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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended November 30, 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 333-229748
M2I
GLOBAL, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
37-1904036 |
State
or other jurisdiction of
incorporation
or organization |
|
(I.R.S.
Employer
Identification
No.) |
885
Tahoe Blvd., Incline Village, NV |
|
89451 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
Telephone number, including area code: (775) 909-6000
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
Securities
registered pursuant to Section 12(g) of the Exchange Act:
None
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐ No ☒
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 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, a smaller reporting
company, or an emerging growth 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 |
☒ |
|
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 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ No ☒
State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s
most recently completed fiscal year: $111,459,905.
State
the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 612,654,525
common shares issued and outstanding as of February 24, 2025.
TABLE
OF CONTENTS
PART
I
Item
1. Business
Unless
otherwise stated or the context requires otherwise, references in this annual report on Form 10-K to “we,” “us,”
“our,” the “Company,” “M2i,” and “our Company” refer to M2i Global, Inc., a Nevada corporation,
and its subsidiaries.
OUR
BUSINESS
Our
Vision
Our
vision is to secure reliable access to critical minerals and metals for the U.S., its allies, and partners. We expect to accomplish this
by developing a world-class portfolio of critical minerals and materials projects. The diversity of our portfolio will provide an integrated
solution to the challenges facing the critical minerals and materials industry in the U.S.
Critical
Minerals Underpin U.S. Economic Security and National Defense
The
U.S. relies on critical minerals flow for its National Defense and Economic Security. The defense of our nation is contingent on the
ability to manufacture the elements that collectively represent our national military power. Equally important is the critical mineral
flow that fuels our nation’s economy, providing the elementary materials that support all technology innovation, manufacturing,
and energy sectors, to name only a few.
The
U.S. is dependent on foreign sources for almost all of the critical minerals that serve as the foundational building blocks for the industries
that underpin our nation’s defense as well as those that are serving as the primary engine for our economic strength and growth.
These
sectors are rapidly exposing vulnerabilities in the current supply chain. Our strategic focus is on securing a reliable supply of critical
minerals essential for national defense, economic stability, advanced manufacturing, and energy infrastructure. Recent examples of these
vulnerabilities are China’s announcements to ban export of important, dual use minerals, such as the announcement in December 2024
banning antimony, tungsten, and tantalum, as well as additional bans affecting tungsten and indium in February of 2025.
In
the U.S., the Secretary of Interior pursuant to authority under the Energy Act of 2020, acting through the director of the U.S. Geological
Survey, determines the list of critical minerals and materials. The final 2022 list of critical minerals includes the following 50 minerals:
Aluminum, antimony, arsenic, barite, beryllium, bismuth, cerium, cesium, chromium, cobalt, dysprosium,
erbium, europium, fluorspar, gadolinium, gallium, germanium, graphite, hafnium, holmium, indium, iridium, lanthanum, lithium, lutetium,
magnesium, manganese, neodymium, nickel, niobium, palladium, platinum, praseodymium, rhodium, rubidium, ruthenium, samarium, scandium,
tantalum, tellurium, terbium, thulium, tin, titanium, tungsten, vanadium, ytterbium, yttrium, zinc, and zirconium.
The
Energy Act of 2020 also requires the Secretary of Energy, acting through the Undersecretary for Science and Innovation, in conjunction
with other departments, to determine the Critical Materials List. The Final 2023 Critical Materials list has 18, of which only four do
not appear on the Critical Minerals List. The full list of critical materials includes aluminum, cobalt, copper*, dysprosium, electrical
steel* (grain-oriented electrical steel, non-grain-oriented electrical steel, and amorphous steel), fluorine, gallium, iridium, lithium,
magnesium, natural graphite, neodymium, nickel, platinum, praseodymium, terbium, silicon*, and silicon carbide* (asterisked materials
are unique to the critical materials list).
The
vital market for critical minerals and metals is the enabling component of the vital transition
of the energy market. The infrastructure requirement for clean energy is dependent on the availability of the raw materials that these
minerals represent.
The
ability to generate, transmit, distribute, and store energy is at the center of all U.S. industrial capacity. Key examples that highlight
the growing importance that critical minerals play in the increasing demand for energy are renewable energy generation, electric vehicle
(EV) market growth, Artificial Intelligence (AI), data center expansion, cryptocurrency mining, among many other existing and developing
industries.
Nickel,
lithium, cobalt, and graphite are used in batteries. Rare-earth minerals such as neodymium and samarium are essential to the magnets
of wind turbines and electric motors. supported by copper, nickel, and rare earths are also required for the robust energy infrastructure,
power distribution, and thermal management demanded by the increasing demand for energy. Additional essential minerals like aluminum
and neodymium are critical for transmission lines, transformers, and high-efficiency motors. An unstable supply of these minerals threatens
the ability to meet the continued growth of demand for energy.
The
chart in figure 1 depicts the projected growth of the demand for specific minerals that provide the base material for the manufacturing
of electrical vehicle and energy storage batteries. The growth rate for projected demand in 2050 is presented using 2020 as the base
of comparison (Source: https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions; The
Role of Critical Minerals in Clean Energy Transitions”).
Figure
1: Energy Storage Minerals

Many
of these critical minerals are mined and processed in a small number of countries, as illustrated in the chart in Figure 2 (Source: “The
global fight for critical minerals is costly and damaging,” Nature, July 19, 2023).
Figure
2: Sources of Minerals

The
current dependence on foreign sources for critical materials supply flow and minerals processing must be addressed in the short and mid-term
to create a stable supply chain of these materials to support both the national and economic security of the U.S. The table (Figure 3)
depicts the current level of foreign sources for critical minerals by industry (Source: U.S.
Department of the Interior U.S. Geological Survey, MINERAL COMMODITY SUMMARIES 2023).
Figure
3: Critical Minerals List Associated with Key Industries

Our
Organizational Chart

M2i’s
structure will be built upon three separate business units with standalone P&Ls to carry on the Company’s objectives. Each
P&L, led by a vice president, will work with a management team focused on implementing and building each business line and contribute
respectively to the overall organization. The vice presidents will report to the president/chief executive officer of the Company. M2i
will establish a finance department, staffed by a Director of Finance and Controller to ensure the effective and efficient management
of funds, and to implement appropriate accounting controls.
M2i
Mining, Processing, & Refining
The
primary business purpose of M2i MPR is to develop and supply the U.S. sanctioned value chain of critical metals needed by the U.S. and
its free trade partners. M2i MPR will supply the 50 critical minerals, including the rare earth elements (“REE”) as defined
by the U.S. Geologic Survey in 2022, as well as the 18 critical materials defined by the U.S. Department of Energy in 2023. These minerals
will be sourced globally from mines adhering to ethical and sustainable extraction principles and guidelines.
Strategic
Alliances
The
Company’s focus is to enter strategic alliances (“SAs”) to further its business objectives; namely through multiple
mechanisms including asset acquisition and independent supply contracts. The SAs will likely be with companies that can expand our capability
to extract minerals from existing mines, assist in implementing new mining projects, and develop and place into production new technologies
and processes in extracting and processing minerals. Our efforts, and particularly our SAs will be focused on delivering guaranteed access
to critical minerals and metals for national defense and economic security.
Currently,
we have entered into a strategic alliance (SA) with Reforme Group (“Reforme”), an Australian mining and recycling company
(the “SA Agreement”) wherein Reforme and M2i will create an Australian proprietary limited company (“M2iAust”)
to source and trade critical metals and strategic minerals. It is currently anticipated that M2i and Reforme Group will each be equal
shareholders in M2iAust. It is currently anticipated that the SA Agreement will enable us to capitalize on Reforme’s expertise
in critical minerals. Reforme is an innovative Australian mining services, infrastructure, recycling, and renewables company with specialized
expertise in the development of green and brown field mining projects with the demonstrated capability in end-to-end management of mine
operations, processing, logistics and off-take negotiations.
The
SA will play a pivotal role in advancing the critical minerals supply chain and contributing to the global energy transformation. We
expect that the SA will extract critical minerals from existing brownfield mines’ tailings utilizing a novel extraction technology
and process developed by Reforme. Reforme’s technology includes mine remediation methods to return the site to a state that would
satisfy government and community concerns. It is anticipated that Reforme will grant M2iAust a right of first refusal to enter into offtake
agreements with Reforme or its related corporate bodies for any critical metals and strategic minerals extracted from mining tenements
owned or controlled by Reforme. M2i will support the development of strategic resources by Reforme. Together, the companies will refer
any third party off take opportunities in the Asia Pacific region for strategic resources to M2iAust. M2iAust will negotiate offtake
agreements to secure offtake from Reforme and third parties for offtake which will be sold to M2i in subsequent offtake agreements. The
SA has a term of 5 years unless agreed otherwise. By leveraging their combined expertise and resources, the partners intend to establish
a more sustainable and efficient critical minerals ecosystem that fully aligns with the objectives outlined in the United States-Australian
Climate, Critical Minerals, and Clean Energy Transformation Compact.
The
Company’s subsidiary, U.S. Minerals and Metals Corp.,(“USMM”) has assigned its two contracts with Lyons Capital, LLC
to the parent Company, M2i Global, Inc. On February 23, 2023, USMM, and Lyons Capital, LLC (“Lyons”) entered into a business
development agreement wherein Lyons agreed to act as Senior Strategic and Business Development Advisor to USMM for a term of 10 years
(the “BDA”). Lyons received, on January 2, 2024, and on the first business day of each year thereafter 10,000,000 shares
of USMM’s common stock in exchange for a purchase price of $1,000 per year. The BDA may be terminated by either party for any reason
effective upon the first business day of the calendar year following the termination notice provided at least 30 days in advance.
Lyons
and USMM also entered into the Wall Street Conference Business Development Agreement on February 23, 2023 (the “WSCA”), which
was also assigned to the parent Company, M2i Global, Inc. In the WSCA, Lyons agreed, for a term of 5 years, to provide USMM with a yearly
event sponsorship, including a speaking slot at the Wall Street Conference organized by Lyons, and introductions to, among others, personnel
for business development opportunities. In exchange, Lyons will receive $2,000,000 per year in either cash or shares of USMM.’s
common stock (if elected, the issuance of shares will be issued at a purchase price of $200 per year).
