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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

Form 10-Q

 

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended August 31, 2024

 

or

 

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

 

Commission file number 000-56526

 

ANKAM, INC.

(Exact name of registrant as specified in its charter)

 

Nevada   61-1900749   7370
(State or Other Jurisdiction of Incorporation or Organization)   (I.R.S. Employer Identification Number)   (Primary Standard Industrial Classification Code Number)

  

 

     
 

Wang Wen Lung

5F., No. 97, Jingye 1st Rd., Zhongshan Dist.,
Taipei City 104, Taiwan (R.O.C.).

+886-928486237

info@ankm.site

(Address, including Zip Code, and Telephone Number, including Area Code, of Registrant's Principal Executive Office)

 

 

Securities registered under Section 12(b) of the Exchange Act:
 
Title of each class   Trading Symbol   Name of each exchange on which registered
N/a   N/a   N/a
 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒       No ☐

 

Indicate by check mark whether the registrant has submitted electronically on its corporate Web site, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐       No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated Filer Accelerated Filer
Non-accelerated Filer Smaller reporting company
(Do not check if a smaller reporting company) Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐       No

 

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 4,558,063 common shares issued and outstanding as of August 31, 2024.

 

  

   

 

 

ANKAM, INC.

FORM 10-Q

Quarterly Period Ended August 31, 2024

 

 

 

INDEX

 

    Page
PART I FINANCIAL INFORMATION:  
     
Item 1. Financial Statements (Unaudited) 3
  Consolidated Balance Sheets as of August 31, 2024 (Unaudited) and November 30, 2023 4
  Consolidated Statements of Operations for the three and nine months ended August 31, 2024 and 2023 (Unaudited) 5
  Consolidated Statements of Stockholders' Deficit for the nine months ended August 31, 2024 and 2023 (Unaudited) 6
  Consolidated Statements of Cash Flows for the nine months ended August 31, 2024 and 2023 (Unaudited) 7
  Notes to the Consolidated Financial Statements (Unaudited) 8
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
     
Item 4. Controls and Procedures 19
     
PART II OTHER INFORMATION: 20
     
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 20
     
Signatures

 

21

 

 

 

 2 

 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1.   Financial Statements (Unaudited)

 

The accompanying interim financial statements of Ankam, Inc. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been omitted pursuant to such rules and regulations. 

 

The interim financial statements should be read in conjunction with the Company’s latest annual financial statements.

 

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 3 

 

ANKAM, INC.

CONSOLIDATED BALANCE SHEETS

 

           
   August 31,
2024
   November 30,
2023
 
ASSETS        
CURRENT ASSETS:          
Cash  $19,185   $286 
Accounts receivable       21,390 
Prepaid expenses   30,000    15,847 
Right-of-use asset, net   10,559    48,643 
Total current assets   59,744    86,166 
Capitalized software costs, net   117,695    22,157 
TOTAL ASSETS  $177,439   $108,323 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES:          
Accounts payable and accrued expenses  $2,000   $84,000 
Deferred revenue   20,000    12,700 
Related party loan   449,338    292,026 
Lease liability       44,900 
Total current liabilities   471,338    433,626 
Total liabilities   471,338    433,626 
           
Commitments and contingencies (Note 8)        
           
STOCKHOLDERS’ DEFICIT:          
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,558,063 shares issued and outstanding   4,558    4,328 
Additional paid in capital   169,072    31,262 
Accumulated deficit   (467,529)   (360,893)
Total stockholders’ deficit   (293,899)   (325,303)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $177,439   $108,323 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 4 

 

 

 

ANKAM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

                     
   For three
months ended
August 31, 2024
  

For three
months ended

August 31, 2023

  

For nine

months ended
August 31, 2024

  

For nine

months ended
August 31, 2023

 
                 
REVENUE  $8,697   $5,999   $33,842   $19,697 
                     
EXPENSES:                    
General and administrative expenses   63    4,139    26,884    306 
Director fee   16,000    18,000    62,000    54,000 
Professional fees   4,942    4,989    35,320    25,322 
Server expense   44,925    44,898    134,721    134,694 
Amortization   13,170    6,978    35,861    20,933 
Total expenses   79,098    75,004    294,785    235,255 
                     
LOSS FROM OPERATIONS   (70,403)   (69,005)   (260,944)   (215,558)
                     
OTHER INCOME (EXPENSES):                    
Debt Forgiveness   154,308        154,308     
                     
Loss before income taxes   83,905    (69,005)   (106,636)   (215,558)
                     
Provision for income taxes                
                     
NET LOSS  $83,905   $(69,005)  $(106,636)  $(215,558)
                     
Net loss per common share - basic  $0.01   $(0.02)  $(0.02)  $(0.05)
                     
Weighted average number of common shares outstanding - basic and diluted   4,558,063    4,327,996    4,558,063    4,327,996 

 

 

  

  

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 5 

 

 

ANKAM, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited)

 

 

                          
       Additional       Total 
   Common Stock   Paid-in   Accumulated   Stockholders’ 
   Shares   Amount   Capital   Deficit   Deficit 
Balance as of November 30, 2022   4,327,996   $4,328   $31,262   $(81,736)  $(46,146)
Net loss               (81,677)   (81,677)
Balance as of February 28, 2023   4,327,996    4,328    31,262    (163,413)   (127,823)
Net loss               (64,876)   (64,876)
Balance as of May 31, 2023   4,327,996    4,328    31,262    (228,289)   (192,699)
Net loss               (69,005)   (69,005)
Balance as of August 31, 2023   4,327,996   $4,328    31,262   $(297,294)  $(261,704)
                          
                          
                          
Balance as of November 30, 2023   4,327,996   $4,328   $31,262   $(360,893)  $(325,303)
Net loss               (118,713)   (118,713)
Balance as of February 29, 2024   4,327,996    4,328    31,262    (479,606)   (444,016)
Net loss               (71,828)   (71,828)
Balance as of May 31, 2024   4,327,996    4,328    31,262    (551,434)   (515,844)
Addition Paid in Capital       230    137,810        138,040 
Net profit               83,905    83,905 
Balance as of August 31, 2024   4,327,996   $4,558   $169,072   $(467,529)  $(293,899)

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 6 

 

 

 

ANKAM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

           
   For the nine months ended 
   August 31, 2024   August 31, 2023 
Cash Flows from Operating Activities:          
Net loss  $(106,636)  $(215,558)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Amortization expense   35,861    20,933 
Changes in operating assets and liabilities:          
Accounts receivable   21,390    4,800 
Prepaid expenses   (14,153)   (20,099)
Right-of-use asset/liability, net   38,084    7,919 
Accounts payable and accrued expenses   (82,000)   (40,324)
Deferred revenue   7,300    5,057 
Lease Liability   (44,900)    
Net cash used in operating activities   (145,054)   (237,272)
           
Cash Flow from Investing Activities:          
Capitalized Software Costs   (131,399)    
Net cash provided by (used in) investing activities   (131,399)    
           
Cash Flows from Financing Activities:          
Related party activity, net   157,312    235,350 
Additional paid in common stock   230     
Additional paid in capital   137,810     
Net cash provided by financing activities   295,352    235,350 
           
NET CHANGE IN CASH   18,899    (1,922)
CASH AT BEGINNING OF THE PERIOD   286    2,277 
           
CASH AT THE END OF THE PERIOD  $19,185   $355 
SUPPLEMENTAL CASH FLOW INFORMATION:          
Cash paid for interest  $   $ 
Cash paid for income taxes  $   $ 

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 7 

 

 

ANKAM, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As of August 31, 2024

(Unaudited)

 

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Ankam, Inc. (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. The Company’s business lies in possessing and developing Expense Minder, a proprietary product designed to streamline and manage expense reporting for users. The Company is constructing an application that facilitates a user’s expense management.

