Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 21, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | ME Renewable Power Corp. | ||
Entity Central Index Key | 1,627,452 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 | ||
Entity Public Float | $ 206,250 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash & cash equivalents | $ 18,646 | $ 14,535 |
Prepaid expense | 833 | |
TOTAL CURRENT ASSETS | 19,479 | 14,535 |
Fixed Assets, net of $1,307 and $375 accumulated depreciation | 932 | |
TOTAL ASSETS | 19,479 | 15,467 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 488 | |
Loans from shareholder | 42,777 | 11,074 |
TOTAL CURRENT LIABILITIES | 43,265 | 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 December 31, 2016 and December 31, 2015, respectively | 7,375 | 7,375 |
Additional paid in capital | 37,199 | 26,125 |
Accumulated deficit | (68,360) | (29,107) |
TOTAL STOCK HOLDERS' EQUITY (DEFICIT) | (23,786) | 4,393 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 19,479 | $ 15,467 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 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 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Statements Of Operations | |||
REVENUE | $ 4,000 | ||
OPERATING EXPENSES | |||
Office and general | 10,734 | 21,863 | |
Professional fees | 28,519 | 11,000 | |
Total Operating Expenses | 39,253 | 32,863 | |
LOSS BEFORE TAXES | (39,253) | (28,863) | |
Provision for taxes | |||
NET LOSS | $ (39,253) | $ (28,863) | |
LOSS PER COMMON SHARE - BASIC AND DILUTED | [1] | $ (0.01) | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 7,375,000 | 6,669,849 | |
[1] | denotes a loss of less than $(0.01) per share. |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Dec. 31, 2014 | 6,000,000 | |||
Beginning balance, amount at Dec. 31, 2014 | $ 6,000 | $ (244) | $ 5,756 | |
Common shares issued for cash ,share | 1,375,000 | |||
Common shares issued for cash ,Amount | $ 1,375 | 26,125 | 27,500 | |
Net loss for the year | (28,863) | (28,863) | ||
Ending balance, shares at Dec. 31, 2015 | 7,375,000 | |||
Ending balance, amount at Dec. 31, 2015 | $ 7,375 | 26,125 | (29,107) | 4,393 |
Loan forgiven by previous shareholder | 11,074 | |||
Net loss for the year | (39,253) | (39,253) | ||
Ending balance, shares at Dec. 31, 2016 | 7,375,000 | |||
Ending balance, amount at Dec. 31, 2016 | $ 7,375 | $ 37,199 | $ (68,360) | $ (23,786) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (39,253) | $ (28,863) |
Changes in operating assets and liabilities: | ||
Prepaid expense | (833) | |
Depreciation | 932 | 375 |
Accounts payable and accrued liabilities | 488 | |
NET CASH USED IN OPERATING ACTIVITIES | (38,666) | (28,488) |
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 | 42,777 | 10,800 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 42,777 | 38,300 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 4,111 | 8,505 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 14,535 | 6,030 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 18,646 | 14,535 |
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 | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS | ME Renwable 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 name from 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 | 12 Months Ended |
Dec. 31, 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. 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. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. Prepaid Expenses Prepaid expenses consist of prepaid filing fees. Prepaid expenses are amortized as the related expense is incurred. Fair Value of Financial Instruments The Companys financial instruments consist of cash and loans to shareholders. The carrying amount of financial instruments approximates fair value because of the short-term nature of these items. Property and Equipment Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. 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 year ended December 31, 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 | 12 Months Ended |
Dec. 31, 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 $68,360 as of December 31, 2016 and further losses are anticipated in the development of its business. Further, the Company has current liabilities in excess of current assets and has a stockholders deficit at December 31, 2016. 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. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - COMMON STOCK | On December 12, 2014 the Company issued 6,000,000 shares of its common stock to the director at $0.001 per share for total proceeds of $6,000. For the period from May through July 2015, the Company issued 1,375,000 shares of its common stock at $0.02 per share to 31 shareholders for total proceeds of $27,500 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - 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 year ended December 31, 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 year ended December 31, 2016, the Company was provided loans of $42,777 by a new shareholder. Loans to shareholders at December 31, 2016 and December 31, 2015 were $42,777 and $11,074, respectively. The advances are non-interest bearing, due upon demand and unsecured. