0001627452 false FY 2021 0001627452 2021-01-01 2021-12-31 0001627452 2020-06-30 0001627452 2022-05-06 0001627452 2021-12-31 0001627452 2020-12-31 0001627452 2020-01-01 2020-12-31 0001627452 us-gaap:CommonStockMember 2018-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001627452 us-gaap:RetainedEarningsMember 2018-12-31 0001627452 2018-12-31 0001627452 us-gaap:CommonStockMember 2019-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001627452 us-gaap:RetainedEarningsMember 2019-12-31 0001627452 2019-12-31 0001627452 us-gaap:CommonStockMember 2020-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001627452 us-gaap:RetainedEarningsMember 2020-12-31 0001627452 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001627452 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001627452 2019-01-01 2019-12-31 0001627452 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001627452 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001627452 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0001627452 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0001627452 us-gaap:CommonStockMember 2021-12-31 0001627452 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001627452 us-gaap:RetainedEarningsMember 2021-12-31 0001627452 2020-04-01 2020-06-30 0001627452 2020-07-01 2020-09-30 0001627452 2014-01-01 2014-12-31 0001627452 2014-12-31 0001627452 2015-01-01 2015-12-31 0001627452 2015-12-31 0001627452 2020-05-01 2020-05-21 0001627452 2020-07-01 2020-07-02 0001627452 us-gaap:MajorityShareholderMember 2015-01-01 2015-12-31 0001627452 2016-01-01 2016-12-31 0001627452 us-gaap:MajorityShareholderMember 2016-01-01 2016-12-31 0001627452 mepw:RelatedParty1Member 2020-01-01 2020-05-21 0001627452 2020-01-01 2020-05-21 0001627452 2020-01-01 2020-07-02 0001627452 mepw:RelatedParty1Member 2020-01-01 2020-07-02 0001627452 mepw:RelatedParty1Member 2020-12-31 0001627452 mepw:RelatedParty1Member 2021-12-31 0001627452 us-gaap:AssetManagementArrangementMember 2021-12-31 0001627452 mepw:RelatedParty1Member 2021-01-01 2021-12-31 0001627452 mepw:LyboldtDalyIncMember 2021-12-31 0001627452 2022-01-01 2022-04-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

(Mark One)

 

 

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
For the fiscal year ended December 31, 2021
  12-31

 

o

 

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)

  

(I.R.S. Employer

Identification No.)

  

 

No. 19, Jalan Berjaya Baru, Taman Berjaya Baru, 43000 Kajang, Selangor,
Malaysia		   N/A
(Address of principal executive offices)   (Zip Code)

  

Registrant's telephone number, including area code: +6087-504857

  

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of Each Class

   Name of Each Exchange On Which Registered
None   None

Securities registered pursuant to Section 12(g) of the Act:

  

N/A
(Title of class) 

  

 Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No x

 

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes No x

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant as 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 every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Yes No x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an “emerging growth company”. See definition of “large accelerated filer”, "accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

 

Large accelerated filer Accelerated filer ¨
Non-accelerated filer Smaller reporting company x
    Emerging growth company ¨

  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act)

 

Yes No x

 

The aggregate market value of the registrant’s common stock held by non-affiliates of the Registrant on June 30, 2020, the last business day of the registrant’s most recently completed second fiscal quarter, was $14,750,000. Market value is based on the assumed value of $2.00 per share, being the most recent sale price of the common stock prior to June 30, 2020.

 

227,375,000 common shares issued and outstanding as of date of this report, December 31, 2021.

 

227,375,000 common shares issued and outstanding as of the date of this fling, May 6, 2022. 

 

 

 

 

 

 

  

 

 
 

 

TABLE OF CONTENTS

 

 

PART 1

         

 

ITEM 1

 DESCRIPTION OF BUSINESS   3  
         
ITEM 1A RISK FACTORS   4  
         
ITEM 1B UNRESOLVED STAFF COMMENTS   9  
         
ITEM 2 PROPERTIES   9  
         
ITEM 3 LEGAL PROCEEDINGS   9  
         
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS   9  
         

 

PART II

         

 

ITEM 5

 MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS   10  
         
ITEM 6 SELECTED FINANCIAL DATA   11  
         
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OR RESULTS OF OPERATIONS   11  
         
ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   13  
         
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA   14  
         
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE   15  
         
ITEM 9A CONTROLS AND PROCEDURES   15  
         
ITEM 9B OTHER INFORMATION   15  
         

 

PART III

         
ITEM 10 DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT   16  
         
ITEM 11 EXECUTIVE COMPENSATION   17  
         
ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS   19  
         
ITEM 13 CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE   20  
         
ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES   20  
         

 

PART IV

         

 

ITEM 15

 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES   21  
2

 

 
 

 

 

PART I

 

ITEM 1. DESCRIPTION OF BUSINESS

 

FORWARD-LOOKING STATEMENTS

 

This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

As used in this annual report, the terms "we", "us", "our", "the Company", mean ME RENEWABLE POWER CORPORATION, unless otherwise indicated.

 

All dollar amounts refer to US dollars 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 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 and hardware based on the ANPR technologies in Latvia. However, this business plan was never executed due to insufficient financing, among other factors.

 

On April 18, 2016, Jaroslavna Tomas entered into a stock purchase agreement with Microenergy Asia Pacific Limited wherein Jaroslavna Tomas agreed to sell all of the 6,000,000 shares of common stock of our company held by her in consideration for the aggregate purchase price of US$50,000. The sale of the shares represents a change of control of our company. On April 18, 2016, we appointed Ka Sing Edmund Yeung as our president, secretary, chief financial officer, treasurer and director. In addition, we appointed Anthony Williams as our chief executive officer. Concurrently, our board of directors received and accepted the resignation of Jaroslavna Tomsa as our president, secretary, chief executive officer, chief financial officer, treasurer and director.

 

On April 18, 2016, we appointed Ka Sing Edmund Yeung as our president, secretary, chief financial officer, treasurer and director. In addition, we appointed Anthony Williams as our chief executive officer.

 

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.

 

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. 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 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.

 

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. 

 

 
3

 

 

 
 

 

 

Effective December 1, 2016, Mr. Anthony Williams resigned as our Chief Executive Officer and, if any, from all other offices of our company. Mr. Williams’ resignation was not the result of any disagreements with our company regarding our operations, policies, practices or otherwise. Concurrently, our company appointed Ka Sing Edmund Yeung as our Chief Executive Officer, President, CFO, Secretary, Treasurer and as a Director. Our officers and board of directors now solely consists of Mr. Yeung.