 

On November 29, 2023, Ankam, Inc. entered into a material definitive agreement by establishing a wholly-owned subsidiary, Ankam LLC. Ankam LLC was organized in Wyoming and is authorized to engage in any legal act. On November 30, 2023, the Company completed the transfer of all operations associated with the business of MoneySaverApp to its wholly-owned subsidiary, Ankam LLC. The assets transferred included 100% of the ownership interests of MoneySaverApp and all operations associated with the MoneySaverApp. Ankam LLC is managed by Ankam, Inc. who holds the position of Manager of the Ankam LLC and owned in its entirety by the Company. The Company holds 100% ownership interest in the Ankam LLC and is duly authorized to oversee and execute its operational activities.

 

On January 3, 2024, Ankam, Inc. entered into the Acquisition Agreement for the acquisition of complete ownership of Apex Intelligence LLC, a Wyoming limited liability company, inclusive of the Apex, a currency converter service, along with all codes, licenses, intellectual property rights, related documentation and all activities related to the business of the Apex, for total consideration of $158,040. The initial payment of $20,000 was processed to Mr. Hordieiev on January 3, 2024. For the outstanding balance of $138,040 the Company issued a Promissory Note on January 3, 2024 with an annual interest rate of 10% for a duration of one year till January 3, 2025 (the “Closing Date”) with the obligation to issue common shares equivalent to the remaining balance if the Company fails to settle the outstanding balance by the Closing Date. The Company signed a Supplement to the Convertible Promissory Note dated January 9, 2024, establishing the conversion price at a per-share value of $0.60.

 

On July 29, 2024, Ankam, Inc. and Maksym Hordieiev, the holder of the Convertible Promissory Note (the “Holder”) signed a Supplementary Agreement regarding the repayment of the outstanding debt of $138,040. And the Company approved the issuance of shares of its common stock to the Holder in exchange for the repayment of $138,040 of outstanding debt. This decision was made in accordance with the terms of the Convertible Promissory Note dated January 3, 2024, and the Supplement to Promissory Note dated January 9, 2024. The conversion price for the shares is set at $0.60 per share, resulting in the issuance of 230,067 shares of common stock to the Holder. The shares are being issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The shares of common stock have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

 

On August 8, 2024, a group of investors led by Wang Wen Lung, Lin Chih Hsi, Kuo Yu Min, Sung Hsiang Yu, Wang Pao Kuei and Wang Pao Hua (the “Investor Group”) entered into stock purchase agreements for the acquisition of an aggregate of 3,480,067 shares of Common Stock of the Company and acquired a controlling 77% equity stake in ANKAM Inc (the “Company”) through a privately negotiated transaction. The Purchase Agreement was fully executed and delivered, and the transaction was consummated on August 12, 2024.

 

 

 

 8 

 

 

As of August 8, 2024, Bakur Kalichava, the President, Treasurer, Director and Secretary of ANKAM INC. (the “Company”), is no longer holding the positions. Mr. Kalichava’s decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Board of the Company appointed Wang Wen Lung as the President, Treasurer, Director and Secretary, effective on August 8, 2024.

 

On August 27, 2024, Ankam Inc. (the “Company”) incorporated a new subsidiary, Mei Sheng Corporation Limited 美盛全球有限公司. This subsidiary mainly focus on expanding the Company's presence in the Asian market, particularly in Hong Kong, Taiwan and surrounding regions. The establishment of Mei Sheng Corporation Limited is part of the Company’s strategic initiative to diversify its operations and improve market reach. On August 30, 2024, Mei Sheng Corporation Limited entered into a software application development agreement with a Taiwan company, Consummation International Business Co., Ltd, for the development of a health products sales platform.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Interim Financial Statements

 

The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2023.

 

Basis of presentation

 

The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2024 and 2023.

 

Basis of Consolidation

 

The consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiary. The financial statements of its subsidiary is included in the consolidated financial statements from the date that control commences until the date that control ceases. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

 

All transactions and balances between the Company and its subsidiaries are eliminated on consolidation.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

 

 

 

 

 9 

 

 

Revenue Recognition

 

The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts’ opinions, technical information that can be used to understand the market and make decisions in this area.

 

The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer". The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

Step 1: Identify the contract with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

 

The Company recognizes revenue when the customer obtains control of the good or service through the Company satisfying a performance obligation by transferring the promised good or service to the customer. The revenue is recognized on a straight-line basis from the date the subscription is sold.

 

The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred revenue.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are recorded at the invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions.

 

As of August 31, 2024 and November 30, 2023, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible.

 

Intangible Asset

 

The Company accounts for its intangible assets in accordance with ASC Subtopic 350-40, Internal-Use Software-Computer Software Developed or Obtained for Internal Use, and ASC Subtopic 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-40 requires assets to be recorded at the cost to develop the asset and requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. 

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

 

 

 10 

 

 

Earnings (Loss) Per Share

 

The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. There were no dilutive securities as of August 31, 2024 and 2023.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented.

 

Lease

 

ASC 842, "Leases", requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented in operating expenses on the consolidated statements of operations.

 

ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows. At the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company's assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.

 

As permitted under the new guidance, the Company has made an accounting policy election to apply the recognition provisions of the guidance to short term leases (leases with a lease term of twelve months).

 

 

 

 11 

 

 

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 

NOTE 3 – GOING CONCERN

 

The accompanying consolidated financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As a development-stage company, the Company had limited revenues and incurred losses as of as of August 31, 2024. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

NOTE 4 – RIGHT-OF-USE ASSET

 

Operating lease right of use assets and liabilities are recognized at the present value of future lease payments at the lease commencement date. The interest rate used to determine the present value is the incremental borrowing rate, estimated to be 10%, as the interest rate implicit on the lease is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term.

 

The Company entered into a lease in November 2022 for a period of one year to rent servers on which the web-version of the crypto wallet is actually running and on which the web wallet and app code are being developed. The monthly rental amount is $14,966. The Company entered into a new lease in October 2023, to commence on November 11, 2023, for a period of one year. The monthly rental amount is $4,473. On November 11, 2023, the Company recorded a right of use asset and lease liability of $51,052.

 

During the nine months ended August 31, 2024 and the year ended November 30, 2023, the Company recorded $134,721 and $53,144 as server rental expenses.

