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Startech Labs Inc (LAAB-8.57%). has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $11,927, compared to a net loss of $13,601 in the same quarter the previous year. The decrease in net loss is attributed mainly to a reduction in professional fees.
Operating expenses for the quarter were $4,559, down from $6,233 in the same quarter of the previous year. Other expenses, including interest, remained constant at $7,368.
For the six months ended November 30, 2024, the company reported a net loss of $36,913, compared to $40,387 in the previous year. This decrease is also primarily due to reduced professional fees.
The company has a working capital deficiency of $410,626 as of November 30, 2024, an increase from $373,713 as of May 31, 2024. This increase is due to higher amounts owed to related parties and accrued interest payable.
Startech Labs did not use cash in investing activities during the six months ended November 30, 2024 and 2023. Cash flows from financing activities included $17,681 received from director advancements in 2024, compared to $22,617 in 2023.
The company continues to face challenges related to its going concern status, with accumulated losses totaling $39,125,896 since inception. It remains reliant on additional financing to meet its ongoing obligations.
Startech Labs develops customized web solutions with a focus on fare aggregators and travel metasearch engines. The company operates international online travel and hospitality portals for flights and hotels.
The company's financial statements reflect adjustments necessary for fair presentation, although they are unaudited and should be read in conjunction with the annual report on Form 10-K for the year ended May 31, 2024.
Startech Labs has not declared bankruptcy or been involved in receivership. The company does not own any property and does not have a corporate website.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Startech Labs Inc quarterly 10-Q report dated December 31, 2024. To report an error, please email earnings@qz.com.