UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the quarterly period ended |
or
| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
| For the transition period from _______________ to _______________ |
Commission File Number 333-202234
| ME RENEWABLE POWER CORPORATION |
| (Exact name of registrant as specified in its charter) |
| Nevada | 30-0845224 | |||
(State or other jurisdiction of incorporation or organization)
| (IRS Employer Identification No.) | |||
Vista del vaque #13 la charcas Santiago, Dominican Republic | ||||
| (Address of principal executive offices) | ||||
(315) 701- 1031
|
(Registrant’s telephone number, including area code)
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecuritiesthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small 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 | (Do not check if a smaller reporting company) | Smaller reporting company | x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
YES NO x
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.
YES x NO
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
7,375,000 common shares issued and outstanding as of date of this report, September 30, 2019.March 31, 2020.
227,375,000 common shares issued and outstanding as of the date of this fling, September 29,October 5, 2020.
ME RENEWABLE POWER CORPORATION
TABLE OF CONTENTS
| PART I - FINANCIAL INFORMATION. | |||||
| Item 1. | Financial Statements (Unaudited) | 3 | |||
| Item 2. | Management's Discussion and Analysis of Financial Condition or Plan of Operation. | 11 | |||
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 16 | |||
| Item 4. | Controls and Procedures. | 16 | |||
| PART II - OTHER INFORMATION. | |||||
| Item 1. | Legal Proceedings. | 17 | |||
| Item 1A. | Risk Factors. | 17 | |||
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 17 | |||
| Item 3. | Defaults Upon Senior Securities. | 17 | |||
| Item 4. | Mine Safety Disclosures. | 17 | |||
| Item 5. | Other Information. | 17 | |||
| Item 6. | Exhibits. | 18 | |||
| SIGNATURES. | 19 | ||||
| 2 |
PART I - FINANCIAL INFORMATION
| Item 1. Financial Statements |
ME Renewable Power Corporation
BALANCE SHEETS
| (Unaudited) | (Audited) | |||||||
| September 30, 2019 | December 31, 2017 | |||||||
| ASSETS | ||||||||
| Current Assets: | — | — | ||||||
| Total Current Assets | — | — | ||||||
| TOTAL ASSETS | $ | — | $ | — | ||||
| LIABILITIES & STOCKHOLDER'S DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts Payable | $ | 9,688 | $ | 7,288 | ||||
| Accounts Payable - Related Party | 7,380 | 5,880 | ||||||
| Shareholder Loan | 42,777 | 42,777 | ||||||
| Total Current Liabilities | 59,845 | 55,945 | ||||||
| Total Liabilities | 59,845 | 55,945 | ||||||
| Stockholder's Deficit | ||||||||
| Common Stock, par value $0.001, | ||||||||
| 75,000,000 shares Authorized, 7,375,000 shares Issued | ||||||||
| and Outstanding at September 30, 2019 and December 31, 2018 | 7,375 | 7,375 | ||||||
| Additional Paid-In Capital | 37,199 | 37,199 | ||||||
| Accumulated Deficit | (104,419 | ) | (100,519 | ) | ||||
| Total Stockholder's Deficit | (59,845 | ) | (55,945 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ | — | $ | — | ||||
| The accompanying notes are an integral part of these unaudited financial statements | ||||||||
| (Unaudited) | (Audited) | |||||||
| March 31, 2020 | December 31, 2019 | |||||||
| ASSETS | ||||||||
| Current Assets: | — | — | ||||||
| Total Current Assets | — | — | ||||||
| TOTAL ASSETS | $ | — | $ | — | ||||
| LIABILITIES & STOCKHOLDER'S DEFICIT | ||||||||
| Current Liabilities: | ||||||||
| Accounts Payable | $ | 15,854 | $ | 10,988 | ||||
| Accounts Payable - Related Party | 9,320 | 8,820 | ||||||
| Shareholder Loan | 42,777 | 42,777 | ||||||
| Total Current Liabilities | 67,951 | 62,585 | ||||||
| Total Liabilities | 67,951 | 62,585 | ||||||
