting acquiree,
while the entity receiving securities (the legal acquiree) is the accounting acquirer.
Under
reverse merger accounting (i.e., recapitalization), historical financial statements of Shurepower, LLC (the legal acquiree, accounting
acquirer), are presented with one adjustment, which is to retroactively adjust the accounting acquirer’s legal capital to reflect
the legal capital of the accounting acquiree. That adjustment is required to reflect the capital of the legal parent (the accounting
acquiree). Comparative information presented in the consolidated financial statements also is retroactively adjusted to reflect the legal
capital of the legal parent (accounting acquiree).
As
a result of the merger transaction the Company reduced its accumulated deficit and increased its additional paid in capital by approximately
$5,872,000.
Effective
on the date of closing the merger, Saeb Jannoun and Michael D. Pruitt resigned as directors of the Company, and Mr. Jannoun resigned
as the CEO. Jeff Kim was appointed as the sole officer and director.
Effective
June 20, 2023, the Company’s name was changed to Shorepower Technologies Inc and its ticker symbol to SPEV.
The
Company is a transportation electrification infrastructure manufacturer and service provider of Electric Vehicle Supply Equipment (EVSE),
Truck Stop Electrification (TSE) and electric standby Transport Refrigeration Unit (eTRU) stations. They have 60
operational TSE facilities with over 1,800
individual electrified parking spaces
in 31
states. Shorepower’s stations are
EPA SmartWay-Verified and CARB-Verified. The Company has headquarters in Hillsboro (Portland Area), Oregon and an office in Detroit,
Michigan metro area. Shorepower is a certified minority owned business enterprise (MBE). The Company’s management team is comprised
of a group of seasoned individuals with knowledge of technology, transportation and heavy-duty vehicles and nearly two decades working
together. Combined, the team has managed over $16
million in government contracts and grant funds to deploy transportation
electrification throughout the nation.
|
NOTE
1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
United
States Basketball League, Inc. (“SPEV (formerly
“USBL”)”, “the Company”) was incorporated in Delaware on May 29, 1984 as a wholly owned
subsidiary of Meisenheimer Capital, Inc. (“MCI”) for the purpose of developing and managing a professional basketball
league, the United States Basketball League (the “League”). Prior to the pending merger, SPEV has primarily engaged in
selling franchises and managing the League. From 1985 and up to the present time, SPEV has sold a total of approximately forty
active franchises (teams), a vast majority of which were terminated for non-payment of their respective franchise
obligations.
On
April 7, 2021, through a series of Stock Purchase Agreements (the “Purchase Agreements”), the majority owners of the Company,
Richard C. Meisenheimer, Daniel T. Meisenheimer, III, James Meisenheimer, Meisenheimer Capital, Inc. and Spectrum Associates, Inc. (the
“Sellers”) sold 2,704,007 common shares which it held, to a new investor group. The Sellers also sold 1,105,644 of SPEV’s
preferred stock at a per share price of $.057 per share to EROP Enterprises, LLC. As a result of the sale of common and preferred stock
by the Sellers, the Company experienced a change in control.
World
Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000 shares of common stock for
its services, and Verde Capital was issued 150,000 shares for Consulting Services. Effective April 7, 2021, the Board of Directors accepted
the resignation of Daniel T. Meisenheimer, III as Chairman of the Board of Directors and President of the Company. Effective April 7,
2021, Saeb Jannoun was appointed to fill the vacancy following the resignation of Daniel T. Meisenheimer, III as Chairman of the Board
of Directors and President of the Company. Mr. Michael Pruitt also joined the Board.
On
November 23, 2022, SPEV entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a
Shorepower Technologies, Inc. (“Shorepower”) under which Shorepower will be merged with and into SPEV subject to several
closing conditions, including satisfactory completion of due diligence reviews by each party to the Merger Agreement, Shorepower
providing SPEV with the most recent two years of audited financial statements by a PCAOB auditor, SPEV authorizing a new class of
Series B preferred stock with each Series B preferred share having the voting power of 40
shares of SPEV common stock, SPEV completing a stock and warrant financing to have a minimum of $480,000
in cash at closing (the “SPEV Pre-Merger Financing”) and SPEV not having any debt or contingent liabilities of any kind
at the time of the closing.
The
closing occurred on March 22, 2023.
Shorepower
is a transportation electrification infrastructure manufacturer of Electric Vehicle Supply Equipment (EVSE), Truck Stop Electrification
(TSE) and electric standby Transport Refrigeration Unit (eTRU) stations. They have 60 operational TSE facilities with over 1,800 individual
electrified parking spaces in 31 states. Shorepower’s stations are EPA SmartWay-Verified and CARB-Verified. Shorepower is a New
York limited liability company with headquarters in Hillsboro (Portland Area), Oregon and an office in Detroit, Michigan metro area.
Shorepower is a certified minority owned business enterprise (MBE). The Shorepower management team is comprised of a group of seasoned
individuals with knowledge of technology, transportation and heavy-duty vehicles and nearly two decades working together. Combined, the
team has managed over $16 million in government contracts and grant funds to deploy transportation electrification throughout the nation.
The
Company changed its name to Shorepower Technology, Inc. effective June 20, 2023.
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v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Accounting Policies [Abstract] |
|
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unaudited
Interim Financial Information
The
accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction
with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with
the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation
of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods
are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate
the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal
year ended February 28, 2023, have been omitted. The condensed consolidated financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in the United States of America (“US GAAP”).
Use
of Estimates
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.
Inventory
Inventories
are stated at the lower of cost or market. Cost is principally determined using the last-in, first-out (LIFO) method. The Company periodically
assesses if any of the inventory has become obsolete or if the value has fallen below cost. When this occurs, the Company recognizes
an expense for inventory write down. Total inventory at November 30, 2023 and February 28, 2023, was $6,876
and $6,880,
respectively.
Revenue
Recognition
The
Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be
met before revenue can be recognized: (1) identify the contract (or PO) with a customer; (2) identify the performance obligations in
the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and
(5) recognize revenue when or as the Company satisfies a performance obligation. The Company generated revenues from selling power vending
stations (charging stations) or services. The Company considers its performance obligations satisfied upon shipment and/or delivery of
the purchased products to the customer. The Company evaluates returns from customers purchasing product on a case-by-case basis and generally
will issue replacement product in the limited cases of product returns. The Company has no policy requiring cash refunds.
Cost
of Revenue
Cost
of revenues includes actual product cost, labor, if any, and direct overheard, including utility (electricity) bills, which is applied
on a per unit basis.
Accounts
Receivable
Revenues
that have been recognized but not yet received are recorded as accounts receivable. Losses on receivables will be recognized when it
is more likely than not that a receivable will not be collected. An allowance for estimated uncollectible amounts will be recognized
to reduce the amount of receivables to its net realizable value when needed. As of November 30, 2023, management has determined that
an allowance for doubtful accounts is not required as all amounts are considered to be collectible.
Recently
Issued Accounting Pronouncements
The
Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material
impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
|
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
Use
of Estimates
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.
Concentration
of Credit Risk
We
maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor
our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant
credit risk on cash.
Stock-based
Compensation
In
June 2018, the FASB issued ASU 2018-07, Compensation
– Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU
2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal
years beginning after December 15, 2018, and interim periods within those annual periods.
Cash
Equivalents
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There
were no cash equivalents for the years ended February 28, 2023 or 2022.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level 1: |
Quoted market prices available in active markets
for identical assets or liabilities as of the reporting date. |
Level 2: |
Pricing inputs other than
quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
Level 3: |
Pricing inputs that are generally
unobservable inputs and not corroborated by market data. |
The
carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate
their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of
such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial
arrangements on February 28, 2023 and 2022.
Net
Income (Loss) Per Common Share
Net
income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income
(loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number
of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common
shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period
presented.
Income
Taxes
Income
taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus
deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future
tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or
settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred
tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on
matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s
judgment about the need for a valuation allowance for deferred taxes could change in the near term.
Tax
benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.
A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that
do not meet these recognition and measurement standards. As of February 28, 2023, and 2022, no liability for unrecognized tax benefits
was required to be reported.
Revenue
Recognition
In
2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle
of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC
606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1)
identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3)
determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing
revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that
the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has
concluded that the new guidance did not require any significant change to its revenue recognition processes.
Recently
Issued Accounting Pronouncements
The
Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material
impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
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v3.24.1
GOING CONCERN
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
GOING CONCERN |
NOTE
3 – GOING CONCERN
The
accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates
continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying
financial statements, the Company has an accumulated deficit of $2,449,698
as of November 30, 2023, with minimal
revenue generated. Due to these conditions, it raises substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or
the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.
|
NOTE
3 – GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity
of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying financial
statements, the Company has an accumulated deficit of $7,790,519, with minimal revenue generated. Due to these conditions, it raises substantial
doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating
to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should
the Company be unable to continue as a going concern.
