Starco Brands, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Starco Brands, Inc. has filed its 2023 10-K report detailing its financial performance and corporate information.</b>

AI Summary

Starco Brands, Inc. (STCB) filed a Annual Report (10-K) with the SEC on April 3, 2024. Starco Brands, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Insynergy Products, Inc. and changed its name on January 18, 2012. Starco Brands, Inc. is incorporated in Nevada. The company's principal business address is 250 26th Street, Suite 200, Santa Monica, CA 90402. The filing was made on April 3, 2024.

Why It Matters

For investors and stakeholders tracking Starco Brands, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Starco Brands' financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. Understanding the company's historical information, including its former name and incorporation details, provides context for its current business structure and evolution.

Risk Assessment

Risk Level: — Starco Brands, Inc. shows moderate risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational information without immediate significant market-moving events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Starco Brands' performance and potential challenges in fiscal year 2023.

Key Players & Entities

• Starco Brands, Inc. (company) — Filer name
• Insynergy Products, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-03 (date) — Filing date
• 250 26th Street, Suite 200, Santa Monica, CA 90402 (address) — Business and mailing address
• NV (state) — State of incorporation

FAQ

Industry Context

Starco Brands operates within the services sector, specifically advertising agencies, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for FY 2023.
2. Review the 'Risk Factors' section for any new or evolving business and financial risks.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-03: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Starco Brands, Inc. under its current name and structure, following its previous identity as Insynergy Products, Inc.

Key Financial Figures

• $0.12 — puted by reference to the closing price $0.12 on the OTC Market as of the last busine
• $3,300,000 — in License Agreement of an aggregate of $3,300,000 through 2025, Up through 2025, subject
• $45,402,121 — ce inception. We incurred a net loss of $45,402,121 in the year ended December 31, 2023, ge
• $977,858 — ember 31, 2023, generated net income of $977,858 in the year ended December 31, 2022, in
• $543,286 — ember 31, 2021, generated net income of $543,286 in the year ended December 31, 2020 and
• $139,964 — ber 31, 2020 and incurred a net loss of $139,964 in the year ended December 31, 2019. As
• $63,769,469 — 2023, we had an accumulated deficit of $63,769,469. We may not be able to maintain profita
• $20,467,700 — rable. In 2023, the Company recognized $20,467,700 and $9,145,000 of impairment charges on
• $9,145,000 — the Company recognized $20,467,700 and $9,145,000 of impairment charges on goodwill withi
• $26,689,391 — We cannot assure you that the remaining $26,689,391 of goodwill on the balance sheet as of

Filing Documents

• form10-k.htm (10-K) — 1794KB
• ex21-1.htm (EX-21.1) — 4KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• 0001493152-24-013032.txt (&nbsp;) — 8876KB
• stcb-20231231.xsd (EX-101.SCH) — 69KB
• stcb-20231231_cal.xml (EX-101.CAL) — 88KB
• stcb-20231231_def.xml (EX-101.DEF) — 324KB
• stcb-20231231_lab.xml (EX-101.LAB) — 521KB
• stcb-20231231_pre.xml (EX-101.PRE) — 428KB
• form10-k_htm.xml (XML) — 1404KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I 3 Item 1. Business. 3 Item 1A. Risk Factors. 7 Item 1B. Unresolved Staff Comments. 15 Item 2. Properties. 15 Item 3. Legal Proceedings. 15 Item 4. Mine Safety Disclosures. 15 PART II 16 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 16 Item 6. [Reserved]. 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 25 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 25 Item 9.

Controls and Procedures

Controls and Procedures. 25 Item 9A. Other Information. 26 Item 9B. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 26 PART III 27 Item 10. Directors, Executive Officers and Corporate Governance. 27 Item 11.

Executive Compensation

Executive Compensation. 28 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 29 Item 13. Certain Relationships and Related Transactions, and Director Independence. 30 Item 14. Principal Accountant Fees and Services. 34 PART IV 35 Item 15. Exhibits and Financial Statement Schedules. 35 Item 16. Form 10-K Summary. 37

Signatures

Signatures 38 2 PART I Forward-Looking This Annual Report contains forward-looking statements as that term is defined in the federal securities laws. The events described in forward-looking or anticipated benefits or other consequences of our plans or strategies, projected or anticipated benefits from acquisitions to be made by us, or projections involving anticipated revenues, earnings or other aspects of our operating results. The words "may," "will," "expect," "believe," "anticipate," "project," "plan," "intend," "estimate," and "continue," and their opposites and similar expressions are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are of the statements and the projections upon which the statements are based. Factors which may affect our results include, but are not limited to, the risks and uncertainties discussed in Item 1A of this Annual Report ("Risk Factors"). Any one or more of these uncertainties, risks and other influences could materially affect our results of operations and whether forward-looking those expressed or implied in these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking Item 1 .

Business

Business Starco Brands, Inc. (formerly Insynergy Products, Inc.), which we refer to as "the Company," "our Company," "STCB", "we," "us" or "our," was incorporated in the State of Nevada on January 26, 2010 under the name Insynergy, Inc. On September 7, 2017, the Company filed an Amendment to the Articles of Incorporation to change the corporate name to Starco Brands, Inc. The Board determined the change of the Company's name was in the best interests of the Company due to changes in our current and anticipated business operations at that time. In July 2017, the Company entered into a licensing agreement with The Starco Group ("TSG"), located in Los Angeles, California. TSG is a private label and branded aerosol and liquid fill manufacturer with manufacturing assets in the following verticals: DIY/Hardware, paints, coatings and adhesives, household, hair care, disinfectants, automotive, motorcycle, arts & crafts, personal care cosmetics, personal care FDA, sun care, food, cooking oils, beverages, and spirits and wine. Upon entering into the licensing agreement with TSG, the Company pivoted to commercializing novel consumer products manufactured by TSG. In 2022, the Company embarked on a strategy to grow its consumer product line offerings through the acquisition of multiple subsidiaries with established behavior changing products and brands. With an increased product line and its existing partner relationships, the Company has continued expanding its vertical and consumer base through 2023. Executive Overview In July 2017, our Board of Directors entered into a licensing agreement with TSG to pursue a new strategic marketing plan involving commercializing leading edge products with the intent to sell them through brick and mortar and online retailers. We are a company whose mission is to create behavior-changing products and brands. Our core competency is inventing brands, marketing, building trends, pushing awareness and social marketing. The licensing agreem

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View this 10-K filing on SEC EDGAR