Pursuant
to the Agreement and Plan of Merger, dated as of May 12, 2023, and entered into by and among Inky, Inc. and U.S. M and M Acquisition
Corp. and U.S. Minerals and Metals Corp., which is annexed hereto as exhibit 2.01 below, at the time of consummation of the merger, all
shares of USMM were simultaneously converted into shares of M2i Global, Inc.’s common stock, and thus, any shares issued by USMM
pursuant to the BDA or WSCA, as referenced above are now issued from M2i Global, Inc.
M2i
Scrap & Recycling
M2i
has identified an opportunity to establish a source of critical minerals from scrap and recycling of metals currently reaching their
end of life in their current use. Small and medium sized scrap metal recycling yards present an opportunity as many are family owned,
with a good solid business, but are reaching the end of their succession plan and will need to close or sell. The scrap and recycling
businesses we are considering provide low risk with good cash flow. The S&R Division acquisitions are an early emphasis for M2i and
will generate steady revenue and profit.
Critical
metals are of vital importance for the defense sector across the air, sea, and land domains. For instance, tantalum is needed in warheads,
and high-performing alloys used in fuselages of combat aircraft require niobium, vanadium, and molybdenum.
We
see an opportunity to establish a closed-loop, transparent program for capturing and returning critical metals and minerals in the defense
industrial supply chain. This program would encompass both new production and end-of-life systems, ensuring that these valuable resources
are reused domestically rather than relying on foreign sources.
The
defense supply chain presents a significant volume of critical metals that can be effectively recycled and reused. By tapping into this
resource and establishing M2i as an efficient supplier of this service, we can capture a considerable market share. This opportunity
arises from the fact that no recycling company, to our knowledge, has successfully accomplished this on a large scale thus far.
M2i
Government and Defense Industrial Base
M2i
Government and Defense Industrial Base (“DIB”) is the business unit established with the goals of aligning U.S. policy in
terms of industry requirements and national interests. The cornerstone of the value proposition of M2i DIB is the creation and management
of the Strategic Minerals Reserve (“SMR”) in collaboration with the federal government to enable an uninterrupted supply
of the most critical minerals and metals to mitigate the current and future vulnerabilities of this vital supply chain. We expect the
SMR to augment or enhance the National Defense Stockpile.
M2i
DIB will focus on two key efforts, the implementation of the SMR and the ongoing liaison with the government at the federal, state, and
local levels. Critical to the success of the SMR will be the continuing dialogue with key congressional members. We have established
congressional support in Nevada and are working to receive both an authorization in the annual National Defense Authorization Act as
well as an appropriation of funding to enable the implementation of the M2i. DIB also aims to establish a collaboration with Hawthorne
Army Depot, located in Hawthorne, Nevada, to obtain storage and administrative space to conduct a pilot demonstration.
The
ongoing liaison with selected members of the congressional contingent from Nevada will act to ensure that the SMR pilot retains the focus
of each respective office. We expect that the conclusion of a successful pilot will lead to the establishment of the second phase of
the SMR, which is to build out the SMR to multiple locations, and to stockpile critical minerals that would extend supply beyond the
DOD industry to private sector industry organizations in the event of a disruption to the flow of critical minerals.
Human
Capital
Recruiting
the right people will be critical to our success. We believe that the team of officers, directors and advisors that we have already assembled
will provide a strong foundation for developing our business.
Financing
Sources
We
estimate that our first two years of operation will require $20-30 million. Our aim is to augment the capital raised with obtaining government
funding to meet this need.
Competition
The
Company, upon achieving its business objectives, believes it will be one of the only companies that operates across the full spectrum
of the mineral and metals industry.
The
rare earths mining and processing markets are capital intensive and competitive. Outside of the six (6) major rare earth producers in
China, and those consolidated under their production quotas-there are only two other producers operating at scale, MP Materials and Lynas,
which processes its rare earth materials in Malaysia. The Company’s competitors may have greater financial resources, as well as
other strategic advantages to maintain, improve and possibly expand their facilities.
It
is possible that when the Company achieves its anticipated production rates and other planned products, the increased competition could
lead competitors to engage in predatory pricing behavior. Any increase in the amount of rare earth products exported from other nations,
and increased competition, whether legal or illegal, may result in price reductions, reduced margins and loss of potential market share,
any of which could materially and adversely affect our profitability.
Additionally,
our potential Chinese competitors have historically been able to produce at relatively low costs due to domestic economic and regulatory
factors, including less stringent environmental regulations. If we are not able to achieve the projected costs of production, then any
strategic advantages that our competitors may have over us, such as lower labor and production costs, could have a material adverse effect
on our business. As a result of these factors, we may not be able to compete effectively against current and future competitors.
Many
of the Company’s competitors, as well as potential competitors, possess substantially greater financial, marketing, personnel and
other resources than the Company. The Company’s competitors and potential competitors include far larger, more established companies
that have access to capital markets, and to other funding sources that may be unavailable to the Company. There can be no guarantee that
the Company will be able to compete successfully against current or future competitors or that competitive pressures faced by the Company
will not materially adversely affect its business, operating results, and financial condition.
Compliance
with Government Regulation
Mining
operations and exploration activities are subject to various national, state, and local laws and regulations in United States, as well
as other jurisdictions, which govern prospecting, development, mining, production, exports, taxes, labor standards, occupational health,
waste disposal, protection of the environment, mine safety, hazardous substances and other matters.
We
believe that we are and will continue to be compliant in all material respects with applicable statutes and the regulations passed in
the United States. There are no current orders or directions relating to our Company with respect to the foregoing laws and regulations.
Item
1A. Risk Factors
Not
required for smaller reporting companies.
Item
1B. Unresolved Staff Comments
Not
required for smaller reporting companies.
Item
1C. Cybersecurity
Risk
Management and Strategy
We
recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information
systems and protect the confidentiality, integrity, and availability of our data.
Managing
Material Risks & Integrated Overall Risk Management
We
have strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture
of cybersecurity risk management. This integration ensures that cybersecurity considerations are an integral part of our decision-making
processes at every level. Our management team continuously evaluates and addresses cybersecurity risks in alignment with our business
objectives and operational needs.
Oversee
Third-party Risk
Because
we are aware of the risks associated with third-party service providers, we have implemented stringent processes to oversee and manage
these risks. We conduct thorough security assessments of all third-party providers before engagement and maintain ongoing monitoring
to ensure compliance with our cybersecurity standards. The monitoring includes annual assessments of the SOC reports of our providers
and implementing complementary controls. This approach is designed to mitigate risks related to data breaches or other security incidents
originating from third parties.
Risks
from Cybersecurity Threats
We
have not encountered cybersecurity challenges that have materially impaired our operations or financial standing.
Item
2. Properties
Our
principal executive offices are located at 885 Tahoe Blvd. Incline Village, NV 89451. The Company does not own any property or hold any
leases.
Item
3. Legal Proceedings
We
know of no legal proceedings to which we are a party or to which any of our property is the subject which are pending, threatened, or
contemplated or any unsatisfied judgments against us.
Item
4. Mine Safety Disclosures
Not
applicable.
PART
II
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
MARKET
INFORMATION
Our
Common Stock began trading on the OTC Pink Market under the symbol “INKI.” On June
8, 2023, our stock symbol changed to “MTWO”. You should be aware that over-the-counter market quotations may reflect
inter-dealer prices, without retail mark-up, mark-down or commissions and may not necessarily represent actual transactions.
HOLDERS
As
of February 24, 2025, there were approximately 160 stockholders of record holding 612,654,525 shares of our Common Stock. This number
does not include an indeterminate number of stockholders whose shares are held by brokers in street name. The holders of our Common Stock
are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Holders of our Common Stock
have no preemptive rights and no right to convert their Common Stock into any other securities. Additionally, there are no redemption
or sinking fund provisions applicable to our Common Stock.
DIVIDEND
POLICY
We
have never paid any cash dividends on our Common Stock and do not anticipate paying any cash dividends on our Common Stock in the foreseeable
future. We presently intend to retain all earnings to implement our business plan. Any future determination to pay cash dividends will
be at the discretion of our Board and will be dependent upon our financial condition, results of operations, capital requirements and
such other factors as our Board deems relevant. Our ability to pay cash dividends is subject to limitations imposed by state law.
RECENT
SALES OF UNREGISTERED SECURITIES
None.
Issuer
Purchases of Equity Securities
In
August of 2023, the Company repurchased 6,013,334 shares of the Company’s common stock from Ioanna Kallidou for $435,000 (the “Treasury
Stock Repurchase”).
In
December of 2023, the Company repurchased 50,000,000 shares of the Company’s common stock from a shareholder for $5,000.
In
August of 2024, the Company repurchased 11,500,000 shares of the Company’s common stock from two former consultants for $1,150.
Item
6. [Reserved]
Not
required for smaller reporting companies.
Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
information and financial data discussed below is derived from our financial statements for the fiscal years ended November 30, 2024,
and 2023. The financial statements of the Company were prepared and presented in accordance with generally accepted accounting principles
in the United States. The information and financial data discussed below is only a summary and was prepared to provide a historical and
narrative discussion of our financial condition and results of operations through the eyes of management and should be read in conjunction
with the historical financial statements and related notes of the Company contained elsewhere in this Form 10-K. The financial statements
contained elsewhere in this Form 10-K fully represent the Company’s financial condition and operations; however, they are not indicative
of the Company’s future performance. This discussion contains forward-looking statements based upon current plans, expectations
and beliefs that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those
anticipated in or implied by these forward-looking statements because of several factors, including those discussed in the section captioned
“Risk Factors” included under Part I, Item 1A and elsewhere in this Form 10-K.
Results
of Operations for the fiscal years ended November 30, 2024 and 2023:
Revenue
During
the fiscal years ended November 30, 2024 and 2023 we generated total revenue of $0 and $3,400, respectively.
Operating
expenses
For
the fiscal year ended November 30, 2024, operating expenses were $3,795,121, compared to $1,982,836 for the fiscal year ended November
30, 2023. Operating expenses consist primarily of general and administrative expenses and legal and professional fees incurred in connection
with the operation of our business. The net increase of $1,812,285 in operating expenses was primarily a result of an increase in professional
fees to implement the change in business as noted in Part I, Item 1 earlier in this document, an increase in marketing and investor relations
expenses.
Net
Loss
Our
net loss for the fiscal years ended November 30, 2024 and 2023 was $3,887,261 and $1,990,162, respectively. The increase in net loss
is because of the increase in operating expenses, discussed above, and an increase in interest expense.
Liquidity
and Capital Resources and Cash Requirements
As
of the fiscal year ended November 30, 2024, the Company had cash of $80,281 and $48,197 as of the fiscal year ended November 30, 2023.