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v3.24.1
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Related Party Transactions [Abstract] |
|
|
RELATED PARTY TRANSACTIONS |
NOTE
6 – RELATED PARTY TRANSACTIONS
On
February 15, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $200,000
for funds loaned to the Company on February
15, 2022. The note matures in twenty
years and accrues interest at 6.58%
per annum. The Company began monthly payments of $1,500
on April 1, 2022. As of November 30, 2023
and February 28, 2023, the balance due on this note is $88,044
and $185,000,
respectively. As of November 30, 2023, there is $18,536
of accrued interest on this note.
On
March 1, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $253,954.
The amount of the note is the balance due to Mr. Kim for loans to the Company beginning in 2017. The note matures in ten years and accrues
interest at 6.63%
per annum beginning April 1, 2023. The Company is to begin monthly payments of principal and interest on April 1, 2023, or within one
year without penalty. As of November 30, 2023, there is $238,054
and $10,967
of principal and interest due on this
note, respectively.
On
December 31, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $1,237,600.
The amount of the note is the balance due to Mr. Kim for accrued compensation. The note matures in ten years and accrues interest at
6.42%
per annum beginning April 1, 2023. The Company is to begin monthly payments principal and interest on April 1, 2023, or within one year
without penalty. On December 31, 2022, Mr. Kim forgave $400,000
of the principal amount of the note. As
of November 30, 2023, there is $837,600
and $35,947
of principal and interest due on this
note, respectively.
On
March 22, 2023, the Company entered into an executive employment agreement with its executive officer, Jeff Kim. Under the terms of his
employment agreement, Mr. Kim’s annual base salary is $200,000
but payment of such salary is subject
to the cash flow of the Company as determined by the Board and agreed to by Mr. Kim and any payment cannot exceed $10,000
per month for the nine months from the
date of the employment agreement. Additionally, a $2,000
monthly loan payment will be made as part
of the merger agreement. Mr. Kim may elect to defer his salary and receive repayment of his current outstanding loans to the Company,
not to exceed $10,000
per month, for nine months from the date
of his employment agreement. Mr. Kim is still entitled to his $10,000
monthly salary. As of November 30, 2023
and February 28, 2023, there is $110,000
and $20,000,
of accrued compensation due to Mr. Kim.
|
NOTE
4 – RELATED PARTY TRANSACTIONS
During
the year ended February 28, 2022, Saeb Jannoun, CEO, advanced the Company $3,000 for general operating expenses. The advance was non-interest
bearing and due on demand. On July 26, 2021, Mr. Jannoun converted the $3,000 into 30,000 shares of common stock. The shares were valued
at $0.50, the closing stock price on the date of conversion, for a loss on conversion of debt of $12,000.
During
the year ended February 28, 2022, EROP Enterprises LLC (“EROP”), a significant shareholder, advanced the Company $28,870
for general operating expenses. The advance was non-interest bearing and due on demand. On July 26, 2021, EROP converted $28,870 into
288,700 shares of common stock. The shares were valued at $0.50, the closing stock price on the date of conversion, for a loss on conversion
of debt of $115,480.
On
April 7, 2021, the Company issued 200,000 restricted shares of common stock each to two of its directors for services. The shares were
valued at $0.12, the closing stock price on the date of grant, for total non-cash expense of $48,000.
During
the year ended February 28, 2022, EROP purchased 1,475,000 shares of common stock for $147,500. In addition, the Company granted 200,000
shares of common stock to EROP for services per the terms of a consulting agreement. The shares were valued at $0.52, the closing stock
price on the date of grant, for total non-cash expense of $104,000. The expense was being amortized over the one-year term of the service
agreement with EROP. As of February 28, 2022, the Company recognized $73,667 of the expense.
From February 1, 2022 through February 28, 2022, EROP
provided consulting services for total cash compensation of $7,000.
During
the year ended February 28, 2022, the Company was engaged by a relative of a shareholder to provide consulting services. As of February
28, 2022, the Company has recorded $5,000 of consulting revenue for services provided.
During
the year ended February 28, 2023, the Company granted 500,000 shares of common stock to EROP for services per the terms of a consulting
agreement. The shares were valued at $0.27, the closing stock price on the date of grant, for total non-cash expense of $135,000.
During
the year ended February 28, 2023, the Company granted 500,000 shares of common stock to Thirty-05, LLC, a company owned by Saeb Jannoun,
its CEO, for officer and director services. The shares were valued at $0.27, the closing stock price on the date of grant, for total
non-cash expense of $135,000.
During
the year ended February 28, 2023, the Company granted 250,000 shares of common stock to Michael Pruitt for director services. The shares
were valued at $0.27, the closing stock price on the date of grant, for total non-cash expense of $67,500.
On
February 23, 2023, pursuant to the terms of the merger with Shorepower, the Company granted 2,000,000
shares of Series B preferred stock and 26,089,758
shares of its common stock to Jeff Kim, the CEO of Shorepower.
During
Q4 2022, the Company advanced $50,000
to Shorepower for operating expenses. The advance was made as part of the merger agreement (see Note 11) and is non-interest
bearing. The advance will be eliminated upon consolidation of the financial statements of the Company and
Shorepower in the first quarter of fiscal year 2024.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.1
DUE TO PRIOR RELATED PARTIES
|
12 Months Ended |
Feb. 28, 2023 |
Due To Prior Related Parties |
|
DUE TO PRIOR RELATED PARTIES |
NOTE
5 – DUE TO PRIOR RELATED PARTIES
On
April 7, 2021, as part of the purchase and sale agreement, the principals of MCI consisting of Daniel Meisenheimer III, Richard Meisenheimer
and their affiliated entities agreed to cancel previously issued and outstanding loans made to the Company.
Spectrum
Associates agreed to cancel indebtedness in the amount of $1,318,789 and the principals (D. Meisenheimer III and R. Meisenheimer) and
their other affiliates agreed to cancel indebtedness in the amount of $815,590.
As
a result of the debt cancellation the Company recognized a gain on the forgiveness of debt of $55,270 and credited $2,346,971 to additional
paid in capital.
|
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v3.24.1
COMMON STOCK
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Equity [Abstract] |
|
|
COMMON STOCK |
NOTE
7 – COMMON STOCK
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of its common stock and one warrant to purchase shares of its common stock, for total proceeds
of $660,000.
Funds held at escrow after deducting legal and investor relation expenses was $553,000
as of February 28, 2023. The funds held in escrow
were transferred to the Company in March 2023.
On
August 30, 2023, the Company granted 1,043,572
shares of common stock for investor relation
services. The shares were valued at $0.19,
the closing price on the date of grant, for total non-cash expense of $198,279.
As of November 30, 2023, there are 48,478,678
shares of common stock outstanding.
|
NOTE
6 – COMMON STOCK
On
April 29, 2021, the Company issued 125,000 shares of common stock to World Equity Markets who acted in the capacity of a broker/dealer
for the Purchase Agreements (Note 1). The shares were valued at $0.71, the closing stock price on the date of grant, for total non-cash
expense of $88,750. The expense is being amortized over the six-month term of the service agreement with World Equity Markets. As of
February 28, 2022, the Company recognized $88,750 of the expense.
On
April 6, 2021, the Company issued 150,000 shares of common stock to Verde Capital, LLC for consulting services. The shares were valued
at $0.15, the closing stock price on the date of grant, for total non-cash expense of $22,500. The expense is being amortized over the
one-year term of the service agreement with Verde Capital, LLC. As of February 28, 2022, the Company recognized $19,688 of the expense.
During
the year ended February 28, 2022, the Company sold 2,400,000 shares of common stock for total cash proceeds of $240,000.
On
May 18, 2021, the Company increased its authorized shares of common stock to 100,000,000 shares.
During
the year ended February 28, 2023, the Company granted 250,000 shares of common stock to Millennial Investments, LLC for consulting services
per the terms of a consulting agreement. The shares were valued at $0.27, the closing stock price on the date of grant, for total non-cash
expense of $135,000.
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of its common stock and one warrant to purchase shares of its common stock, for total proceeds
of $660,000.
Funds held at escrow after deducting legal and investor relation expenses was $553,000
as of February 28, 2023.
On March 4, 2023, 1,105,679 shares of Series
A Preferred stock were cancelled and 1,699,146 shares of common stock were issued (Note 7).