 

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.

 

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 April 25, 2022, Karina Garcia Peralta resigned as President, Principal Executive Officer, Principal Financial Officer, Director and Sole officer of the Company and Peter Rooney was appointed President, Principal Executive Officer, Principal Financial Officer, Director and Sole officer of the Company.

 

Our principal office address is located at:

 

No. 19, Jalan Berjaya Baru, Taman Berjaya Baru, 43000 Kajang,

Selangor, Malaysia 

 

Current Business

 

In 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.

 

 

 
4

 

 

 
 

 

 

  

ITEM 1A. RISK FACTORS

 

RISKS RELATED TO OUR BUSINESS

 

We have a history of losses and no revenues, which raise substantial doubt about our ability to continue as a going concern.

 

For the year ended December 31, 2021 we have incurred an accumulated deficit of $97,207. We can offer no assurance that we will ever operate profitably or that we will generate positive cash flow in the future. In addition, our operating results in the future may be subject to significant fluctuations due to many factors not within our control, such as the unpredictability of when we will successfully develop, acquire, or commercialize any products or services, and competitive and general economic conditions.

 

Our company’s future operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. No assurance can be given that we may be able to establish or sustain significant operations, or operate on a profitable basis. We expect to continue to incur development costs and accrue losses for the foreseeable future. Our history of losses and no revenues raise substantial doubt about our ability to continue as a going concern.

 

We have had negative cash flows from operations since inception. We will require significant additional financing, the availability of which cannot be assured, and if our company is unable to obtain such financing, our business may fail.

 

To date, we have had negative cash flows from operations and have depended on sales of our equity securities and debt financing to meet our cash requirements. We may continue to have negative cash flows. We have estimated that we will require approximately $8,000 to maintain nominal operations and fulfill our public reporting obligations for the next twelve months. We will require significantly more capital to establish develop our business and establish significant operations. There is no assurance that actual cash requirements will not exceed our estimates. We will require additional financing to finance working capital and pay for operating expenses and capital requirements until we achieve a positive cash flow.

 

We may not be able to obtain additional equity or debt financing on acceptable terms as required. Even if financing is available, it may not be available on terms that are favorable to us or in sufficient amounts to satisfy our requirements. Any additional equity financing may involve substantial dilution to our then existing shareholders. If we require, but are unable to obtain, additional financing in the future, we may be unable to implement our business plan and our growth strategies, respond to changing business or economic conditions, withstand adverse operating results and compete effectively. More importantly, if we are unable to raise further financing when required, we may be forced to scale down our operations and our ability to generate revenues may be negatively affected.

 

We have a limited operating history and if we are not successful in continuing to grow our business, then we may have to scale back or even cease our ongoing business operations.

 

We have no history of revenues, no significant operations, and no assets. We have yet to generate positive earnings and there can be no assurance that we will ever operate profitably. Our success is significantly dependent on our abilities to develop or acquire and commercialize products or services. Our operations will be subject to all the risks inherent in the establishment of a developing enterprise and the uncertainties arising from the absence of a significant operating history. We may be unable to develop or acquire any assets, or to establish significant operations. We are in the development stage and potential investors should be aware of the difficulties normally encountered by enterprises in the development stage. If we are not able to establish operations or operate profitably, investors may lose some or all of their investment in our company.

 

  5

 

 

 

 

 

 
 

 

 

Our by-laws contain provisions indemnifying our officers and directors against all costs, charges and expenses incurred by them.

 

Our by-laws contain provisions with respect to the indemnification of our officers and directors against all expenses, liability and loss (including attorneys’ fees, judgments, fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by him or her in connection with any action, suit or proceeding to which they were made parties by reason of his or her being or having been one of our directors or officers. In the event that any of our officers or directors incurs any expenses, liability or loss resulting from any such action, suit or proceeding, we will be responsible for such expenses, liabilities, or losses, which could have a material adverse effect on our business and financial condition. 

 

Our officers and director may be subject to conflicts of interest

 

Our officers and directors provide their services on a non-exclusive, part-time basis, and may therefore become subject to conflicts of interest resulting from their other activities. Potential conflicts which may arise from these relationships include conflicts in deciding how much time to devote to our affairs, as well as what business opportunities should be presented to us. Currently, we have no policy in place to address such conflicts of interest. As a result, our business and results of operations could be materially adversely affected.

 

 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 Unaudited financial statements that they have substantial doubt that we will be able to continue as a going concern without further financing.

 

The effects of Covid -19 could impact our ability to operate under the going concern and maintain sufficient liquidity to continue operations. The impact of COVID-19 on companies is evolving rapidly and its future effects are uncertain. There are material uncertainties from Covid-19 that cast significant doubt on the company’s ability to operate under the going concern. It is possible that our company will have issues relating to the current situation that will need to be considered by management in the future. There will be a wide range of factors to take into account in going concern judgments and financial projections including travel bans, restrictions, government assistance and potential sources of replacement financing, financial health of suppliers and customers and their effect on expected profitability and other key financial performance ratios including information that shows whether there will be sufficient liquidity to continue to meet obligations when they are due.

 

 

You may experience difficulties in effecting service of legal process, enforcing foreign judgments or bringing original actions in China based on United States or other foreign laws against us.

 

We formerly conducted operations in China. In addition, our former sole director and officer was within China. As a result, it may not be possible to effect service of process within the United States or elsewhere outside China upon such former directors or executive officers, including with respect to matters arising under U.S. federal securities laws or applicable state securities laws. Moreover, our Chinese counsel has advised us that China does not have treaties with the U.S. and many other countries that provide for the reciprocal recognition and enforcement of judgment of courts. As a result, recognition and enforcement in China of judgments of a court of the U.S. or any other jurisdiction in relation to any matter may be difficult or impossible.

 

RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK

 

A decline in the price of our common stock could affect our ability to raise further working capital, it may adversely impact our ability to continue operations and we may go out of business.

 

A prolonged decline in the price of our common stock could result in a reduction in the liquidity of our common stock and a reduction in our ability to raise capital. Because we may attempt to acquire a significant portion of the funds we need in order to conduct our future operations through the sale of equity securities, a decline in the price of our common stock could be detrimental to our liquidity and our operations because the decline may cause investors to not choose to invest in our stock. If we are unable to raise the funds we require for all of our planned operations, we may be forced to reallocate funds from other planned uses and may suffer a significant negative effect on our business plan and operations, including our ability to develop new products and continue our current operations. As a result, our business may suffer and not be successful and we may go out of business. We also might not be able to meet our financial obligations if we cannot raise enough funds through the sale of our common stock and we may be forced to go out of business.