Furthermore, the Company had a working capital deficit of $2,532,472 and $1,038,946 as of the fiscal years ended November 30, 2024 and
2023, respectively. The increase in the working deficit is because of an increase in unpaid accounts payable and accounts payable-related
party.
During
the fiscal year ended November 30, 2024, the Company used $2,098,661 of cash in operating activities compared to $1,611,258 of cash in
operating activities during the fiscal year ended November 30, 2023. The increase in cash used in operating activities was the result
of an increase in net loss, offset by an increase in accounts payable and accounts payable-related party.
During
the fiscal years ended November 30, 2024 and 2023, the Company had no cash flows from investing activities
During
the fiscal year ended November 30, 2024, the Company generated $2,130,745 cash in financing activities which came from a net decrease
in the related-party loan of $563,950 and proceeds from sale of common stock of $2,396,735 offset by repurchase of common stock of $5,000
and a promissory note for $302,960. During the fiscal year ended November 30, 2023, the Company generated $1,659,341 of cash in financing
activities which came from a related-party loan of $608,319, a convertible note for $250,000 and proceeds from sale of common stock of
$1,236,022 offset by repurchase of common stock of $435,000.
OFF
BALANCE SHEET ARRANGEMENTS
We
have no off-balance sheet arrangements, including arrangements that would affect our liquidity, capital resources, market risk support
and credit risk support or other benefits.
Item
7A. Quantitative and Qualitative Disclosures about Market Risk
Not
required for smaller reporting companies.
Item
8. Financial Statements and Supplementary Data
The
full text of our audited consolidated financial statements begins on page F-1 of this annual report
Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
On
February 8, 2024, the Company dismissed Heaton & Company, PLLC dba Pinnacle Accountancy Group of Utah (“Pinnacle”) as
the Company’s independent registered public accounting firm. During the engagement period from December 6, 2019 to February 8,
2024, there were no disagreements between the Company and Pinnacle on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure which, if not resolved to the satisfaction of Pinnacle, would have caused Pinnacle to make
reference to the matter in a report on the Company’s financial statements. The decision to replace Pinnacle was approved by the
Board of Directors of the Company.
Effective
February 8, 2024, the Company appointed Turner, Stone & Company, LLP (“Turner Stone”) as the independent registered public
accounting firm to audit the consolidated financial statements of the Company, and the related consolidated statements of operations,
changes in stockholders’ deficit, and cash flows of the Company and the related notes to consolidated financial statements.
On
June 6, 2024, the Company dismissed Turner, Stone & Company, LLP (“Turner Stone”) (“Turner Stone”) as the
Company’s independent registered public accounting firm. During the engagement period from January 29, 2024, to June 4, 2024, there
were no disagreements between the Company and Turner Stone on any matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedure which, if not resolved to the satisfaction of Turner Stone, would have caused Turner Stone to make reference
to the matter in a report on the Company’s financial statements. The decision to replace Turner Stone was approved by the Board
of Directors of the Company.
Effective
June 5, 2024, the Company appointed TAAD LLP (“TAAD”) as the independent registered public accounting firm to audit the consolidated
financial statements of the Company, and the related consolidated statements of operations, changes in stockholders’ deficit, and
cash flows of the Company and the related notes to consolidated financial statements.
Item
9A. Controls and Procedures
The
Company is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)
and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that
we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers,
or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An
assessment was conducted with the participation of our principal executive and principal financial officer of the effectiveness of the
design and operation of our disclosure controls and procedures as of November 30, 2024. Based on that evaluation, our management concluded
that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in
the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified
in SEC rules and forms.
Changes
in Internal Controls over Financial Reporting
There
have been no changes in our internal controls over financial reporting that occurred during the fiscal year ended November 30, 2024,
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
In
our annual report for the fiscal year ended November 30, 2023, we identified the following material weaknesses which are still applicable:
|
● |
We
do not have an audit committee |
|
● |
We
did not implement appropriate information technology controls |
Management
plans to address these material weaknesses in the coming quarters.
In
our annual report for the fiscal year ended November 30, 2023, we identified the following material weakness which is no longer applicable:
|
● |
We
did not maintain appropriate cash controls – the handling of cash and accounting functions have been segregated and bills require
management approval prior to payment |
Item
9B. Other Information.
Rule
10b5-1 Trading Arrangement
During
the fiscal year ended November 30, 2024, no director or officer of the Company adopted or terminated a “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
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not
applicable.
PART
III
Item
10. Directors, Executive Officers and Corporate Governance
Our
executive officers and directors and their respective ages are as follows:
Name |
|
Age |
|
Positions |
Douglas
Cole |
|
69 |
|
Executive
Chairman, Chief Financial Officer |
Alberto
Rosende |
|
62 |
|
President,
Chief Executive Officer and Director |
Douglas
MacLellan |
|
69 |
|
Director |
Anthony
Short |
|
65 |
|
Director |
Michael
Sander |
|
61 |
|
Director |
Set
forth below is a brief description of the background and business experience of our executive officers and directors for the past five
years.
Douglas
Cole
Douglas
Cole, age 69, is Executive Chairman and Chief Financial Officer of M2i Global, Inc. Mr. Cole brings over 39 years of experience in sales,
marketing, and leadership roles, having run over 8 companies, both public and private. He has focused all his time on global development
of startup companies and turnarounds. He has been involved with raising millions of dollars for his companies and numerous M&A work.
As a private and public chairman, CEO, and board member, he has expanded every company he has been involved with, leveraging relationships
globally. He has spoken at many major industry conferences throughout his career.
Prior
to M2i, Mr. Cole was Chairman and CEO of American Battery Metals Corporation (ABML) from 2017 to 2021, where he orchestrated a successful
turnaround that resulted in a high of a $2 billion market capitalization. Mr. Cole led the transition from a lithium exploration and
development company to a lithium asset and lithium-ion battery metal recycling company and left the company in August of 2021. He was
a Partner overseeing all ongoing deal activities with Objective Equity LLC from 2005 through 2016, a boutique investment bank focused
on the high technology, data analytics and the mining sector.
Since
1977, Mr. Cole has held various executive roles, including Chairman, Executive Vice Chairman, Chief Executive Officer and President of
multiple public corporations. From May 2000 to September 2005, he was also the Director of Lair of the Bear, The University of California
Family Camp located in Pinecrest, California. During the period between 1991 and 1996 he was the CEO of HealthSoft and he also founded
and operated Great Bear Technology, which acquired Sony Image Soft and Starpress, then went public and eventually sold to Graphix Zone.
In 1995, Mr. Cole was honored by New Enterprise Associates, a leading venture capital firm, as CEO of the year.
Since
1982 he has been very active with the University of California, Berkeley where he mentors early-stage technology companies. Mr. Cole
has extensive experience in global M&A and global distributions. He obtained his BA in Social Sciences from UC Berkeley in 1978.
Alberto
Rosende
Major
General (Ret) Alberto “Al” Rosende, age 62, is President & CEO of M2i Global Inc. Mr. Rosende has over 37 years of command
and operational experience in the Army. In his private sector career, Al spent 28 years in the global payments industry, where he worked
for two of the largest global payment brands in a variety of responsibilities, providing operational and risk management consulting services
to client banks and payment processors operating in the Latin America and Caribbean Region.
Mr.
Rosende joined M2i in March of 2023 where he previously led M2i’s business operations and integration efforts, focused on ensuring
efficient operations across M2i’s business units, as well as driving the effective and timely integration of new entities and technologies,
focusing on realizing planned revenue and operational contributions to M2i, in order to optimize M2i’s growing economies of scale.
A major component of Mr. Rosende’s previous responsibilities was leading the Government & Defense Industrial Base effort, where
he endeavored to strengthen our relationships with federal, state, and local governmental entities, agencies and departments to develop
Public Private Partnerships (P3). Special focus continues to be the creation of a national Strategic Mineral Reserve similar in scope
and operation to the federal government’s Strategic Petroleum Reserve.
Mr.
Rosende retired from the U.S. Army in December of 2021 with over 37 years of service, after spending the last four plus years serving
in a full-time capacity. After transitioning from the Army, he returned to work in the payments industry as a consultant, serving as
President of Emerg-Int Group, which he founded in 2016. He served as Head of Cards & Payments for Hi Americas during the period of
March to July 2022, an early wage access start-up firm and subsidiary of Hi-UK. Al also provided consulting services to Axyde Analytics,
responsible for customer support for key clients during the period of August 2022 thru February 2023. Since January 2023, Al has served
as a Senior Instructor for the Next Leadership Academy (since January 2023).
Mr.
Rosende holds a BS in Business Administration from Nova Southeastern University, an MS in National Resource Strategy from the Eisenhower
School of National Security and Resource Strategy of the National Defense University, and an MA from The George Washington University
in Education and Human Development.
Douglas
MacLellan
Douglas
MacLellan, age 69, has provided management advice and counsel on: strategic planning, operational activities, corporate finance, economic
policy, asset allocation and mergers & acquisitions throughout his professional career as a senior international business executive
and as a member of the board of directors of numerous companies. He has helped raise over US$1 billion for development stage, start-up
and mid-cap companies. In regard to U.S. publicly listed companies experience, Mr. MacLellan has over 25 years of public company board
experience and 17 years of active audit committee chair experience that includes managing through difficult investigative matters. Mr.
MacLellan is also a regular speaker at industry conferences and has been interviewed on various syndicated radio and television news
programs in regard to his insights related to China business, selected industries and economic forecasts. MacLellan is also a co-founder
of a NASDAQ listed green battery metals miner and recycler company.
Mr.
MacLellan holds over 30 years of senior level international executive business experience primarily in the natural resources, pharmaceuticals,
telecoms, software, consumer products and IT industries as well as in capital formation and capital markets for new and emerging technologies
and companies. MacLellan has been a catalyst for the development and financing of global businesses in the United States and in the countries
of: Bulgaria, Cambodia, Canada, Chile, China, Hungary, India, Korea, Madagascar, Vietnam and Russia. MacLellan’s career has had
a contemporary focus on the mining, recycling and securitization of strategic materials and critical elements.
Mr.