Refer
to Note 4 for shares issued to a related party.
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v3.24.1
PREFERRED STOCK
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Equity [Abstract] |
|
|
PREFERRED STOCK |
NOTE
8 – PREFERRED STOCK
On
May 18, 2021, the Company increased its authorized shares of Preferred Stock from 2,000,000
to 10,000,000
shares.
There
are 1,105,644
shares designated as Series A preferred
stock (“Series A”). Each share of the Series A has five votes, is entitled to a 2%
cumulative annual dividend, and is convertible
at any time into shares of common stock.
On February 28, 2022, EROP converted its 1,105,644
shares of Series A Preferred stock into
1,699,146
shares of common stock. As a result of
the conversion, the Company recognized interest expense of $1,699,146.
The conversion was not processed by the transfer agent until March 4, 2022, therefore, although the expense was recognized as of February
28, 2022, the conversion was not reflected in the shares outstanding.
As
of November 30, 2023, there were no
shares of Series A issued and outstanding.
As
part of the merger, the Company designated 2,000,000
of its 10,000,000
shares of authorized preferred stock as
Series B preferred. Each
Series B preferred share has voting power of 40 shares of the Company’s common stock.
The
Series B preferred will have no conversion feature.
As
of November 30, 2023, there are 2,000,000
shares of Series B issued and outstanding.
|
NOTE
7 – PREFERRED STOCK
On
May 18, 2021, the Company increased its authorized shares of Preferred Stock from 2,000,000 to 10,000,000 shares.
There
are 1,105,644
shares designated as Series A preferred stock
(“Series A”). Each share of the Series A has five votes, is entitled to a 2%
cumulative annual dividend, and is convertible at any time into shares of common stock. On February 28, 2022, EROP converted its 1,105,679
shares of Series A Preferred stock into 1,699,146
shares of common stock. As a result of the conversion,
the Company recognized interest expense of $1,699,146.
The conversion was not processed by the transfer agent until March 4, 2022, therefore, although the expense has been recognized as of
February 28, 2022, the conversion was not reflected in the shares outstanding.
As of February 28, 2023, there were no
shares of Series A issued and outstanding.
As
part of the contemplated merger, the Company designated 2,000,000 of its 10,000,000 shares of authorized preferred stock as Series B
preferred. Each Series B preferred share will have voting power of 40 shares of the Company’s common stock. The Series B preferred
will have no conversion feature.
Refer
to Note 4 for shares issued to a related party.
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v3.24.1
WARRANTS
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Warrants |
|
|
WARRANTS |
NOTE
9 – WARRANTS
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of common stock and one warrant to purchase common stock, for total proceeds of $660,000.
The Warrants are exercisable for shares of the Company’s common stock at a price of $0.25
per share and expire two years from the date
of issuance. 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. Using the fair value calculation, the relative fair value for the warrants was calculated to
determine the warrants recorded equity amount of $524,737,
which has been accounted for in additional paid in capital.
In
accordance to ASC 815-40, an equity-linked financial instrument can be classified in equity only if it (1) is indexed to the reporting
entity’s own stock and (2) meets all other conditions for equity classification. The warrants are classified as equity instruments
because a fixed amount of cash is exchanged for a fixed amount of equity.
The
fair value of the warrants was determined using the Black-Scholes option pricing model which requires the input of subjective assumptions,
the expected life of the warrants, and the expected stock price volatility. The assumptions used in calculating the fair value of stock-based
awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different
for future awards.
The
assumptions used to determine the fair value of the Warrants as follows:
SCHEDULE
OF WARRANTS FAIR VALUE ASSUMPTIONS
| |
Year
Ended February
28, 2023 | |
Expected life (years) | |
| 2 | |
Risk-free interest rate | |
| 4.78 | % |
Expected volatility | |
| 224.92 | % |
Dividend yield | |
| 0 | % |
The
expected life of the warrants was estimated using the “simplified method,” as the Company has no historical information to
develop reasonable expectations about future exercise patterns for its warrant grants. The simplified method is based on the average
of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual
maturity since they are vested when issued.
For
stock price volatility, the Company calculated its expected volatility based on the historical closing price of its common stock, par
value $0.01 per
share. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the warrant at the
grant-date.
SCHEDULE
OF WARRANT ACTIVITY
| |
Number
of Warrants | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining
Contract
Term | | |
Intrinsic Value | |
Outstanding, February 28, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 2 | | |
| | |
Issued | |
| — | | |
$ | — | | |
| — | | |
| | |
Cancelled | |
| — | | |
$ | — | | |
| — | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| — | | |
| | |
Outstanding, November 30, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 1.47 | | |
$ | 660,000 | |
|
NOTE
8 – WARRANTS
On
February 17, 2023, the Company sold 11,000,000
shares of common stock through the purchase of
units at a price of $0.04 per
unit, each unit consisting of one share of common stock and one warrant to purchase common stock, for total proceeds of $660,000.
The Warrants are exercisable for shares of the Company’s common stock at a price of $0.25
per share and expire two years from the date
of issuance. 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. Using the fair value calculation,
the relative fair value for the warrants was calculated to determine the warrants recorded equity amount of $524,737,
which has been accounted for in additional paid in capital.
In
accordance to ASC 815-40, an equity-linked financial instrument can be classified in equity only if it (1) is indexed to the reporting
entity’s own stock and (2) meets all other conditions for equity classification. The warrants are classified as equity instruments
because a fixed amount of cash is exchanged for a fixed amount of equity.
The
fair value of the warrants was determined using the Black-Scholes option pricing model which requires the input of subjective assumptions,
the expected life of the warrants, and the expected stock price volatility. The assumptions used in calculating the fair value of stock-based
awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different
for future awards.
The
assumptions used to determine the fair value of the Warrants as follows:
SCHEDULE
OF WARRANT OF FAIR VALUE ASSUMPTIONS
| |
| | | |
| | |
| |
Years Ended February 28, | |
| |
2023 | | |
2022 | |
Expected life (years) | |
| 2 | | |
| N/A | |
Risk-free interest rate | |
| 4.78 | % | |
| N/A | |
Expected volatility | |
| 224.92 | % | |
| N/A | |
Dividend yield | |
| 0 | % | |
| N/A | |
The
expected life of the warrants was estimated using the “simplified method,” as the Company has no historical information to
develop reasonable expectations about future exercise patterns for its warrant grants. The simplified method is based on the average
of the vesting tranches and the contractual life of each grant. The expected life of awards that vest immediately use the contractual
maturity since they are vested when issued.
For
stock price volatility, the Company calculated its expected volatility based on the historical closing price of its common stock, par
value $0.01 per share. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the
warrant at the grant-date.
SCHEDULE
OF WARRANT ACTIVITY
| |
Number
of Warrants | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining
Contract Term | | |
Intrinsic Value | |
Outstanding, February 28, 2022 | |
| — | | |
| — | | |
| — | | |
| - | |
Issued | |
| 11,000,000 | | |
$ | 0.25 | | |
| 2 | | |
| - | |
Cancelled | |
| — | | |
$ | — | | |
| — | | |
| - | |
Exercised | |
| — | | |
$ | — | | |
| — | | |
| - | |
Outstanding, February 28, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 1.97 | | |
$ | 2,519,000 | |
|
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v3.24.1
INCOME TAXES
|
12 Months Ended |
Feb. 28, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
9 – INCOME TAXES
Deferred
taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating
loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences
are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a
valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets
will not be realized. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of
the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the
date of enactment. The U.S. federal income tax rate of 21% is being used.
Net
deferred tax assets consist of the following components as of February:
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
2023 | | |
2022 | |
Deferred tax assets: | |
| | | |
| | |
NOL Carryover | |
$ | (345,100 | ) | |
$ | (295,000 | ) |
Related Party Accruals | |
| – | | |
| – | |
Less: valuation allowance | |
| 345,100 | | |
| 295,000 | |
Net deferred tax
asset | |
$ | – | | |
$ | – | |
The
income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from
continuing operations for the period ended February 28, due to the following:
SCHEDULE
OF INCOME TAX PROVISION
| |
2023 | | |
2022 | |
Deferred Tax Assets: | |
| | | |
| | |
Book Loss | |
$ | (125,400 | ) | |
$ | (435,400 | ) |
Related Party Accruals | |
| – | | |
| (453,500 | ) |
Other nondeductible expenses | |
| 85,100 | | |
| 341,700 | |
Less valuation allowance | |
| 40,300 | | |
| 547,200 | |
Net deferred tax provision | |
$ | – | | |
$ | – | |
At
February 28, 2023, the Company had net operating loss carry forwards of approximately $1,327,000 that may be offset against future taxable
income. NOLs from tax years up to 2017 can be carried forward twenty years. Under the CARES Act,
the Company carry forward NOLs indefinitely for NOLs generated in a tax year beginning after 2017, that remain after they are carried
back to tax years in the five-year carryback period. No tax benefit has been reported in the February 28, 2023, financial statements
since the potential tax benefit is offset by a valuation allowance of the same amount.