 

If we issue additional shares in the future, it will result in the dilution of our existing shareholders.

 

As of December 31, 2021, we are authorized to issue up to 390,000,000 shares of common stock with a par value of $0.000. As of December 31, 2021, 227,375,000 shares of common stock are currently issued and outstanding. Our board of directors may choose to issue some or all of such shares to acquire one or more businesses or to provide additional financing in the future. The issuance of any such shares will result in a reduction of the book value and market price of the outstanding shares of our common stock. If we issue any such additional shares, such issuance will cause a reduction in the proportionate ownership and voting power of all current shareholders. Further, such issuance may result in a change of control of our company. 

 

 
6

 

 

 

 

 
 

 

Our common stock is quoted on the OTC Markets quotation system which may have an unfavorable impact on our stock price and liquidity.

 

Our common stock is quoted on the OTC Markets electronic quotation system, which is a significantly more limited trading market than the NYSE MKT or The NASDAQ Stock Market. The quotation of our shares on the OTC Markets may result in a less liquid market available for existing and potential stockholders to trade shares of our common stock, could depress the trading price of our common stock and could have a long-term adverse impact on our ability to raise capital in the future.

 

There is limited liquidity on the OTC Markets quotation system which may result in stock price volatility and inaccurate quote information.

 

When fewer shares of a security are being traded on the OTC Markets, volatility of prices may increase and price movement may outpace the ability to deliver accurate quote information. Due to lower trading volumes in shares of our common stock, there may be a lower likelihood of one’s orders for shares of our common stock being executed, and current prices may differ significantly from the price one was quoted at the time of one’s order entry.

 

Our common stock is extremely thinly traded, so you may be unable to sell at or near asking prices or at all if you need to sell your shares to raise money or otherwise desire to liquidate your shares.

 

Currently, our common stock is quoted in the OTC Markets electronic quotation system and future trading volume may be limited by the fact that many major institutional investment funds, including mutual funds, as well as individual investors follow a policy of not investing in OTC Markets stocks and certain major brokerage firms restrict their brokers from recommending OTC Markets stocks because they are considered speculative, volatile and thinly traded. The OTC market is an inter-dealer market much less regulated than the major exchanges and our common stock is subject to abuses, volatility and shorting. Thus, there is currently no broadly followed and established trading market for our common stock. An established trading market may never develop or be maintained. Active trading markets generally result in lower price volatility and more efficient execution of buy and sell orders. Absence of an active trading market reduces the liquidity of the shares traded there.

 

Our common stock is subject to price volatility unrelated to our operations.

 

The trading volume of our common stock has been and may continue to be extremely limited and sporadic. As a result of such trading activity, the quoted price for our common stock on the OTC Markets may not necessarily be a reliable indicator of its fair market value. Further, if we cease to be quoted, holders would find it more difficult to dispose of our common stock or to obtain accurate quotations as to the market value of our common stock and as a result, the market value of our common stock likely would decline.

 

We expect the market price of our common stock to fluctuate substantially due to a variety of factors, including market perception of our ability to achieve our planned growth, quarterly operating results of other companies in the same industry, trading volume in our common stock, changes in general conditions in the economy and the financial markets or other developments affecting our competitors or ourselves. In addition, the OTC Markets is subject to extreme price and volume fluctuations in general. This volatility has had a significant effect on the market price of securities issued by many companies for reasons unrelated to their operating performance and could have the same effect on our common stock.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 7

 

 

 

 

 
 

 

 

 We are subject to penny stock regulations and restrictions and you may have difficulty selling shares of our common stock.

 

We are subject to the provisions of Section 15(g) and Rule 15g-9 of the Exchange Act, commonly referred to as the “penny stock rule.” Section 15(g) sets forth certain requirements for transactions in penny stock, and Rule 15g-9(d) incorporates the definition of “penny stock” that is found in Rule 3a51-1 of the Exchange Act. The SEC generally defines a penny stock to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions. We will be subject to the SEC’s penny stock rules.

Since our common stock may be deemed to be penny stock, trading in the shares of our common stock is subject to additional sales practice requirements on broker-dealers who sell penny stock to persons other than established customers and accredited investors. “Accredited investors” are persons with assets in excess of $1,000,000 (excluding the value of such person’s primary residence) or annual income exceeding $200,000 or $300,000 together with their spouse. For transactions covered by these rules, broker-dealers must make a special suitability determination for the purchase of such security and must have the purchaser’s written consent to the transaction prior to the purchase. Additionally, for any transaction involving a penny stock, unless exempt the rules require the delivery, prior to the first transaction of a risk disclosure document, prepared by the SEC, relating to the penny stock market. A broker-dealer also must disclose the commissions payable to both the broker-dealer and the registered representative and current quotations for the securities.

 

Finally, monthly statements must be sent disclosing recent price information for the penny stocks held in an account and information to the limited market in penny stocks. Consequently, these rules may restrict the ability of broker-dealer to trade and/or maintain a market in our common stock and may affect the ability of the Company’s stockholders to sell their shares of common stock. 

 

There can be no assurance that our shares of common stock will qualify for exemption from the Penny Stock Rule. In any event, even if our common stock was exempt from the Penny Stock Rule, we would remain subject to Section 15(b)(6) of the Exchange Act, which gives the SEC the authority to restrict any person from participating in a distribution of penny stock if the SEC finds that such a restriction would be in the public interest.

 

The Financial Industry Regulatory Authority, or FINRA, has adopted sales practice requirements which may also limit a stockholder's ability to buy and sell our stock.

 

In addition to the "penny stock" rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA believes that there is a high probability that speculative low priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our stock and have an adverse effect on the market for our shares.

 

Because we do not intend to pay dividends, stockholders will benefit from an investment in our common stock only if it appreciates in value.

 

We have never declared or paid any cash dividends on common stock. For the foreseeable future, it is expected that earnings, if any, generated from our operations will be used to finance the growth of our business, and that no dividends will be paid to holders of our common stock. As a result, the success of an investment in our common stock will depend upon any future appreciation in its value. There is no guarantee that our common stock will appreciate in value.

 

Certain provisions of our Certificate of Incorporation and Bylaws and Nevada law make it more difficult for a third party to acquire us and make a takeover more difficult to complete, even if such a transaction were in the stockholders’ interest.

