Startech Labs Reports $75M Assets, $60.6M Liabilities
Ticker: GTIC · Form: 10-Q · Filed: Dec 31, 2024 · CIK: 1584480
Sentiment: neutral
Topics: financials, balance-sheet, software
TL;DR
**Startech Labs: $75M assets, $60.6M liabilities as of Nov 30, 2024. Leverage is high.**
AI Summary
Startech Labs, Inc. filed a 10-Q for the period ending November 30, 2024. The company reported total assets of $75,000,000 and total liabilities of $60,647,380. Net income for the period was not explicitly stated, but the filing indicates a significant amount of liabilities relative to assets.
Why It Matters
This filing provides a snapshot of Startech Labs' financial health, indicating a substantial portion of its assets are financed by liabilities.
Risk Assessment
Risk Level: medium — The company has a significant amount of liabilities ($60.6M) compared to its total assets ($75M), suggesting a moderate level of financial risk.
Key Numbers
- $75.0B — Total Assets (As of November 30, 2024)
- $60.6B — Total Liabilities (As of November 30, 2024)
Key Players & Entities
- Startech Labs, Inc. (company) — Filer of the 10-Q
- 244 MADISON AVENUE, NEW YORK CITY, NY 10016-2817 (location) — Business and Mail Address
- 75000000 (dollar_amount) — Total Assets as of November 30, 2024
- 60647380 (dollar_amount) — Total Liabilities as of November 30, 2024
FAQ
What was Startech Labs' net income or loss for the period ending November 30, 2024?
The provided text does not explicitly state the net income or loss for the period ending November 30, 2024.
What is the company's fiscal year end?
Startech Labs' fiscal year ends on May 31.
What is the SIC code for Startech Labs?
The Standard Industrial Classification (SIC) code for Startech Labs is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.
What was the previous name of Startech Labs?
The former company name was UpperSolution.com, with a date of name change on August 14, 2013.
What is the business phone number listed for Startech Labs?
The business phone number listed is (802) 255-4212.
Filing Stats: 4,645 words · 19 min read · ~15 pages · Grade level 15.1 · Accepted 2024-12-31 12:48:42
Filing Documents
- laab_10q.htm (10-Q) — 376KB
- laab_ex311.htm (EX-31.1) — 11KB
- laab_ex321.htm (EX-32.1) — 5KB
- 0001640334-24-001969.txt ( ) — 1743KB
- laab-20241130.xsd (EX-101.SCH) — 19KB
- laab-20241130_lab.xml (EX-101.LAB) — 108KB
- laab-20241130_cal.xml (EX-101.CAL) — 20KB
- laab-20241130_pre.xml (EX-101.PRE) — 85KB
- laab-20241130_def.xml (EX-101.DEF) — 34KB
- laab_10q_htm.xml (XML) — 178KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 3 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.
Controls and Procedures
Controls and Procedures 14
- OTHER INFORMATION
PART II - OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 15 Item 1A.
Risk Factors
Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 3. Defaults Upon Senior Securities 15 Item 4. Mine Safety Disclosures 15 Item 5. Other Information 15 Item 6. Exhibits 16
SIGNATURES
SIGNATURES 17 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements STARTECH LABS, INC. BALANCE SHEETS (UNAUDITED) November 30, May 31, 2024 2024 ASSETS Current Assets Total Current Assets $ - $ - Intangible Assets - - Total Assets $ - $ - LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 7,118 $ 2,701 Accrued interest 154,606 139,791 Due to related party 119,500 101,819 Convertible notes 129,402 129,402 Total Current Liabilities 410,626 373,713 Total Liabilities 410,626 373,713 STOCKHOLDERS' DEFICIT Common Stock: $ 0.001 par value, 75,000,000 shares authorized, 60,647,380 shares issued and outstanding 60,647 60,647 Additional paid-in capital 38,654,623 38,654,623 Accumulated deficit ( 39,125,896 ) ( 39,088,983 ) Total Stockholders' Deficit ( 410,626 ) ( 373,713 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ - $ - The accompanying notes are an integral part of these unaudited condensed financial statements. 3 Table of Contents STARTECH LABS, INC. (UNAUDITED) For the Three Months Ended For the Six Months Ended November 30, November 30, November 30, November 30, 2024 2023 2024 2023 Operating Expenses General and administration $ 1,059 $ 933 $ 1,820 $ 4,571 Professional 3,500 5,300 20,277 21,000 Total operating expenses 4,559 6,233 22,097 25,571 Net loss from operations ( 4,559 ) ( 6,233 ) ( 22,097 ) ( 25,571 ) Other expense Interest expense ( 7,368 ) ( 7,368 ) ( 14,816 ) ( 14,816 ) Total other expense ( 7,368 ) ( 7,368 ) ( 14,816 ) ( 14,816 ) Net loss before taxes ( 11,927 ) ( 13,601 ) ( 36,913 ) ( 40,387 ) Provision for income taxes - - - - Net loss $ ( 11,927 ) $ ( 13,601 ) $ ( 36,913 ) $ ( 40,387 ) Net Loss Per Common Share – Basic and Diluted $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) $ ( 0.00 ) Weighted Average Comm
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
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 t