Due
to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal Income tax reporting
purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to
use in future years. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by
tax authorities for years before 2016.
|
X |
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v3.24.1
RESTATEMENT
|
12 Months Ended |
Feb. 28, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
RESTATEMENT |
NOTE
10 – RESTATEMENT
The balance sheet as of February 28, 2022, was being restated to correctly present 1,105,679 shares of Series A preferred stock that were
converted into 1,699,146 shares of common stock. The conversion, although effective on February 28, 2022, the common shares were not processed
and issued by the transfer agent until March 4, 2022. The restatement had no impact on the statement of operations and the statement of
cash flows for the year ended February 28,2022.
SCHEDULE
OF RESTATED BALANCE SHEET
| |
| | | |
| | | |
| | |
As of February 28, 2022 |
| |
As Reported | | |
Adjusted | | |
As Restated | |
| |
| | |
| | |
| |
Current Assets: | |
| | | |
| | | |
| | |
Cash | |
$ | 180,756 | | |
$ | — | | |
$ | 180,756 | |
Prepaid stock for services | |
| 32,208 | | |
| — | | |
| 32,208 | |
Total Assets | |
$ | 212,964 | | |
$ | — | | |
$ | 212,964 | |
| |
| | | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | | |
| | |
Accounts payable | |
$ | 13,478 | | |
$ | — | | |
$ | 13,478 | |
Total Current Liabilities | |
| 13,478 | | |
| — | | |
| 13,478 | |
| |
| | | |
| | | |
| | |
Stockholders’ Equity (Deficit): | |
| | | |
| | | |
| | |
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding | |
| — | | |
| 11,057 | | |
| 11,057 | |
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 | |
| 88,453 | | |
| (16,991 | ) | |
| 71,462 | |
Additional paid-in capital | |
| 7,346,701 | | |
| (1,693,212 | ) | |
| 5,653,489 | |
Common shares to be issued | |
| — | | |
| 1,699,146 | | |
| 1,699,146 | |
Accumulated deficit | |
| (7,193,214 | ) | |
| — | | |
| (7,193,214 | ) |
Treasury stock, at cost; 39,975 shares of common stock | |
| (42,454 | ) | |
| — | | |
| (42,454 | ) |
Total Stockholders’ Equity | |
| 199,486 | | |
| — | | |
| 199,486 | |
Total Liabilities and Stockholders’ Deficit | |
$ | 212,964 | | |
$ | — | | |
$ | 212,964 | |
In
addition, a disclosure was added to Note 4, for $7,000 consulting services paid to EROP, a related party of the Company, for the year
ended February 28, 2022.
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v3.24.1
SUBSEQUENT EVENTS
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Subsequent Events [Abstract] |
|
|
SUBSEQUENT EVENTS |
NOTE
10 – SUBSEQUENT EVENTS
In
accordance with ASC 855-10 the Company has analyzed its operations subsequent to November 30, 2023, and to the date these unaudited financial
statements were issued and has determined that it does not have any subsequent events to disclose in these unaudited financial statements.
|
NOTE
11 – SUBSEQUENT EVENTS
The
Company’s Agreement and Plan of Merger (the “Merger Agreement”) with Shurepower, LLC d/b/a Shorepower Technologies
(“Shorepower”) under which Shorepower was merged with and into SPEV (the “Merger”) was closed on March 22,
2023.
Under
the terms of the Merger Agreement, Shorepower now owns 55%
of the issued and outstanding shares of SPEV common stock that includes the sale of 11,000,000 shares
of SPEV common stock sold under the SPEV Pre-Merger Financing that raised $660,000 (Note
5). Shorepower has received 2,000,000 shares
of a Series B Preferred stock (Note 5) and the right to receive the following additional shares of SPEV common stock upon achieving
the following milestones: (i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing
connection points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the
first 12 months or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV
Common Stock upon (a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months;
(iii) an additional 2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the
first 24 months generating no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock
upon acquiring or hiring the following key personnel in the first six months after the effective date of the merger: (a) three or
more qualified Board members and (b) at least three of the following four individuals having the following qualifications: one
sales/marketing person, one grant writer/Government relations person, one technician/maintenance person and one software
programmer/engineer.
Following
the closing of the merger between SPEV and Shorepower, Shorepower has transferred its current debt obligations of $1,400,000
to SPEV. Shorepower agreed that in assuming its management of SPEV that it shall not pay more than $2,000
per month from the proceeds of the SPEV Pre-Merger Financing towards reduction of such debt obligations for the first 12 months and
that the compensation of SPEV’s new CEO will not exceed $10,000
per month for the first nine months after the merger is effective. The Company has agreed to repay $10,000 a month towards the loans due to the CEO.
Effective
on the date of closing the merger, Saeb Jannoun and Michael D. Pruitt resigned as directors of the Company, and Mr. Jannoun resigned
as the CEO. Jeff Kim was appointed as the sole officer and director.
Effective June 20, 2023, the Company’s name was changed to Shorepower Technologies Inc and its ticker symbol
to SPEV.
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v3.24.1
NOTE RECEIVABLE
|
9 Months Ended |
Nov. 30, 2023 |
Note Receivable |
|
NOTE RECEIVABLE |
NOTE
4 – NOTE RECEIVABLE
On November 25, 2023, the Company entered
into a Promissory Note Agreement with Convoy Solutions, LLC (“Convoy”), for $40,000.
The Note matures on December
18, 2023. As of November 30, 2023, the balance due is $35,000.
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v3.24.1
LOAN PAYABLE
|
9 Months Ended |
Nov. 30, 2023 |
Debt Disclosure [Abstract] |
|
LOAN PAYABLE |
NOTE
5 – LOAN PAYABLE
As
of November 30, 2023 and February
28, 2023, the Company has a loan payable to a third party of $111,395
and $111,395,
respectively. The loan is non-interest bearing and due on demand.
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v3.24.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Accounting Policies [Abstract] |
|
|
Unaudited Interim Financial Information |
Unaudited
Interim Financial Information
The
accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction
with the audited financial statements and notes thereto contained in the Company’s latest Annual Report on Form 10-K filed with
the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation
of the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods
are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate
the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal
year ended February 28, 2023, have been omitted. The condensed consolidated financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in the United States of America (“US GAAP”).
|
Basis
of Presentation
The
Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”).
|
Use of Estimates |
Use
of Estimates
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.
|
Use
of Estimates
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.
|
Concentration of Credit Risk |
|
Concentration
of Credit Risk
We
maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor
our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant
credit risk on cash.
|
Stock-based Compensation |
|
Stock-based
Compensation
In
June 2018, the FASB issued ASU 2018-07, Compensation
– Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU
2018-07 allows companies to account for nonemployee awards in the same manner as employee awards. The guidance is effective for fiscal
years beginning after December 15, 2018, and interim periods within those annual periods.
|
Cash Equivalents |
|
Cash
Equivalents
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There
were no cash equivalents for the years ended February 28, 2023 or 2022.
|
Fair Value of Financial Instruments |
|
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure
the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles
generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency
and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which
prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable
inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below:
Level 1: |
Quoted market prices available in active markets
for identical assets or liabilities as of the reporting date. |
Level 2: |
Pricing inputs other than
quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
Level 3: |
Pricing inputs that are generally
unobservable inputs and not corroborated by market data. |
The
carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate
their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of
such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial
arrangements on February 28, 2023 and 2022.
|
Net Income (Loss) Per Common Share |
|
Net
Income (Loss) Per Common Share
Net
income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income
(loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number
of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common
shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period
presented.
|
Income Taxes |
|
Income
Taxes
Income
taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus
deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future
tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or
settled, as well as operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation
allowance is established against deferred tax assets when in the judgment of management, it is more likely than not that such deferred
tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on
matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s
judgment about the need for a valuation allowance for deferred taxes could change in the near term.
Tax
benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement.