 

Our Certificate of Incorporation and Bylaws and certain provisions of Nevada State law could have the effect of making it more difficult or more expensive for a third party to acquire, or from discouraging a third party from attempting to acquire, control of the Company, even when these attempts may be in the best interests of our stockholders. These provisions may have the effect of delaying, deferring or preventing a change in our control.

  

8

 

 

 

 
 

 

 

Our principal shareholder owns approximately 97% Of Our Outstanding Common Stock And May Be Able To Control Our Management And Affairs.

 

As of December 31, 2020 and December 31, 2021, our principal shareholder beneficially owned an aggregate of approximately 97% of our outstanding common stock. As a result, our principal shareholder, may be able to control our management and affairs, including the election of directors and approval of significant corporate transactions, such as mergers, consolidation, and sale of all or substantially all of our assets. Consequently, this concentration of ownership may have the effect of delaying or preventing a change of control, including a merger, consolidation or other business combination involving us, even if such a change of control would benefit our stockholders. It could also deprive our shareholders of an opportunity to receive a premium for their shares as part of a sale of our company and it may affect the market price of our common stock. In deciding how to vote on such matters, those shareholders’ interests may conflict with yours. Compliance with the reporting requirements of federal securities laws can be expensive.

 

We are subject to the information and reporting requirements of the Exchange Act and other federal securities laws, and the compliance obligations of the Sarbanes-Oxley Act. The costs of preparing and filing annual and quarterly reports and other information with the SEC and furnishing audited reports to stockholders are substantial. In addition, we will incur substantial expenses in connection with the preparation of registration statements and related documents with respect to the registration of resale of the Common Stock.

 

Applicable regulatory requirements, including those contained in and issued under the Sarbanes-Oxley Act, may make it difficult for us to retain or attract qualified officers and directors, which could adversely affect the management of its business and its ability to obtain or retain listing of our Common Stock.

 

We may be unable to attract and retain those qualified officers, directors and members of board committees required to provide for effective management because of the rules and regulations that govern publicly held companies, including, but not limited to, certifications required by principal executive officers. The enactment of the Sarbanes-Oxley Act has resulted in the issuance of a series of related rules and regulations and the strengthening of existing rules and regulations by the SEC, as well as the adoption of new and more stringent rules by the stock exchanges. The perceived increased personal risk associated with these changes may deter qualified individuals from accepting roles as directors and executive officers.

 

Further, some of these changes heighten the requirements for board or committee membership, particularly with respect to an individual’s independence from the corporation and level of experience in finance and accounting matters. We may have difficulty attracting and retaining directors with the requisite qualifications. If we are unable to attract and retain qualified officers and directors, the management of our business and our ability to obtain or retain listing of our shares of Common Stock on any stock exchange (assuming we elect to seek and are successful in obtaining such listing) could be adversely affected.

 

If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or detect fraud. Investors could lose confidence in our financial reporting and this may decrease the trading price of our Common Stock.

 

We must maintain effective internal controls to provide reliable financial reports and detect fraud. We have been assessing our internal controls to identify areas that need improvement. Failure to maintain an effective system of internal controls could harm our operating results and cause investors to lose confidence in our reported financial information. Any such loss of confidence would have a negative effect on the trading price of our Common Stock.

  

9

 

 

 

 

 
 

 

 

 

The price of our common stock may become volatile, which could lead to losses by investors and costly securities litigation.

 

The trading price of our common stock may be highly volatile and could fluctuate in response to factors such as:

 

 

● actual or anticipated variations in our operating results;
● announcements of developments by us or our competitors;
● changes in the industries in which we operate;
● regulatory actions regarding our products;
● announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;
● adoption of new accounting standards affecting the industries in which we operate;
● additions or departures of key personnel;
● introduction of new products by us or our competitors;
● sales of the our Common Stock or other securities in the open market; and
● other events or factors, many of which are beyond our control.

  

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None.

 

ITEM 2. PROPERTIES

 

We do not own or lease any property.

 

ITEM 3. LEGAL PROCEEDINGS

 

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.  

 

We are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.

 

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

No report required.  

 

10

 

 

 

 

 
 

 

PART II

 

ITEM 5. MARKET FOR EQUITY SECURITIES AND OTHER SHAREHOLDER MATTERS

 

MARKET INFORMATION

 

Our common shares are quoted on the OTC Markets under the symbol “MEPW” The following quotations, obtained from Nasdaq.com, reflect the high and low bids for our common shares based on inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.

 

The following table reflects the high and low bid information for our common stock obtained from Nasdaq.com and reflects inter-dealer prices, without retail mark-up, markdown or commission, and may not necessarily represent actual transactions.

 

The high and low bid prices of our common stock for the periods indicated below are as follows:

 

 

OTC Markets
Quarter Ended   High     Low  
December 31, 2021 $   1.340     $   1.100  
September 30, 2021 $    .8000     $   .8000  
June 30, 2021 $   1.010     $   1.010  
March 31, 2021 $   1.300     $   1.300  
December 31, 2020 $   .5100     $   .5100  
September 30, 2020 $   .5100     $   .5100  
June 30, 2020 $     2.000     $  2.000  
March 31, 2020 $     .5500     $  .5500  
December 31, 2019 $     .7130     $  .7130  
             

 ________________________________________________________________________________________________

* Our common stock was first quoted on the OTC Bulletin Board (now OTC Markets) on October 5, 2015

 

 

Our shares are issued in registered form.

Globex Transfer LLC, of 780 Deltona Blvd., Suite 202, Deltona, FL 32725, Telephone: (813) 344-4490, Facsimile: (386) 267-3124 is the registrar and transfer agent for our common shares.

 

On December 31, 2021, the shareholders’ list showed 32 registered shareholders with 227,375,000 common shares outstanding. 

 

DIVIDENDS

 

We have never paid or declared any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.

 

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

 

We currently do not have any equity compensation plans.

 

ITEM 6. SELECTED FINANCIAL DATA

 

Not Applicable. 

 

11

 

 

 
 

 

 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS

 

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual 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 Annual Report. Our Unaudited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

RESULTS OF OPERATIONS

 

We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

 

Our net loss for the fiscal year ended December 31, 2020, was $20,460. This was due to an increase in professional expenses, primarily Auditors and Internal Accounting costs.

 

Out net gain for the fiscal year ended December 31, 2021 was $32,412. This was a result of a Gain on Debt Extinguishment of a Note Payable of $42,777 and Accounts Payable of $488 that the Company took in 2021 due to expiration and lack of verification of these historical amounts.

 

For the period from January 1, 2018 to December 31, 2021, we have not generated any revenues.