 

Right-of-use assets are summarized below: 

          
   August 31,
2024
   November 30,
2023
 
Server rental  $51,052   $51,052 
Less: accumulated amortization   (40,493)   (2,409)
Right-of-use, net  $10,559   $48,643 

 

Operating lease liabilities are summarized below: 

          
   August 31,
2024
   November 30,
2023
 
Server rental  $   $44,900 
Less: current portion       44,900 
Long term portion  $   $ 

 

 

 

 12 

 

 

NOTE 5 – PROJECT IN PROGRESS

 

During the fiscal year 2022, the Company was developing and implementing a cryptocurrency wallet project. The initial estimated cost of the project was $255,800, of which $77,000 had been completed and capitalized as of November 30, 2022, as shown in Note 6. The Company has divested the cryptocurrency wallet in October 2023 due to unforeseen higher costs and resource demands than initially anticipated. The cryptocurrency wallet was sold for $241,390 in October 2023. The gain on the sale of the wallet was $18,890. Therefore, the Company decided to focus on the development of a new project. Commencing from September 2023, the Company has initiated the development of a new expense planner mobile application “Expense Minder”. The Expense Minder will serve as a user-friendly mobile application, designed to empower individuals in the effective management of their finances.

 

The Company is developing the MoneySaver App. The estimated cost of the project is $26,645, of which $26,645 has been completed and capitalized as of August 31, 2024 and November 30, 2023, as shown in Note 6. On November 30, 2023, Ankam, Inc. completed the transfer of certain assets of the Company to its wholly-owned subsidiary, Ankam LLC. The assets transferred include 100% of the ownership interests of MoneySaverApp, an application created to aggregate various discount cards on mobile device.

 

NOTE 6 – CAPITALIZED SOFTWARE COSTS 

             
   Useful Life 

As of
August 31,

2024

  

As of
November 30,

2023

 
API development  3 years  $58,920   $ 
MoneySaver App  3 years   26,645    26,645 
Website development  3 years   72,480     
Total capitalized software      158,045    26,645 
Accumulated amortization      (40,349)   (4,488)
Balance     $117,695   $22,157 

 

During the three months ended August 31, 2024 and 2023, the amortization expense was $13,170 and $6,978, respectively. During the nine months ended August 31, 2024 and 2023, the amortization expense was $35,861 and $20,933, respectively.

 

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company owed its sole director $449,338 and $292,026 as of August 31, 2024 and November 30, 2023, respectively, for unpaid operating advances. This loan is unsecured, non-interest bearing and due on demand.

 

 

 

 

 13 

 

 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with Financial Accounting Standards Board (“FASB”) ASC 450-20-50, “Contingencies”. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of August 31, 2024, the Company is not aware of any contingent liabilities that should be reflected in the consolidated financial statements.

 

NOTE 9 – INCOME TAXES

 

The components of the Company’s provision for federal income tax for the nine months ended August 31, 2024 and the year ended November 30, 2023 consists of the following: 

          
  

August 31,

2024

   November 30,
2023
 
Federal income tax benefit attributable to:          
Current operations  $467,529   $360,893 
Less: valuation allowance   (467,529)   (360,893)
Net provision for federal income taxes  $   $ 

 

 

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: 

          
  

August 31,

2024

   November 30,
2023
 
Deferred tax asset attributable to:          
Net operating loss carryover  $98,181   $75,787 
Less: valuation allowance   (98,181)   (75,787)
Net deferred tax asset  $   $ 

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $467,529 as of August 31, 2024, for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

 

NOTE 10 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, “Subsequent Events”, the Company has analyzed its operations subsequent to August 31, 2024, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

 

 

 14 

 

  


Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

DESCRIPTION OF BUSINESS

 

Business Strategy

 

Ankam, Inc. (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. Ankam, Inc. operates as a technology company specializing in the development of two mobile applications.

 

The Company’s business lies in possessing and developing Expense Minder, a proprietary product designed to streamline and manage expense reporting for users. The Company conceptualizes and is constructing an application that facilitates a user’s expense management. Our focus extends to designing and developing a mobile application designed to streamline and automate the tracking, and submission of user's expenses. The application will feature categorization of expenses, saving goals, bill reminders, and customizable categories.

 

On November 30, 2023 the Company completed the transfer of all operations associated with the business of MoneySaverApp to its wholly-owned subsidiary, Ankam LLC (the “LLC”). The assets transferred included 100% of the ownership interests of MoneySaverApp and all operations associated with the MoneySaverApp.

 

MoneySaver App is an application created to aggregate various discount cards on a mobile device. The primary advantage of MoneySaverApp lies in providing users with easy access to discounts at any moment and from anywhere. The app simplifies the use of discount cards, allowing users to share them and discover new discounts. The LLC, with its primary focus on MoneySaverApp, aims to enhance the application, offering users instant and convenient access to a diverse array of discounts, prioritizing ease of use, and elevating the overall user experience.

 

The application is currently available on the Apple Store. The Company has been actively working on improving the application and developing additional features.

 

On October 27, 2023, the Company entered into an IT Product Sale Agreement with Edwina Bloomer Ltd., a limited company registered and operating under the laws of the United Kingdom. The objective of the Agreement was for the Company to facilitate the sale of a cryptocurrency wallet website and application. The Agreement comprehensively outlines the purchase price, payment terms, closing conditions, and other material aspects of the transaction, detailing the terms and considerations related to the sale, transfer, and delivery of the cryptocurrency wallet website and application. As a result of this transaction, the Company successfully sold the cryptocurrency wallet website and application.

  

On January 3, 2024, Ankam, Inc. entered into an Acquisition Agreement for the acquisition of complete ownership of Apex Intelligence LLC, a Wyoming limited liability company, for total consideration of $158,040. The Company acquired ownership of Apex Intelligence LLC along with Apex converter and all codes, licenses, intellectual property rights, related documentation to enhance operational efficiency. The agreement is inclusive of the Apex, a currency converter service, along with all codes, licenses, intellectual property rights, related documentation and all activities related to the business of the Asset. The Agreement involves the acquisition of complete ownership interest of Apex Intelligence LLC, including the full acquisition of the Asset, developed and solely owned by Apex Intelligence LLC. The acquisition has been approved by the Company’s board of directors and is in compliance with all applicable regulatory requirements. The Company has issued the Convertible Promissory Note dated January 3, 2024, in the amount of $138,040 with an annual interest rate of 10%, due on January 3, 2025. The Company signed a Supplement to the Convertible Promissory Note dated January 9, 2024, establishing the conversion price at a per-share value of $0.60.

 

 

 

 15 

 

 

As of August 8, 2024, Bakur Kalichava, the President, Treasurer, Director and Secretary of ANKAM INC. (the “Company”), is no longer holding the positions. Mr. Kalichava’s decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Board of the Company appointed Wang Wen Lung as the President, Treasurer, Director and Secretary, effective on August 8, 2024.

 

On August 8, 2024, Enrike Bokuchava submitted his resignation from independent director with the Company. The Company do not appoint any independent director to replace Mr. Bokuchava position.