MacLellan’s board experience includes serving as an independent director and Chairman of the Compensation Committee of American
Battery Technology Company (NASDAQ: ABAT) from October 2017 to February 2022. MacLellan also served as an independent director and Chairman
of the Audit Committee of ChinaNet Online Holdings, Inc. (NASDAQ: CNET) a media development, advertising and communications company from
November 2009 to December 2017. Mr. MacLellan also held various Board positions and was Chairman and chief executive officer at Radient
Pharmaceuticals Corporation (OTCQB: RXPC), a vertically integrated specialty pharmaceutical company from September 1992 through April
2014.
Mr.
MacLellan served as President and Chief Executive Officer for the MacLellan Group, an international financial advisory firm from March
1992 through January 2016. From August 2005 to May 2009, MacLellan was a co-founder and vice chairman at Ocean Smart, Inc., a Canadian
based aquaculture company. From February 2002 to September 2006, Mr. MacLellan served as chairman and cofounder at Broadband Access MarketSpace,
Ltd., a China based IT advisory firm, and was also a co-founder at Datalex Corp., a software and IT company specializing in mainframe
applications, from February 1997 to May 2002. Mr. MacLellan was educated at the University of Southern California with a degree in economics
and international relations.
Anthony
Short
Anthony
Short, 65, is an experienced public company director with over 30 years in the hard rock mining and oil and gas sectors, both internationally
and within Australia. Mr. Short has a demonstrated history of working in the venture capital and private equity industries and has sound
experience in corporate governance in both the public and private sectors. Mr. Short is skilled in investor relations, analytical skills,
asset management, management, and corporate development. Additionally, Mr. Short is a strong business development professional and a
proven business innovator, with commercial delivery of cutting-edge propriety mining technology developed in conjunction with AusIndustry
and the University of Adelaide, South Australia.
Mr.
Short has been the Chairman of Reforme Group since 2018 and the company now successfully operates the Frances Creek iron ore mine in
the Northern Territory. Reforme, in conjunction with AusIndustry and the University of Adelaide, South Australia, has developed a ‘World-First’
ore sorting technology that allows low grade iron ore to be beneficiated to Direct Shipping Ore (DSO). Reforme holds the propriety technology
rights for this beneficiation process and are now in talks with other industry groups who are interested in using this advanced technology
to beneficiate their lower grade ore, making it amenable to offshore shipping. Reforme successfully entered into a working partnership
with Anglo America in early 2020 which saw the first trial shipment of beneficiated ore leave Darwin Port in June 2021. Reforme, through
their partnership with AusIndustry and the University of Adelaide, are commencing works on their second research and development project
which is based on multiple commodity extraction from epithermal polymetallic Au, Ag, Co, Cu deposits. Reforme is a privately owned Australian
company which is 30% owned by the Traditional Landowners. The company provides employment and upskilling opportunities to the local Northern
Territory communities.
Additionally,
Mr. Short is chairman and founder of the Nova Terra Institute. The Nova Terra Institute (“Nova Terra”) is an Australian research
and development institute with a mission to address real-world problems by facilitating a synergistic collaboration between industry,
academia, and other likeminded research organizations. By linking advanced science with practical applications, the not-for-profit aims
to facilitate the creation of commercially viable solutions that address critical environmental concerns for the betterment of society
and the protection of our planet. We foster collaboration and support the innovation efforts of Australian businesses and thought leaders,
driving improvements in critical mineral recovery, mine waste rehabilitation, recycling, and renewable energy supplies.
Mr.
Short is Chairman of Komodo Capital which is an Australian based, internationally focused corporate finance advisory firm which specializes
in mergers and acquisitions. Komodo currently holds mandates with the Company to facilitate transactions in Australia.
Mr.
Short holds a Bachelor of Physical Education and a Bachelor in Commerce from the University of Western Australia, a Graduate Diploma
of Finance from Curtin University Western Australia, and is a member of the Australian Institute of Company Directors.
Michael
Sander
Michael
Sander, 61, has over thirty years of invaluable experience to the intersecting fields of technology, finance and real estate. As a seasoned
strategist and investment professional, Mr. Sander has consistently demonstrated his ability to identify and capitalize on high-potential
opportunities.
Throughout
his career, Mr. Sander has played a pivotal role in closing numerous complex transactions, showcasing his talent for transforming promising
ventures into tangible, value-added assets. His expertise spans multiple industries, encompassing various investment and ownership positions.
Mr. Sander’s strength lies in his comprehensive understanding of the technology sector, coupled with his extensive experience in
investment strategies, mergers and acquisitions, and sophisticated capital markets deal structuring. This unique combination of skills
allows him to approach challenges with a multifaceted perspective, often uncovering innovative solutions where others see obstacles.
Mr.
Sander acted as the Senior Managing Director at Sortis Capital from 2010 to 2016, where he focused on strategic planning and investor
relations. Mr. Sander was then promoted to Managing Partner at Sortis Capital in 2022. Mr. Sander is currently a board advisor for Papaya
Development, a real estate development and consulting company, and is also a current board member of TRILITY, a pharmaceutical manufacturing
company.
Family
Relationships
There
are no family relationships among our executive officers and directors.
Election
of Directors and Officers
All
directors will hold office until the next annual meeting of the stockholders or until their successors have been elected and qualified.
The officers of our Company are appointed by our Board and hold office until their death, resignation or removal from office.
Involvement
in Certain Legal Proceedings
During
the past ten years, except as set forth above, none of our directors, executive officers, promoters, control persons, or nominees have
been:
|
● |
the
subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer
either at the time of the bankruptcy or within two years prior to that time; |
|
|
|
|
● |
convicted
in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); |
|
● |
subject
to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or any
Federal or State authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any
type of business, securities or banking activities; |
|
|
|
|
● |
found
by a court of competent jurisdiction (in a civil action), the Commission or the Commodity Futures Trading Commission to have violated
a federal or state securities or commodities law; |
|
|
|
|
● |
the
subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently
reversed, suspended or vacated, relating to an alleged violation of (a) any Federal or State securities or commodities law or regulation;
(b) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or
permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order,
or removal or prohibition order; or (c) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business
entity; or |
|
|
|
|
● |
the
subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization
(as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29)
of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary
authority over its members or persons associated with a member. |
Committees
of the Board
Due
to the small size of the Company and its Board of Directors, we currently have no audit committee, compensation committee or nominations
and governance committee of our board of directors. We do not have an audit committee financial expert.
Code
of Ethics and Business Conduct
The
Company has adopted a Code of Ethics and Business Conduct (“Code of Ethics”) that applies to all of its directors, officers
and employees. Any waiver of the provisions of the Code of Ethics for executive officers and directors may be made only by the Board
of Directors. Any such waivers will be promptly disclosed to the Company’s shareholders. A copy of our Code of Ethics is attached
as an exhibit to this Form 10-K and will be provided to any person requesting same without charge. To request a copy of our Code of Ethics
please make written request to our Chief Executive Officer c/o M2i Global, Inc. at 885 Tahoe Blvd., Incline Village, NV 89451.
Changes
in Nominating Procedures
None.
Item
11. Executive Compensation
EXECUTIVE
COMPENSATION SUMMARY COMPENSATION TABLE
The
Summary Compensation Table shows certain compensation information for services rendered in all capacities for the fiscal years ended
November 30, 2024 and 2023. Other than as set forth herein, no executive officer’s salary and bonus exceeded $100,000 in any of
the applicable years. The following information includes the dollar value of base salaries, bonus awards, the number of stock options
granted and certain other compensation, if any, whether paid or deferred.
Summary
Compensation
The
particulars of compensation paid to the following persons:
|
(a) |
our
principal executive officers; and |
|
(b) |
each
of our two most highly compensated executive officers who were serving as executive officers at the end of the fiscal years ended
November 30, 2024 and 2023; |
Name and Principal Position | |
Year | | |
Stock Awards ($) | | |
Option Awards ($) | | |
All Other Compensation ($) | | |
Total ($) | |
Douglas Cole | |
| 2023 | | |
| - | | |
| - | | |
| 496,833 | | |
| 496,833 | |
Executive Chairman, Chief Financial Officer, Former President and Chief Executive Officer(1) | |
| 2024 | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Jeffrey W. Talley | |
| 2023 | | |
| - | | |
| - | | |
| 437,333 | | |
| 437,333 | |
Former President and Chief Executive Officer of U.S. Minerals and Metals, Corporation(2) | |
| 2024 | | |
| - | | |
| - | | |
| 131,000 | | |
| 131,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Alberto Rosende | |
| 2023 | | |
| - | | |
| - | | |
| 200,999 | | |
| 200,999 | |
President and Chief Executive Officer(3) | |
| 2024 | | |
| - | | |
| - | | |
| 268,000 | | |
| 268,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Ioanna Kallidou | |
| 2023 | | |
| - | | |
| - | | |
| 16,500 | | |
| 16,500 | ) |
Former President(4) | |
| 2024 | | |
| - | | |
| - | | |
| - | | |
| - | |
(1)
On December 11, 2023, Mr. Doug Cole resigned from the President and Chief Executive Officer roles of the Company but still maintains
his roles as Executive Chairman and Chief Financial Officer.
(2)
On December 11, 2023, Mr. Talley, was appointed as President and Chief Executive Officer of the
Company. On August 23, 2024, the Company accepted Mr. Talley’s resignation as President and Executive Officer.
(3)
On August 16, 2024, the Company appointed Mr. Alberto Rosende as Chief Executive Officer of the Company.
(4)
Consists of a $35,000 salary and $14,000 bonus.
Agreements
with Named Executive Officers
M2i
and its subsidiaries entered into new agreements or amended existing agreements with its named executive officers. A summary of the compensation
provided under such agreements is as follows:
|
1. |
On
December 1, 2022, Jeffrey W. Talley and U.S. Minerals & Metals Corporation entered into a consulting agreement where Mr. Talley
agreed to serve as president and chief executive officer of U.S. Minerals & Metals Corporation until the agreement is terminated.
Mr. Talley is entitled to a consulting payment of $41,666.67 per month. His additional bonuses are determined by the Board of Directors.
Mr. Talley resigned his positions as president and chief executive officer on August 23, 2024. |
|
2. |
On
December 1, 2022, Douglas Cole and U.S. Minerals & Metals Corporation entered into a consulting agreement where Mr. Cole agreed
to serve as executive chairman of U.S. Minerals Corporation until the agreement is terminated. Mr. Cole is entitled to a consulting
payment of $41,666.67 per month. His additional bonuses are determined by the Board of Directors. On January 23, 2023, Douglas Cole
and U.S. Minerals and Metals Corporation entered into a business development agreement where Mr. Cole agreed to serve as a Senior
Strategic and Business Development Advisor for a term of 10 years to U.S. Minerals & Metals Corporation. For his services, Mr.