A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that
do not meet these recognition and measurement standards. As of February 28, 2023, and 2022, no liability for unrecognized tax benefits
was required to be reported.
|
Revenue Recognition |
Revenue
Recognition
The
Company follows ASC 606, Revenue from Contracts with Customers, the core principle of which is that an entity should recognize
revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled to receive in exchange for those goods or services. To achieve this core principle, five basic criteria must be
met before revenue can be recognized: (1) identify the contract (or PO) with a customer; (2) identify the performance obligations in
the contract; (3) determine the transaction price; (4) allocate the transaction price to performance obligations in the contract; and
(5) recognize revenue when or as the Company satisfies a performance obligation. The Company generated revenues from selling power vending
stations (charging stations) or services. The Company considers its performance obligations satisfied upon shipment and/or delivery of
the purchased products to the customer. The Company evaluates returns from customers purchasing product on a case-by-case basis and generally
will issue replacement product in the limited cases of product returns. The Company has no policy requiring cash refunds.
|
Revenue
Recognition
In
2014, the FASB issued guidance on revenue recognition (“ASC 606”), with final amendments issued in 2016. The underlying principle
of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC
606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1)
identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3)
determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing
revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that
the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has
concluded that the new guidance did not require any significant change to its revenue recognition processes.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
The
Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material
impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
|
Recently
Issued Accounting Pronouncements
The
Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material
impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting
pronouncements that have been issued that might have a material impact on its financial position or results of operations.
|
Inventory |
Inventory
Inventories
are stated at the lower of cost or market. Cost is principally determined using the last-in, first-out (LIFO) method. The Company periodically
assesses if any of the inventory has become obsolete or if the value has fallen below cost. When this occurs, the Company recognizes
an expense for inventory write down. Total inventory at November 30, 2023 and February 28, 2023, was $6,876
and $6,880,
respectively.
|
|
Cost of Revenue |
Cost
of Revenue
Cost
of revenues includes actual product cost, labor, if any, and direct overheard, including utility (electricity) bills, which is applied
on a per unit basis.
|
|
Accounts Receivable |
Accounts
Receivable
Revenues
that have been recognized but not yet received are recorded as accounts receivable. Losses on receivables will be recognized when it
is more likely than not that a receivable will not be collected. An allowance for estimated uncollectible amounts will be recognized
to reduce the amount of receivables to its net realizable value when needed. As of November 30, 2023, management has determined that
an allowance for doubtful accounts is not required as all amounts are considered to be collectible.
|
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v3.24.1
WARRANTS (Tables)
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Warrants |
|
|
SCHEDULE OF WARRANTS FAIR VALUE ASSUMPTIONS |
The
assumptions used to determine the fair value of the Warrants as follows:
SCHEDULE
OF WARRANTS FAIR VALUE ASSUMPTIONS
| |
Year
Ended February
28, 2023 | |
Expected life (years) | |
| 2 | |
Risk-free interest rate | |
| 4.78 | % |
Expected volatility | |
| 224.92 | % |
Dividend yield | |
| 0 | % |
|
The
assumptions used to determine the fair value of the Warrants as follows:
SCHEDULE
OF WARRANT OF FAIR VALUE ASSUMPTIONS
| |
| | | |
| | |
| |
Years Ended February 28, | |
| |
2023 | | |
2022 | |
Expected life (years) | |
| 2 | | |
| N/A | |
Risk-free interest rate | |
| 4.78 | % | |
| N/A | |
Expected volatility | |
| 224.92 | % | |
| N/A | |
Dividend yield | |
| 0 | % | |
| N/A | |
|
SCHEDULE OF WARRANT ACTIVITY |
SCHEDULE
OF WARRANT ACTIVITY
| |
Number
of Warrants | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining
Contract
Term | | |
Intrinsic Value | |
Outstanding, February 28, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 2 | | |
| | |
Issued | |
| — | | |
$ | — | | |
| — | | |
| | |
Cancelled | |
| — | | |
$ | — | | |
| — | | |
| | |
Exercised | |
| — | | |
$ | — | | |
| — | | |
| | |
Outstanding, November 30, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 1.47 | | |
$ | 660,000 | |
|
SCHEDULE
OF WARRANT ACTIVITY
| |
Number
of Warrants | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining
Contract Term | | |
Intrinsic Value | |
Outstanding, February 28, 2022 | |
| — | | |
| — | | |
| — | | |
| - | |
Issued | |
| 11,000,000 | | |
$ | 0.25 | | |
| 2 | | |
| - | |
Cancelled | |
| — | | |
$ | — | | |
| — | | |
| - | |
Exercised | |
| — | | |
$ | — | | |
| — | | |
| - | |
Outstanding, February 28, 2023 | |
| 11,000,000 | | |
$ | 0.25 | | |
| 1.97 | | |
$ | 2,519,000 | |
|
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v3.24.1
INCOME TAXES (Tables)
|
12 Months Ended |
Feb. 28, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
Net
deferred tax assets consist of the following components as of February:
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
2023 | | |
2022 | |
Deferred tax assets: | |
| | | |
| | |
NOL Carryover | |
$ | (345,100 | ) | |
$ | (295,000 | ) |
Related Party Accruals | |
| – | | |
| – | |
Less: valuation allowance | |
| 345,100 | | |
| 295,000 | |
Net deferred tax
asset | |
$ | – | | |
$ | – | |
|
SCHEDULE OF INCOME TAX PROVISION |
The
income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from
continuing operations for the period ended February 28, due to the following:
SCHEDULE
OF INCOME TAX PROVISION
| |
2023 | | |
2022 | |
Deferred Tax Assets: | |
| | | |
| | |
Book Loss | |
$ | (125,400 | ) | |
$ | (435,400 | ) |
Related Party Accruals | |
| – | | |
| (453,500 | ) |
Other nondeductible expenses | |
| 85,100 | | |
| 341,700 | |
Less valuation allowance | |
| 40,300 | | |
| 547,200 | |
Net deferred tax provision | |
$ | – | | |
$ | – | |
|
X |
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v3.24.1
RESTATEMENT (Tables)
|
12 Months Ended |
Feb. 28, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
SCHEDULE OF RESTATED BALANCE SHEET |
SCHEDULE
OF RESTATED BALANCE SHEET
| |
| | | |
| | | |
| | |
As of February 28, 2022 |
| |
As Reported | | |
Adjusted | | |
As Restated | |
| |
| | |
| | |
| |
Current Assets: | |
| | | |
| | | |
| | |
Cash | |
$ | 180,756 | | |
$ | — | | |
$ | 180,756 | |
Prepaid stock for services | |
| 32,208 | | |
| — | | |
| 32,208 | |
Total Assets | |
$ | 212,964 | | |
$ | — | | |
$ | 212,964 | |
| |
| | | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | | |
| | |
Accounts payable | |
$ | 13,478 | | |
$ | — | | |
$ | 13,478 | |
Total Current Liabilities | |
| 13,478 | | |
| — | | |
| 13,478 | |
| |
| | | |
| | | |
| | |
Stockholders’ Equity (Deficit): | |
| | | |
| | | |
| | |
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding | |
| — | | |
| 11,057 | | |
| 11,057 | |
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 | |
| 88,453 | | |
| (16,991 | ) | |
| 71,462 | |
Additional paid-in capital | |
| 7,346,701 | | |
| (1,693,212 | ) | |
| 5,653,489 | |
Common shares to be issued | |
| — | | |
| 1,699,146 | | |
| 1,699,146 | |
Accumulated deficit | |
| (7,193,214 | ) | |
| — | | |
| (7,193,214 | ) |
Treasury stock, at cost; 39,975 shares of common stock | |
| (42,454 | ) | |
| — | | |
| (42,454 | ) |
Total Stockholders’ Equity | |
| 199,486 | | |
| — | | |
| 199,486 | |
Total Liabilities and Stockholders’ Deficit | |
$ | 212,964 | | |
$ | — | | |
$ | 212,964 | |
|
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v3.24.1
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
Aug. 30, 2023
$ / shares
shares
|
Feb. 23, 2023
shares
|
Feb. 17, 2023
USD ($)
shares
|
Nov. 23, 2022
USD ($)
Item
State
Facility
shares
|
Apr. 07, 2021
$ / shares
shares
|
Aug. 31, 2023
shares
|
Nov. 30, 2022
shares
|
Nov. 30, 2023
USD ($)
Item
State
Facility
shares
|
Feb. 28, 2023
USD ($)
shares
|
Feb. 28, 2022
USD ($)
shares
|
Apr. 29, 2021
$ / shares
|
Share price | $ / shares |
$ 0.19
|
|
|
|
|
|
|
|
|
|
$ 0.71
|
Number of shares issued for services |
1,043,572
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
11,000,000
|
|
|
|
|
|
|
2,400,000
|
|
Proceeds from Issuance of Common Stock | $ |
|
|
$ 660,000
|
|
|
|
|
|
$ 660,000
|
$ 240,000
|
|
[custom:AdjustmentToAdditionalPaidInCapitalMergerTransaction] | $ |
|
|
|
|
|
|
|
$ 5,872,000
|
|
|
|
Grants Receivable | $ |
|
|
|
|
|
|
|
$ 16,000,000
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
[custom:MilestonesDescription] |
|
|
|
|
|
|
|
(i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing connection
points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the first 12 months
or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV Common Stock upon
(a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months; (iii) an additional
2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the first 24 months generating
no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock upon acquiring or hiring the following
key personnel in the first six months after the effective date of the merger: (a) three or more qualified Board members and (b) at least
three of the following four individuals having the following qualifications: one sales/marketing person, one grant writer/Government
relations person, one technician/maintenance person and one software programmer/engineer.
