This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”. or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed. or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United Stateswe do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.
As used in this quarterly report, the terms “we”, “us”, “our company”, mean
Startech Labs, Inc.a Nevada corporation, unless otherwise indicated.
We were incorporated in the State of Nevada on April 20, 2013 under the name UpperSolution.com with the principal business objective of creating an independent and unbiased mobile app that enables consumers to find the best cellular rate plan for their need and getting real-time notifications when a new cellular plan is available.
On January 10, 2018our company, Analog Nest Technologies, Inc. (“Analog Nest”) and the shareholders of Analog (the “Analog Nest Shareholders”) closed a transaction pursuant a share exchange agreement dated. January 10, 2018, where by our company acquired 100% of the outstanding shares of common stock of Analog Nest (the “Analog Nest Stock”) from the Analog Nest Shareholders. In exchange for the Analog Nest Stock our company issued 100,000 shares of our common stock to the Analog Nest.
Analog Nest was incorporated in the State of Nevada on September 8, 2017 as a mobile application (“app”) company focused on utility/entertainment apps for Google’s Android and Apple’s iOS platforms. In December 2017Analog Nest acquired the following apps: Old Fart Booth, Old Fart. Booth ProUgly Face Booth, Ugly Santa BoothBaldy – Bald Photo Booth, Fatty – Make Funny Fat Faces, Slender Man Scary Prank, Anime Booth, Anime Booth FreeMinecart Mayhem, Pimp My Pet, Pimp My Dog, Cavity Detector – Scary Prank, Mustacher, Alex From TargetA
Farm Animal SalonMustacher Pro, Pimp My Cat, and Animal Dress Up Salon.
On June 26, 2019a majority of our stockholders and our board of directors approved a change of name of our company to “Startech Labs, Inc.” and a reverse stock split of our issued and outstanding shares of common stock on a ninety-five (95) old for one (1) new basis. The name change and reverse stock split became effective on July 17, 2019.
We have not declared bankruptcy, been involved in receivership or any similar proceeding.
Our office is located at 244 Madison Avenue, New York, N.Y. 10016-2817 and our telephone number is (802) 255-4212. We do not own any property and we do not have a corporate website.
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Our Current Business
Startech Labs develops customized web solutions with both commercial and retail applications. Currently focused on further development of fare aggregators and travel metasearch engines, Startech Labs owns and operates international online travel and hospitality web portals where users can search for flights and hotels and select the most economical options.
Results of Operations
The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months ended. August 31, 2022 and 2021.
Three months ending August 31, 2022 compared to three months ending August 31,
For the Three Months Ended
August 31, August 31,
2022 2021 Change %
General and administrative expenses $ 450 $ 450 $ - -
Professional fees 15,700 13,034 2,666 20 %
Total Operating Expenses 16,150 13,484 2,666 20 %
Other expense 7,448 7,448 - -
Net Loss $ (23,598 ) $ (20,932 ) $ (2,666 ) 13 %
Net loss totaled $23,598 for the three months ended August 31, 2022compared to a net loss for the three months ended August 31, 2021 of $20,932. The decrease in net loss was mainly due to the decrease in operating expense.
During the three months ended August 31, 2022 and 2021, operating expense was
$16,150 and $13,484, respectively. The increase in operating expenses was due to the increase in professional fees.
Other expense for three months ended August 31 2022 and 2021 included convertible note interest expense of $7,448 and $7,448respectively.
Liquidity and Capital Resources
August 31, May 31,
2022 2022 Change
Current Assets $ - $ - $ -
Current Liabilities $ 271,368 $ 247,770 $ 23,598
Working Capital Deficiency $ (271,368 ) $ (247,770 ) $ (23,598 )
The increase in working capital deficiency during the three months ended August 31, 2022 was primarily a result of an increase of due to related parties and accrued interest payable.
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