Cole will receive, on January 2, 2024, and on the first business day of each year thereafter until and including the first business
day of January 2033, 10,000,000 shares of the U.S. Minerals & Metals Corporation’s common stock, par value $.0001, as they
may be adjusted from time to time on account of splits, consolidations, dividends and similar changes in exchange for a purchase
price of $1,000. |
|
|
|
|
3. |
On
March 1, 2023, Alberto Rosende and U.S. Minerals & Metals Corporation entered into a consulting agreement where Mr. Rosende agreed
to serve Vice President of Operations of U.S. Minerals & Metals Corporation until the agreement is terminated. Mr. Rosende is
entitled to a consulting payment of $20,333.33 per month. His additional bonuses are determined by the Board of Directors. On August
16, 2024, Mr. Rosende entered into a consulting agreement where Mr. Rosende agreed to serve as president and chief executive officer
of M2i Global, Inc. until the agreement is terminated. Mr. Rosende is entitled to a consulting payment of $41,666.67 per month. |
|
|
|
|
4. |
Pursuant
to the Agreement and Plan of Merger, dated as of May 12, 2023, and entered into by and among Inky, Inc. and U.S. M and M Acquisition
Corp. and U.S. Minerals and Metals Corp., which is annexed hereto as exhibit 2.01 below, at the time of consummation of the merger,
all shares of USMM were simultaneously converted into shares of M2i Global, Inc.’s common stock, and thus, any shares issued
by USMM pursuant to the BDA or WSCA, as referenced above are now issued from M2i Global, Inc. |
There
are no arrangements or plans in which we provide pension, retirement or similar benefits for our executive officers, except that our
executive officers may receive stock options at the discretion of our board of directors.
Grants
of Plan-Based Awards Table
We
did not grant any awards to our named executive officers during our fiscal year ended November 30, 2024.
Compensation
Plans
As
of November 30, 2024, we did not have an equity compensation plan in place.
Outstanding
Equity Awards at Fiscal Year-End
The
following table sets forth for each named executive officer certain information concerning the outstanding equity awards as of November
30, 2024:
OUTSTANDING
EQUITY AWARDS AT FISCAL YEAR-END
| |
OPTION AWARDS | | |
STOCK AWARDS | |
Name | |
Number of Securities Underlying Unexercised Options (#) Exercisable | | |
Number of Securities Underlying Unexercised Options (#) Un-exercisable | | |
Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | | |
Option Exercise Price ($) | | |
Option Expiration Date | | |
Number of Shares or Units of Stock That Have Not Vested (#) | | |
Market Value of Shares or Units of Stock That Have Not Vested ($) | | |
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | |
Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (#) | |
Doug Cole | |
| | | |
| - | | |
| - | | |
$ | - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Albert Rosende | |
| | | |
| - | | |
| - | | |
$ | - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Compensation
of Directors
The
following compensation was provided to the directors of M2i who are not also named executive officers during the fiscal year ended November
30, 2024:
Name | |
Fees earned or paid in cash ($) | | |
Stock Awards ($) | | |
Option Awards ($)(1) | | |
Non- Equity Incentive Plan Compensation ($) | | |
Nonqualified Deferred Compensation Earnings ($) | | |
All Other Compensation($) Total ($) | |
Douglas MacLellan | |
| 50,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Anthony Short | |
| 40,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Michael Sanders | |
| 20,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The
following table sets forth information as of November 30, 2024 regarding the beneficial ownership of our Common Stock by (i) those persons
who are known to us to be the beneficial owner(s) of more than 5% of our Common Stock, (ii) each of our directors and named executive
officers, and (iii) all of our directors and executive officers as a group and of our preferred stock. Except as otherwise indicated,
the beneficial owners listed in the tables below possess the sole voting and dispositive power in regard to such shares and have an address
of c/o M2i Global, Inc. 885 Tahoe Blvd. Incline Village, NV 89451. As of November 30, 2024 there were 581,704,525 shares of our Common
Stock outstanding. As of November 30, 2024 there were 100,000 shares of preferred stock issued and outstanding.
Beneficial
ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities.
Shares of our Common Stock subject to options, warrants, notes or other conversion privileges currently exercisable or convertible, or
exercisable within 60 days of the date of this table, are deemed outstanding for computing the percentage of the person holding such
option, warrant, note, or other convertible instrument but are not deemed outstanding for computing the percentage of any other person.
Where more than one person has a beneficial ownership interest in the same shares, the sharing of beneficial ownership of these shares
is designated in the footnotes to this table.
Beneficial
Ownership of Common Stock
Name and Address of Beneficial Owner | |
Amount and Nature of Beneficial Ownership | | |
Percent of Class | |
Doug Cole, Executive Chairman and Chief Financial Officer* | |
| 16,013,334 | (1) | |
| 3 | % |
Jeffrey W. Talley, President & Chief Executive Officer, resigned on August 30, 2024* | |
| 0 | (2) | |
| * | % |
Alberto Rosende, President & Chief Executive Officer, appointed on August 30, 2024* | |
| 0 | (3) | |
| * | % |
Douglas MacLellan, Director | |
| 5,366,667 | | |
| * | % |
Anthony Short, Director | |
| 0 | (4) | |
| * | % |
Michael Sander, Director | |
| 3,025,000 | | |
| * | % |
Lyons Capital LLC | |
| 61,999,000 | | |
| 11 | % |
Directors, Executive Officers and 5% or more of Common Stock as a Group (7 persons) | |
| 86,404,0015 | | |
| 15 | % |
* |
Represents
ownership of less than 1% |
(1) |
This
does not include 70,000,000 shares of Common Stock beneficially owned by The Cole Family Revocable Trust; and 10,000,000 shares of
Common Stock beneficially owned by the Cole Family Trust of 2014 or Mr. Cole’s 100,000 shares of preferred stock. Mr. Cole
does not have any control over the trust, including no voting power and no power to dispose of the shares. |
(2) |
This
does not include 50,000,000 shares of Common Stock beneficially owned by The Talley Family Revocable Trust. Mr. Talley does not have
any control over the trust, including no voting power and no power to dispose of the shares. |
(3) |
This
does not include 18,000,000 shares of Common Stock beneficially owned by Rosende Quattro LLC of which Mr. Rosende is the managing
member. |
(4) |
This
does not include 25,000,000 shares of Common Stock beneficially owned by Reforme Group Investments PTYLTD, beneficially owned by
Anthony Short |
Beneficial
Ownership of Preferred Stock
Name and Address of Beneficial Owner | |
Amount and Nature of Beneficial Ownership of Preferred Stock | | |
Percent of Class | |
Doug Cole, Executive Chairman and Chief Financial Officer | |
| 100,000 | (1) | |
| 100 | % |
Directors and Executive Officers as a Group (1 person) | |
| 100,000 | | |
| 100 | % |
(1) |
Mr.
Cole holds 100,000 shares of preferred stock. This does not include 70,000,000 shares of Common Stock beneficially owned by The Cole
Family Revocable Trust; and 10,000,000 shares of Common Stock beneficially owned by the Cole Family Trust of 2014. Mr. Cole does
not have any control over the trust, including no voting power and no power to dispose of the shares. |
Item
13. Certain Relationships and Related Transactions and Director Independence
Certain
Relationships and Related Transactions
During
May 2023, the Company’s former CEO, Ioanna Kallidou, forgave liabilities totaling $146,593 consisting of accrued payroll and a
related party loan. As a result of the forgiveness, a contribution was recorded to additional paid in capital during May 2023. As of
the fiscal year ended November 30, 2024, no balances were due to Ioanna Kallidou.
During
the fiscal year ended November 30, 2023, the Company’s former CEO loaned the Company $8,319. The balance was unsecured, non-interest
bearing, and did not have a maturity date. During May 2023, the loans, totaling $81,093, were forgiven.
Under
the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667
per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the fiscal year ended November 30, 2024, the
Company incurred $524,000 in expenses related to the consulting agreement, of which $203,667 was repaid by the Company. At the fiscal
year ended November 30, 2024, $393,000 remained unpaid under the agreement.
Under
the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate
him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. This agreement replaced a former agreement
wherein the consultant agreed to serve as Vice President-Operations for $22,333.33 per month, consisting of $20,833.33 in consulting
fees and a $1,500 monthly allowance. During the fiscal year ended November 30, 2024, the Company incurred $353,333 in expenses related
to the consulting agreement, of which $268,000 was repaid by the Company. At the fiscal year ended November 30, 2024, $85,833 remained
unpaid under the agreement.
During
the fiscal year ended November 30, 2023, the Company entered into a loan agreement with the Company’s Executive Chairman. The loan,
which bears interest at 7%, is due on demand. During the fiscal years ended November 30, 2024 and 2023, the Executive Chairman loaned
the Company $127,500 and $600,000, respectively. During the fiscal year ended November 30, 2024, the Company repaid $691,500 to the CFO.
At the fiscal years ended November 30, 2024 and 2023, the amount due to the Executive Chairman was $36,050 and $600,000, respectively.
This loan is recorded as a related party loan on the balance sheet. During the fiscal years ended November 30, 2024 and 2023, the Company
recorded accrued interest of $31,761 and $6,781, respectively. During the fiscal year ended November 30, 2024, the Company repaid $17,352
interest. At the fiscal year ended November 30, 2024, accrued interest payable due to the loans from the Executive Chairman totaled $21,190.
Director
Independence
We
currently do not have any directors who are “independent” as defined under the NASDAQ Marketplace Rules.
Item
14. Principal Accountant Fees and Services
TAAD,
LLP (“TAAD”) served as the independent registered public accounting firm to
audit our books and accounts for the fiscal year ending November 30, 2024.
Turner,
Stone & Company, LLP (“Turner Stone”) served
as the independent registered public accounting firm to audit our books and accounts for the fiscal year ending November 30, 2023.
The
table below presents the aggregate fees billed for professional services rendered by Turner Stone and TAAD, LLP for the fiscal years
ended November 30, 2024 and 2023.