|
|
|
|
Shorepower [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of operational TSE facilities | Facility |
|
|
|
60
|
|
|
|
60
|
|
|
|
Number of individual electrified parking spaces | Item |
|
|
|
1,800
|
|
|
|
1,800
|
|
|
|
Number of states in which operational TSE facilities located | State |
|
|
|
31
|
|
|
|
31
|
|
|
|
Minimum value of government contracts | $ |
|
|
|
$ 16,000,000
|
|
|
|
|
|
|
|
Series B Preferred Stock [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
2,000,000
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Acquisitions |
|
|
|
|
|
|
|
2,000,000
|
|
|
|
Stock Purchase Agreements [Member] | World Equity Markets [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
125,000
|
|
|
|
|
|
|
Stock Purchase Agreements [Member] | Verde Capital [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
150,000
|
|
|
|
|
|
|
Stock Purchase Agreements [Member] | Erop Enterprises Llc [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
1,105,644
|
|
|
|
|
|
|
Share price | $ / shares |
|
|
|
|
$ 0.057
|
|
|
|
|
|
|
Merger Agreement With Shorepower [Member] |
|
|
|
|
|
|
|
|
|
|
|
Minimum requirement of cash for stock and warrant financing | $ |
|
|
|
$ 480,000
|
|
|
|
|
|
|
|
Merger Agreement With Shorepower [Member] | Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of Voting Power Shares of Common Stock per Preferred Share |
|
|
|
40
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
11,000,000
|
2,400,000
|
|
Number of shares issued for services |
|
|
|
|
|
1,043,572
|
750,000
|
|
250,000
|
475,000
|
|
Stock Issued During Period, Shares, Acquisitions |
|
|
|
|
|
|
|
|
26,089,758
|
|
|
Common Stock [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
26,089,758
|
|
|
|
|
|
26,089,758
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
|
|
|
|
|
11,000,000
|
|
|
|
Proceeds from Issuance of Common Stock | $ |
|
|
|
|
|
|
|
$ 660,000
|
|
|
|
Common Stock [Member] | Stock Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
2,704,007
|
|
|
|
|
|
|
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v3.24.1
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
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v3.24.1
GOING CONCERN (Details Narrative) - USD ($)
|
Nov. 30, 2023 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
Accumulated deficit |
$ 2,449,698
|
$ 7,790,519
|
$ 7,193,214
|
X |
- References
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- DefinitionAmount of accumulated undistributed earnings (deficit).
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v3.24.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Aug. 30, 2023 |
Mar. 22, 2023 |
Feb. 23, 2023 |
Dec. 31, 2022 |
Apr. 01, 2022 |
Feb. 15, 2022 |
Jul. 26, 2021 |
Apr. 07, 2021 |
Feb. 28, 2022 |
Nov. 30, 2023 |
Aug. 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
Nov. 30, 2023 |
Nov. 30, 2022 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Mar. 01, 2022 |
Apr. 29, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense |
|
|
|
|
|
|
|
|
|
$ 35,566
|
|
|
$ 7,729
|
$ 99,609
|
$ 30,518
|
$ 263,505
|
$ 229,484
|
|
|
share price |
$ 0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.71
|
Number of shares purchase, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
1,043,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
67,500
|
48,000
|
|
|
Total cash compensation |
|
|
|
|
|
|
|
|
$ 7,000
|
|
|
|
|
|
|
660,000
|
240,000
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
91,145
|
|
|
$ 57,169
|
465,447
|
154,432
|
597,305
|
$ 309,035
|
|
|
Repayments of Related Party Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
111,356
|
$ 12,001
|
|
|
|
|
Promissory Note One [Member] | Jeff Kim [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Term |
|
|
|
|
|
20 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
6.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
|
|
|
$ 1,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
88,044
|
|
$ 185,000
|
|
88,044
|
|
$ 185,000
|
|
|
|
Interest Receivable |
|
|
|
|
|
|
|
|
|
18,536
|
|
|
|
18,536
|
|
|
|
|
|
Promissory Note Two [Member] | Jeff Kim [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 253,954
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.63%
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
238,054
|
|
|
|
238,054
|
|
|
|
|
|
Interest Payable |
|
|
|
|
|
|
|
|
|
10,967
|
|
|
|
10,967
|
|
|
|
|
|
Promissory Note Three [Member] | Jeff Kim [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Face Amount |
|
|
|
$ 1,237,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
6.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes Payable |
|
|
|
|
|
|
|
|
|
837,600
|
|
|
|
837,600
|
|
|
|
|
|
Interest Payable |
|
|
|
|
|
|
|
|
|
35,947
|
|
|
|
35,947
|
|
|
|
|
|
Debt Instrument, Decrease, Forgiveness |
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merger Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
$ 50,000
|
|
|
|
|
|
|
|
EROP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 135,000
|
|
|
|
Shares Issued, Price Per Share |
|
|
|
|
|
|
|
|
|
|
|
$ 0.27
|
|
|
|
$ 0.27
|
|
|
|
Thirty 05 Llc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500,000
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 135,000
|
|
|
|
Shares Issued, Price Per Share |
|
|
|
|
|
|
|
|
|
|
|
0.27
|
|
|
|
$ 0.27
|
|
|
|
Michael Pruitt [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 67,500
|
|
|
|
Shares Issued, Price Per Share |
|
|
|
|
|
|
|
|
|
|
|
$ 0.27
|
|
|
|
$ 0.27
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares purchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,089,758
|
|
|
|
Number of shares purchase, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 260,898
|
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
|
|
1,043,572
|
|
750,000
|
|
|
250,000
|
475,000
|
|
|
Total cash compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 110,000
|
$ 24,000
|
|
|
MrJannoun [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Amount Converted |
|
|
|
|
|
|
$ 3,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares converted shares |
|
|
|
|
|
|
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
share price |
|
|
|
|
|
|
$ 0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion total amount |
|
|
|
|
|
|
$ 12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Erop Enterprises Llc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 28,870
|
|
|
Erop Enterprises Llc [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of Stock, Amount Converted |
|
|
|
|
|
|
$ 28,870
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of stock shares converted shares |
|
|
|
|
|
|
288,700
|
|
|
|
|
|
|
|
|
|
|
|
|
share price |
|
|
|
|
|
|
$ 0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt conversion total amount |
|
|
|
|
|
|
$ 115,480
|
|
|
|
|
|
|
|
|
|
|
|
|
EROP [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share price |
|
|
|
|
|
|
|
|
$ 0.52
|
|
|
|
|
|
|
|
$ 0.52
|
|
|
Number of shares purchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,475,000
|
|
|
Number of shares purchase, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 147,500
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,000
|
|
|
Non-cash expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 104,000
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,667
|
|
|
EROP [Member] | Common Stock [Member] | Service [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Executive Employment Agreement [Member] | Jeff Kim [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment |
|
$ 2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities, Current |
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of Related Party Debt |
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[custom:RelatedPartyTransactionPaymentThreshold-0] |
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold |
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee-related Liabilities |
|
|
|
|
|
|
|
|
|
$ 110,000
|
|
$ 20,000
|
|
$ 110,000
|
|
$ 20,000
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,000
|
|
|
Chief Executive Officer [Member] | Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares purchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000
|
|
|
|
|
|
Number of shares issued for services |
|
|
2,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
26,089,758
|
|
|
|
|
|
|
|
|
|
|
26,089,758
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share price |
|
|
|
|
|
|
|
$ 0.12
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares gross |
|
|
|
|
|
|
|
200,000
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares gross value |
