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Star Alliance International Corp (STAL0.00%) has submitted its 10-K filing for the fiscal year ended June 30, 2024.
The filing details the company's acquisition strategy, including the acquisition of gold mining claims and environmentally safe technologies. The company is focused on acquiring assets related to artificial intelligence and fintech.
Star Alliance acquired 78 gold mining claims in Mariposa County, California, and is working on reopening the mine in 2024. The company is also negotiating acquisitions related to the Genesis ore extraction process.
The company reported a net loss of $2,354,047 for the fiscal year ended June 30, 2024, compared to a net loss of $11,170,257 in the previous year. The decrease in loss is attributed to reduced operating expenses.
Operating expenses for the year included general and administrative expenses of $96,803, professional fees of $39,548, and consulting fees of $53,000.
The company has a working capital deficit of $2,603,419 as of June 30, 2024, and an accumulated deficit of $28,582,704.
The company issued several shares of common stock for services and conversion of debt during the fiscal year. Notably, 208,214,745 shares were issued for debt conversion.
Star Alliance continues to explore opportunities in the mining industry and related technologies, with a focus on environmentally friendly processes.
The company has identified material weaknesses in its internal controls over financial reporting and is evaluating the necessity of implementing an independent board of directors to address these issues.
The filing also includes details on various financial agreements, including convertible notes and derivative liabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Star Alliance International Corp annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.