 

Wang Wen Lun is an accomplished business leader with over 25 years of experience in the technology and manufacturing sectors. He served as the President of Trust & Ethic Co. Ltd., a leading provider of ethical business solutions in Taiwan. Prior to his role at Trust & Ethic, Mr. Wang held senior management positions at several prominent technology companies. He was the Purchasing Department Manager at NEC Taiwan Ltd. from 1988 to 1999, where he oversaw global supply chain operations. From 1999 to 2000, he served as the Materials Department Director at Dimension Computer Technology Co. Ltd. In 2000, Mr. Wang joined Zero One Technology Co. Ltd. as the Vice General Manager, spearheading the firm's expansion into new product lines and international markets. His strong leadership and strategic vision were instrumental in driving the company's growth during his 4-year tenure.

 

Mr. Wang holds a Bachelor of Science degree in Accounting from Hsing Wu University. He is known for his commitment to ethical business practices and has been recognized as a trailblazer in the field of corporate social responsibility. At the same time, Mr. Wang commenced his career in health management and software development.

 

Marketing

 

The Company aims to build awareness and generate interest in Expense Minder, MoneySaverApp and Apex service among potential users. Digital marketing strategies will be employed to enhance online visibility, utilizing targeted campaigns and partnerships to create anticipation for the applications. App store optimization efforts will focus on maximizing visibility and credibility within the online marketplace. As the user base grows, cross-promotion between the applications will be employed to capitalize on synergies and foster internal user engagement. This marketing approach aligns with Ankam, Inc.'s commitment to innovation and user-centric solutions, laying the groundwork for future client acquisition and sustained growth.

 

Advertising

 

Ankam, Inc. envisions a future where strategic advertising initiatives play a significant role in establishing a robust market presence for its mobile applications, Expense Minder and MoneySaverApp, and its currency conversion service, Apex. As the Company proceeds to develop these products, the focus on targeted online and potential offline advertising channels will be integral to creating brand awareness and driving interest. This forward-looking advertising strategy aims to position Ankam, Inc.'s applications and currency conversion service effectively in the competitive landscape, paving the way for future user acquisition and sustained success. It is important to note that the implementation of these advertising initiatives will be contingent upon the availability of funds, and as more funds become available, the advertising budget will increase in a commensurate manner.

 

Employees

 

The Company’s sole Board Members: Wang Wen Lun, President, Director, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary

 

 

 

 16 

 

 

Description of Property

 

Our current office space is located at 5F., No. 97, Jingye 1st Rd., Zhongshan Dist., Taipei City 104, Taiwan (R.O.C.). The premises are provided to us by our President, Wang Wen Lun, for no consideration and is a ‘home office’. We believe these facilities are in good condition, but that we may need to expand our space as our research and development efforts increase.

 

Legal Proceedings

 

We are not involved in certain legal claims or proceedings, nor have we ever been.

 

RESULTS OF OPERATIONS

 

Three months ended August 31, 2024 compared to August 31, 2023

 

Revenues

 

During the three months ended August 31, 2024 and 2023, we have generated total revenue of $8,697 and $5,999, respectively. The increase in revenue for the quarter ended August 31, 2024 compared to the quarter ended August 31, 2023 was due to overall growth in the Company's operating activities.

 

Operating Expenses

 

Total operating expenses for the three months ended August 31, 2024 were $79,098 compared to $75,004 for the three months ended August 31, 2023. Our operating expenses consisted of general and administrative costs of $63 (August 31, 2023 - $4,139), director fee of $16,000 (August 31, 2023 - $18,000), professional fees of $4,942 (August 31, 2023 - $4,989), server expense of $44,925 (August 31, 2023 - $44,898) and amortization of $13,170 (August 31, 2023 - $6,978). Expenses increased in the three months ended August 31, 2024 primarily due to amortization fees. Amortization expense increased due to the acquisition of Apex Intelligence LLC with intangible assets in January 2024.

 

Other Income

 

As of August 8, 2024, the Company entered into a debt forgiveness agreement with its former director, Bakur Kalichava, for an amount of $132,000. This debt pertains to unpaid payroll from October 1, 2022, to July 31, 2024. On the same date, the Company also signed a debt forgiveness agreement with its former independent director, Maksym Hordieiev, who previously served as an authorized manager of Apex Intelligence LLC, a subsidiary of the Company. Maksym Hordieiev agreed to forgive a debt of $14,000 owed to him by the Company, which represents unpaid payroll obligations incurred from January 3, 2024, to July 31, 2024.

 

Net Profits/ (Losses)

 

The net profit for the three months ended August 31, 2024, was $83,905, compared to net loss $69,005 for the three months ended August 31, 2023, due to the factors discussed above.

 

Nine months ended August 31, 2024 compared to August 31, 2023

 

Revenues

 

During the nine months ended August 31, 2024 and 2023, we have generated total revenue of $33,842 and $19,697, respectively. The increase in revenue for the nine months ended August 31, 2024 compared to the nine months ended August 31, 2023 was due to overall growth in the Company's operating activities.

 

 

 

 17 

 

 

Operating Expenses

 

Total operating expenses for the nine months ended August 31, 2024 were $294,785 compared to $235,255 for the nine months ended August 31, 2023. Our operating expenses consisted of general and administrative costs of $26,884 (August 31, 2023 - $306), director fee of $62,000 (August 31, 2023 - $54,000), professional fees of $35,320 (August 31, 2023 - $25,322), server expense of $134,721 (August 31, 2023 - $134,694) and amortization of $35,861 (August 31, 2023 - $20,933). Expenses increased in the nine months ended August 31, 2024 primarily due to General and administrative expenses, director’s fees, professional fees and amortization. Amortization expense increased due to the acquisition of Apex Intelligence LLC with intangible assets in January 2024. Professional expenses increased due to OTC fees.

 

Net Losses

 

The net loss for the nine months ended August 31, 2024, was $106,636, compared to $215,558 for the nine months ended August 31, 2023, due to the factors discussed above.

 

Liquidity and Capital Resources

 

As of August 31, 2024, our total assets were $177,439 and comprised of cash of $19,185, prepaid expenses of $30,000 right-of-use asset of $10,559 and capitalized software costs of $117,695 Our total liabilities were $471,338 and comprised of advances from our director of $449,338, deferred revenue of $20,000, and accounts payable and accrued expenses of $2,000.

 

As of November 30, 2023, our total assets were $108,323, which comprised of cash of $286, accounts receivable of $21,390, prepaid expenses of $15,847, right-of-use asset of $48,643 and capitalized software costs of $22,157. Our total liabilities were $433,626, which comprised of advances from our director of $292,026, deferred revenue of $12,700, lease liability of $44,900 and accounts payable and accrued expenses of $84,000.

 

Stockholders’ deficit has decreased from $325,303 as of November 30, 2023 to $293,899 as of August 31, 2024.

 

The Company has accumulated a deficit of $497,529 as of August 31, 2024, compared to $360,893 as of November 30, 2023, and further losses are anticipated in the development of its business.

 

During the nine months ended August 31, 2024, the Company used $145,054 of cash in operating activities due to its net loss of $106,636, increase in amortization expense of $35,861, decrease in accounts receivable of $21,390, increase in prepaid expenses of $14,153, increase in right-of-use asset/liability, net of $38,084, decrease in account payable of $82,000, increase in deferred revenue of $7,300 and decrease in lease liability of $44,900.  

 

Net cash out flows provided by investing activities for the nine months ended August 31, 2024, were $131,399 due to increase of capitalized software costs.

