Greentech Innovations, Inc 10-Q for FY2020 Q3

Greentech Innovations, Inc. (GTIC)

10-Q 2020-04-08 For: 2020-02-29

Added on April 06, 2026

About this 10-Q

Greentech Innovations, Inc filed this 10-Q on April 8, 2020, covering the quarter ended February 29, 2020 (FY2020 Q3).

Headline figures

Quarter ended February 29, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $38.52M; compared with a net loss of $9200 a year earlier

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	For the quarterly period ended February 29, 2020

or

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from _______ to _________

244 Madison Avenue, New York City, NY		10016-2817
(Address of principal executive offices)		(Zip Code)

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x
		Emerging growth company	x

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3
Item 2.	Management s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	18

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	21
SIGNATURES		22

	February 29,			May 31,
	2020			2019
ASSETS
Current Assets

Total Assets	$	-		$	-

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	$	1,269		$	3,747
Accrued interest		17,958			-
Due to related parties		-			81,859
Convertible notes		110,320			-
Total Current Liabilities		129,547			85,606

Total Liabilities		129,547			85,606

STOCKHOLDERS' DEFICIT
Common Stock: $0.001 par value, 75,000,000 shares authorized, 148,433 shares issued and outstanding		148			148
Additional paid-in capital		125,999			71,465
Stock payable		38,500,000			-
Accumulated deficit		(38,755,694	)		(157,219	)
Total Stockholders' Deficit		(129,547	)		(85,606	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	-		$	-

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the Three Months Ended						For the Nine Months Ended
	February 29,			February 28,			February 29,			February 28,
	2020			2019			2020			2019

Revenues	$	-		$	-		$	-		$	-
Cost of Goods Sold		-			-			-			-
Gross Profit		-			-			-			-

Operating Expenses
General and administration		450			450			2,350			1,350
Professional		4,411			4,799			23,633			27,370
Stock based compensation		38,500,000			-			38,500,000			-
Total operating expenses		38,504,861			5,249			38,525,983			28,720

Net loss from operations		(38,504,861	)		(5,249	)		(38,525,983	)		(28,720	)

Other expense
Interest expense		(11,811	)		-			(72,492	)		-
Total other expense		(11,811	)		-			(72,492	)		-

Net loss before taxes		(38,516,672	)		(5,249	)		(38,598,475	)		(28,720	)
Provision for income taxes					-			-			-
Loss from Continued Operations		(38,516,672	)		(5,249	)		(38,598,475	)		(28,720	)

Discontinued operations
Income (Loss) from discontinued operations		-			(3,951	)		-			(3,396	)
Income from Discontinued Operations, Net of Tax Benefits		-			(3,951	)		-			(3,396	)

Net loss	$	(38,516,672	)	$	(9,200	)	$	(38,598,475	)	$	(32,116	)

Net Loss Per Common Share – Basic and Diluted
Continuing operations	$	(259.49	)	$	(0.04	)	$	(260.04	)	$	(0.19	)
Discontinued operations	$	-		$	(0.03	)	$	-		$	(0.02	)
Net loss	$	(259.49	)	$	(0.06	)	$	(260.04	)	$	(0.22	)

Weighted Average Common Shares Outstanding		148,433			148,433			148,433			148,433

					Additional
	Common stock				paid-in		Stock		Accumulated
	Shares		Amount		capital		Payable		Deficit			Total

Balance, May 31, 2019		148,433	$	148	$	71,465	$	-	$	(157,219	)	$	(85,606	)
Beneficial conversion feature		-		-		45,746		-		-			45,746
Net loss for the period		-		-		-		-		(65,119	)		(65,119	)
Balance, August 31, 2019		148,433	$	148	$	117,211	$	-	$	(222,338	)	$	(104,979	)
Beneficial conversion feature		-		-		8,788		-		-			8,788
Net loss for the period		-		-		-		-		(16,684	)		(16,684	)
Balance, November 30, 2019		148,433	$	148	$	125,999	$	-	$	(239,022	)	$	(112,875	)
Stock based compensation		-		-		-		38,500,000		-			38,500,000
Net loss for the period		-		-		-		-		(38,516,672	)		(38,516,672	)
Balance, February 29, 2020		148,433	$	148	$	125,999	$	38,500,000	$	(38,755,694	)	$	(129,547	)

	•	identify the contract with a customer;

	•	identify the performance obligations in the contract;

	•	determine the transaction price;

	•	allocate the transaction price to performance obligations in the contract; and

	•	recognize revenue as the performance obligation is satisfied.