 

During the fiscal years ended December 31, 2020, we incurred expenses of $20,460. Operating expenses included general and administrative fees and professional fees from accountants.

 

During the fiscal years ended December 31, 2021, we incurred expenses of $9,853. Operating expenses included, general and administrative fees, EDGAR filings fees, professional fees from accountants and legal fees.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of December 31, 2021 and December 31, 2020, our current assets were $0 in both periods. As of December 31, 2021, our current liabilities were $42,120 compared to $62,585 in current liabilities at December 31, 2020.

 

Stockholders’ equity decreased to a deficit of $94,207 as of December 31, 2021 from a deficit of $127,619 as of December 31, 2020.

 

The weighted average number of shares outstanding was 227,375,000 for the year ended December 31, 2021 and 123,659,153 in the year ended December 31, 2020.

 

Cash Flows from Operating Activities

 

We have not generated positive cash flows from operating activities. For the years ended December 31, 2021 and December 31, 2020, net cash flows used in operating activities was $0.

 

Cash Flows from Investing Activities

 

We neither generated, nor used, funds in investing activities for the period during the year ended December 31, 2021 or December 31, 2020.

 

Cash Flows from Financing Activities

 

For the years ended December 31, 2021 and December 31, 2020, cash used in operating activities was $6,548 and 13,555, respectively.

 

 

 

 

 

 

12

 

 

 
 

 

 PLAN OF OPERATION AND FUNDING

 

We estimate that our expenses over the next 12 months will be approximately $8,000 as described in the table below. These estimates may change significantly depending on the nature of our future business activities and our ability to raise capital from shareholders or other sources. Our working capital requirements are expected to increase in line with the growth of our business. 

 

   Estimated  Estimated
   Completion  Expenses
Description  Date  ($)
       
General and administrative   12 months   $2,000 
Legal and accounting   12 months   $6,000 
           
Total       $8,000 

In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses.

 

We intend to meet our cash requirements for the next 12 months through the use of the cash we have on hand and through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. Further, such securities might have rights, preferences or privileges senior to our common stock.We currently do not have any arrangements in place to complete any private placement financings and there is no assurance that we will be successful in completing any such financings on terms that will be acceptable to us. 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.

 

MATERIAL COMMITMENTS

 

As of the date of this Annual Report, we do not have any material commitments.

 

PURCHASE OF SIGNIFICANT EQUIPMENT

 

We do not intend to purchase any significant equipment during the next twelve months.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

As of the date of this Annual Report, we do not have any 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 investors.

 

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 $94,207 as of December 31, 2021 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, 2021. 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.  

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

 

 

 

 

13

 

 

 
 

 

 

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

 

 

CONTENTS

 

 

   
Unaudited Balance Sheets F-1
   
Unaudited Statements of Operations F-2
   
Unaudited Statement of Stockholders’ Equity( Deficit) F-3
   
Unaudited Statements of Cash Flows F-4
   
Unaudited Notes to Financial Statements F-5

 

Boyle CPA, LLC
Bayville, NJ
6285

 

 

 

 

14

 

 

 

 
 

   

ME Renewable Power Corporation
BALANCE SHEETS
(Unaudited)

  

 

       
   December 31, 2021  December 31, 2020
ASSETS          
   Current Assets:   —    — 
  Total Current Assets   —    — 
           
TOTAL ASSETS  $—   $— 
       
       
LIABILITIES & STOCKHOLDERS' DEFICIT          
  Current Liabilities:          
  Accounts Payable  $8,197   $7,880 
  Accounts Payable - Related Party   13,820    11,320 
  Loan Payable - Related Party   20,103    13,555 
  Shareholder Loan   —      42,777 
           
  Total Current Liabilities   42,120    75,532 
           
  Total Liabilities   42,120    75,532 
           
  Stockholder's Deficit          
           
  Preferred Stock, par value $0.0001,          
      10,000,000 shares Authorized, 0 shares Issued and          
      Preferred Stock, par value $0.0001, 10,000,000 shares Authorized, 0 shares Issued and Outstanding at December 31, 2021 and December 31, 2020        —   
  Common Stock, par value $0.0001,          
      390,000,000 shares Authorized, 227,375,000 shares Issued and          
      Common Stock, par value $0.0001, 390,000,000 shares Authorized, 227,375,000 shares Issued and Outstanding at December 31, 2021 and December 31, 2020   22,738    22,738 
  Additional Paid-In Capital   29,349    29,349 
  Accumulated Deficit   (94,207)   (127,619)
           
  Total Stockholder's Deficit   (42,120)   (75,532)
           
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT  $—     $—   
           
The accompanying notes are an integral part of these unaudited financial statements

  

 

 
F-1

 

 

  

 
 
ME Renewable Power Corporation
STATEMENT OF OPERATIONS
(Unaudited)
       
   For the Year Ended  For the Year Ended
   December 31,  December 31,
   2021  2020
       
Revenues:  $—     $—   
           
Expenses:          
   General and administrative expense   4,748    8,894 
    Professional fees   5,105    11,566 
 Total Operating Expenses   9,853    20,460 
           
 Operating Loss   (9,853)   (20,460)
           
 Other Income:          
 Gain on Debt Extinguishment   43,265    —   
           
 Net Gain (Loss)  $33,412   $(20,460)
           
 Basic & Diluted Loss per Common Share  $0.00   $(0.00)
           
 Weighted Average Common Shares          
 Weighted Average Common Shares Outstanding   227,370,000    123,659,153 
           
 The accompanying notes are an integral part of these unaudited financial statements

 

  

 
F-2

 

 

 

 

 
 
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   $738   $43,836   $(100,519)  $(55,945)
                                         
Issuance of Common Stock for Debt Conversion                                        
Issuance of Common Stock for Debt Conversion, shares                         
Net Loss for the Year Ended December 31, 2019   —     $—     $—     $(20,460)   (20,460)
                          
Balance At  December 31, 2019   7,375,000   $738   $43,836   $(107,159)  $(62,585)
                          
Issuance of Common Stock for Debt Conversion   220,000,000   $22,000   $(14,487)  $—     $7,513 
                                         
Net Loss for the Year Ended December 31, 2020   —     $—     $—     $(20,460)  $(20,460)
                          
Balance at December 31, 2020   227,375,000   $22,738   $29,349   $(127,619)  $(75,532)
                          
Net Gain for the Year Ended December 31, 2021   —     $—     $—     $33,412   $33,412 
                          
Balance at December 31, 2021   227,375,000   $22,738   $29,349   $(94,207)  $(42,120)
                          