Fees | |
| 2024 | (1)* | |
| 2023 | (2) |
Audit Fees | |
$ | [ ] | | |
$ | 70,500 | |
Audit Related Fees | |
| [ ] | | |
| - | |
Tax Fees | |
| - | | |
| - | |
Other Fees | |
| - | | |
| - | |
Total Fees | |
$ | [ ] | | |
$ | 70,500 | |
*At
the time of the filing of this annual report on Form 10-K, the total fees billed for professional services by TAAD, LLP have not yet
been determined.
|
(1) |
Represents
aggregate fees charged by TAAD, LLP for audit of the Company’s financial statements for the fiscal year ended November 30,
2024. |
|
(2) |
Represents
aggregate fees charged by Turner Stone for audit of the Company’s financial statements for the fiscal year ended November 30,
2023 and for subsequent reviews of the Company’s financial statements for the quarters ending February 29, 2024, May 31, 2024,
and August 31, 2024.. |
In
the above table, “audit fees” are fees billed for services provided related to the audit of our annual financial statements,
quarterly reviews of our interim financial statements, and services normally provided by the independent accountant in connection with
regulatory filings or engagements for those fiscal periods. “Audit-related fees” are fees not included in audit fees that
are billed by the independent accountant for assurance and related services that are reasonably related to the performance of the audit
or review of our financial statements. These audit-related fees also consist of the review of our registration statements filed with
the SEC and related services normally provided in connection with regulatory filings or engagements. “All other fees” are
fees billed by the independent accountant for products and services not included in the foregoing categories.
PART
IV
Item
15. Exhibits and Financial Statement Schedules
1) |
The
consolidated financial statements contained herein are as listed on the “Index to Consolidated Financial Statements”
on page F-1 of this report. |
2) |
The
consolidated financial statement schedule contained herein is as listed on the “Index to Consolidated Financial Statements”
on page F-1 of this report. All other schedules have been omitted because they are not applicable, not required, or the information
is included in the consolidated financial statements or notes thereto. |
Exhibit
Number |
|
Description |
2.01 |
|
Agreement and Plan of Merger, dated as of May 12, 2023 and entered into by and among Inky, Inc. and U.S. M and M Acquisition Corp. and U.S. Minerals and Metals Corp. (incorporated by reference to Exhibit 2.01 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
3.1 |
|
Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
3.2 |
|
Certificate of Amendment to the Certificate of Incorporation of Inky Inc. dated May 8, 2023 (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
3.3 |
|
Articles of Merger dated as of May 18, 2023 (incorporated by reference to Exhibit 3.3 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
3.4 |
|
Certificate of Amendment to Articles of Incorporation dated June 8, 2023- Name Change (incorporated by reference to Exhibit 3.4 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
3.5 |
|
Certificate of Designation of Series A Super-Voting Preferred Stock (incorporated by reference to Exhibit 3.5 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
3.6 |
|
Bylaws (incorporated by reference to Exhibit 3.6 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
10.1 |
|
Consulting Agreement with Jeffrey Talley (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
10.2 |
|
Business Development Agreement with Lyons Capital LLC dated February 23, 2023 (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
10.3 |
|
Wall Street Conference Business Development Agreement with Lyons Capital LLC dated February 23, 2023 (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
10.4 |
|
Business Development Agreement with Doug Cole dated January 23, 2023 (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
14.1 |
|
Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
21.1 |
|
List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Company’s Registration Statement on Form S-1 filed with the SEC on December 7, 2023) |
31.1* |
|
Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act, as amended. |
31.2* |
|
Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act, as amended. |
32.1** |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rules 13a-14(b) or 15d-14(b) of the Securities Exchange Act, as amended, and 18 U.S.C. Section 1350. |
101.INS |
|
Inline
XBRL Instance Document. |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document. |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document. |
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* |
Filed
herewith. |
|
|
** |
Furnished
herewith. |
Item
16. Form 10-K Summary
None.
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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.
M2I
GLOBAL, INC. |
|
|
|
|
|
Date:
February 27, 2025 |
By: |
/s/
Alberto Rosende |
|
|
Alberto
Rosende Chief Executive Officer |
|
|
(Principal
Executive Officer) |
In
accordance with the Exchange Act, this Report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Doug Cole |
|
Chief
Financial Officer and Executive Chairman |
|
February
27, 2025 |
Doug
Cole |
|
(Principal
Financial Officer) |
|
|
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Alberto Rosende |
|
Chief
Executive Officer |
|
February
27, 2025 |
Alberto
Rosende |
|
(Principal
Executive Officer) |
|
|
M2i
GLOBAL, INC.
FINANCIAL
STATEMENTS
TABLE
OF CONTENTS
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board
of Directors and Stockholders
M2i
Global, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheet of M2i Global,
Inc. (the “Company”) as of November 30, 2024, and the related consolidated statements of operations,
changes in stockholders’ (deficit) equity and cash flows for the year in the period ended November 30, 2024, and the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Company as of November 30, 2024, and the results of its operations and its cash flows
for the year in the period ended November 30, 2024, in conformity with accounting principles generally accepted in the United States of
America.
Going
Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company has limited revenues and incurred recurring losses that raise substantial doubt about its
ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/
TAAD, L.L.P.
We have served as the Company’s auditor since 2024.
Diamond
Bar, California
February 27, 2025
Report
of Independent Registered Public Accounting Firm
Board
of Directors and Stockholders
M2i
Global, Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheet of M2i Global, Inc.(formerly Inky, Inc.) (the “Company”) as of November
30, 2023, and the related consolidated statements of operations, changes in stockholders’ (deficit) equity and cash flows for the
year in the period ended November 30, 2023, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of November
30, 2023, and the results of its operations and its cash flows for the year in the period ended November 30, 2023, in conformity with
accounting principles generally accepted in the United States of America.
Going
Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company has limited revenues and incurred recurring losses that raise substantial doubt about its
ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/ Turner,
Stone & Company, L.L.P.
We
have served as the Company’s auditor from 2024 to 2024.
Dallas,
Texas
April 16, 2024
M2i
GLOBAL, INC.
CONSOLIDATED
BALANCE SHEETS
| |
November 30, 2024 | | |
November 30, 2023 | |
| |
Years Ended | |
| |
November 30, 2024 | | |
November 30, 2023 | |
| |
| | |
| |
Assets | |
| | | |
| | |
| |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 80,281 | | |
$ | 48,197 | |
Prepaids and other current assets | |
| 5,139 | | |
| - | |
Total current assets | |
| 85,420 | | |
| 48,197 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 85,420 | | |
$ | 48,197 | |
| |
| | | |
| | |
Liabilities and Stockholders’ (Deficit) | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 1,058,726 | | |
$ | 175,047 | |
Accounts payable and accrued expenses - related party | |
| 950,156 | | |
| 62,096 | |
Accounts payable and accrued expenses | |
| 950,156 | | |
| 62,096 | |
Convertible note, net of discount | |
| 270,000 | | |
| 250,000 | |
Promissory Note | |
| 302,960 | | |
| - | |
Related party loan | |
| 36,050 | | |
| 600,000 | |
Total current liabilities | |
| 2,617,892 | | |
| 1,087,143 | |
| |
| | | |
| | |
Total Liabilities | |
| 2,617,892 | | |
| 1,087,143 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| - | | |
| - | |
Stockholders’ (deficit) | |
| | | |
| | |
Preferred stock, authorized 100,000 shares, $.001 par value, 100,000 and 100,000 shares issued and outstanding, respectively | |
| 100 | | |
| 100 | |
Common stock, authorized 1,000,000,000 shares, $.001 par value, 581,704,525 and 514,333,691 shares
issued and outstanding at November 30, 2024 ended November 30, 2023, respectively | |
| 581,705 | | |
| 514,334 | |
Treasury stock | |
| (435,000 | ) | |
| (435,000 | ) |
Additional paid in capital | |
| 3,321,905 | | |
| 995,541 | |
Accumulated (deficit) | |
| (6,001,182 | ) | |
| (2,113,921 | ) |
Total stockholders’ (deficit) | |
| (2,532,472 | ) | |
| (1,038,946 | ) |
| |
| | | |
| | |
Total liabilities and stockholders’ (deficit) | |
$ | 85,420 | | |
$ | 48,197 | |
The
accompanying notes are an integral part of these consolidated financial statements
M2i
GLOBAL, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
| |
November 30, 2024 | | |
November 30, 2023 | |
| |
Years Ended | |
| |
November 30, 2024 | | |
November 30, 2023 | |
| |
| | |
| |
Revenue | |
$ | - | | |
$ | 3,400 | |
| |
| | | |
| | |
Operating expenses | |
| | | |
| | |
General and administrative | |
| 1,170,493 | | |
| 280,676 | |
Legal and professional | |
| 2,624,628 | | |
| 1,586,705 | |
Amortization | |
| - | | |
| 20,503 | |
Impairment of assets | |
| - | | |
| 94,952 | |
Total operating expenses | |
| 3,795,121 | | |
| 1,982,836 | |
| |
| | | |
| | |
Loss from operations | |
| (3,795,121 | ) | |
| (1,979,436 | ) |
| |
| | | |
| | |
Other expense | |
| | | |
| | |
Interest expense | |
| 92,140 | | |
| 10,726 | |
Total other expense | |
| 92,140 | | |
| 10,726 | |
| |
| | | |
| | |
Net Loss | |
$ | (3,887,261 | ) | |
$ | (1,990,162 | ) |
| |
| | | |
| | |
Loss per share | |
$ | (0.01 | ) | |
$ | (0.01 | ) |
| |
| | | |
| | |
Weighted average shares outstanding - basic | |
| 548,195,417 | | |
| 280,869,691 | |
The
accompanying notes are an integral part of these consolidated financial statements
M2i
GLOBAL, INC.