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - INCOME TAXES | As of December 31, 2016, the Company had net operating loss carry forwards of approximately $68,360 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. The provision for Federal income tax consists of the following: December 31, 2016 December 31, 2015 Federal income tax benefit attributable to: Current operations $ 13,739 $ 10,102 Less: change in valuation allowance (13,739 ) (10,102 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 35% of significant items comprising our net deferred tax amount is as follows: December 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carry over $ 23,926 $ 10,187 Less: valuation allowance (23,926 ) (10,187 ) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $68,360 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. The Companys returns are open to examination by the Internal Revenue Services for all tax years since inception. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 7 - SUBSEQUENT EVENTS | The Company has evaluated subsequent events from December 31, 2016 to the date the financial statements were issued and has determined that there are no items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 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. |
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. |
Cash and Cash Equivalents | The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. |
Prepaid Expenses | Prepaid expenses consist of prepaid filing fees. Prepaid expenses are amortized as the related expense is incurred. |
Fair Value of Financial Instruments | The Companys financial instruments consist of cash and loans to shareholders. The carrying amount of financial instruments approximates fair value because of the short-term nature of these items. |
Property and Equipment | Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. |
Income Taxes | The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
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 year ended December 31, 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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes Tables | |
Provision for Federal income tax | December 31, 2016 December 31, 2015 Federal income tax benefit attributable to: Current operations $ 13,739 $ 10,102 Less: change in valuation allowance (13,739 ) (10,102 ) Net provision for Federal income taxes $ - $ - |
Net Deferred Tax | December 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carry over $ 23,926 $ 10,187 Less: valuation allowance (23,926 ) (10,187 ) Net deferred tax asset $ - $ - |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Nature Of Operations Details Narrative | |
Entity Incorporation, State Country Name | State of Nevada |
Date of incorporation | Oct. 28, 2014 |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies Details Narrative | |
Property and equipment estimated useful life | 3 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Going Concern Details Narrative | ||
Accumulated deficit | $ (68,360) | $ (29,107) |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) | Dec. 12, 2014USD ($)$ / sharesshares | Jul. 31, 2015USD ($)pure / Integer$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Common Stock, shares issued | shares | 7,375,000 | 7,375,000 | ||
Common Stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||
Proceeds from common stock | $ | $ 27,500 | |||
Director [Member] | ||||
Common Stock, shares issued | shares | 6,000,000 | |||
Common Stock, par value | $ / shares | $ 0.001 | |||
Proceeds from common stock | $ | $ 6,000 | |||
Shareholder [Member] | ||||
Common Stock, shares issued | shares | 1,375,000 | |||
Common Stock, par value | $ / shares | $ 0.02 | |||
Proceeds from common stock | $ | $ 27,500 | |||
Number of shareholders | 31 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Loan forgiven by previous shareholder | $ 11,074 | |
New Shareholder [Member] | ||
Loan from (to) related party | 42,777 | |
Shareholder [Member] | ||
Loan from (to) related party | $ 42,777 | $ 11,074 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 13,739 | $ 10,102 |
Less: change in valuation allowance | (13,739) | (10,102) |
Net provision for Federal income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carry over | $ 23,926 | $ 10,187 |
Less: valuation allowance | (23,926) | (10,187) |
Net deferred tax asset |
INCOME TAXES (Details Narrativ
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Taxes Details | |
Net operating loss carry forwards | $ 68,360 |
Net operating loss carry forwards expire period | 2,036 |
Federal statutory rate | 35.00% |