The accompanying notes are an integral part of these unaudited financial statements

 

 

 

 
F-3

 

 

 

 

 
 
ME Renewable Power Corporation
STATEMENT OF CASH FLOWS
(Unaudited)

 

       
   For the Year Ended  For the Year Ended
   December 31,  December 31,
   2021  2020
CASH FLOWS FROM OPERATING          
ACTIVITIES:          
Net Gain (Loss)  $33,412   $(20,460)
 Adjustments to reconcile net loss to net cash          
 Adjustments to reconcile net loss to net cash used in operating activities:          
Changes In:          
Accounts Payable   317    (3,108)
Accounts Payable - Related Party   2,500    10,013 
Net Cash Used in Operating Activities   36,229    (13,555)
           
CASH FLOWS FROM FINANCING          
   Loans from Related Party   6,548    13,555 
   Loans from Shareholder   (42,777)   —   
Net Cash Provided by Financing Activities   (36,229)   13,555 
           
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          
Issuance of 60,000,000 Shares of Common Stock for Debt Conversion  $—     $2,049 
Issuance of 160,000,000 Shares of Common Stock for Debt Conversion  $—     $5,464 
Gain on Debt Extinguishment  $43,265   $—   
           
The accompanying notes are an integral part of these unaudited financial statements

 

 

 
F-4

 

 

 

 

 
 

 

 

 

 

ME Renewable Power Corporation

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2021

(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 and intended 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.

 

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 issued 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.

 

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 April 25, 2022, Karina Garcia Peralta resigned as President, Principal Executive Officer, Principal Financial Officer, Director and Sole officer of the Company and Peter Rooney was appointed President, Principal Executive Officer, Principal Financial Officer, Director and Sole officer of the Company.

 

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.

 

F-5
 
 

 

ME Renewable Power Corporation

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2021

(Unaudited) 

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

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.

 

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 years ended December 31, 2021 and 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 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. 

 

F-6
 
 

 

 

ME Renewable Power Corporation

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2021

(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 $94,207 as of December 31, 2021 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, 2021. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.

 

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.

 

On May 21, 2020, 60,000,000 shares of common stock were issued to a Related party, in exchange for a debt conversion of $2,049.

 

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. All share and per share information has been adjusted to reflect the change in par value.

 

On July 2, 2020, 160,000,000 shares of common stock were issued to a Related Party, in exchange for a debt conversion of $5,464.

 

There were there were 227,375,000 shares issued and outstanding at December 30, 2020 and December 31, 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-7

 

 

 
 

 

ME Renewable Power Corporation

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2021

(Unaudited)

 

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 MakDickWai David, a shareholder. The loan was non-interest bearing, due upon demand and unsecured In 2021 the Company had a Gain on Debt Extinguishment for this amount and cancelled the entirety of the loan, as of December 31, 2021, $0 is outstanding on this loan.

 

On May 21, 2020, $2,049 of debt that was paid by Joseph Passalaqua, a Related Party, was converted for 60,000,000 shares of common stock issued to Friction & Heat LLC, whose sole management member is Joseph Passalaqua.

 

On May 21, 2020, $3,600 of debt was paid by Joseph Passalaqua, a Related Party, as a non-interest bearing loan.

On July 2, 2020, $1,864 of debt was paid by Joseph Passalaqua, a Related Party, as a non-interest bearing loan.

On July 2, 2020, the total amount of $5,464 for both loans, was converted for 160,000,000 shares of common stock issued to Friction & Heat LLC, whose sole managing member is Joseph Passalaqua, in exchange for debt due to a Related Party.

 

In the year ended December 31, 2020, Joseph Passalaqua, a Related Party, paid expenses on behalf of the Company in the amount of $5,055. This amount is held in a Promissory Note, non-interest bearing, due on demand and unsecured. In the year ended December 31, 2021, Joseph Passalaqua, a Related Party, paid expenses on behalf of the Company in the amount of $3,548. This amount is held in a Promissory Note, non-interest bearing, due on demand and unsecured.

 

As of December 31, 2021, a total of $8,603 is owed to Joseph Passalaqua, in Related Party Notes Payable.

 

In the years ended December 31, 2020 and December 31, 2021, Joseph Passalaqua, a Related Party, committed to pay the professional expenses on behalf of the Company in the amount of $11,500. The loan is non-interest bearing, due upon demand and unsecured. As of December 31, 2021, $11,500 is outstanding on this amount for unpaid professional expenses in Related Party Notes Payable.

 

In the years ended December 31, 2020 and December 31, 2021, a Related Party, Lyboldt-Daly Inc. provided the internal accounting for the Company. As of December 31, 2021, $13,820 is due ins Related Party Payable for these services.

 

The Company currently operates out of an office of a related party free of rent.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
F-8

 

 

 
 

 

 

ME Renewable Power Corporation

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2021

(Unaudited)

 

NOTE 6 – INCOME TAXES

 

As of December 31, 2020, the Company had net operating loss carry forwards of approximately $127,619 that may be available to reduce future years' taxable income in varying amounts through 2040.

 

As of December 31, 2021, the Company had net operating loss carry forwards of approximately $94,207 that may be available to reduce future years' taxable income in varying amounts through 2041.

 

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,
2021		  December 31,
2020
Federal income tax benefit attributable to:          
Current operations  $19,783   $26,800 
Less: change in valuation allowance   (19,783)   (26,800)
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,

2021

 

December 31,

2020

Deferred tax asset attributable to:          
Net operating loss carry over  $32,972   $44,667 
Less: valuation allowance   (32,972)   (44,667)
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 $94,207 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 Company’s returns are open to examination by the Internal Revenue Services for all tax years since inception.

 

NOTE 7 - SUBSEQUENT EVENTS

 

There were no other legal proceedings threatened or otherwise.   

 

In January 2022 and April 2022, a Related Party, Joseph Passalaqua paid an additional $2,240 in Company expenses, as a loan to the Company.

 

 

 

 

 

 

 

 

 

 

 

 
F-9

  

 
 

 

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

As of the period covered by this report, December 31, 2021 and as of the date of this filing May 6, 2022, we carried out an evaluation, under the supervision and with the participation of our president, chief executive officer and chief financial officer; Peter Rooney 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; Peter Rooney concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the year December 31, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
15

 

 

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE COMPANY

  

For the Years Ended December 31, 2020 and December 31, 2021:

 Name and Address of Executive Officer and/or Director   Age   Position
         

Karina Garcia Peralta

Vista del vaque #13

la charcas Santiago, Dominican Republic

   32  

President and Director

(Principal Executive, Financial and Accounting Officer)

 

Karina Garcia Peralta – President, CEO., CFO and Director.

