STARTECH LABS: Management Discussion and Analysis of Financial Position and Operating Results (Form 10-Q)

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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 words such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “believes”, “predicts”, “,“, 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 actual results, levels of activity, performance or achievements or those of our industry to differ materially from the results. , activity levels, performance or future achievements expressed. or implied by these forward-looking statements. Although we believe that the expectations reflected in forward-looking statements are reasonable, we cannot guarantee future results, activity levels, performance or achievements. Unless required by applicable law, including securities laws of United States, we do not intend to update any forward-looking statements to conform them to actual results.

Our unaudited financial statements are presented in United States Dollars (USD) and are prepared in accordance with generally accepted accounting principles in the United States. The following discussion should be read in conjunction with our financial statements and related notes appearing elsewhere in this quarterly report. The following discussion contains forward-looking statements which 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 indicated in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to the stock of our common stock.

As used in this quarterly report, the terms “we”, “our”, “our company” mean
Startech Labs, Inc., a Nevada company, unless otherwise specified.


Overview


We have been incorporated into the State of nevada to April 20, 2013 under the name UpperSolution.com with the primary objective of creating an independent and unbiased mobile app that enables consumers to find the best cell plan for their needs and get real-time notifications when a new cell plan is available.

At January 10, 2018, our company, Analog Nest Technologies, Inc. (“Analog Nest”) and the shareholders of Analog (the “Shareholders of Analog Nest”) entered into a transaction pursuant to a share exchange agreement dated January 10, 2018, whereby our company acquired 100% of the outstanding common shares of Analog Nest (the “Analog Nest Shares”) from the shareholders of Analog Nest. In exchange for the Analog Nest shares, our company issued 100,000 common shares to the shareholders of Analog Nest.

Analog Nest has been integrated into State of nevada to September 8, 2017 as a mobile application company (“app”) focused on utility / entertainment applications for Google’s Android and Apple’s iOS platforms. In december 2017, Analog Nest has acquired the following applications: Old Fart Booth, Old Fart Pro standUgly, ugly face stand Santa’s stand, Baldy – Bald Photo Booth, Fatty – Make Funny Fat Faces, Slender Man Scary Prank, Anime Booth, Anime Free kiosk, Minecart Mayhem, Pimp My Pet, Pimp My Dog, Cavity Detector – Scary Prank, Mustacher, Alex from Target, A
Farm Animal Show, Mustacher Pro, Pimp My Cat and Animal dressing show.

At June 26, 2019, a majority of our shareholders and our board of directors have approved a name change for our company to “Startech Labs, Inc.“and a consolidation of shares of our issued and outstanding common shares on a basis of ninety-five (95) old for one (1) new basis. The name change and the consolidation of shares are effective the July 17, 2019.

We have not declared bankruptcy, been subject to receivership or similar proceedings.

Our office is located at 244 Madison Avenue, New York, New York State 10016-2817 and our phone number is (802) 255-4212. We do not own any property and we do not have a business website.



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Our Current Business


Startech Laboratories develops custom web solutions with commercial and retail applications. Currently focused on the development of fare aggregators and travel search metasearch engines, Startech Laboratories owns and operates international online travel and hospitality web portals where users can search for flights and hotels and select the most economical options.


Results of Operations


The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months ended August 31, 2021 and 2020.



Three months ending August 31, 2021 compared to three months ending August 31,
2020:



                                   For the Three Months Ended
                                  August 31,         August 31,
                                     2021               2020          Change            %
Operating Expenses
General and administrative
expenses                        $          450       $       450     $       -               -
Professional fees                       13,034            15,458        (2,424 )         (16%)
Total Operating Expenses                13,484            15,908        (2,424 )         (15%)
Other expense                            7,448            22,397       (14,949 )         (67%)
Net Loss                        $      (20,932 )     $   (38,305 )   $  17,373           (45%)




Net loss


Totalized net loss $ 20,932 for the three months ended August 31, 2021, compared to a net loss for the three months ended August 31, 2020 of $ 38,305. The decrease in net loss is primarily attributable to lower operating and other expenses.



Operating expense



During the three months ended August 31, 2021 and 2020 was $ 13,484 and $ 15,908, respectively. The decrease in operating expenses is attributable to the decrease in professional fees.


Other expense


Other charges for the three months ended August 31, 2021 included interest expense on convertible banknotes $ 7,448. Other charges for the three months ended August 31, 2020
includes the amortization of the discount $ 16,632 and interest expense on the convertible notes of $ 5,765.

Liquidity and capital resources


Working Capital



                             August 31,       May 31,
                                2021            2021         Change
Current Assets               $         -     $        -     $       -
Current Liabilities          $   209,067     $  188,135     $  20,932
Working Capital Deficiency   $  (209,067 )   $ (188,135 )   $ (20,932 )





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The increase in the working capital deficit during the closed quarter August 31, 2021 is mainly explained by an increase in amounts due to related parties and accrued interest payable.

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