|
|
|
|
|
|
|
$ 48,000
|
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1
DUE TO PRIOR RELATED PARTIES (Details Narrative) - USD ($)
|
|
12 Months Ended |
Apr. 07, 2021 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Gain on the forgiveness of debt |
|
|
$ 55,270
|
Purchase And Sale Agreement [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Debt instrument indebtedness |
$ 1,318,789
|
|
|
Gain on the forgiveness of debt |
55,270
|
|
|
Additional paid in capital |
2,346,971
|
|
|
Purchase And Sale Agreement [Member] | DMeisenheimer IIIa NDR. Meisenheimer [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Debt instrument indebtedness |
$ 815,590
|
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v3.24.1
COMMON STOCK (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
3 Months Ended |
12 Months Ended |
|
|
Aug. 30, 2023 |
Mar. 04, 2023 |
Feb. 28, 2023 |
Feb. 28, 2023 |
Feb. 17, 2023 |
Feb. 28, 2022 |
Apr. 29, 2021 |
Apr. 06, 2021 |
Aug. 31, 2023 |
Nov. 30, 2022 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Nov. 30, 2023 |
May 18, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
$ 0.19
|
|
|
|
|
|
$ 0.71
|
|
|
|
|
|
|
|
Stock based non cash expenses |
|
|
|
|
|
|
$ 88,750
|
|
|
|
|
$ 88,750
|
|
|
Number of shares issued services |
1,043,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
|
|
11,000,000
|
|
|
|
|
|
|
2,400,000
|
|
|
Proceeds from issuance of common stock |
|
|
|
|
$ 660,000
|
|
|
|
|
|
$ 660,000
|
$ 240,000
|
|
|
Common Stock, Shares Authorized |
|
|
100,000,000
|
100,000,000
|
|
100,000,000
|
|
|
|
|
100,000,000
|
100,000,000
|
100,000,000
|
100,000,000
|
Sale of Stock, Price Per Share |
|
|
|
|
$ 0.04
|
|
|
|
|
|
|
|
|
|
[custom:LegalAndInvestorExpenses] |
|
|
|
$ 553,000
|
|
|
|
|
|
|
|
|
|
|
Legal Fees |
|
|
$ 553,000
|
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Issued for Services |
$ 198,279
|
|
|
|
|
|
|
|
$ 198,279
|
$ 202,500
|
$ 67,500
|
$ 215,250
|
|
|
Shares, Issued |
|
|
|
|
|
|
|
|
|
|
|
|
48,478,678
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares issued |
|
|
|
|
|
|
|
|
|
|
11,000,000
|
2,400,000
|
|
|
Number of shares issued services |
|
|
|
|
|
|
|
|
1,043,572
|
750,000
|
250,000
|
475,000
|
|
|
Coversion of stock, shares |
|
1,699,146
|
|
|
|
1,699,146
|
|
|
|
|
|
1,699,146
|
|
|
Stock Issued During Period, Value, Issued for Services |
|
|
|
|
|
|
|
|
$ 10,436
|
$ 7,500
|
$ 2,500
|
$ 4,750
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares conversion |
|
1,105,679
|
|
|
|
1,105,644
|
|
|
|
|
|
1,105,679
|
|
|
Coversion of stock, shares |
|
|
|
|
|
|
|
|
|
|
|
1,699,146
|
|
|
Verde Capital LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
|
$ 0.15
|
|
|
|
|
|
|
Stock based non cash expenses |
|
|
|
|
|
|
|
$ 22,500
|
|
|
|
$ 19,688
|
|
|
Share based compensation over amortized term |
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
Number of shares issued services |
|
|
|
|
|
|
|
150,000
|
|
|
|
|
|
|
Millennial Investment [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.27
|
$ 0.27
|
|
|
|
|
|
|
$ 0.27
|
|
|
|
Number of shares issued services |
|
|
|
|
|
|
|
|
|
|
250,000
|
|
|
|
Non cash expenses |
|
|
|
|
|
|
|
|
|
|
$ 135,000
|
|
|
|
Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares issued |
|
|
|
|
|
|
125,000
|
|
|
|
|
|
|
|
Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation over amortized term |
|
|
|
|
|
|
6 months
|
|
|
|
|
|
|
|
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v3.24.1
PREFERRED STOCK (Details Narrative) - USD ($)
|
|
|
|
9 Months Ended |
12 Months Ended |
|
|
Mar. 04, 2023 |
Feb. 28, 2022 |
May 18, 2021 |
Nov. 30, 2023 |
Feb. 28, 2022 |
Feb. 28, 2023 |
May 17, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
6,894,356
|
10,000,000
|
6,894,356
|
6,894,356
|
6,894,356
|
2,000,000
|
Interest Expense |
|
|
|
$ 1,699,146
|
$ 1,699,146
|
|
|
Preferred stock, shares issued |
|
0
|
|
0
|
0
|
0
|
|
Preferred stock, shares outstanding |
|
0
|
|
0
|
0
|
0
|
|
Preferred stock, voting rights |
|
|
Each Series B preferred share will have voting power of 40 shares of the Company’s common stock
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Conversion of Stock, Shares Issued |
1,699,146
|
1,699,146
|
|
|
1,699,146
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
1,105,644
|
1,105,644
|
1,105,644
|
1,105,644
|
1,105,644
|
|
Preferred Stock, Dividend Rate, Percentage |
|
|
2.00%
|
2.00%
|
|
|
|
Stock Issued During Period, Shares, Conversion of Units |
1,105,679
|
1,105,644
|
|
|
1,105,679
|
|
|
Conversion of Stock, Shares Issued |
|
|
|
|
1,699,146
|
|
|
Preferred stock, shares issued |
|
1,105,644
|
|
0
|
1,105,644
|
0
|
|
Preferred stock, shares outstanding |
|
1,105,644
|
|
0
|
1,105,644
|
0
|
|
Preferred Stock, Conversion Basis |
|
|
|
convertible
at any time into shares of common stock
|
|
|
|
Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
2,000,000
|
|
10,000,000
|
2,000,000
|
2,000,000
|
|
Preferred stock, shares issued |
|
0
|
|
2,000,000
|
0
|
2,000,000
|
|
Preferred stock, shares outstanding |
|
0
|
|
2,000,000
|
0
|
2,000,000
|
|
Preferred stock, voting rights |
|
|
|
Each
Series B preferred share has voting power of 40 shares of the Company’s common stock
|
|
|
|
Preferred Stock, Conversion Basis |
|
|
|
The
Series B preferred will have no conversion feature
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
2,000,000
|
|
|
|
|
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|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
2,000,000
|
2,000,000
|
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|
|
Maximum [Member] |
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|
|
|
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|
Class of Stock [Line Items] |
|
|
|
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|
|
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Preferred stock, shares authorized |
|
|
10,000,000
|
|
|
|
|
Maximum [Member] | Series B Preferred Stock [Member] |
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
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|
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Preferred stock, shares authorized |
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10,000,000
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10,000,000
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- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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v3.24.1
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares
|
9 Months Ended |
12 Months Ended |
Nov. 30, 2023 |
Feb. 28, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Number of warrants, outstanding, beginning balance |
11,000,000
|
|
Weighted average exercise price per share, outstanding, beginning balance |
$ 0.25
|
|
Warrants issued, shares |
|
11,000,000
|
Warrants issued, weighted average exercise price |
|
$ 0.25
|
Outstanding and exercisable warrants, issued weighted average remaining contractual life,Issued |
|
2 years
|
Warrants cancelled, shares |
|
|
Warrants cancelled, weighted average exercise price |
|
|
Warrants exercised, shares |
|
|
Warrants exercised, weighted average exercise price |
|
|
Number of warrants, outstanding, ending balance |
11,000,000
|
11,000,000
|
Weighted average exercise price per share, outstanding, ending balance |
$ 0.25
|
$ 0.25
|
Weighted average non remaining contractual life, warrants outstanding |
|
1 year 11 months 19 days
|
Warrants outstanding, intrinsic value ending balance |
$ 660,000
|
$ 2,519,000
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term |
1 year 5 months 19 days
|
2 years
|
X |
- DefinitionShare based compensation arrangement by share based payment award equity instruments non options intrinsic value
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WARRANTS (Details Narrative) - USD ($)
|
|
12 Months Ended |
|
Feb. 17, 2023 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Nov. 30, 2023 |
Warrants |
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
11,000,000
|
|
2,400,000
|
|
Sale of Stock, Price Per Share |
$ 0.04
|
|
|
|
Proceeds from Issuance of Common Stock |
$ 660,000
|
$ 660,000
|
$ 240,000
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 0.25
|
|
|
|
Class of Warrant or Right, Expense or Revenue Recognized |
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
|
|
|
|
Fair Value Adjustment of Warrants |
$ 524,737
|
|
|
|
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|
$ 0.01
|
$ 0.01
|
$ 0.01
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v3.24.1