	Three Months Ended
	February 29,			February 28,
	2020			2019			Change
Revenue	$	-		$	-		$	-
Operating Expenses
General and administrative expenses		450			450			-
Professional fees		4,411			4,799			(388	)
Stock- based compensation		38,500,000			-			38,500,000
Other income (expense)		(11,811	)		-			(11,811	)
Loss from continued operations		(38,516,672	)		(5,249	)		(38,511,423	)
Income (Loss) from discontinued operations		-			(3,951	)		3,951
Net Loss	$	(38,516,672	)	$	(9,200	)	$	(38,507,472	)

	•	Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of our company;

	•	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States of America, and that receipts and expenditures of our company are being made only in accordance with authorizations of management and directors of our company; and

	•	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our company’s assets that could have a material effect on the financial statements.

		INCORPORATED BY REFERENCE
EXHIBIT NUMBER	Exhibit Description	Form	Exhibit	Filing Date
(3)	(i) Articles of Incorporation, (ii) Bylaws
3.1*	Articles of Incorporation	10-K	3.1	August 21, 2019
3.2	By-Laws	S-1	3.2	August 16, 2013
3.3*	Certificate of Amendment	10-K	3.3	August 21, 2019
(31)	(i) Rule 13a-14(a)/15d-14(a) Certifications, (ii) Rule 13a-14/15d-14 Certifications
31.1*	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer and Chief Financial Officer
(32)	Section 1350 Certifications
32.1**	Section 1350 Certification of Chief Executive Officer and Chief Financial Officer
(100)	Interactive Data File
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document

		STARTECH LABS, INC.
		(Registrant)

Dated: April 8, 2020		/s/ Kevin So
		Kevin So
		President, Chief Executive Officer, Secretary and Director
		(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

1.	I have reviewed this quarterly report on Form 10-Q of Startech Labs, Inc.;

2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	For the Nine Months Ended
	February 29,			February 28,
	2020			2019

Cash Flows from Operating Activities:
Net loss	$	(38,598,475	)	$	(32,116	)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt		-			3,951
Stock-based compensation		38,500,000			-
Amortization of debt discount		54,534			-
Changes in operating assets and liabilities:
Accounts receivable		-			(555	)
Accounts payable		(2,478	)		(5,910	)
Accrued interest		17,958			-
Net Cash Used in Operating Activities		(28,461	)		(34,630	)

Cash Flows from Financing Activities:
Due to related party		-			34,630
Proceeds from issuance of convertible notes		28,461			-
Net Cash Provided by Financing Activities		28,461			34,630

Net Change in Cash and Cash Equivalents		-			-
Cash and Cash Equivalents, beginning of period		-			-
Cash and Cash Equivalents, end of period	$	-		$	-

Supplemental Disclosure Information:
Cash paid for interest	$	-		$	-
Cash paid for taxes	$	-		$	-

Non-Cash Disclosure:
Beneficial conversion feature	$	54,534		$	-

	February 29,			May 31,
	2020			2019
Convert Notes - June 2019	$	81,859		$	-
Convert Notes - August 2019		14,716			-
Convert Notes - November 2019		8,789			-
Convert Notes - February 2020		4,956			-
		110,320			-
Less current portion of convertible notes payable		(110,320	)		-
Long-term convertible notes payable	$	-		$	-

	For the Nine Months Ended
	February 29,			February 28,
	2020			2019
Cash Flows used in Operating Activities	$	(28,461	)	$	(34,630	)
Cash Flows used in Investing Activities		-			-
Cash Flows from Financing Activities		28,461			34,630
Net Change in Cash and Cash Equivalents	$	-		$	-

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ Kevin So
Kevin So
President, Chief Executive Officer, Secretary and Director
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

(1)	the Quarterly Report on Form 10-Q of Startech Labs, Inc. for the period ended February 29, 2020 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Startech Labs, Inc.