CONSOLIDATED
STATEMENT OF CHANGES IN STOCKHOLDERS’ (DEFICIT)
For
Years Ended November 30, 2024 and November 30, 2023
| |
| | |
| | |
| | |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Preferred Shares | | |
Common Shares | | |
Treasury | | |
Paid in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Stock | | |
Capital | | |
Deficit | | |
(Deficit) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance at November 30, 2022 | |
| - | | |
$ | - | | |
| 7,105,357 | | |
$ | 7,105 | | |
$ | - | | |
$ | 120,255 | | |
$ | (123,759 | ) | |
$ | 3,601 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for cash received | |
| 100,000 | | |
| 100 | | |
| 507,228,334 | | |
| 507,229 | | |
| - | | |
| 728,148 | | |
| - | | |
| 1,235,477 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Purchase of treasury shares | |
| - | | |
| - | | |
| - | | |
| - | | |
| (435,000 | ) | |
| - | | |
| - | | |
| (435,000 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Contribution from settlement of related party liabilities | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 146,593 | | |
| - | | |
| 146,593 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash received for shasres to be issued | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 545 | | |
| - | | |
| 545 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,990,162 | ) | |
| (1,990,162 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at November 30, 2023 | |
| 100,000 | | |
$ | 100 | | |
| 514,333,691 | | |
$ | 514,334 | | |
$ | (435,000 | ) | |
$ | 995,541 | | |
$ | (2,113,921 | ) | |
$ | (1,038,946 | ) |
Balance | |
| 100,000 | | |
$ | 100 | | |
| 514,333,691 | | |
$ | 514,334 | | |
$ | (435,000 | ) | |
$ | 995,541 | | |
$ | (2,113,921 | ) | |
$ | (1,038,946 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for cash received | |
| - | | |
$ | - | | |
| 109,137,500 | | |
$ | 109,138 | | |
$ | - | | |
$ | 1,918,347 | | |
| | | |
| 2,027,485 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for contract agreements | |
| - | | |
$ | - | | |
| 20,000,000 | | |
| 20,000 | | |
$ | - | | |
| (18,000 | ) | |
| | | |
| 2,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares cancelled | |
| - | | |
$ | - | | |
| (61,766,666 | ) | |
| (61,767 | ) | |
$ | - | | |
| 55,617 | | |
| | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash received for shares to be issued | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 370,400 | | |
| - | | |
| 370,400 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,887,261 | ) | |
| (3,887,261 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at November 30, 2024 | |
| 100,000 | | |
$ | 100 | | |
| 581,704,525 | | |
$ | 581,705 | | |
$ | (435,000 | ) | |
$ | 3,321,905 | | |
$ | (6,001,182 | ) | |
$ | (2,532,472 | ) |
Balance | |
| 100,000 | | |
$ | 100 | | |
| 581,704,525 | | |
$ | 581,705 | | |
$ | (435,000 | ) | |
$ | 3,321,905 | | |
$ | (6,001,182 | ) | |
$ | (2,532,472 | ) |
The
accompanying notes are an integral part of these consolidated financial statements
M2i
GLOBAL, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
November 30, 2024 | | |
November 30, 2023 | |
| |
Years Ended | |
| |
November 30, 2024 | | |
November 30, 2023 | |
| |
| | |
| |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (3,887,261 | ) | |
$ | (1,990,162 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Amortization of note discount | |
| 20,000 | | |
| - | |
Amortization | |
| - | | |
| 20,503 | |
Impairment of assets | |
| - | | |
| 94,952 | |
Changes in operating assets and liabilities | |
| | | |
| | |
Prepaid expenses and other current assets | |
| (3,139 | ) | |
| 13,767 | |
Accounts payable and accrued expenses | |
| 883,679 | | |
| 233,182 | |
Accounts payable and accrued expenses-Related Party | |
| 888,060 | | |
| - | |
Accrued payroll - related party | |
| - | | |
| 16,500 | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (2,098,661 | ) | |
| (1,611,258 | ) |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Proceeds for issuance of common stock | |
| 2,026,880 | | |
| 1,235,477 | |
Proceeds for convertible note, net | |
| - | | |
| 250,000 | |
Cash received for shares to be issued | |
| 369,855 | | |
| 545 | |
Treasury repurchase | |
| - | | |
| (435,000 | ) |
Promissory Note | |
| 302,960 | | |
| - | |
Payment for cancelled shares | |
| (5,000 | ) | |
| - | |
Proceeds from related party loan | |
| 127,550 | | |
| 608,319 | |
Payments on related party loan | |
| (691,500 | ) | |
| - | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 2,130,745 | | |
| 1,659,341 | |
| |
| | | |
| | |
Net increase in cash | |
$ | 32,084 | | |
$ | 48,083 | |
Cash, beginning of period | |
| 48,197 | | |
| 114 | |
| |
| | | |
| | |
Cash, end of period | |
$ | 80,281 | | |
$ | 48,197 | |
| |
| | | |
| | |
Supplemental schedule for non-cash investing and financing activities | |
| | | |
| | |
Contribution from settlement of related party liabilities | |
$ | - | | |
$ | 146,593 | |
Original issue discount on convertible note | |
$ | 25,000 | | |
$ | 20,000 | |
The
accompanying notes are an integral part of these consolidated financial statements
M2i
GLOBAL, INC
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note
1 — Description of Organization and Business Operations
The
Company was incorporated in the State of Nevada on June 12, 2018. On June 7, 2023, the Company (“M2i Global, Inc.”) (formerly
known as “Inky, Inc.”) filed with the Secretary of State of Nevada an Amendment to the Certificate of Incorporation to change
its corporate name from “Inky, Inc.”, to “M2i Global, Inc.”, effective June 7, 2023.
The
Company was formerly engaged in developing mobile software applications for smartphones and table devices. During May 2023, the Company
became the sole shareholder of U.S. Minerals and Metals Corp., a Nevada corporation (“USMM”) through the issuance of preferred
and common shares for cash (Note 9). Concurrently, the Company shifted its operations to specialization in the development and execution
of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The Company’s
vision is to develop and execute a complete global value supply chain for critical minerals for the United States government and certain
trading partners of the United States. To implement this vision, the Company intends to operate four key business units as set forth
below:
|
● |
M2i
Mining, Processing & Refining: a business engaged in developing and supplying the U.S sanctioned value chain of critical metals; |
|
● |
M2i
Scrap & Recycling: a business engaged in establishing a source of critical metals from scrap and recycling of metals; and |
|
● |
M2i
Government and Defense Industrial Base: a business engaged in aligning M2i’s business with U.S. policy in terms of industry
requirements and national interests.to facilitate participation in U.S. government programs such as the creation and management of
a Strategic Minerals Reserve as an enhancement of the U.S. government’s National Defense Stockpile. |
On
June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete
global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into a strategic partnership
(the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various
critical minerals, with an ultimate goal of suppling the U.S. government and U.S. free trade partners with these critical minerals. Komodo
Capital also offers comprehensive advisory services. The Company issued 8,000,000 shares of common stock as part of this agreement.
On
June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a
complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into an exclusive
offtake agreement (the “Offtake Agreement”), in which NTM will provide for 88,000 tonnes of copper, currently valued at approximately
$850 million. The Company is granted offtake rights for a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements
in return for 12 million shares of the Company’s common stock. NTM shall receive additional payments for incremental resource increases
or upgrades from the Redbank tenements. M2i retains the option to participate in production pre-funding opportunities.
Note
2 – Going Concern
The
accompanying audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles,
which contemplate continuation of the Company as a going concern. The Company had limited revenues and incurred losses during the fiscal
years ended November 30, 2024 and November 30, 2023. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern.
Management
anticipates that the Company may be dependent, for the near future, on additional investment capital to fund operating expenses. It is
anticipated that revenues will be forthcoming within the third or fourth quarters of the current fiscal year. 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
3 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”).
Principles
of Consolidation
The
accompanying financial statements include the accounts of the Company, including its wholly owned subsidiary, USMM. Intercompany accounts
and transactions have been eliminated in consolidation.
Segment
Reporting
The
Company operates as a single segment.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased,
to be cash equivalents.
The
Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”).
The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest
and non-interest-bearing accounts. The Company’s cash balances may exceed FDIC limits. The Company has not experienced any losses
on these accounts and management does not believe that the Company is exposed to any significant risks.
Intangible
Assets
Intangible
assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its
intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management
tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Impairment
of Long-Lived Assets
The
Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business
climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these
assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the
cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets
is reduced to fair value.
Revenue
Recognition
Previously,
the Company recognized revenues from a subscription-based service that provided users with access to AI generated tattoo ideas. The subscriptions
ranged from 14 to 30 days and revenue was recognized under a software as a service (SaaS) model. Revenues were recognized over the subscription
period with cash received but not earned recorded as deferred revenue.
As
stated in Note 1, the Company has shifted its focus and is currently pre-revenue. The Company will recognize revenues in accordance with
ASC 606.
Financial
Instruments
The
Company’s financial instruments include cash and cash equivalents, receivables, payables, and debt and are accounted for under
the provisions of ASC 825. The carrying amount of these financial instruments, with the exception of discounted debt, as reflected in
the accompanying consolidated balance sheets approximates fair value.
Commitments
and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management
assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated.
Income
Taxes
In
accordance with ASC 740, the Company provides for the recognition of deferred tax assets if realization of such assets is more likely
than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
In
addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in
the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely
than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be
performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has
interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense.
Debt
Issuance Costs
The
Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated
with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties
other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets.
Convertible
Debt
In
accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. The discount is amortized
over the life of the underlying convertible note. The Company reviews convertible debt for potential bifurcation. At the fiscal years
ended November 30, 2024 and 2023, there were no instruments which required bifurcation.
Basic
and Diluted Loss Per Share
ASC
260 requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (“EPS”)
computations.
Basic
earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares
outstanding during the year. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator
is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been
issued and if the additional common shares were dilutive.
The
Company had no additional dilutive securities outstanding at the fiscal years ended November 30, 2024 or November 30, 2023.
Treasury
Stock
Treasury
stock, representing shares of the Company’s common stock that have been repurchased after having been issued, are recorded at cost.
Treasury stock are considered issued and outstanding for basic and diluted earnings (loss) per share computations.
Related
Party
The
Company records all related party transactions in accordance with ASC 850-10.
Recently
Issued Accounting Pronouncements
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”),
Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate
reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption
is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
evaluating this ASU to determine its impact on the Company’s disclosures.
In
November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting, which improves reportable
segment disclosure requirements. ASU 2023-07 primarily enhances disclosures about significant segment expenses by requiring that a public
entity disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and
included within each reported measure of segment profit or loss. This ASU also (i) requires that a public entity disclose, on an annual
and interim basis, an amount for other segment items by reportable segment, and a description of its composition; (ii) requires that
all annual disclosures are provided in the interim periods; (iii) clarifies that if the CODM uses more than one measure of profitability
in assessing segment performance and deciding how to allocate resources, that one or more of those measures may be reported; (iv) requires
disclosure of the title and position of the CODM and a description of how the reported measures are used by the CODM in assessing segment
performance and in deciding how to allocate resources; (v) requires that an entity with a single segment provide all new required disclosures.
ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024 and requires retrospective application. Early adoption is permitted. The amendments under ASU 2023-07 relate to financial
disclosures and its adoption will not have an impact on the Company’s results of operations, financial position or cash flows.
The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.