| Stockholder's Deficit | ||||||||
| Common Stock, par value $0.001, | ||||||||
| 75,000,000 shares Authorized, 7,375,000 shares Issued | ||||||||
| and Outstanding at March 31, 2020 and December 31, 2019 | 7,375 | 7,375 | ||||||
| Additional Paid-In Capital | 37,199 | 37,199 | ||||||
| Accumulated Deficit | (112,525 | ) | (107,159 | ) | ||||
| Total Stockholder's Deficit | (67,951 | ) | (62,585 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ | — | $ | — | ||||
| The accompanying notes are an integral part of these unaudited financial statements | ||||||||
| 3 |
ME Renewable Power Corporation
STATEMENTS OF OPERATIONS
| (Unaudited) | ||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | For the Three Months Ended | ||||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | March 31, | ||||||||||||||||||||||
| September 30, | September 30, | 2020 | 2019 | |||||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
| $ | — | $ | — | |||||||||||||||||||||
| Revenues: | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| General and administrative expense | 300 | 300 | 900 | 900 | 2,250 | 300 | ||||||||||||||||||
| Professional fees | 1,000 | 1,000 | 3,000 | 3,000 | 3,116 | 1,000 | ||||||||||||||||||
| Total Operating Expenses | 1,300 | 1,300 | 3,900 | 3,900 | 5,366 | 1,300 | ||||||||||||||||||
| Operating Loss | (1,300 | ) | (1,300 | ) | (3,900 | ) | (3,900 | ) | (5,366 | ) | (1,300 | ) | ||||||||||||
| Net Loss | $ | (1,300 | ) | $ | (1,300 | ) | $ | (3,900 | ) | $ | (3,900 | ) | $ | (5,366 | ) | $ | (1,300 | ) | ||||||
| Basic & Diluted Loss per Common Share | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||||
| Weighted Average Common Shares Outstanding | 7,375,000 | 7,375,000 | 7,375,000 | 7,375,000 | 7,375,000 | 7,375,000 | ||||||||||||||||||
| The accompanying notes are an integral part of these unaudited financial statements | ||||||||||||||||||||||||
| 4 |
|
ME Renewable Power Corporation
STATEMENTS OF SHAREHOLDERS’ EQUITY
| ME Renewable Power Corporation | ||||||||||||||||||||
| STATEMENT OF STOCKHOLDERS' DEFICIT | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
Common Stock Shares | Par Value | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Deficiency | ||||||||||||||||
| Balance At December 31, 2018 | 7,375,000 | $ | 7,375 | 37,199 | (100,519 | ) | (55,945 | ) | ||||||||||||
| Net Loss for the Three Months Ended March 31, 2019 | — | $ | — | $ | — | $ | (1,300 | ) | $ | (1,300 | ) | |||||||||
| Balance At March 31, 2019 | 7,375,000 | $ | 7,375 | $ | 37,199 | $ | (101,819 | ) | $ | (57,245 | ) | |||||||||
The accompanying notes are an integral part of these unaudited financial statements
| ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
Common Stock Shares | Par Value | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Deficiency | ||||||||||||||||
| Balance At December 31, 2017 | 7,375,000 | $ | 7,375 | $ | 37,199 | $ | (93,879 | ) | $ | (49,305 | ) | |||||||||
| Net Loss for the Three Months Ended March 31, 2018 | — | — | — | (1,300 | ) | (1,300 | ) | |||||||||||||
| Balance at March 31, 2018 | 7,375,000 | $ | 7,375 | $ | 37,199 | $ | (95,179 | ) | $ | (50,605 | ) | |||||||||
| Net Loss for the Three Months Ended June 30, 2018 | — | — | — | (1,300 | ) | (1,300 | ) | |||||||||||||
| Balance At June 30, 2018 | 7,375,000 | $ | 7,375 | $ | 37,199 | $ | (96,479 | ) | $ | (51,905 | ) | |||||||||
| Net Loss for the Three Months Ended September 30, 2018 | — | $ | — | $ | — | $ | (1,300 | ) | $ | (1,300 | ) | |||||||||
| Balance at September 30, 2018 | 7,375,000 | $ | 7,375 | $ | (97,779 | ) | $ | (53,205 | ) | |||||||||||
| The accompanying notes are an integral part of these unaudited financial statements | ||||||||||||||||||||
ME Renewable Power Corporation
STATEMENTS OF SHAREHOLDERS’ EQUITY
| (Unaudited) | |||||||||||
| Common Stock | |||||||||||
