Shorepower (SPEV) 10-QT 18 Jul 24 2024 Q2 Quarterly report for transitional period Financial data

Cover

Cover - $ / shares	4 Months Ended
	Jun. 30, 2024	Jul. 17, 2024
Cover [Abstract]
Document Type	10-QT
Amendment Flag	false
Document Quarterly Report	false
Document Transition Report	true
Document Period Start Date	Feb. 29, 2024
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-15913
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	5289 NE Elam Young Pkwy
Entity Address, Address Line Two	Suite 180
Entity Address, City or Town	Hillsboro
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97124
City Area Code	(503)
Local Phone Number	892-7345
Title of 12(b) Security	Common Stock
Trading Symbol	SPEV
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,478,678
Entity Listing, Par Value Per Share	$ 0.01

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2024	Feb. 29, 2024
Current Assets:
Cash	$ 51,464	$ 177,088
Accounts receivable	14,385
Prepaids	5,745	8,932
Note receivable		15,000
Inventory	18,221	7,359
Total Current Assets	89,815	208,379
Non-Current Assets:
Other asset	1,000	1,000
Total non-current assets	1,000	1,000
Total Assets	90,815	209,379
Current Liabilities:
Accounts payable and accrued expenses	46,579	54,994
Total Current Liabilities	606,806	524,896
Total Liabilities	1,550,331	1,520,021
Stockholders’ Deficit:
Preferred stock, value
Common stock, $0.01 par value, 100,000,000 shares authorized; 48,478,678 and 48,478,678 shares issued and outstanding, respectively	484,787	484,787
Additional paid-in capital	802,692	802,692
Accumulated deficit	(2,724,541)	(2,575,667)
Treasury stock, at cost; 39,975 shares of common stock	(42,454)	(42,454)
Total Stockholders’ Deficit	(1,459,516)	(1,310,642)
Total Liabilities and Stockholders’ Deficit	90,815	209,379
Series A Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock, value
Series B Preferred Stock [Member]
Stockholders’ Deficit:
Preferred stock, value	20,000	20,000
Related Party [Member]
Current Liabilities:
Accrued officer compensation – related party	206,668	140,000
Accrued interest – related party	116,391	92,734
Note payable	125,773	125,773
Notes payable, net of current portion – related party	943,525	995,125
Nonrelated Party [Member]
Current Liabilities:
Note payable	$ 111,395	$ 111,395

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Feb. 29, 2024
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	6,894,356	6,894,356
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	48,478,678	48,478,678
Common stock, shares outstanding	48,478,678	48,478,678
Treasury stock, share	39,975	39,975
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,105,644	1,105,644
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	2,000,000	2,000,000
Preferred stock, shares outstanding	2,000,000	2,000,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended	4 Months Ended
	May 31, 2023	Jun. 30, 2024
Total revenue	$ 11,822	$ 34,516
Cost of revenue	(10,886)	(22,071)
Less revenue share	(1,523)	(2,601)
Gross margin	(587)	9,844
Operating Expenses:
Professional fees	14,135	9,963
General and administrative	45,701	30,262
Consulting	8,610	28,170
Officer compensation	30,000	66,668
Total operating expenses	98,446	135,063
Loss from Operations	(99,033)	(125,219)
Other Income (Expense):
Other income	40
Interest expense	(16,092)	(23,655)
Total other expense	(16,052)	(23,655)
Net loss	$ (115,085)	$ (148,874)
Loss per Common Share: Basic	$ (0.04)	$ 0
Loss per Common Share: Diluted	$ (0.04)	$ 0
Weighted Average Number of Common Shares: Basic	47,435,106	48,478,678
Weighted Average Number of Common Shares: Diluted	47,435,106	48,478,678
Service [Member]
Total revenue	$ 9,447	$ 9,601
Product [Member]
Total revenue	$ 2,375	$ 24,915

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Preferred Stock [Member] Series A Preferred Stock [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
Balance at Feb. 28, 2023	$ 474,351		$ 20,000	$ 615,284	$ (1,918,702)	$ (42,454)	$ (851,521)
Balance, shares at Feb. 28, 2023	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. 29, 2024	$ 484,787		$ 20,000	802,692	(2,575,667)	$ (42,454)	(1,310,642)
Balance, shares at Feb. 29, 2024	48,478,678		2,000,000			39,975
Net Loss					(148,874)		(148,874)
Balance at Jun. 30, 2024	$ 484,787		$ 20,000	$ 802,692	$ (2,724,541)	$ (42,454)	$ (1,459,516)
Balance, shares at Jun. 30, 2024	48,478,678		2,000,000			39,975