 

Net cash in flows provided by financing activities for the nine months ended August 31, 2024, were $295,352 due to increase of proceeds from the related party loan.

  

Off-Balance Sheet Arrangements

 

As of August 31, 2024, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

 

 

 18 

 

 

Limited Operating History and Need for Additional Capital

 

There is no historical financial information about us upon which to base an evaluation of our performance. We are in start-up stage operations and have generated limited revenues. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

 

We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not Applicable.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We carried out an evaluation as of August 31, 2024, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, who are one and the same, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(f) and 15d–15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during our most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

 

 

 19 

 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

During the period ending August 31, 2024, there were no pending or threatened legal actions against us.

 

Item 1A. Risk Factors

 

As a smaller reporting company, we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Not Applicable.

 

Item 3. Defaults Upon Senior Securities

 

Not Applicable.

 

Item 4. Mine Safety Disclosures

 

Not Applicable.

 

Item 5. Other Information

 

During the quarter ended August 31, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

 

Item 6. Exhibits

 

Exhibit No.   Description
31.1   Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1   Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
101.INS   XBRL Instances 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
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

 

 

 

 

 

 20 

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  ANKAM, INC.
     
Date: October 15, 2024 By: /s/  Wang Wen Lung
   

Name: Wang Wen Lung

Title: President, Secretary, Treasurer, Director, Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer)

 

     

 

 

 

 

 

 

 

 

 

 21 

 

EXHIBIT 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

I, Wang Wen Lung, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2024 of Ankam, 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.I am 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 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;

 

5.I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions);

 

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 controls.

     

 

Dated: October 15, 2024   /s/ Wang Wen Lung  
    Wang Wen Lung  
   

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer) (Principal Financial Officer)

 

EXHIBIT 32.1

 

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of Ankam, Inc. (the “Company”) for the fiscal quarter ended August 31, 2024 as filed with the Securities and Exchange Commission (the “Report”), I, Wang Wen Lung, Chief Executive Officer and Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

1. 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 the Company.

 

This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

 

Dated: October 15, 2024   /s/ Wang Wen Lung
    Wang Wen Lung
   

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer) (Principal Financial Officer)

     

 

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Entity File Number 000-56526
Entity Registrant Name ANKAM, INC.
Entity Central Index Key 0001781629
Entity Tax Identification Number 61-1900749
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 5F., No. 97,
Entity Address, Address Line Two Jingye 1st Rd.,
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Entity Small Business true
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 4,558,063
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
Aug. 31, 2024
Nov. 30, 2023
CURRENT ASSETS:    
Cash $ 19,185 $ 286
Accounts receivable 0 21,390
Prepaid expenses 30,000 15,847
Right-of-use asset, net 10,559 48,643
Total current assets 59,744 86,166
Capitalized software costs, net 117,695 22,157
TOTAL ASSETS 177,439 108,323
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 2,000 84,000
Deferred revenue 20,000 12,700
Related party loan 449,338 292,026
Lease liability 0 44,900
Total current liabilities 471,338 433,626
Total liabilities 471,338 433,626
Commitments and contingencies (Note 8)
STOCKHOLDERS’ DEFICIT:    
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,558,063 shares issued and outstanding 4,558 4,328
Additional paid in capital 169,072 31,262
Accumulated deficit (467,529) (360,893)
Total stockholders’ deficit (293,899) (325,303)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 177,439 $ 108,323
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Aug. 31, 2024
Nov. 30, 2023
Statement of Financial Position [Abstract]    
Common Stock, Par or Stated Value Per Share   $ 0.001
Common Stock, Shares Authorized   75,000,000
Common Stock, Shares, Outstanding 4,558,063  
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Income Statement [Abstract]        
REVENUE $ 8,697 $ 5,999 $ 33,842 $ 19,697
EXPENSES:        
General and administrative expenses 63 4,139 26,884 306
Director fee 16,000 18,000 62,000 54,000
Professional fees 4,942 4,989 35,320 25,322
Server expense 44,925 44,898 134,721 134,694
Amortization 13,170 6,978 35,861 20,933
Total expenses 79,098 75,004 294,785 235,255
LOSS FROM OPERATIONS (70,403) (69,005) (260,944) (215,558)
OTHER INCOME (EXPENSES):        
Debt Forgiveness 154,308 0 154,308 0
Loss before income taxes 83,905 (69,005) (106,636) (215,558)
Provision for income taxes 0 0 0 0
NET LOSS $ 83,905 $ (69,005) $ (106,636) $ (215,558)
Net loss per common share - basic $ 0.01 $ (0.02) $ (0.02) $ (0.05)
Net loss per common share - diluted $ 0.01 $ (0.02) $ (0.02) $ (0.05)
Weighted average number of common shares outstanding - basic 4,558,063 4,327,996 4,558,063 4,327,996
Weighted average number of common shares outstanding - diluted 4,558,063 4,327,996 4,558,063 4,327,996
v3.24.3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Beginning balance, value at Nov. 30, 2022 $ 4,328 $ 31,262 $ (81,736) $ (46,146)
Beginning balance, shares at Nov. 30, 2022 4,327,996      
Net profit (81,677) (81,677)
Ending balance, value at Feb. 28, 2023 $ 4,328 31,262 (163,413) (127,823)
Ending balance, shares at Feb. 28, 2023 4,327,996      
Beginning balance, value at Nov. 30, 2022 $ 4,328 31,262 (81,736) (46,146)
Beginning balance, shares at Nov. 30, 2022 4,327,996      
Net profit       (215,558)
Ending balance, value at Aug. 31, 2023 $ 4,328 31,262 (297,294) (261,704)
Ending balance, shares at Aug. 31, 2023 4,327,996      
Beginning balance, value at Feb. 28, 2023 $ 4,328 31,262 (163,413) (127,823)
Beginning balance, shares at Feb. 28, 2023 4,327,996      
Net profit (64,876) (64,876)
Ending balance, value at May. 31, 2023 $ 4,328 31,262 (228,289) (192,699)
Ending balance, shares at May. 31, 2023 4,327,996      
Net profit (69,005) (69,005)
Ending balance, value at Aug. 31, 2023 $ 4,328 31,262 (297,294) (261,704)
Ending balance, shares at Aug. 31, 2023 4,327,996      
Beginning balance, value at Nov. 30, 2023 $ 4,328 31,262 (360,893) (325,303)
Beginning balance, shares at Nov. 30, 2023 4,327,996      
Net profit (118,713) (118,713)
Ending balance, value at Feb. 29, 2024 $ 4,328 31,262 (479,606) (444,016)
Ending balance, shares at Feb. 29, 2024 4,327,996      
Beginning balance, value at Nov. 30, 2023 $ 4,328 31,262 (360,893) (325,303)
Beginning balance, shares at Nov. 30, 2023 4,327,996      
Net profit       (106,636)
Ending balance, value at Aug. 31, 2024 $ 4,558 169,072 (467,529) (293,899)
Ending balance, shares at Aug. 31, 2024 4,327,996      
Beginning balance, value at Feb. 29, 2024 $ 4,328 31,262 (479,606) (444,016)
Beginning balance, shares at Feb. 29, 2024 4,327,996      
Net profit (71,828) (71,828)
Ending balance, value at May. 31, 2024 $ 4,328 31,262 (551,434) (515,844)
Ending balance, shares at May. 31, 2024 4,327,996      
Addition Paid in Capital $ 230 137,810 138,040
Net profit 83,905 83,905
Ending balance, value at Aug. 31, 2024 $ 4,558 $ 169,072 $ (467,529) $ (293,899)
Ending balance, shares at Aug. 31, 2024 4,327,996      
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (106,636) $ (215,558)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization expense 35,861 20,933
Changes in operating assets and liabilities:    
Accounts receivable 21,390 4,800
Prepaid expenses (14,153) (20,099)
Right-of-use asset/liability, net 38,084 7,919
Accounts payable and accrued expenses (82,000) (40,324)
Deferred revenue 7,300 5,057
Lease Liability (44,900) 0
Net cash used in operating activities (145,054) (237,272)
Cash Flow from Investing Activities:    
Capitalized Software Costs (131,399) 0
Net cash provided by (used in) investing activities (131,399) 0
Cash Flows from Financing Activities:    
Related party activity, net 157,312 235,350
Additional paid in common stock 230 0
Additional paid in capital 137,810 0
Net cash provided by financing activities 295,352 235,350
NET CHANGE IN CASH 18,899 (1,922)
CASH AT BEGINNING OF THE PERIOD 286 2,277
CASH AT THE END OF THE PERIOD 19,185 355
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 0
Cash paid for income taxes $ 0 $ 0
v3.24.3
Pay vs Performance Disclosure - USD ($)
3 Months Ended 9 Months Ended
Aug. 31, 2024
May 31, 2024
Feb. 29, 2024
Aug. 31, 2023
May 31, 2023
Feb. 28, 2023
Aug. 31, 2024
Aug. 31, 2023
Pay vs Performance Disclosure [Table]                
Net Income (Loss) $ 83,905 $ (71,828) $ (118,713) $ (69,005) $ (64,876) $ (81,677) $ (106,636) $ (215,558)
v3.24.3
Insider Trading Arrangements
3 Months Ended
Aug. 31, 2024
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
ORGANIZATION AND NATURE OF BUSINESS
9 Months Ended
Aug. 31, 2024
Accounting Policies [Abstract]  
ORGANIZATION AND NATURE OF BUSINESS