| Shares | Par Value | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Deficiency | |||||||
| Balance At December 31, 2018 | 7,375,000 | $ 7,375 | $ 37,199 | $ (100,519) | $ (55,945) | ||||||
| Net Loss for the Three Months Ended March 31, 2019 | - | - | - | (1,300) | (1,300) | ||||||
| Balance at March 31, 2019 | 7,375,000 | $ 7,375 | $ 37,199 | $ (101,819) | $ (57,245) | ||||||
| Net Loss for the Three Months Ended June 30, 2018 | - | - | - | (1,300) | (1,300) | ||||||
| Balance At June 30, 2019 | 7,375,000 | $ 7,375 | $ 37,199 | $ (103,119) | $ (58,545) | ||||||
| Net Loss for the Three Months Ended September 30, 2019 | - | $ - | $ - | $ (1,300) | $ (1,300) | ||||||
| Balance at September 30, 2019 | 7,375,000 | $ 7,375 | $ 37,199 | $ (104,419) | $ (59,845) | ||||||
| The accompanying notes are an integral part of these unaudited financial statements | |||||||||||
| ME Renewable Power Corporation | ||||||||||||||||||||
| STATEMENT OF STOCKHOLDERS' DEFICIT | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Common Stock Shares | Par Value | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Deficiency | ||||||||||||||||
| Balance At December 31, 2019 | 7,375,000 | $ | 7,375 | 37,199 | (107,159 | ) | (62,585 | ) | ||||||||||||
| Net Loss for the Three Months Ended March 31, 2020 | — | $ | — | $ | — | $ | (5,366 | ) | $ | (5,366 | ) | |||||||||
| Balance At March 31, 2020 | 7,375,000 | $ | 7,375 | $ | 37,199 | $ | (112,525 | ) | $ | (67,951 | ) | |||||||||
| The accompanying notes are an integral part of these unaudited financial statements | ||||||||||||||||||||
| 5 |
ME Renewable Power Corporation
STATEMENTS OF CASH FLOWS
(Unaudited)
| (Unaudited) | ||||||||||||||||
| For the Nine Months Ended | For the Nine Months Ended | For the Three Months Ended | ||||||||||||||
| September 30, | September 30, | March 31, | ||||||||||||||
| 2019 | 2018 | 2020 | 2019 | |||||||||||||
| CASH FLOWS FROM OPERATING | ||||||||||||||||
| ACTIVITIES: | ||||||||||||||||
| Net Loss | $ | (3,900 | ) | $ | (3,900 | ) | $ | (5,366 | ) | $ | (1,300 | ) | ||||
| Adjustments to reconcile net loss to net cash | ||||||||||||||||
| used in operating activities: | ||||||||||||||||
| Changes In: | ||||||||||||||||
| Accounts Payable | 2,400 | 2,400 | 4,866 | 800 | ||||||||||||
| Acounts Payable - Related Party | 1,500 | 1,500 | 500 | 500 | ||||||||||||
| Net Cash Used in Operating Activities | — | — | — | — | ||||||||||||
| CASH FLOWS FROM FINANCING | ||||||||||||||||
| Loans from Related Party | — | — | ||||||||||||||
| Net Cash Provided by Financing Activities | — | — | — | — | ||||||||||||
| Net (Decrease) Increase in Cash | — | — | — | |||||||||||||
| Cash at Beginning of Period | — | — | — | — | ||||||||||||
| Cash at End of Period | $ | — | $ | — | $ | — | $ | — | ||||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||||||
| Cash paid during the year for: | ||||||||||||||||
| Interest | $ | — | $ | — | $ | — | $ | — | ||||||||
| Franchise Taxes | $ | — | $ | — | $ | — | $ | — | ||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||||||||||
| None. | ||||||||||||||||
| The accompanying notes are an integral part of these unaudited financial statements | ||||||||||||||||
| 6 |
ME Renewable Power Corporation
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2019
March 31, 2020
(Unaudited)
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 name from Jarex Solutions Corp. to ME Renewable Power Corporation. The Company now intends to distribute green energy-saving and reusable equipment and materials. As of the date of this filing, the Company subsequently ceased these plans and is not currently engaged in any business operations. The Company is seeking to consummate a merger or acquisition.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 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.
