FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements
relate to future events or our future financial performance. In some cases, you
can identify forward-looking statements by terminology such as "may", "should",
"expects", "plans", "anticipates", "believes", "estimates", "predicts",
"potential" or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown
risks, uncertainties and other factors that may cause our or our industry's
actual results, levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking statements. Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. Except as required by applicable law, including the securities
laws of the United States, we do not intend to update any of the forward-looking
statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and
are prepared in accordance with United States Generally Accepted Accounting
Principles. The following discussion should be read in conjunction with our
financial statements and the related notes that appear elsewhere in this
quarterly report. The following discussion contains forward-looking statements
that reflect our plans, estimates and beliefs. Our actual results could differ
materially from those discussed in the forward-looking statements. Factors that
could cause or contribute to such differences include, but are not limited to,
those discussed below and elsewhere in this quarterly report.
Unless otherwise specified in this quarterly report, all dollar amounts are
expressed in United States dollars and all references to "common stock" refer to
shares of our common stock.
As used in this quarterly report, the terms "we", "us", "our company", mean
Startech Labs, Inc., a Nevada corporation, unless otherwise indicated.
Overview
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, 2018, our 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, whereby
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 Shareholders.
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 2017, Analog Nest
acquired the following apps: Old Fart Booth, Old Fart Booth Pro, Ugly Face
Booth, Ugly Santa Booth, Baldy - Bald Photo Booth, Fatty - Make Funny Fat Faces,
Slender Man Scary Prank, Anime Booth, Anime Booth Free, Minecart Mayhem, Pimp My
Pet, Pimp My Dog, Cavity Detector - Scary Prank, Mustacher, Alex From Target, A
Farm Animal Salon, Mustacher Pro, Pimp My Cat, and Animal Dress Up Salon.
On June 26, 2019, a 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, NY 10016-2817 and our
telephone number is (802) 255-4212. We do not own any property and we do not
have a corporate website.
13
Table of Contants
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 nine months ended February 28, 2022 and
2021.
Three months ending February 28, 2022 compared to three months ending February
28, 2021:
For the Three Months Ended
February 28, February 28,
2022 2021 Change %
Operating Expenses
General and administrative
expenses $ 450 $ 450 $ - -
Professional fees 4,250 4,524 (274 ) (6%)
Total Operating Expenses 4,700 4,974 (274 ) (6%)
Other expense 7,286 9,820 (2,534 ) (26%)
Net Loss $ (11,986 ) $ (14,794 ) $ 2,808 (19%)
Net loss
Net loss totaled $11,986 for the three months ended February 28, 2022, compared
to a net loss for the three months ended February 28, 2021 of $14,794. The
decrease in net loss was mainly due to the decrease in other expense.
Operating expense
During the three months ended February 28, 2022 and 2021, operating expense was
$4,700 and $4,974, respectively. The decrease in operating expenses was due to
the decrease in professional fees.
Other expense
Other expense for three months ended February 28, 2022 included convertible note
interest expense of $7,286. Other expense for three months ended February 28,
2021 included amortization of note discount of $2,700 and convertible note
interest expense of $7,120.
14
Table of Contants
Nine months ending February 28, 2022 compared to nine months ending February 28,
2021:
For the Nine Months Ended
February 28, February 28,
2022 2021 Change %
Operating Expenses
General and administrative
expenses $ 1,350 $ 1,350 $ - -
Professional fees 24,034 23,732 302 1 %
Total Operating Expenses 25,384 25,082 302 1 %
Other expense 22,102 46,356 (24,254 ) (52%)
Net Loss $ (47,486 ) $ (71,438 ) $ 23,952 (34%)
Net loss
Net loss totaled $47,486 for the nine months ended February 28, 2022, compared
to a net loss for the nine months ended February 28, 2021 of $71,438. The
decrease in net loss was mainly due to the decrease in other expense.
Operating expense
During the nine months ended February 28, 2022 and 2021 was $25,384 and $25,082,
respectively. The increase in operating expense was due to an increase in
professional fees.
Other expense
Other expense for nine months ended February 28, 2022 included convertible note
interest expense of $22,102. Other expense for nine months ended February 28,
2021 included amortization of note discount of $26,732 and convertible note
interest expense of $19,624.
Liquidity and Capital Resources
Working Capital
February 28, May 31,
2022 2021 Change
Current Assets $ - $ - $ -
Current Liabilities $ 235,621 $ 188,135 $ 47,486
Working Capital Deficiency $ (235,621 ) $ (188,135 ) $ (47,486 )
The increase in working capital deficiency during the nine months ended February
28, 2022 was primarily a result of an increase of due to related parties and
accrued interest payable.
© Edgar Online, source Glimpses