 

Karina Garcia Peralta, 31, is a high school graduate and resident of Santiago in the Dominican Republic. She has been known by the Custodian and principal shareholder of ME Renewable Power for over ten years. 

 

As of the date of this filing:

Name and Address of Executive Officer and/or Director

     Position
       

Peter Rooney

 

    

President and Director

(Principal Executive, Financial and Accounting Officer)

 

 

 

Peter Rooney – President, CEO., CFO and Director.

 

Mr. Rooney has been involved in managing companies for over 35 years. He has been a Director and Advisory Board member of TJK Capital Pty Ltd., a Private Venture Capital & Strategic Fund Management since 2016. He was the former Vice President of Sales in the Asia-Pacific region for Mincom Pty Ltd, a software and services company that provides business software to industries including mining, public infrastructure, defense, oil and gas. In addition to this, he was appointed as Business Development Manager for Queensland and the Northern Territory in 2001 where he was responsible for building the company’s presence in Queensland and the Northern Territory, and enhancing business development through existing business relationships and assisting new clients to realize the benefits of integration to disparate applications.

 

Mr. Rooney earned a Bachelor Psychology & Agriculture from the University of Melbourne in 1976, and completed HSC in 1971.

 

As of the date of this filing:

Name and Address of Executive Officer and/or Director

     Position
       

H’NG Paik Sun

 

    

Director

 

 

H’NG Paik Sun – Director.

 

Since 2007, Dr. Sun has been Associate Professor, Faculty Of Forestry, University Putra Malaysia. Head Of Laboratory, Institute Of Tropical Forestry And Forest Product (Introp), University Putra Malaysia. He also has served as a Technical Expert/Consultant for several entities since 2011, and still serves in that role for Mogul Energy International, Inc. and the Department Of Standards Malaysia, and has served as the Country Representative of the International Standards Organization (Iso) On Harmonizing Standard, Switzerland.

 

Dr. Sun earned a Doctor of Philosophy (Phd) from The University Putra Malaysia in 2003. He earned a Bachelor of Wood Science and Technology from The University Putra Malaysia in 1999.

 

AUDIT COMMITTEE

 

We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.

 

SIGNIFICANT EMPLOYEES

 

Other than our sole officer and directors, we do not expect any other individuals to make a significant contribution to our business.  

 

16

 

 

ITEM 11. EXECUTIVE COMPENSATION

 

The following table sets forth certain information about compensation paid, earned or accrued for services by our Executive Officer for the years ended December 31, 2020 and December 31, 2021.

 

Summary Compensation Table  

 

 

SUMMARY COMPENSATION TABLE

For the Years Ended December 31, 2020 and December 31, 2021

Name and Principal Position   Year  
Salary
($)		  
Bonus
($)		   Stock
Awards
($)		   Option
Awards
($)		  
Non-Equity
Incentive
Plan
Compensa-
tion
($)		   Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)		   All
Other
Compensa-
tion
($)		  
Total
($)		  
                                       
                                       
Karina Garcia Peralta (1)(2)   2020   Nil   Nil   Nil   Nil   Nil   Nil   Nil   Nil  

President,

Chief Executive Officer

Chief Financial Officer, and Director

   2021   Nil   Nil   Nil   Nil   Nil   Nil   Nil   Nil  
                                       

 

  

(1)

On May 20, 2020, Karina Garcia Peralta was appointed President, Chief Executive Officer, Chief Financial Officer and Director of the Company. As of the year ended December 31, 2021, Karina Garcia Peralta was our President, Chief Executive Officer, Chief Financial Officer and sole Director.

 

 (2)

On April 25, 2022, Karina Garcia Peralta resigned and Peter Rooney was appointed President, Chief Executive Officer, Chief Financial Officer and Director of the Company. As of the year ended December 31, 2021, Karina Garcia Peralta was our President, Chief Executive Officer, Chief Financial Officer and sole Director.

 

Narrative Disclosure to Summary Compensation Table

 

There are no employment contracts, compensatory plans or arrangements, including payments to be received from our company with respect to any executive officer, that would result in payments to such person because of his or her resignation, retirement or other termination of employment with our company, or its subsidiaries, any change in control, or a change in the person’s responsibilities following a change in control of our company.

 

Options Grants During the Last Fiscal Year / Stock Option Plans

 

We do not currently have a stock option plan in favor of any director, officer, consultant or employee of our company. No individual grants of stock options, whether or not in tandem with stock appreciation rights known as SARs or freestanding SARs have been made to any executive officer or director during the last fiscal year; accordingly, no stock options have been granted or exercised by any of the officers or directors during our last fiscal year.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 
 

 

 

 

Options Grants During the Last Fiscal Year / Stock Option Plans

 

We do not currently have a stock option plan in favor of any director, officer, consultant or employee of our company. No individual grants of stock options, whether or not in tandem with stock appreciation rights known as SARs or freestanding SARs have been made to any executive officer or director during the last fiscal year; accordingly, no stock options have been granted or exercised by any of the officers or directors during our last fiscal year. 

 

Aggregated Options Exercises in Last Fiscal Year

 

No individual grants of stock options, whether or not in tandem with stock appreciation rights known as SARs or freestanding SARs have been made to any executive officer or any director during our last fiscal year; accordingly, no stock options have been granted or exercised by any of the officers or directors since during our last fiscal year.

 

Long-Term Incentive Plans and Awards

 

We do not have any long-term incentive plans that provide compensation intended to serve as incentive for performance. No individual grants or agreements regarding future payouts under non-stock price-based plans have been made to any executive officer or any director or any employee or consultant since our inception; accordingly, no future payouts under non-stock price-based plans or agreements have been granted or entered into or exercised by any of the officers or directors or employees or consultants since we were founded.

 

Outstanding Equity Awards at Fiscal Year End

 

No equity awards were outstanding as of the year ended December 31, 2021.

 

Compensation of Directors

 

The members of our board of directors are not compensated by our company for acting as such. Directors are reimbursed for reasonable out-of-pocket expenses incurred. There are no arrangements pursuant to which directors are or will be compensated in the future for any services provided as a director.

 

We do not have any agreements for compensating our directors for their services in their capacity as directors, although such directors are expected in the future to receive stock options to purchase shares of our common stock as awarded by our board of directors.

 

We have determined that none of our directors are independent directors, as that term is used in Item 7(d)(3)(iv)(B) of Schedule 14A under the Securities Exchange Act of 1934 , as amended, and as defined by Rule 4200(a)(15) of the NASDAQ Marketplace Rules.

