Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 07, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | ME Renewable Power Corp. | |
Entity Central Index Key | 1,627,452 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,375,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash & cash equivalents | $ 19,535 | $ 14,535 |
Prepaid expense | 3,333 | |
TOTAL CURRENT ASSETS | 22,868 | 14,535 |
Fixed Assets, net of $1,307 and $375 accumulated depreciation | 932 | |
TOTAL ASSETS | 22,868 | 15,467 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 430 | |
Loans from shareholder | 37,747 | 11,074 |
TOTAL CURRENT LIABILITIES | 38,177 | 11,074 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 7,375,000 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 7,375 | 7,375 |
Additional paid in capital | 37,199 | 26,125 |
Accumulated deficit | (59,883) | (29,107) |
TOTAL STOCK HOLDERS' EQUITY (DEFICIT) | (15,309) | 4,393 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 22,868 | $ 15,467 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Fixed assets accumulated depreciation | $ 1,307 | $ 375 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 7,375,000 | 7,375,000 |
Common Stock, share outstanding | 7,375,000 | 7,375,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Condensed Statements Of Operations | |||||
REVENUE | $ 4,000 | $ 4,000 | |||
OPERATING EXPENSES | |||||
Office and general | 2,500 | 17,165 | 7,584 | 17,749 | |
Professional fees | 10,994 | 1,500 | 23,192 | 9,500 | |
Total Operating Expenses | 13,494 | 18,665 | 30,776 | 27,249 | |
LOSS BEFORE TAXES | (13,494) | (14,665) | (30,776) | (23,249) | |
Provision for taxes | |||||
NET LOSS | $ (13,494) | $ (14,665) | $ (30,776) | $ (23,249) | |
LOSS PER COMMON SHARE - BASIC AND DILUTED | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 7,375,000 | 7,486,250 | 7,375,000 | 6,500,861 | |
[1] | denotes a loss of less than $(0.01) per share. |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (30,776) | $ (23,249) |
Changes in operating assets and liabilities: | ||
Prepaid expense | (3,333) | |
Depreciation | 932 | 266 |
Accounts payable and accrued liabilities | 430 | |
NET CASH USED IN OPERATING ACTIVITIES | (32,747) | (22,983) |
INVESTING ACTIVITIES | ||
Purchase of fixed assets | (1,307) | |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (1,307) | |
FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 27,500 | |
Loans from related party | 37,747 | 3,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 37,747 | 30,500 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 5,000 | 6,210 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 14,535 | 6,030 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 19,535 | 12,240 |
Supplemental cash flow information and noncash financing activities: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Loan forgiven by previous shareholder | $ 11,074 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS | ME Renewable Power Corporation (the "Company") was incorporated in the State of Nevada under the name Jarex Solutions Corp. on October 28, 2014 ("Inception") and originally intended to commence operations in the business of Automatic Number Plate Recognition (ANPR) software development for businesses which have parking zones or access control on their sites. Jarex Solutions Corp. intended to develop software based on the ANPR technologies in Latvia. On June 14, 2016, the Company merged with its wholly-owned subsidiary ME Renewable Power Corporation, a Nevada corporation, and changed its namefrom Jarex Solutions Corp. to ME Renewable Power Corporation. The Company now intends to distribute green energy-saving and reusable equipment and materials. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted a December 31 fiscal year end. Unaudited Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these condensed interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2015. Use of Estimates and Assumptions 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 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. Prepaid Expenses Prepaid expenses consist of prepaid filing fees. Prepaid expenses are amortized as the related expense is incurred. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the nine month period ended to September 30, 2016 there were no potentially dilutive debt or equity instruments issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses in this period. Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since Inception (October 28, 2014) resulting in an accumulated deficit of $59,883 as of September 30, 2016 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a promissory note. During the nine months ended September 30, 2016 a previous shareholder forgave loans to the Company in the amount of $11,074. The transaction was recorded to additional paid in capital. During the nine months ended September 30, 2016, the Company was provided loans of $37,747 by a new shareholder. Loans to shareholders at September 30, 2016 and December 31, 2015 were$37,747 and $11,074, respectively. The advances are non-interest bearing, due upon demand and unsecured. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 5 - INCOME TAXES | As of September 30, 2016, the Company had net operating loss carry forwards of approximately $59,883 that may be available to reduce future years' taxable income in varying amounts through 2036. Future tax benefits which arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 6 - SUBSEQUENT EVENTS | The Company has evaluated subsequent events from September 30, 2016 to the date the financial statements were issued and has determined that there are no items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted a December 31 fiscal year end. |
Unaudited Interim Financial Statements | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these condensed interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2015. |
Use of Estimates and Assumptions | 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 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. |
Prepaid Expenses | Prepaid expenses consist of prepaid filing fees. Prepaid expenses are amortized as the related expense is incurred. |
Basic Income (Loss) Per Share | The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the nine month period ended to September 30, 2016 there were no potentially dilutive debt or equity instruments issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses in this period. |
Recent Accounting Pronouncements | The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Going Concern Details Narrative | ||
Accumulated deficit | $ (59,883) | $ (29,107) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Related Party Transactions Details Narrative | |||
Loan forgiven by previous shareholder | $ 11,074 | ||
Loans from related party | 37,747 | $ 3,000 | |
Loans from shareholder | $ 37,747 | $ 11,074 |
INCOME TAXES (Details Narrativ
INCOME TAXES (Details Narrative) | Sep. 30, 2016USD ($) |
Income Taxes Details Narrative | |
Net operating loss carry forwards | $ 59,883 |