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended	4 Months Ended
	May 31, 2023	Jun. 30, 2024
Cash Flows from Operating Activities:
Net loss	$ (115,085)	$ (148,874)
Changes in operating assets and liabilities:
Accounts receivable	(2,500)	(14,385)
Inventory	(7,389)	(10,862)
Prepaids	(6,115)	3,187
Note receivable		15,000
Accounts payable and accrued expenses	(36,956)	(8,415)
Accrued interest – related party	16,092	23,657
Accrued officer compensation	30,000	66,668
Net cash used in operating activities	(121,953)	(74,024)
Cash Flows from Investing Activities
Cash Flows from Financing Activities:
Repayment of related party loan	(28,000)	(51,600)
Net cash used in financing activities	(28,000)	(51,600)
Net change in cash	(149,953)	(125,624)
Cash, beginning of period	114,851	177,088
Funds held in escrow, beginning of period	553,000
Cash, end of period	517,898	51,464
Supplemental disclosures of cash flow information:
Interest paid
Income tax paid

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	4 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Shorepower Technologies Inc. (“SPEV” “Shorepower” “the Company”) (formerly ) 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 1,105,644 .057 World Equity Markets acted in the capacity of a broker/dealer for the Purchase Agreements and was issued 125,000 150,000 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 11,000,000 660,000 2,000,000 (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 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 1,800 31 16

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	4 Months Ended
	Jun. 30, 2024
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 29, 2024, have been omitted. The condensed unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has changed its fiscal year end from February 28 to December 31. Accordingly, the financial statements presented are as follows: June 30 balance sheet compared to the February 29, 2024 year end audited balance sheet. For the Statement of Operations, Statement of Cash Flows Statement of Changes in Stockholders’ Deficit, 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. 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 Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the period ended June 30, 2024. 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. As of June 30, 2024 and February 29, 2024, the Company’s diluted loss per share is the same as the basic loss per share, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss. 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 June 30, 2024 and February 29, 2024 was $ 18,221 7,359 Accounts Receivable Revenues that have been recognized but not yet received are recorded as accounts receivable. The Company records account receivable at net realizable value consisting of the carrying amount less an allowance for credit losses. An estimate for the allowance for credit losses is discussed below in “Credit Losses on Financial Instruments”. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of June 30 , 2024 Credit Losses on Financial Instruments The Company early adopted ASU 2016-13, Financial Instruments – Credit Losses effective January 1, 2021. The Company uses the Current Expected Credit Losses (CECL) model to estimate credit losses on financial assets measured at amortized cost, as well as certain off-balance sheet credit exposures. When similar risk characteristics exist, the Company assesses collectability and measure expected credit losses on a collective basis for a pool of assets, whereas if similar risk characteristics do not exist, the Company assesses collectability and measures expected credit losses on an individual asset basis. Under the CECL model, the estimation of credit losses involves significant judgment and estimation uncertainty. Management exercises its judgment based on historical loss experience, the age of the accounts receivable, current economic conditions, and reasonable and supportable forecasts that may affect the customer’s ability to pay. Changes in these factors could have a material impact on the estimated credit losses. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, and has since issued various amendments including ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-05. The guidance and related amendments modify the accounting for credit losses for most financial assets and require the use of an expected loss model, replacing the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The Company early adopted ASU-2016-13 effective January 1, 2021. The adoption of ASU 2016-13 had no material impact on our consolidated financial statements. Revenue Recognition The Company follows ASC 606, Revenue from Contracts with Customers 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. Revenue sharing arrangement Revenue-sharing arrangements are recognized gross when the Company has reasonable latitude in establishing the price billed to the end customer and has the primary responsibility to determine the service specifications. 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.

