BUSINESS COMBINATION |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| BUSINESS COMBINATION | NOTE 4 – BUSINESS COMBINATION
2026 Business Combination
On February 17, 2026, Shorepower Technologies Inc. entered into an Agreement and Plan of Merger with Aeternum Health LLC. The merger became effective on June 30, 2026, with Shorepower Technologies Inc. surviving the merger and subsequently operating under the name Aeternum Health, Inc.
Although the Company was the legal acquirer in the transaction, Aeternum Health LLC was determined to be the accounting acquirer based upon the evaluation of the factors set forth in ASC 805, including the relative voting rights of the stockholders of the combined company and the composition of management and the governing body following the transaction. Accordingly, the transaction was accounted for as a reverse acquisition.
Management determined that both Aeternum Health LLC and Shorepower constituted businesses as defined under ASC 805. Accordingly, the transaction was accounted for as a business combination using the acquisition method of accounting. The assets and liabilities of Aeternum Health LLC, as the accounting acquirer, continue to be recognized at their historical carrying amounts, while the identifiable assets acquired and liabilities assumed of Shorepower, the accounting acquiree, were recognized at their estimated acquisition-date fair values.
Concurrently with the closing of the merger on June 30, 2026, the Company disposed of its legacy transportation electrification business. The disposition represented a strategic shift in the Company’s operations and has been presented as discontinued operations in accordance with ASC 205-20. Refer to NOTE 8 – DISCONTINUED OPERATIONS.
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