Thu, Aug 29, 10:22 AM (138 days ago)
Startech Labs, Inc. reported a net loss of $65,101 for the fiscal year ending May 31, 2024, compared to a loss of $61,242 in the prior year, marking a 6% increase in losses. The company did not generate any revenue during both fiscal years. Operating expenses rose by 12% to $35,469, primarily due to increased professional fees. Current liabilities increased to $373,713 from $308,612, resulting in a working capital deficiency of the same amount. The company continues to rely on director loans for operational funding, amounting to $101,819 as of May 31, 2024. Startech Labs is focused on mobile app development and has expanded its travel-related services, launching two additional websites. However, it faces significant competition and has limited experience in the app market. The company emphasizes that its financial viability depends on future funding and achieving profitability. The auditor's report raises concerns about the company's ability to continue as a going concern due to its accumulated losses exceeding $39 million. The company has not declared any dividends and does not plan to adopt equity compensation plans in the near future.