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Ankam, Inc. (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. The Company’s business lies in possessing and developing Expense Minder, a proprietary product designed to streamline and manage expense reporting for users. The Company is constructing an application that facilitates a user’s expense management.

 

On November 29, 2023, Ankam, Inc. entered into a material definitive agreement by establishing a wholly-owned subsidiary, Ankam LLC. Ankam LLC was organized in Wyoming and is authorized to engage in any legal act. On November 30, 2023, the Company completed the transfer of all operations associated with the business of MoneySaverApp to its wholly-owned subsidiary, Ankam LLC. The assets transferred included 100% of the ownership interests of MoneySaverApp and all operations associated with the MoneySaverApp. Ankam LLC is managed by Ankam, Inc. who holds the position of Manager of the Ankam LLC and owned in its entirety by the Company. The Company holds 100% ownership interest in the Ankam LLC and is duly authorized to oversee and execute its operational activities.

 

On January 3, 2024, Ankam, Inc. entered into the Acquisition Agreement for the acquisition of complete ownership of Apex Intelligence LLC, a Wyoming limited liability company, inclusive of the Apex, a currency converter service, along with all codes, licenses, intellectual property rights, related documentation and all activities related to the business of the Apex, for total consideration of $158,040. The initial payment of $20,000 was processed to Mr. Hordieiev on January 3, 2024. For the outstanding balance of $138,040 the Company issued a Promissory Note on January 3, 2024 with an annual interest rate of 10% for a duration of one year till January 3, 2025 (the “Closing Date”) with the obligation to issue common shares equivalent to the remaining balance if the Company fails to settle the outstanding balance by the Closing Date. The Company signed a Supplement to the Convertible Promissory Note dated January 9, 2024, establishing the conversion price at a per-share value of $0.60.

 

On July 29, 2024, Ankam, Inc. and Maksym Hordieiev, the holder of the Convertible Promissory Note (the “Holder”) signed a Supplementary Agreement regarding the repayment of the outstanding debt of $138,040. And the Company approved the issuance of shares of its common stock to the Holder in exchange for the repayment of $138,040 of outstanding debt. This decision was made in accordance with the terms of the Convertible Promissory Note dated January 3, 2024, and the Supplement to Promissory Note dated January 9, 2024. The conversion price for the shares is set at $0.60 per share, resulting in the issuance of 230,067 shares of common stock to the Holder. The shares are being issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The shares of common stock have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

 

On August 8, 2024, a group of investors led by Wang Wen Lung, Lin Chih Hsi, Kuo Yu Min, Sung Hsiang Yu, Wang Pao Kuei and Wang Pao Hua (the “Investor Group”) entered into stock purchase agreements for the acquisition of an aggregate of 3,480,067 shares of Common Stock of the Company and acquired a controlling 77% equity stake in ANKAM Inc (the “Company”) through a privately negotiated transaction. The Purchase Agreement was fully executed and delivered, and the transaction was consummated on August 12, 2024.

 

As of August 8, 2024, Bakur Kalichava, the President, Treasurer, Director and Secretary of ANKAM INC. (the “Company”), is no longer holding the positions. Mr. Kalichava’s decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Board of the Company appointed Wang Wen Lung as the President, Treasurer, Director and Secretary, effective on August 8, 2024.

 

On August 27, 2024, Ankam Inc. (the “Company”) incorporated a new subsidiary, Mei Sheng Corporation Limited 美盛全球有限公司. This subsidiary mainly focus on expanding the Company's presence in the Asian market, particularly in Hong Kong, Taiwan and surrounding regions. The establishment of Mei Sheng Corporation Limited is part of the Company’s strategic initiative to diversify its operations and improve market reach. On August 30, 2024, Mei Sheng Corporation Limited entered into a software application development agreement with a Taiwan company, Consummation International Business Co., Ltd, for the development of a health products sales platform.

 

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Aug. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Interim Financial Statements

 

The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2023.

 

Basis of presentation

 

The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2024 and 2023.

 

Basis of Consolidation

 

The consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiary. The financial statements of its subsidiary is included in the consolidated financial statements from the date that control commences until the date that control ceases. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

 

All transactions and balances between the Company and its subsidiaries are eliminated on consolidation.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

 

Revenue Recognition

 

The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts’ opinions, technical information that can be used to understand the market and make decisions in this area.

 

The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer". The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

Step 1: Identify the contract with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

 

The Company recognizes revenue when the customer obtains control of the good or service through the Company satisfying a performance obligation by transferring the promised good or service to the customer. The revenue is recognized on a straight-line basis from the date the subscription is sold.

 

The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred revenue.

 

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are recorded at the invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions.

 

As of August 31, 2024 and November 30, 2023, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible.

 

Intangible Asset

 

The Company accounts for its intangible assets in accordance with ASC Subtopic 350-40, Internal-Use Software-Computer Software Developed or Obtained for Internal Use, and ASC Subtopic 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-40 requires assets to be recorded at the cost to develop the asset and requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. 