GOING CONCERN

GOING CONCERN	4 Months Ended
	Jun. 30, 2024
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 unaudited financial statements, the Company has an accumulated deficit of $ 2,724,541 June 30, 2024

NOTE RECEIVABLE

NOTE RECEIVABLE	4 Months Ended
	Jun. 30, 2024
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 December 18, 2023

LOAN PAYABLE

LOAN PAYABLE	4 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LOAN PAYABLE	NOTE 5 LOAN PAYABLE As of June 30, 2024 and February 29, 2024 111,395 111,395

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	4 Months Ended
	Jun. 30, 2024
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 twenty years 6.58 1,500 February 29, 2024 18,044 58,044 Februar 2024 20,628 19,831 On March 1, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $ 253,954 6.63 February 29, 2024 213,654 225,254 February 29, 2024 19,447 14,563 On December 31, 2022, the Company issued a Promissory Note to Jeff Kim, in the amount of $ 1,237,600 6.42 400,000 February 29, 2024 837,600 837,600 February 29, 2024 76,315 58,341 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 10,000 2,000 10,000 10,000 February 29, 2024 206,668 140,000

COMMON STOCK

COMMON STOCK	4 Months Ended
	Jun. 30, 2024
Equity [Abstract]
COMMON STOCK	NOTE 7 – COMMON STOCK As of June 30, 2024 and February 29, 2024, 48,478,678 48,478,678

PREFERRED STOCK

PREFERRED STOCK	4 Months Ended
	Jun. 30, 2024
Equity [Abstract]
PREFERRED STOCK	NOTE 8 – PREFERRED STOCK There are 1,105,644 2 As of June 30, 2024, there were no As part of the merger, the Company designated 2,000,000 10,000,000 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 June 30, 2024 and February 29, 2024 2,000,000

WARRANTS

WARRANTS	4 Months Ended
	Jun. 30, 2024
Warrants
WARRANTS	NOTE 9 – WARRANTS SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, February 29, 2024 11,000,000 $ 0.25 2 Issued — $ — — Cancelled — $ — — Exercised — $ — — Outstanding, June 30, 2024 11,000,000 $ 0.25 1.22 $ —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	4 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10 the Company has analyzed its operations subsequent to June 30, 2024, and to the date these financial statements were issued and has determined that it does not have any subsequent events to disclose in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	4 Months Ended
	Jun. 30, 2024
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 29, 2024, have been omitted. The condensed unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company has changed its fiscal year end from February 28 to December 31. Accordingly, the financial statements presented are as follows: June 30 balance sheet compared to the February 29, 2024 year end audited balance sheet. For the Statement of Operations, Statement of Cash Flows Statement of Changes in Stockholders’ Deficit,
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.
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.
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
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the period ended June 30, 2024.
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. As of June 30, 2024 and February 29, 2024, the Company’s diluted loss per share is the same as the basic loss per share, as the inclusion of any potential shares would have had an anti-dilutive effect due to the Company generating a loss.
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 June 30, 2024 and February 29, 2024 was $ 18,221 7,359
Accounts Receivable	Accounts Receivable Revenues that have been recognized but not yet received are recorded as accounts receivable. The Company records account receivable at net realizable value consisting of the carrying amount less an allowance for credit losses. An estimate for the allowance for credit losses is discussed below in “Credit Losses on Financial Instruments”. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of June 30 , 2024
Credit Losses on Financial Instruments	Credit Losses on Financial Instruments The Company early adopted ASU 2016-13, Financial Instruments – Credit Losses effective January 1, 2021. The Company uses the Current Expected Credit Losses (CECL) model to estimate credit losses on financial assets measured at amortized cost, as well as certain off-balance sheet credit exposures. When similar risk characteristics exist, the Company assesses collectability and measure expected credit losses on a collective basis for a pool of assets, whereas if similar risk characteristics do not exist, the Company assesses collectability and measures expected credit losses on an individual asset basis. Under the CECL model, the estimation of credit losses involves significant judgment and estimation uncertainty. Management exercises its judgment based on historical loss experience, the age of the accounts receivable, current economic conditions, and reasonable and supportable forecasts that may affect the customer’s ability to pay. Changes in these factors could have a material impact on the estimated credit losses. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, and has since issued various amendments including ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-05. The guidance and related amendments modify the accounting for credit losses for most financial assets and require the use of an expected loss model, replacing the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The Company early adopted ASU-2016-13 effective January 1, 2021. The adoption of ASU 2016-13 had no material impact on our consolidated financial statements.
Revenue Recognition	Revenue Recognition The Company follows ASC 606, Revenue from Contracts with Customers
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. Revenue sharing arrangement Revenue-sharing arrangements are recognized gross when the Company has reasonable latitude in establishing the price billed to the end customer and has the primary responsibility to determine the service specifications.
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.