2.2 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.
2.3 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.
2.4 Fair Value of Financial Instruments
The Company’s 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.
2.5 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.
2.6 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.
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ME Renewable Power Corporation
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2019
March 31, 2020
(Unaudited)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
2.7 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, 20182019 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.
2.8 Commitments and Contingencies
The Company follows ASC 440 & ASC 450, subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur.
The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.
If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time, that these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows.
2.9 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.
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ME Renewable Power Corporation
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2019
March 31, 2020
(Unaudited)
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 $104,419$112,525 as of September 30, 2019March 31, 2020 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s 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.
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.
There are 7,375,000 shares issued and outstanding at December 31, 20182019 and September 30, 2019.March 31, 2020.
NOTE 5 – RELATED PARTY TRANSACTIONS
In support of the Company’s 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.
In 2015 a shareholder of the Company advanced the Company $11,074 to cover the Company’s operating expenses, the advance was non-interest bearing, due upon demand and unsecured. During the year ended December 31, 2016, the 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 Mak DickWai David, a shareholder. Shareholder loans due by the Company as of September 30, 2019March 31, 2020 and December 31, 20182019 were $42,777, respectively. The advances are non-interest bearing, due upon demand and unsecured.
In the ninethree months ended September 30, 2019,March 31, 2020, a Related Party provided the internal accounting for the Company. As of September 30, 2019, $7,380March 31, 2020, $9,320 is due to a Related Party for these services.
The Company currently operates out of an office of a related party free of rent.
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ME Renewable Power Corporation
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2019
March 31, 2020
(Unaudited)
NOTE 6 – INCOME TAXES
As of September 30, 2019,March 31, 2020, the Company had net operating loss carry forwards of approximately $104,419$112,525 that may be available to reduce future years' taxable income in varying amounts through 2037.2039. 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.
NOTE 7 - SUBSEQUENT EVENTS
On January 31, 2020, one of the Company’s shareholders made a motion and application to be appointed as custodian of the Company based on prior management abandoning its responsibilities to continue making filings at the Nevada Secretary of State’s office and for failing to hold a shareholders’ meeting in over 4 years and otherwise failing to keep current in its obligations to the Company. Upon motion and application to the District Court, Clark County Nevada, the Court granted the shareholder’s request and the shareholder was appointed as custodian for the Company (“Custodian”). As Custodian of the Company, the shareholder was ordered to file an amendment to the Company’s articles of incorporation which was filed in conformity with N.R.S. 78.347(4) and the shareholder was ordered to have the Company’s charter reinstated in Nevada, to notice and hold a shareholder meeting; to provide a report to the Court of the actions taken at the shareholder meeting; to identify and name a new registered agent in the State of Nevada; to reinstate the Company in the State of Nevada; and the Custodian. In addition to the aforementioned items set forth in the Order Appointing the Custodian, the Custodian was given the power and authority to take any action it deemed reasonable and for the benefit of the Company and its shareholders. The Custodian is now in the process of meeting all of the requirements set forth in the Court Order and filing a motion to terminate its services. Upon granting the motion, the Court will issue an Order acknowledging that the Custodian has performed all of the duties that had been required of it and the management of the Company will revert exclusively to the officers and directors appointed by the Custodian.
