v3.22.2.2
Organization and Description Of Business
9 Months Ended
Sep. 30, 2022
Organization and Description of Business [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 

  A. SAMSARA LUGGAGE, INC. (THE “COMPANY”)

 

   

The Company was incorporated on May 7, 2007 under the name, “Darkstar Ventures, Inc.” under the laws of the State of Nevada. The Company is a global smart luggage and lifestyle brand that incorporates innovative design and functional technology into its smart travel products. After two years of travel restrictions due to the coronavirus pandemic, Samsara Luggage put its focus back into the luggage category and launched the first product from the Tag Smart collection of smart suitcases. The Tag Smart line was launched in April 2022 in conjunction with the lifting of travel restrictions. This collection is equipped with Apple’s AirTag technology, allowing travelers to track their suitcases using the Find My app on their iPhone. The tracking technology is designed to offer a solution to one of the most common pain points in travel – lost luggage. The Tag Smart suitcases are available in two different sizes to accommodate both international and US domestic travel, The newest collection comes in three colors in durable polycarbonate and two colors in a lightweight, aviation-grade aluminum material. 

 

The Tag Smart collection was launched along with a new line of coordinating travel accessories in varying sizes and colors. Travel accessories include a weekender bag, sling crossbody, water bottle, oversized travel bag and more. 

 

Samsara launched Sarah & Sam, a fashion and lifestyle collection in the fourth quarter of the 2020 fiscal year. Sarah & Sam is a part of Samsara Direct, a new business model initiated in response to the travel restrictions enforced due to the coronavirus pandemic. Samsara Direct leverages the company's established digital assets and manufacturing and fulfillment supply chain capabilities to offer additional consumer products that respond to the changing needs of the market. Sarah & Sam continues to operate and generate sales, alongside the recovery of luggage sales, as travel volumes are back to pre-pandemic situation.

 

On November 12, 2019, the Company completed its merger with the Delaware corporation that was previously known as “Samsara Luggage, Inc.” (“Samsara Delaware”) in accordance with the terms of the Merger Agreement and Plan of Merger, dated as of May 10, 2019, (the “Merger Agreement”) by and among the Company, Samsara Delaware, and Avraham Bengio, pursuant to which Samsara Delaware merged with and into the Company, with the Company being the surviving corporation (the “Merger”). Following the completion of the Merger, the business of the Company going forward became the business of Samsara Delaware prior to the Merger, namely, designing, manufacturing, and selling high quality luggage products to meet the evolving needs of frequent travelers and also seeking to present new technologies within the aluminum luggage industry, including an aluminum “smart” suitcase.

 

The Common Stock listed on the OTC Pink Marketplace, previously trading through the close of business on November 11, 2019 under the ticker symbol “DAVC,” commenced trading on the OTC Pink Marketplace under the ticker symbol “SAML” on November 12, 2019. The Common Stock has a new CUSIP number, 79589J101.

 

  B. GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of September 30, 2022, the Company had approximately $125 in cash and cash equivalents, approximately $1,496 in deficit of working capital, a stockholders’ deficiency of approximately $1,687 and an accumulated deficit of approximately $11,894. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Company’s ability to continue as a going concern is dependent upon raising capital from financing transactions and revenue from operations. Management anticipates their business will require substantial additional investments that have not yet been secured. Management is continuing in the process of fund raising in the private equity and capital markets as the Company will need to finance future activities. These financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.