Tue, Dec 31, 5:49 PM (45 days ago)
Startech Labs, Inc. (OTC: LAAB) reported a net loss of $11,927 for Q2 FY2024 (ending November 30, 2024), a 12% improvement from the $13,601 loss in Q2 FY2023. Operating expenses decreased by 27% to $4,559, primarily due to reduced professional fees. For the six months ended November 30, 2024, net loss was $36,913, down 9% from $40,387 in the prior year. The company continues to face significant financial challenges, with total liabilities of $410,626 and a stockholders' deficit of the same amount. Cash used in operating activities was $17,681, down from $22,617 in the previous year, indicating improved cash management. Startech Labs has no current assets and relies on advances from its director for funding, which totaled $17,681 in the recent period. The company has not declared bankruptcy, but its ongoing viability is uncertain due to a lack of revenue-generating operations and reliance on external financing. The management acknowledges the need for additional capital to continue operations. Future operational success hinges on securing funding and successfully developing its business model.