There were no other legal proceedings threatened or otherwise.
On May 20, 2020, the Custodian as an interim officer acting on behalf of the Company, appointed Karina Garcia Peralta as President, Principal Executive Officer, Principal Financial Officer, Director and Sole officer of the Company.
On May 21, 2020, $2,049 of debt that was paid by a Related Party, was converted in exchange for 60,000,000 shares of common stock to the Related Party.
On July 1, 2020 the Company Amended the Articles of Incorporation to increase the total authorized shares to 400,000,000 and change the par value; 390,000,000 shares of Common Stock with a par value of $0.0001 and 10,000,000 Blank Check Preferred with a par value of $0.0001.
On July 2, 2020, $5,464 of debt that was paid by a Related Party, was converted in exchange for 160,000,000 shares of common stock to the Related Party.
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Item 2. Management's Discussion and Analysis of Financial Condition or Plan of Operation
FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.
As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean ME Renewable Power Corporation., unless otherwise indicated.
Corporate History
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 May 31, 2016, our board of directors approved an agreement and plan of merger to merge with our wholly-owned subsidiary ME Renewable Power Corporation, a Nevada corporation, to effect a name change from Jarex Solutions Corp. to ME Renewable Power Corporation. Our company will remain the surviving company. ME Renewable Power Corporation was formed solely for the change of name.
Articles of Merger to effect the merger and change of name were filed with the Nevada Secretary of State on June 7, 2016, with an effective date of June 14, 2016.
The name change became effective with the Over-the-Counter Bulletin Board at the opening of trading on June 21, 2016. In addition to the change of name, our trading symbol changed to MEPW. Our CUSIP number is 552745 101.
Our principal office address is located at:
Vista del vaque #13
la charcas Santiago, Dominican Republic
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On January 31, 2020, one of the Company’s shareholders made a motion and application to be appointed as custodian of the Company based on prior management abandoning its responsibilities to continue making filings at the Nevada Secretary of State’s office and for failing to hold a shareholders’ meeting in over 4 years and otherwise failing to keep current in its obligations to the Company. Upon motion and application to the District Court, Clark County Nevada, the Court granted the shareholder’s request and the shareholder was appointed as custodian for the Company (“Custodian”). As Custodian of the Company, the shareholder was ordered to file an amendment to the Company’s articles of incorporation which was filed in conformity with N.R.S. 78.347(4) and the shareholder was ordered to have the Company’s charter reinstated in Nevada, to notice and hold a shareholder meeting; to provide a report to the Court of the actions taken at the shareholder meeting; to identify and name a new registered agent in the State of Nevada; to reinstate the Company in the State of Nevada; and the Custodian. In addition to the aforementioned items set forth in the Order Appointing the Custodian, the Custodian was given the power and authority to take any action it deemed reasonable and for the benefit of the Company and its shareholders. The Custodian is now in the process of meeting all of the requirements set forth in the Court Order and filing a motion to terminate its services. Upon granting the motion, the Court will issue an Order acknowledging that the Custodian has performed all of the duties that had been required of it and the management of the Company will revert exclusively to the officers and directors appointed by the Custodian. As of the date of this filing, the motion has been granted. On May 20, 2020, the Custodian as an interim officer acting on behalf of the Company, appointed Karina Garcia Peralta as President, Principal Executive Officer, Principal Financial Officer, Director and Sole officer of the Company.
Current Business
After 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 intended to distribute green energy-saving and reusable equipment and materials. The Company subsequently ceased these plans and is not currently engaged in any business operations. The Company is seeking to consummate a merger or acquisition.
Results of Operations
Three months ended September 30, 2019March 31, 2020 compared to the three months ended September 30, 2018.March 31, 2019.
