Wed, Oct 2, 6:28 PM (79 days ago)
For the three months ended August 31, 2024, Startech Labs, Inc. reported a net loss of $24,986, a 7% improvement from the $26,786 loss in the same period of 2023, primarily due to reduced professional fees. Operating expenses decreased by 9% to $17,538. The company continues to face liquidity challenges, with total current liabilities rising to $398,699 from $373,713, indicating a working capital deficiency of the same amount. Cash used in operating activities remained stable at $16,631 compared to $16,580 in the prior year, while financing activities provided similar funding from a director's advancement. The company has accumulated a total net loss of $39,113,969 since its inception and lacks significant current assets or revenue sources, raising concerns about its ability to continue as a going concern. Future operations will depend on securing additional financing, with management relying on related party transactions and potential equity offerings. The financial statements reflect ongoing operational challenges and the need for strategic capital management to support development and operational costs.