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    LAAB   US85571L1035

STARTECH LABS, INC.

(LAAB)
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STARTECH LABS : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

08/16/2021 | 06:39am EDT

This annual report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "management believes" and similar language. Except for the historical information contained herein, the matters discussed in this "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this current report on Form 10-K are forward-looking statements that involve risks and uncertainties. The factors listed in the section captioned "Risk Factors," as well as any cautionary language in this current report on Form 10-K, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from those projected. Except as may be required by law, we undertake no obligation to update any forward-looking statement to reflect events after the date of this current report on Form 10-K.

Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.




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  Table of Contents



Results of Operations - Years Ended May 31, 2021 and 2020

The following summary of our results of operations should be read in conjunction with our consolidated financial statements for the years ended May 31, 2021 and 2020, which are included herein.

Our operating results for the year ended May 31, 2021 and 2020, and the changes between those periods for the respective items are summarized as follows:



                                        For the Year Ended
                                     May 31,         May 31,
                                      2021            2020             Change            %
Operating Expenses
General and administrative                                                              (36%)
expenses                            $   1,800     $       2,825     $      (1,025 )
Professional fees                      27,982            29,464            (1,482 )      (5%)
Stock based compensation                    -        38,500,000       (38,500,000 )    (100%)
Total Operating Expenses               29,782        38,532,289       (38,502,507 )    (100%)
Other expense                          53,805           129,910           (76,105 )     (59%)
Net Loss                            $ (83,587 )   $ (38,662,199 )   $  38,578,612      (100%)




Revenue


We have not generated any revenues for the year ended May 31, 2021 and May 31, 2020.




Operating expense



Operating expenses for year ended May 31, 2021 decreased to $29,782 from $38,532,289 incurred during the year ended May 31, 2020 due to stock compensation of $38,500,000 incurred from issuance of common share to the Company's Chief Executive Officer during the year ended May 31, 2020.



Other expense


Interest expense for the year ended May 31, 2021 decreased to $53,805 from $129,910 for the year ended May 31, 2020 due to the decrease in note discount amortization as some of the note discount have been fully amortized during the year ended May 31, 2020.



Net loss


Net loss for the year ended May 31, 2021 decreased to $83,587 from $38,662,199 for the year ended May 31, 2020 due to the decrease in in operation expenses and other expenses during the year ended May 31, 2021.

Liquidity and Capital Resources



Working Capital



                              May 31,        May 31,
                                2021           2020         Change
Current Assets               $        -     $        -     $       -
Current Liabilities          $  188,135     $  141,881     $  46,254
Working Capital Deficiency   $ (188,135 )   $ (141,881 )   $ (46,254 )




The increase in working capital deficiency during the year ended May 31, 2021
was primarily a result of an increase of convertible notes, accrued interest and
amount due to related party.



Cash Flows



                                            For the Year Ended
                                           May 31,       May 31,
                                            2021          2020

Cash Flows used in Operating Activities $ (30,332 ) $ (31,810 ) Cash Flows used in Investing Activities (400 )

           -

Cash Flows from Financing Activities 30,732 31,810 Net Change in Cash and Cash Equivalents $ - $ -





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Cash Flow from Operating Activities

During the year ended May 31, 2021, our company used $30,332 in cash from operating activities, compared to $31,810 cash used in operating activities during the year ended May 31, 2020.

The cash used from operating activities for the year ended May 31, 2021 was attributed to a net loss of $83,587, decreased by non-cash expense of $27,072 for amortization of debt discount and an increase in working capital of $26,523.

The cash used from operating activities for the year ended May 31, 2020 was attributed to a net loss of $38,662,199, decreased by non-cash expense of $38,500,000 for stock based compensation and $105,924 for amortization of debt discount and an increase in working capital of $24,465.

Cash Flow from Investing Activities

During the year ended May 31, 2021, our company spent $400 on website development. During the year ended May 31, 2020, our company did not use any cash in investing activities.

Cash Flow from Financing Activities

During the year ended May 31, 2021, our company received $30,732 compared to $31,810 provided by financing activities during the year ended May 31, 2020.

During the year ended May 31, 2021, our company received proceed from issuance of convertible notes of $26,732 to pay the operating expenses and $4,000 from the Company's director to pay operating expenses.

During the year ended May 31, 2020, our company received proceed from issuance of convertible notes of $31,810 to pay the operating expenses.

Liquidity and Capital Resources

Our cash balance at May 31, 2021 was $NIL with $188,135 in outstanding current liabilities, consisting of convertible notes of $129,402, accrued interest of $51,058, due to related party of $4,000 and accounts payable and accrued liabilities of $3,675. We estimate total expenditures over the next 12 months are expected to be approximately $30,000.



Contractual Obligations


As a "smaller reporting company", we are not required to provide tabular disclosure obligations.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.



Critical Accounting Policies


The preparation of financial statements in accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A change in managements' estimates or assumptions could have a material impact on our financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. Our financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented.

Recent Accounting Pronouncements

Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on our company's financial statements.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 - - -
Net income 2021 -0,08 M - -
Net Debt 2021 0,13 M - -
P/E ratio 2021 -247x
Yield 2021 -
Capitalization 11,2 M 11,2 M -
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 9,31%
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