 

Use of Estimates

 

The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Earnings (Loss) Per Share

 

The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. There were no dilutive securities as of August 31, 2024 and 2023.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented.

 

Lease

 

ASC 842, "Leases", requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented in operating expenses on the consolidated statements of operations.

 

ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows. At the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company's assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.

 

As permitted under the new guidance, the Company has made an accounting policy election to apply the recognition provisions of the guidance to short term leases (leases with a lease term of twelve months).

 

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 

v3.24.3
GOING CONCERN
9 Months Ended
Aug. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GOING CONCERN

NOTE 3 – GOING CONCERN

 

The accompanying consolidated financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As a development-stage company, the Company had limited revenues and incurred losses as of as of August 31, 2024. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

v3.24.3
RIGHT-OF-USE ASSET
9 Months Ended
Aug. 31, 2024
Right-of-use Asset  
RIGHT-OF-USE ASSET

NOTE 4 – RIGHT-OF-USE ASSET

 

Operating lease right of use assets and liabilities are recognized at the present value of future lease payments at the lease commencement date. The interest rate used to determine the present value is the incremental borrowing rate, estimated to be 10%, as the interest rate implicit on the lease is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term.

 

The Company entered into a lease in November 2022 for a period of one year to rent servers on which the web-version of the crypto wallet is actually running and on which the web wallet and app code are being developed. The monthly rental amount is $14,966. The Company entered into a new lease in October 2023, to commence on November 11, 2023, for a period of one year. The monthly rental amount is $4,473. On November 11, 2023, the Company recorded a right of use asset and lease liability of $51,052.

 

During the nine months ended August 31, 2024 and the year ended November 30, 2023, the Company recorded $134,721 and $53,144 as server rental expenses.

 

Right-of-use assets are summarized below: 

          
   August 31,
2024
   November 30,
2023
 
Server rental  $51,052   $51,052 
Less: accumulated amortization   (40,493)   (2,409)
Right-of-use, net  $10,559   $48,643 

 

Operating lease liabilities are summarized below: 

          
   August 31,
2024
   November 30,
2023
 
Server rental  $   $44,900 
Less: current portion       44,900 
Long term portion  $   $ 

 

v3.24.3
PROJECT IN PROGRESS
9 Months Ended
Aug. 31, 2024
Other Liabilities Disclosure [Abstract]  
PROJECT IN PROGRESS

NOTE 5 – PROJECT IN PROGRESS

 

During the fiscal year 2022, the Company was developing and implementing a cryptocurrency wallet project. The initial estimated cost of the project was $255,800, of which $77,000 had been completed and capitalized as of November 30, 2022, as shown in Note 6. The Company has divested the cryptocurrency wallet in October 2023 due to unforeseen higher costs and resource demands than initially anticipated. The cryptocurrency wallet was sold for $241,390 in October 2023. The gain on the sale of the wallet was $18,890. Therefore, the Company decided to focus on the development of a new project. Commencing from September 2023, the Company has initiated the development of a new expense planner mobile application “Expense Minder”. The Expense Minder will serve as a user-friendly mobile application, designed to empower individuals in the effective management of their finances.

 

The Company is developing the MoneySaver App. The estimated cost of the project is $26,645, of which $26,645 has been completed and capitalized as of August 31, 2024 and November 30, 2023, as shown in Note 6. On November 30, 2023, Ankam, Inc. completed the transfer of certain assets of the Company to its wholly-owned subsidiary, Ankam LLC. The assets transferred include 100% of the ownership interests of MoneySaverApp, an application created to aggregate various discount cards on mobile device.

 

v3.24.3
CAPITALIZED SOFTWARE COSTS
9 Months Ended
Aug. 31, 2024
Capitalized Software Costs  
CAPITALIZED SOFTWARE COSTS

NOTE 6 – CAPITALIZED SOFTWARE COSTS 

             
   Useful Life 

As of
August 31,

2024

  

As of
November 30,

2023

 
API development  3 years  $58,920   $ 
MoneySaver App  3 years   26,645    26,645 
Website development  3 years   72,480     
Total capitalized software      158,045    26,645 
Accumulated amortization      (40,349)   (4,488)
Balance     $117,695   $22,157 

 

During the three months ended August 31, 2024 and 2023, the amortization expense was $13,170 and $6,978, respectively. During the nine months ended August 31, 2024 and 2023, the amortization expense was $35,861 and $20,933, respectively.

 

v3.24.3
RELATED PARTY TRANSACTIONS
9 Months Ended
Aug. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

 

The Company owed its sole director $449,338 and $292,026 as of August 31, 2024 and November 30, 2023, respectively, for unpaid operating advances. This loan is unsecured, non-interest bearing and due on demand.

 

v3.24.3
COMMITMENTS AND CONTINGENCIES
9 Months Ended
Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with Financial Accounting Standards Board (“FASB”) ASC 450-20-50, “Contingencies”. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of August 31, 2024, the Company is not aware of any contingent liabilities that should be reflected in the consolidated financial statements.

 

v3.24.3
INCOME TAXES
9 Months Ended
Aug. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 9 – INCOME TAXES

 

The components of the Company’s provision for federal income tax for the nine months ended August 31, 2024 and the year ended November 30, 2023 consists of the following: 

          
  

August 31,

2024

   November 30,
2023
 
Federal income tax benefit attributable to:          
Current operations  $467,529   $360,893 
Less: valuation allowance   (467,529)   (360,893)
Net provision for federal income taxes  $   $ 

 

 

The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: 

          
  

August 31,

2024

   November 30,
2023
 
Deferred tax asset attributable to:          
Net operating loss carryover  $98,181   $75,787 
Less: valuation allowance   (98,181)   (75,787)
Net deferred tax asset  $   $ 

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $467,529 as of August 31, 2024, for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

 

v3.24.3
SUBSEQUENT EVENTS
9 Months Ended
Aug. 31, 2024
Accounting Policies [Abstract]  
SUBSEQUENT EVENTS

NOTE 10 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, “Subsequent Events”, the Company has analyzed its operations subsequent to August 31, 2024, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Aug. 31, 2024
Accounting Policies [Abstract]  
Interim Financial Statements

Interim Financial Statements

 

The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2023.

 

Basis of presentation

Basis of presentation

 

The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2024 and 2023.

 

Basis of Consolidation

Basis of Consolidation

 

The consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiary. The financial statements of its subsidiary is included in the consolidated financial statements from the date that control commences until the date that control ceases. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

 

All transactions and balances between the Company and its subsidiaries are eliminated on consolidation.

 

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

 

Revenue Recognition

Revenue Recognition

 

The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts’ opinions, technical information that can be used to understand the market and make decisions in this area.

 

The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer". The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

Step 1: Identify the contract with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation

 

The Company recognizes revenue when the customer obtains control of the good or service through the Company satisfying a performance obligation by transferring the promised good or service to the customer. The revenue is recognized on a straight-line basis from the date the subscription is sold.

 

The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred revenue.

 

Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are recorded at the invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions.

 

As of August 31, 2024 and November 30, 2023, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible.