Our operating expenses for the three month period ended September 30,March 31, 2020 and March 31, 2019 and September 30, 2018 are outlined in the table below:
| Three | Three | Three | Three | |||||||||||||
| months | months | months | months | |||||||||||||
| ended | ended | ended | ended | |||||||||||||
September 30, | September 30, | March 31, | March 31, | |||||||||||||
| 2019 | 2018 | 2020 | 2019 | |||||||||||||
| Revenue | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| General and Administrative Expenses | $ | 300 | $ | 300 | $ | 2.250 | $ | 300 | ||||||||
| Professional fees | $ | 1,000 | $ | 1,000 | $ | 3,116 | $ | 1,000 | ||||||||
| Net Operating Loss | (1,300 | ) | (1,300 | ) | $ | (5,366 | ) | $ | (1,300 | ) | ||||||
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Operating Revenues
No revenues were recorded for the three months ended September 30, 2019March 31, 2020 and September 30, 2018March 31, 2019.
Operating Expenses and Net Loss
Operating expenses for the three months ended September 30, 2019 and September 30, 2018March 31, 2020 were $1,300. Operating$5,366, compared with $1,300 for the three months ended March 31, 201. The increase for the current period was due to an increase in operating expenses, which included, general and administrative expenses and professional fees.
Net loss for the three months ended September 30, 2019 and September 30, 2018, were $1,300. Net loss from
| Net loss for the three months ended March 31, 2020 were $5,366, compared with $1,300 for the three months ended March 31, 2019. The increase in net loss for the current period was due to an increase in operating expenses, which included, general and administrative expenses and professional fees. |
Nine months ended September 30, 2019 compared to the nine months ended September 30, 2018.
Our operating expenses for the nine month period ended September 30, 2019 and September 30, 2018 are outlined in the table below:
| Nine | Nine | |||||||
| months | months | |||||||
| ended | ended | |||||||
| September 30 | September 30, | |||||||
| 2019 | 2018 | |||||||
| Revenue | $ | 0 | $ | 0 | ||||
| General and Administrative Expenses | $ | 900 | $ | 900 | ||||
| Professional fees | $ | 3,000 | $ | 3,000 | ||||
| Net Operating Loss | $ | (3,900 | ) | $ | (3,900 | ) | ||
Operating Revenues
No revenues were recorded for the nine months ended September 30, 2019 and September 30, 2018.
Operating Expenses and Net Loss
Operating expenses for the nine months ended September 30, 2019 and September 30, 2018 were $3,900. Operating expenses included, general and administrative expenses and professional fees.
Net loss for the nine months ended September 30, 2019 and September 30, 2018 were $3,900. Net loss from operating expenses included, general and administrative expenses and professional fees.
Liquidity and Capital Resources
Working Capital
| As at | As at | |||||||
September, 30 | December 31, | |||||||
| 2019 | 2018 | |||||||
| Current Assets | $ | 0 | $ | 0 | ||||
| Current Liabilities | $ | 59,845 | $ | 55,945 | ||||
| Working Capital (deficiency) | $ | (59,845 | ) | $ | (55,945 | ) | ||
| As at | As at | |||||||
| March 31, | December 31, | |||||||
| 2020 | 2019 | |||||||
| Current Assets | $ | 0 | $ | 0 | ||||
| Current Liabilities | $ | 67,951 | $ | 62,585 | ||||
| Working Capital (deficiency) | $ | (67,951 | ) | $ | (62,585 | ) | ||
Cash Flows
| Nine months | Nine months | Three months | Three months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
September 30, | September 30, | March 31, | March 31, | |||||||||||||
| 2019 | 2018 | 2020 | 2019 | |||||||||||||
| Net cash used in operating activities | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Net cash used in investing activities | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Net cash provided by financing activities | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
| Net increase in cash | $ | 0 | $ | 0 | ||||||||||||
| Net decrease in cash | $ | 0 | $ | 0 | ||||||||||||
As at September 30, 2019,March 31, 2020, our total assets were $0 and at year ended December 31, 2018,2019, our total assets were $0 .$0.
