Startech Labs, Inc.
August 31, 2020
By August 2020, the company had four shareholders of common stock with 57,898,433 shares outstanding.
Common stock: $0.001
There were no repurchases of the company’s common stock in the financial year that ended on May 31, 2020.
The company has issued neither cash dividends in the past year nor have they issued stock dividends. The company intends to reinvest its profits into the company for the foreseeable future.
The company does not have any bonds outstanding.
The company is doing worse than it was doing the previous year. According to the report, the company made a net loss of $38,863 by May 2019, but in May 2020, the company inquired a net loss of $38 662 199 (“Inline XBRL Viewer,” 2021). The company’s report explains that the spike in losses came from an unprecedented rise in stock-based compensation.
Startech Labs, Inc. is a mobile app company that focuses on the creation of utility and entertainment apps for Google play store and iOS play store platforms. It has created a number of the app, but it has also acquired others through its affiliate company Analog Nest, some of which include Booth, Fatty, and Annie Booth(“Inline XBRL Viewer,” 2021). The company is not facing any litigation, but it had to implement a stock-based compensation plan that had costly financial implications. The compensation plan cost the company $35 500, 000 according to the 10K report. The loss was the highest ever recorded since the inception of the company.
The 10k report of the company provided a detailed breakdown of the Startech Labs. Inc. The report provided both general and financial information that this paper summarizes.
Startech Labs, Inc. is an incorporated company in Nevada that deals with the development of apps for Google and iOS platforms. The company started as a mobile up creator that majored in the creation of apps that compared cellular rate plans for users before the shareholders agreed to the name change in 2019. The company’s affiliate, Analog Nest, offers common stock to the company to the volume 100 000 shares to its shareholders. The common stocks have a par value of $0.001, and they are the only stocks that the company trades. In the recent financial year, the company has not resold any stock. In addition, as of August 2020, the company had four shareholders of common stock with 57,898,433 shares outstanding, and it did not have any bonds outstanding.
The company makes its revenue from the sale of certain apps in Google and iOS stores and the display of an advertisement in some of its apps. The operating market opportunity of the company is that many people are embracing mobile apps, given the increase of mobile devices(“Inline XBRL Viewer,” 2021). The company stays ahead of its competition by creating many unique apps with a financial projection based on the increased use of mobile devices and applications. “Analog Nest has an aggregate of approximately nine million downloads of its Apps from users around the globe, with the US taking the majority of that share” (“Inline XBRL Viewer,” 2021). With such numbers, one would think that the company would be profitable, but the realities of the financial side of the company show that it is incurred more loss in the past financial year.
Financially, the company has been making losses and the last financial year was one in which they recorded the highest ever loss. Many startups that do not have the amount of money they need to pay their employees the competitive rates often offer stocks as a reward for their employees as Startech did. The employees can claim the stocks after a given period, typically 3 to 4 years of the vesting period. For Startech Labs Inc., in the financial year that ended in May 2020, the company had to incur losses in millions in the form of stock-based compensation. The company recorded a loss amounting to $38 500,000 due to increased stock-based compensation that it offers its employees (“Inline XBRL Viewer,” 2021). The losses were classified as losses from a continued operation that the company anticipated, but the amount is still alarming, anticipated, or otherwise.
Overall, the 10K report was helpful in detailing information about Startech Labs, Inc. in terms of history and financial aspects. The summary presented in this paper has outlined the important aspects of the company based on the 10K report.
Inline XBRL Viewer. Sec.gov. (2021). Retrieved May 30, 2021, from https://www.sec.gov/ix?doc=/Archives/edgar/data/1584480/000164033420002219/laab_10k.htm#i7.
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