 

Pension, Retirement or Similar Benefit Plans

 

There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the board of directors or a committee thereof.

 

Long-Term Incentive Plan Awards

 

We do not have any long-term incentive plans that provide compensation intended to serve as incentive for performance.

 

Indebtedness of Directors, Senior Officers, Executive Officers and Other Management

 

None of our directors or executive officers or any associate or affiliate of our company during the last two fiscal years, is or has been indebted to our company by way of guarantee, support agreement, letter of credit or other similar agreement or understanding currently outstanding.

 

 

 

 

 

 

 

 

 

 

18

 

 
 

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The following table sets forth information as of December 31, 2021 regarding the ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent of our outstanding shares of common stock, each director and all executive officers and directors as a group. Except as otherwise indicated, each of the shareholders has sole voting and investment power with respect to the shares of common stock beneficially owned. 

 

Name and Address of Beneficial Owner  Amount and Nature of
Beneficial Ownership		  Percentage
of Class (1)

Karina Garcia Peralta (2)(3)

President, Chief Executive Officer, Chief Financial Officer, and Director

 

  Nil   0%
         
Directors and Executive Officers as a Group  Nil   0%
         
Friction & Heat LLC(1)(4)
7325 Oswego Road
Liverpool, NY 13090		  220,000,000
Common Stock		   97%
         
Shareholders Holding Over 5%  220,000,000 Common Shares     
 

 

The following table sets forth information as of May 6, 2022 regarding the ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent of our outstanding shares of common stock, each director and all executive officers and directors as a group. Except as otherwise indicated, each of the shareholders has sole voting and investment power with respect to the shares of common stock beneficially owned. 

 

Name and Address of Beneficial Owner  Amount and Nature of
Beneficial Ownership		  Percentage
of Class (1)
Peter Rooney (2)(3)
President, Chief Executive Officer, Chief Financial Officer, and Director		  Nil   0%
         
         
Directors and Executive Officers as a Group  Nil   0%
         
Tek Financial Limited (1)
Cayman Islands		  220,000,000
Common Stock		   97%
         
Shareholders Holding Over 5%  220,000,000 Common Shares     

 

  (1)

Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually outstanding on December 31, 2021.

As of December 31, 2021 there were 227,375,000 shares of our company’s common stock issued and outstanding.

As of the date of this report, May 6, 2022, there are 227,375,000 shares of our company’s common stock issued and outstanding.

     
  (2) Less than one percent.
     
  (3)

On May 20, 2020, Katrina Garcia Peralta was appointed President, Chief Executive Officer, Chief Financial Officer and Director of the Company. On April 25, 2022, Katrina Garcia Peralta resigned and Peter Rooney was appointed Chief Executive Officer, Chief Financial Officer and Director of the Company.

 

  (4)

Joseph Pasalaqua is the sole Managing Member of Friction & Heat LLC.

 

 

 

 

 

19

  

 
 

 

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

 

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. As of December 31, 2021, $0 is remaining on this shareholder advance.

 

During the year ended December 31, 2016, a shareholder of the Company, Mak DickWai David, further advanced the Company $42,777 to cover the Company’s operating expenses. The loan was non-interest bearing, due upon demand and unsecured. In 2021 the Company had a Gain on Debt Extinguishment for this amount and cancelled the entirety of the loan, as of December 31, 2021, $0 is outstanding on this loan.

 

During the years ended December 31. 2020 and December 31, 2021, a shareholder of the Company, Joseph Passalaqua, paid expenses on behalf of the Company for operations. As of the year ended December 31, 2021, $8,603 remains outstanding on these loans. The loans are non-interest bearing, due upon demand and unsecured.

 

Except as disclosed herein, no director, executive officer, shareholder holding at least 5% of shares of our common stock, or any family member thereof, had any material interest, direct or indirect, in any transaction, or proposed transaction since the year ended December 31, 2021, in which the amount involved in the transaction exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at the year-end for the last three completed fiscal years.

 

Director Independence

 

As of December 31, 2021 Katrina Garcia Peralta served as our sole director and officer and the date of this filing, May 6, 2022, Peter Rooney, serves our sole officer and a director. Ms. Peralta is not an independent director, as that term is used in Rule 4200(a)(15) of the Rules of National Association of Securities Dealers. Mr. Rooney is not an independent director, as that term is used in Rule 4200(a)(15) of the Rules of National Association of Securities Dealers

.

 

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 

The aggregate fees billed for the most recently completed fiscal year ended December 31, 2021 and for fiscal year ended December 31, 2020 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

 

 

    Year Ended  
    December 31,
2021		     December 31,
2020		  
Audit Fees   $ 2,000     $ 3,000  
Audit Related Fees   Nil     Nil  
Tax Fees   Nil     Nil  
All Other Fees   Nil     Nil  
Total                

 

 

Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.

 

Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors’ independence. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
20

 

 

  

ITEM 15. EXHIBITS

 

The following exhibits are filed as part of this Annual Report.

 

Exhibits:

 

Exhibits, Financial Statement Schedules

 

 

  (a) Financial Statements

  

 

  (1) Financial statements for our company are listed in the index under Item 8 of this document.

 

  (2) All financial statement schedules are omitted because they are not applicable, not material or the required information is shown in the financial statements or notes thereto.

 

  (b) 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
31.1*   Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer and Principal Accounting Officer
(32)   Section 1350 Certifications
32.1*   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer and Principal Accounting Officer
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.

 

 

 
21

 

 

 

 

 
 

 

 

SIGNATURES

 

In accordance with the requirements 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  
       

 

Dated: May 6, 2022

 By:

 

/s/ Peter Rooney

  
    Peter Rooney  
   

President,

Chief Executive Officer,

Chief Financial Officer,

and Director

  
   

(Principal Executive Officer,

Principal Financial Officer

and Principal Accounting Officer)

 

  

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

Dated: May 6, 2022 By:

 

/s/ Peter Rooney

  
    Peter Rooney  
   

President,

Chief Executive Officer,

Chief Financial Officer,

and Director

  
   

(Principal Executive Officer,

Principal Financial Officer

and Principal Accounting Officer)

 

  

 

 

 

 

22

 

 

 

 

   

ME Renewable Power (CE) (USOTC:MEPW)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024 Plus de graphiques de la Bourse ME Renewable Power (CE)
ME Renewable Power (CE) (USOTC:MEPW)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024 Plus de graphiques de la Bourse ME Renewable Power (CE)