As at September 30, 2019,March 31, 2020, we had total liabilities of $59,845$67,951 compared with total liabilities of $55,945$62,585 as at December 31, 2018.2019. The increase in total liabilities was due to a $3,000 increase in professional fees and $900 increase in general expensesand administrative fees in the ninethree months ended September 30, 2019.March 31, 2020.
As at September 30, 2019,March 31, 2020, we had a working capital deficit of $59,845$67,951 compared with a working capital of $55,945$62,585 as at December 31, 2018.2019. The increase in working capital deficit is due to amountamounts owed to a related party and increase in professional fees and general and administrative fees in the ninethree months ended September 30, 2019.March 31, 2020.
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Cashflow from Operating Activities
During the ninethree months ended September 30,March 31, 2020 and March 31, 2019, and September, $0 in cash was used for operating activities.
Cashflow from Investing Activities
During the ninethree months ended September 30,March 31, 2020 and March 31, 2019, and September 30, 2018, we did not have any investing activities.
Cashflow from Financing Activities
During the |
Going Concern
We have not attained profitable operations and are dependent upon obtaining financing to pursue any extensive acquisitions and activities. For these reasons, our auditors stated in their report on our audited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.
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 stockholders.
Future Financings
We expect that working capital requirements will continue to be funded through a combination of our existing funds, further issuances of securities and loans from our principal shareholder. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
Critical Accounting Policies
Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
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We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management. Our fiscal year end is December 31.
Use of Estimates
The preparation of financial statements in conformity with US 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.
Basic Income (Loss) Per Share
Our 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 give 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 ninethree month period ended to September 30, 2019March 31, 2020 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 our company incurred losses in this period.
Recently Issued Accounting Pronouncements
Our company has 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 our company.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Management’s Report on Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer (our principal executive officer) and our president and chief financial officer (our principal financial officer and principal accounting officer) to allow for timely decisions regarding required disclosure.
As of the end of our quarter covered by this report, September 30, 2019March 31, 2020 and as of the date of this filing, September 29,October 5, 2020, we carried out an evaluation, under the supervision and with the participation of our president, chief executive officer and chief financial officer; Karina Garcia Peralta of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president, chief executive officer and chief financial officer; Karina Garcia Peralta concluded that our disclosure controls and procedures were not effective in providing reasonable assurance in the reliability of our reports as of the end of the period covered by this quarterly report.
Changes in Internal Control over Financial Reporting
During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which our director, officer or any affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
Item 1A. Risk Factors
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
None.
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Item 6. Exhibits
| Exhibit Number | Description | |
| (3) | Articles of Incorporation; Bylaws | |
| 3.1 | Articles of Incorporation (incorporated by reference to our Registration Statement on Form S-1 filed on February 23, 2015) | |
| 3.2 | Bylaws (incorporated by reference to our Registration Statement on Form S-1 filed on February 23, 2015) | |
| 3.4 | Articles of Merger filed with the Nevada Secretary of State on June 7, 2016 with an effective date of June 14, 2016 (incorporated by reference to our Current Report on Form 8-K filed on June 22, 2016) | |
| (10) | Material Contracts | |
| 10.1 | Software Development Agreement dated February 26, 2015 (incorporated by reference to our Registration Statement on Form S-1/A filed on March 25, 2015) | |
| (31) | Rule 13a-14(a) / 15d-14(a) Certifications | |
| Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. | ||
| (32) | Section 1350 Certifications | |
| Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting | ||
| 101** | Interactive Data File | |
| 101.INS | XBRL Instance Document | |
| 101.SCH | XBRL Taxonomy Extension Schema Document | |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
__________
* Filed herewith.
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| Table of Contents |
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ME RENEWABLE POWER CORPORATION | |||
| (Registrant) | |||
| Dated: | By: | /s/ Karina Garcia Peralta | |
Karina Garcia Peralta
| |||
Chief Executive Officer Chief Financial Officer, President | |||
(Principal Executive Officer) (Principal Financial Officer) |
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