SCHEDULE OF RESTATED BALANCE SHEET (Details) - USD ($)
|
Nov. 30, 2023 |
Aug. 31, 2023 |
May 31, 2023 |
Feb. 28, 2023 |
Nov. 30, 2022 |
Aug. 31, 2022 |
May 31, 2022 |
Feb. 28, 2022 |
May 18, 2021 |
Feb. 28, 2021 |
Current Assets: |
|
|
|
|
|
|
|
|
|
|
Cash |
$ 278,097
|
|
|
$ 77,086
|
|
|
|
$ 180,756
|
|
|
Prepaid stock for services |
|
|
|
|
|
|
|
32,208
|
|
|
Total Assets |
323,473
|
|
|
680,621
|
|
|
|
212,964
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
13,478
|
|
|
Total Current Liabilities |
469,787
|
|
|
13,440
|
|
|
|
13,478
|
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
|
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding |
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value |
$ 0.01
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
|
Preferred stock, shares issued |
0
|
|
|
0
|
|
|
|
0
|
|
|
Preferred stock, shares outstanding |
0
|
|
|
0
|
|
|
|
0
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 |
$ 484,787
|
|
|
$ 474,351
|
|
|
|
$ 71,462
|
|
|
Common stock, par value |
$ 0.01
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
|
Common stock, shares authorized |
100,000,000
|
|
|
100,000,000
|
|
|
|
100,000,000
|
100,000,000
|
|
Common stock, shares outstanding |
50,478,678
|
|
|
50,478,678
|
|
|
|
7,146,202
|
|
|
Additional paid-in capital |
$ 803,127
|
|
|
$ 8,005,803
|
|
|
|
$ 5,653,489
|
|
|
Common shares to be issued |
|
|
|
|
|
|
|
1,699,146
|
|
|
Accumulated deficit |
(2,449,698)
|
|
|
(7,790,519)
|
|
|
|
(7,193,214)
|
|
|
Treasury stock, at cost; 39,975 shares of common stock |
$ (42,454)
|
|
|
$ (42,454)
|
|
|
|
$ (42,454)
|
|
|
Treasury stock, share |
39,975
|
|
|
39,975
|
|
|
|
39,975
|
|
|
Total Stockholders’ Deficit |
$ (1,184,238)
|
$ (1,080,697)
|
$ (966,606)
|
$ 667,181
|
$ (1,214,891)
|
$ (1,560,362)
|
$ (1,507,689)
|
$ 199,486
|
|
$ (2,435,841)
|
Total Liabilities and Stockholders’ Deficit |
323,473
|
|
|
680,621
|
|
|
|
212,964
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
|
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding |
|
|
|
|
|
|
|
$ 11,057
|
|
|
Preferred stock, par value |
$ 0.01
|
|
|
$ 0.01
|
|
|
|
$ 0.01
|
|
|
Preferred stock, shares issued |
0
|
|
|
0
|
|
|
|
1,105,644
|
|
|
Preferred stock, shares outstanding |
0
|
|
|
0
|
|
|
|
1,105,644
|
|
|
Previously Reported [Member] |
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
$ 180,756
|
|
|
Prepaid stock for services |
|
|
|
|
|
|
|
32,208
|
|
|
Total Assets |
|
|
|
|
|
|
|
212,964
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
13,478
|
|
|
Total Current Liabilities |
|
|
|
|
|
|
|
13,478
|
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 |
|
|
|
|
|
|
|
88,453
|
|
|
Additional paid-in capital |
|
|
|
|
|
|
|
7,346,701
|
|
|
Common shares to be issued |
|
|
|
|
|
|
|
|
|
|
Accumulated deficit |
|
|
|
|
|
|
|
(7,193,214)
|
|
|
Treasury stock, at cost; 39,975 shares of common stock |
|
|
|
|
|
|
|
(42,454)
|
|
|
Total Stockholders’ Deficit |
|
|
|
|
|
|
|
199,486
|
|
|
Total Liabilities and Stockholders’ Deficit |
|
|
|
|
|
|
|
212,964
|
|
|
Previously Reported [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
|
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding |
|
|
|
|
|
|
|
|
|
|
Restatement Adjustments [Member] |
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
Prepaid stock for services |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized; 7,146,202 |
|
|
|
|
|
|
|
(16,991)
|
|
|
Additional paid-in capital |
|
|
|
|
|
|
|
(1,693,212)
|
|
|
Common shares to be issued |
|
|
|
|
|
|
|
1,699,146
|
|
|
Accumulated deficit |
|
|
|
|
|
|
|
|
|
|
Treasury stock, at cost; 39,975 shares of common stock |
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Deficit |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Deficit |
|
|
|
|
|
|
|
|
|
|
Restatement Adjustments [Member] | Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity (Deficit): |
|
|
|
|
|
|
|
|
|
|
Series A preferred stock, $0.01 par value, 1,105,644 shares issued and outstanding |
|
|
|
|
|
|
|
$ 11,057
|
|
|
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12 Months Ended |
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Feb. 28, 2022 |
Feb. 28, 2022 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Consulting services paid |
|
|
$ 7,000
|
$ 660,000
|
$ 240,000
|
Series A Preferred Stock [Member] |
|
|
|
|
|
Number of shares conversion |
1,105,679
|
1,105,644
|
|
|
1,105,679
|
Coversion of stock, shares |
|
|
|
|
1,699,146
|
X |
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v3.24.1
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
9 Months Ended |
12 Months Ended |
Mar. 22, 2023 |
Feb. 17, 2023 |
Nov. 30, 2023 |
Feb. 28, 2023 |
Feb. 28, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
11,000,000
|
|
|
2,400,000
|
Stock Issued During Period, Value, Acquisitions |
|
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Milestones description |
|
|
(i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing connection
points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the first 12 months
or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV Common Stock upon
(a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months; (iii) an additional
2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the first 24 months generating
no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock upon acquiring or hiring the following
key personnel in the first six months after the effective date of the merger: (a) three or more qualified Board members and (b) at least
three of the following four individuals having the following qualifications: one sales/marketing person, one grant writer/Government
relations person, one technician/maintenance person and one software programmer/engineer.
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Stock Issued During Period, Value, Acquisitions |
$ 660,000
|
|
|
|
|
Stock Issued During Period, Shares, Acquisitions |
2,000,000
|
|
|
|
|
Milestones description |
(i)
an additional 2.5% of the issued and outstanding SPEV Common Stock upon the completion of either (a) the conversion of 75 existing
connection points to Level 2 or greater or the (b) installation of 75 new connection points to revenue producing stations in the
first 12 months or some combination of the two yielding 75 units, (ii) an additional 2.5% of the of the issued and outstanding SPEV
Common Stock upon (a) the application for $10M in grants and/or the (b) the award of $1.0 million in grants in the first 18 months;
(iii) an additional 2.5% of the issued and outstanding SPEV common stock outstanding upon the completion of acquisitions in the
first 24 months generating no less than $3.0 million in gross revenues and (iv) an additional 500,000 shares of SPEV common stock
upon acquiring or hiring the following key personnel in the first six months after the effective date of the merger: (a) three or
more qualified Board members and (b) at least three of the following four individuals having the following qualifications: one
sales/marketing person, one grant writer/Government relations person, one technician/maintenance person and one software
programmer/engineer.
|
|
|
|
|
Debt, Current |
$ 1,400,000
|
|
|
|
|
Subsequent Event [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Repayment of loan |
10,000
|
|
|
|
|
Subsequent Event [Member] | Maximum [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Repayment of loan |
2,000
|
|
|
|
|
Subsequent Event [Member] | Maximum [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Repayment of loan |
$ 10,000
|
|
|
|
|
Subsequent Event [Member] | Merger [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
11,000,000
|
|
|
|
|
Subsequent Event [Member] | Merger Agreement With Shorepower [Member] |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Percentage of voting interests acquired |
55.00%
|
|
|
|
|
X |
- DefinitionPercentage of voting equity interests acquired at the acquisition date in the business combination.
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v3.24.1
NOTE RECEIVABLE (Details Narrative) - USD ($)
|
Nov. 25, 2023 |
Nov. 30, 2023 |
Accounts and Other Receivables, Net, Current |
|
$ 35,000
|
Covoy Solutionss Llc [Member] | Promissory Note Agreement [Member] |
|
|
Accounts and Other Receivables, Net, Current |
$ 40,000
|
|
Debt Instrument, Maturity Date |
Dec. 18, 2023
|
|
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United States Basketball... (QB) (USOTC:USBL)
Historical Stock Chart
From Aug 2024 to Sep 2024
United States Basketball... (QB) (USOTC:USBL)
Historical Stock Chart
From Sep 2023 to Sep 2024