WARRANTS (Tables)

WARRANTS (Tables)	4 Months Ended
	Jun. 30, 2024
Warrants
SCHEDULE OF WARRANT ACTIVITY	SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, February 29, 2024 11,000,000 $ 0.25 2 Issued — $ — — Cancelled — $ — — Exercised — $ — — Outstanding, June 30, 2024 11,000,000 $ 0.25 1.22 $ —

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)		4 Months Ended
	Apr. 07, 2021 $ / shares shares	Jun. 30, 2024 USD ($) Facility Item State shares
Increase in additional paid in capital | $		$ 5,872,000
Government grants | $		$ 16,000,000
Shorepower [Member]
Number of operational TSE facilities | Facility		60
Number of individual electrified parking spaces | Item		1,800
Number of states in which operational TSE facilities located | State		31
Chief Executive Officer [Member]
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
Series B Preferred Stock [Member] | Chief Executive Officer [Member]
Stock issued during period shares acquisitions, shares		2,000,000
Stock Purchase Agreements [Member] | World Equity Markets [Member]
Common stock issued for services, shares	125,000
Stock Purchase Agreements [Member] | Verde Capital [Member]
Common stock issued for services, shares	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
Common Stock [Member] | Chief Executive Officer [Member]
Common stock issued for services, shares		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

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jun. 30, 2024	Feb. 29, 2024
Accounting Policies [Abstract]
Cash equivalents	$ 0	$ 0
Inventory	$ 18,221	$ 7,359

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2024	Feb. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 2,724,541	$ 2,575,667

NOTE RECEIVABLE (Details Narrat

NOTE RECEIVABLE (Details Narrative) - USD ($)	Nov. 25, 2023	Jun. 30, 2024	Feb. 29, 2024
Note receivable			$ 15,000
Covoy Solutionss Llc [Member] | Promissory Note Agreement [Member]
Note receivable	$ 40,000
Maturity date	Dec. 18, 2023

LOAN PAYABLE (Details Narrative

LOAN PAYABLE (Details Narrative) - USD ($)	Jun. 30, 2024	Feb. 29, 2024
Third Party [Member]
Loan payable	$ 111,395	$ 111,395

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)					3 Months Ended	4 Months Ended
	Mar. 22, 2023	Dec. 31, 2022	Apr. 01, 2022	Feb. 15, 2022	May 31, 2023	Jun. 30, 2024	Feb. 29, 2024	Mar. 01, 2022
Related Party Transaction [Line Items]
Repayment for related party					$ 28,000	$ 51,600
Jeff Kim [Member] | Executive Employment Agreement [Member]
Related Party Transaction [Line Items]
Monthly loan payment	$ 2,000
Due to related party	200,000
Repayment for related party	10,000
Related party payment threshold	10,000
Monthly salary	$ 10,000
Accrued compensation						206,668	$ 140,000
Promissory Note One [Member] | Jeff Kim [Member]
Related Party Transaction [Line Items]
Promissory note issued				$ 200,000
Promissory note term				20 years
Interest rate				6.58%
Monthly loan payment			$ 1,500
Promissory note balance						18,044	58,044
Promissory note accrued interest						20,628	19,831
Promissory Note Two [Member] | Jeff Kim [Member]
Related Party Transaction [Line Items]
Promissory note issued								$ 253,954
Interest rate								6.63%
Promissory note balance						213,654	225,254
Promissory note interest						19,447	14,563
Promissory Note Three [Member] | Jeff Kim [Member]
Related Party Transaction [Line Items]
Promissory note issued		$ 1,237,600
Interest rate		6.42%
Promissory note balance						837,600	837,600
Promissory note interest						$ 76,315	$ 58,341
Promissory note forgiveness		$ 400,000

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - shares	Jun. 30, 2024	Feb. 29, 2024
Equity [Abstract]
Common stock, shares outstanding	48,478,678	48,478,678

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - shares		4 Months Ended
	Mar. 04, 2023	Jun. 30, 2024	Feb. 29, 2024
Class of Stock [Line Items]
Preferred stock, shares authorized		6,894,356	6,894,356
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized	1,105,644	1,105,644	1,105,644
Preferred stock, dividend rate, percentage	2%
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, shares issued		2,000,000	2,000,000
Preferred stock, shares outstanding		2,000,000	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, description		The Series B preferred will have no conversion feature.
Series B Preferred Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized		2,000,000
Series B Preferred Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - USD ($)	4 Months Ended	12 Months Ended
	Jun. 30, 2024	Feb. 29, 2024
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
Weighted average non remaining contractual life, warrants outstanding	1 year 2 months 19 days	2 years
Warrants issued, shares
Warrants issued, weighted average exercise price
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
Warrants outstanding, intrinsic value ending balance