 

Intangible Asset

Intangible Asset

 

The Company accounts for its intangible assets in accordance with ASC Subtopic 350-40, Internal-Use Software-Computer Software Developed or Obtained for Internal Use, and ASC Subtopic 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-40 requires assets to be recorded at the cost to develop the asset and requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. 

 

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Earnings (Loss) Per Share

Earnings (Loss) Per Share

 

The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of shares of common stock, common stock equivalents and other potentially dilutive securities outstanding during the period. There were no dilutive securities as of August 31, 2024 and 2023.

 

Income Taxes

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented.

 

Lease

Lease

 

ASC 842, "Leases", requires that lessees recognize right-of-use (“ROU”) assets and lease liabilities. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. As most leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at the adoption date in determining the present value of future payments. Lease expense for minimum lease payments is amortized on a straight-line basis over the lease term and is presented in operating expenses on the consolidated statements of operations.

 

ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows. At the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company's assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.

 

As permitted under the new guidance, the Company has made an accounting policy election to apply the recognition provisions of the guidance to short term leases (leases with a lease term of twelve months).

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

 

v3.24.3
RIGHT-OF-USE ASSET (Tables)
9 Months Ended
Aug. 31, 2024
Right-of-use Asset  
Schedule of right of use assets
          
   August 31,
2024
   November 30,
2023
 
Server rental  $51,052   $51,052 
Less: accumulated amortization   (40,493)   (2,409)
Right-of-use, net  $10,559   $48,643 
Schedule of operating lease liabilities
          
   August 31,
2024
   November 30,
2023
 
Server rental  $   $44,900 
Less: current portion       44,900 
Long term portion  $   $ 
v3.24.3
CAPITALIZED SOFTWARE COSTS (Tables)
9 Months Ended
Aug. 31, 2024
Capitalized Software Costs  
Schedule of capitalized software costs
             
   Useful Life 

As of
August 31,

2024

  

As of
November 30,

2023

 
API development  3 years  $58,920   $ 
MoneySaver App  3 years   26,645    26,645 
Website development  3 years   72,480     
Total capitalized software      158,045    26,645 
Accumulated amortization      (40,349)   (4,488)
Balance     $117,695   $22,157 
v3.24.3
INCOME TAXES (Tables)
9 Months Ended
Aug. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of provision for federal income tax
          
  

August 31,

2024

   November 30,
2023
 
Federal income tax benefit attributable to:          
Current operations  $467,529   $360,893 
Less: valuation allowance   (467,529)   (360,893)
Net provision for federal income taxes  $   $ 
Schedule of net deferred tax amount
          
  

August 31,

2024

   November 30,
2023
 
Deferred tax asset attributable to:          
Net operating loss carryover  $98,181   $75,787 
Less: valuation allowance   (98,181)   (75,787)
Net deferred tax asset  $   $ 
v3.24.3
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)
Aug. 08, 2024
Jul. 29, 2024
Jan. 03, 2024
Investor Group [Member] | Stock Purchase Agreements [Member]      
Restructuring Cost and Reserve [Line Items]      
Equity acuired percentage 77.00%    
Stock Purchase Agreements [Member] | Investor Group [Member]      
Restructuring Cost and Reserve [Line Items]      
Stock issued for change of control 3,480,067    
Apex Intelligence [Member]      
Restructuring Cost and Reserve [Line Items]      
Total consideration paid     $ 158,040
Cash paid upon acquisition     20,000
Note payable     $ 138,040
Debt stated interest rate     10.00%
Debt converted, amount converted   $ 138,040  
Debt converted, shares issued   230,067  
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Accounting Policies [Abstract]      
Allowance for doubtful accounts $ 0   $ 0
Dilutive securities $ 0 $ 0  
v3.24.3
RIGHT-OF-USE ASSET (Details) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Right-of-use Asset    
Server rental $ 51,052 $ 51,052
Less: accumulated amortization (40,493) (2,409)
Right-of-use, net $ 10,559 $ 48,643
v3.24.3
RIGHT-OF-USE ASSET (Details 1) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Right-of-use Asset    
Server rental $ 0 $ 44,900
Less: current portion 0 44,900
Long term portion $ 0 $ 0
v3.24.3
RIGHT-OF-USE ASSET (Details Narrative) - USD ($)
9 Months Ended 12 Months Ended
Aug. 31, 2024
Nov. 30, 2023
Lease expense $ 134,721 $ 53,144
Lease November 2022 [Member]    
Debt frequency monthly  
Monthly rent expense $ 14,966  
Lease November 2023 [Member]    
Debt frequency monthly  
Monthly rent expense $ 4,473  
v3.24.3
PROJECT IN PROGRESS (Details Narrative) - USD ($)
1 Months Ended
Oct. 31, 2023
Aug. 31, 2024
Nov. 30, 2023
Capitalized software cost   $ 158,045 $ 26,645
Cryptocurrency Wallet Project [Member]      
Proceeds from sale of asset $ 241,390    
Gain on sale of asset $ 18,890    
Money Saver App [Member]      
Capitalized software cost   $ 26,645 $ 26,645
v3.24.3
CAPITALIZED SOFTWARE COSTS (Details) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Finite-Lived Intangible Assets [Line Items]    
Total capitalized software $ 158,045 $ 26,645
Accumulated amortization (40,349) (4,488)
Balance $ 117,695 22,157
API Development [Member]    
Finite-Lived Intangible Assets [Line Items]    
Capitalized software costs useful life 3 years  
Total capitalized software $ 58,920 0
Money Saver App [Member]    
Finite-Lived Intangible Assets [Line Items]    
Capitalized software costs useful life 3 years  
Total capitalized software $ 26,645 26,645
Website Development [Member]    
Finite-Lived Intangible Assets [Line Items]    
Capitalized software costs useful life 3 years  
Total capitalized software $ 72,480 $ 0
v3.24.3
CAPITALIZED SOFTWARE COSTS (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Capitalized Software Costs        
Amortization expense $ 13,170 $ 6,978 $ 35,861 $ 20,933
v3.24.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Related Party Transaction [Line Items]    
Related party loan $ 449,338 $ 292,026
Director [Member]    
Related Party Transaction [Line Items]    
Related party loan $ 449,338 $ 292,026
v3.24.3
INCOME TAXES (Details) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Aug. 31, 2024
Aug. 31, 2023
Aug. 31, 2024
Aug. 31, 2023
Nov. 30, 2023
Federal income tax benefit attributable to:          
Current operations     $ 467,529   $ 360,893
Less: valuation allowance     (467,529)   (360,893)
Net provision for federal income taxes $ 0 $ 0 $ 0 $ 0 $ 0
v3.24.3
INCOME TAXES (Details 1) - USD ($)
Aug. 31, 2024
Nov. 30, 2023
Deferred tax asset attributable to:    
Net operating loss carryover $ 98,181 $ 75,787
Less: valuation allowance (98,181) (75,787)
Net deferred tax asset $ 0 $ 0
v3.24.3
INCOME TAXES (Details Narrative)
Aug. 31, 2024
USD ($)
Income Tax Disclosure [Abstract]  
Operating loss carry forwards $ 467,529

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