HILLSBORO, OR – Shorepower Technologies Inc. (OTC Pink: SPEV), a company specializing in miscellaneous transportation equipment, has announced a change to its fiscal year-end. The Board of Directors resolved to shift the company's fiscal year from February 29 to December 31.
The decision, made on Tuesday, July 10, 2024, aligns the company's reporting period with the calendar year, a move that is expected to streamline financial reporting processes. This transition was authorized under Article VII, section 7.7 of the company's Bylaws, which grants the Board the power to set the fiscal year.
Shorepower Technologies, formerly known as United States Basketball League Inc., has stated it will file a Form 10-Q to report on this transition period. The Form 10-Q will provide financial statements and other relevant information covering the period from the previous fiscal year end to the new fiscal year-end.
No further details regarding the rationale for the fiscal year change or its expected impact on Shorepower Technologies' operations were provided in the SEC filing. This announcement is based on information contained in a recent SEC Form 8-K filing by the company.
InvestingPro Insights
As Shorepower Technologies Inc. (OTC Pink: SPEV) transitions to a new fiscal year end, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Shorepower Technologies currently has a market capitalization of $1.75 million. The company's price-to-earnings (P/E) ratio stands at -2.57, indicating that it may not be profitable at this time. Furthermore, the company's revenue for the last twelve months as of Q4 2024 was reported at $0.02 million, with a significant downturn in revenue growth of -11.99%.
InvestingPro Tips reveal that Shorepower Technologies has faced challenges recently, with a notable decline in stock price over the past week and month. Analysts are also anticipating a sales decline in the current year. Additionally, the company is recognized as a niche player in its industry but is currently grappling with weak gross profit margins and has short-term obligations exceeding its liquid assets.
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