Replies to post #15550 on Access Power & Co Inc (ACCR)

[mick]

Note 1 – Company Background
History of Company
ACCESS-POWER & CO., INC was formed as a Florida corporation on October10, 1996.
In 2008, majority control was obtained by Patrick Jensen.
Effective March 18, 2021, the Company transferred control of the company to Meihua Xu who has put a management team
together to re-activate the operations of the company.
Nature of Business
ACCESS-POWER & CO., INC was formed to provide global Internet based communications for voice and multi-media
markets. In 2005, it replaced its management and began retailing mattress and accessory sales. After the change in
control in 2008, the company went into a development stage that appeared to never really develop any viable business
ventures.
Subsequent to the 2021 merger, the new management team has obtained an LOI with a Chinese firm to develop the
intelligent IoT pure electric bas model technology platform for various vehicles.
.
Note 2 – Summary of Significant Account Policies
The following policies are considered in preparation of the financial statements, though not all are relevant to the assets,
liabilities or results of operations of this entity.
Basis of Presentation
The financial statements have been prepared in conformity with accounting principles generally accepted in the United
States of America (“GAAP”). In preparing this report the numbers and balances reflected in this report were supplied by
the Company, though the underlying data was not presented for review.
Use of Estimates
The preparation of consolidated 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. The most significant assumptions and estimates
relate to the valuation of equity issued for services, valuation of equity associated with convertible debt, the valuation of
derivative liabilities, and the valuation of deferred tax assets. Actual results could differ from these estimates.