Subsequent
Events
The
Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment
consideration.
Note
4 — Commitments and Contingencies
From
time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in
any litigation that the Company believes could have a material adverse effect on its financial condition or results of operations.
Note
5 — Impairment of Intangible Assets
During
the fiscal year ended November 30, 2023, as a result in the shift in the Company’s operations, as described in Note 1, the Company
determined its intangible assets were impaired resulting in an impairment expense totaling $94,952. During the fiscal year ended November
30, 2024, the Company determined that there was no impairment of assets resulting in an impairment expense.
Note
6 – Income Taxes
The
Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes.
Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently
enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts are calculated for income tax purposes. The provision (benefit) for income taxes for the fiscal years ended
November 30, 2024, and 2022, assumes a statutory 21%, effective tax rate for federal income taxes.
Schedule
of Effective Income Tax Rate as A Percentage of Income Before Income Taxes
| |
2024 | | |
2023 | |
Federal tax statutory rate | |
| 21 | % | |
| 21 | % |
Temporary differences | |
| 0 | % | |
| 0 | % |
Permanent differences | |
| 0 | % | |
| 0 | % |
Valuation Allowance | |
| -21 | % | |
| -21 | % |
Total | |
| 0 | % | |
| 0 | % |
The
Company had deferred income tax assets as of the fiscal years ended November 30, 2024, and 2023, as follows:
Schedule
of Components of Deferred Tax Assets
| |
2024 | | |
2023 | |
Deferred Tax Assets | |
| | | |
| | |
Net operating loss carryforwards | |
$ | 1,270,500 | | |
$ | 444,000 | |
Temporary differences | |
| - | | |
| - | |
Permanent differences | |
| - | | |
| (1,000 | ) |
Valuation allowance | |
| (1,270,500 | ) | |
| (443,000 | ) |
Net deferred tax assets | |
$ | - | | |
$ | - | |
The
Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets.
The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income
will be generated in those taxing jurisdictions to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred
tax assets in the accompanying financial statements. The Company’s net deferred tax asset and valuation allowance increased by
$816,300 and $417,000 in the fiscal years ended November 30, 2024, and 2023, respectively.
At
the fiscal year ended November 30, 2024, the Company had approximately $6,050,000 in federal net operating loss carryforwards, substantially
all of which are allowed to be carried forward indefinitely and are to be limited to 80% of the taxable income. Pursuant to Internal
Revenue Code Section 382, the future utilization of the Company’s net operating loss carryforwards to offset future taxable income
may be subject to an annual limitation as a result of ownership changes that may have occurred previously or that could occur in the
future.
At
the fiscal year ended November 30, 2024, the Company had no uncertain tax positions, or interest and penalties, that qualify for either
recognition or disclosure in the financial statements. The company is subject to U.S. federal, state, and local income tax examinations
by tax authorities. The tax return for the fiscal year ended November 30, 2024, has not yet been filed.
Note
7 — Related Party Transactions
During
May 2023, the Company’s former CEO forgave liabilities totaling $146,593, which consisted of $65,500 in accrued payroll and $81,093
in outstanding loans, which are further detailed in Note 8. As a result of the forgiveness, a contribution was recorded to additional
paid in capital. As of November 30, 2024, no balances due to the Company’s former CEO were outstanding.
During
the fiscal year ended November 30, 2024, the Company repurchased shares from the former CEO, as detailed in Note 9.
Under
the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667
per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the fiscal year ended November 30, 2024, the
Company incurred $524,000 in expenses related to the consulting agreement, of which $203,000 was repaid by the Company. At the fiscal
year ended November 30, 2024, $393,000 remained unpaid under the agreement.
Under
the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate
him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the year ended November 30, 2024,
the Company incurred $353,333 in expenses related to the consulting agreement, of which $268,000 was repaid by the Company. At the fiscal
year ended November 30, 2024, $85,833 remained unpaid under the agreement.
The
Company reimburses related party business expenses. During the fiscal year ended November 30, 2024, the Company incurred $100,132 related
party business expenses. At the fiscal year ended November 30, 2024, the balance due to the Executive Chairman and CFO is $100,132.
The
Company has a note payable agreement with the Executive Chairman, further detailed in Note 8.
Note
8 — Debt
Convertible
Note Payable
On
November 24, 2023, the Company entered into a 10 % convertible note payable agreement with proceeds totaling $250,000, net of an original
issuance discount of $20,000. The note, which matures on November 24, 2024, is convertible by the holder at $0.50 per share of common
stock for the first six months, then is convertible by the holder at 66% of the lowest traded price of the Company’s common stock
for the ten days prior to conversion. The note contains certain default provisions which may increase the balance of the note by up to
150%. On November 22, 2024, the Company entered into an extension of this note payable from November 24, 2024 to May 24, 2025.
Notes
Payable
During
the fiscal year ended November 30, 2023, the Company’s former CEO loaned the Company $8,319, At November 30, 2022, the loan payable
to the Company’s former CEO totaled $72,774. The balance was unsecured, non-interest bearing, and did not have a maturity date.
During May 2023, the loans, totaling $81,093, were forgiven as detailed in Note 7.
During
the fiscal year ended November 30, 2023, the Company entered into a loan agreement with the Company’s Executive Chairman. The loan,
which bears interest at 7%, is due on demand. During the fiscal years ended November 30, 2024 and 2023, the Executive Chairman loaned
the Company $127,550 and $600,000, respectively. During the fiscal year ended November 30, 2024, the Company repaid $691,500 to the Executive
Chairman. At the fiscal years ended November 30, 2024 and 2023, the amount due to the Executive Chairman was $36,050 and $600,000, respectively.
This loan is recorded as a related party loan on the balance sheet. During the fiscal years ended November 30, 2024 and 2023, the Company
recorded accrued interest of $31,761 and $6,781, respectively. During the fiscal year ended November 30, 2024, the Company repaid $17,352
interest. At the fiscal year ended November 30, 2024, accrued interest payable due to the loans from the Executive Chairman totaled $21,190.
During
the fiscal year ended November 30, 2024, the Company entered into a Promissory Note with the former President and CEO who resigned on
August 23, 2024 for the amount of $302,960 for payment of accumulated unpaid consultant fees. The note, which bears interest at 8%, is
due and payable by October 30, 2025.
Note
9 — Stockholders’ Equity (Deficit)
During
the fiscal year ended November 30, 2022, and through May 15, 2023, the Company was authorized to issue 75,000,000 shares of common stock
with a par value of $0.001.
On
May 16, 2023, the Company filed an amendment to the Articles of Incorporation with the State of Nevada to increase the total number of
shares authorized to 1,000,100,000, consisting of 1,000,000,000 shares of common stock with a par value of $0.001 and 100,000 shares
of Series A Super-Voting Preferred stock with a par value of $0.001. The Series A Super-Voting Preferred stock vote on the basis of 10,000
votes per share. The common stock vote on the basis of 1 vote per share.
Shares
Issued for Cash
During
the fiscal year ended November 30, 2023, the Company exchanged 100,000 shares of Series A Super-Voting Preferred stock and 581,228,334
shares of common stock for proceeds totaling $1,235,477 and all outstanding shares of USMM common stock. As a result of the transaction,
USMM became a wholly owned subsidiary of the Company (Note 1). Prior to the merger, USMM had no operations and at the time of the share
exchange USMM had no assets or liabilities, other than cash. Accordingly, the transaction was accounted for as an asset acquisition.
During
the fiscal year ended November 30, 2024, the Company received $2,364,255 for 123,487,500 shares of common stock. During the fiscal year
ended November 30, 2024, 116,787,500 shares were issued with 6,700,000 shares to be issued.
Shares
Issued for Contract Agreements
During
the fiscal year ended November 30, 2024, the Company issued 20,000,000 shares per contract agreements with Komodo Capital and NT Minerals
LTD (See Note 1 above) for future considerations. These shares were valued at $2,000.
Stock
Repurchase/Cancellation
During
the fiscal year ended November 30, 2023, the Company purchased 6,013,334 shares of common stock from the Company’s former CEO for
$435,000. This transaction was recorded as Treasury Stock. As of November 30, 2024, the shares have not been retired.
During
the fiscal year ended November 30, 2024, the Company repurchased and cancelled 50,000,000
shares of common stock owned by a shareholder for $5,000.
During
the fiscal year ended November 30, 2024, the Company terminated two consultants which resulted in the cancellation of 11,500,000 shares
pursuant to each of their consulting agreements. The Company paid $1,150 to the consultants and the shares were cancelled.
During
the fiscal year ended November 30, 2024, the Company cancelled 266,666 shares which were issued in error in May 2023 for a value of $80,000.
During
the fiscal year ended November 30, 2024, the Company accepted the resignation of the President and CEO and entered into an agreement
with him. The President and CEO agreed to tender back to the Company 37,500,000 shares of Common Stock which are part of the shares issued
to him in May 2023. These shares have not yet been cancelled.
Note
10 — Subsequent Events
The Company has evaluated all transactions
through the date the financial statements were issued for subsequent event disclosure or adjustment consideration.
Subsequent
to the end of the fiscal November 30, 2024, the Company issued 28,700,000 shares of common stock for cash received totaling $472,400.
Subsequent
to the end of the fiscal year November 30, 2024, the Company issued 2,250,000
shares of common stock for services.
Subsequent
to the end of the fiscal year November 30, 2024, the Company received cash of $27,604
for issuance of 153,366
shares of common stock. These shares have not yet been issued.
Exhibit
31.1
CERTIFICATIONS
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO RULES 13A-14 AND 15D-14
OF
THE SECURITIES EXCHANGE ACT OF 1934
I,
Alberto Rosende, certify that:
1) |
I
have reviewed this Annual Report of M2i Global, Inc.; |
|
|
2) |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3) |
Based
on my knowledge, the financial statements and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4) |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared. |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any changes 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) |
The
registrant’s other certifying officer(s) and 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 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 control over financial reporting. |
Date:
February 27, 2025 |
/s/
Alberto Rosende |
|
Alberto
Rosende |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATIONS
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO RULES 13A-14 AND 15D-14
OF
THE SECURITIES EXCHANGE ACT OF 1934
I,
Douglas Cole, certify that:
1) |
I
have reviewed this Annual Report of M2i Global, Inc.; |
|
|
2) |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3) |
Based
on my knowledge, the financial statements and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4) |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared. |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any changes 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) |
The
registrant’s other certifying officer(s) and 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 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 control over financial reporting. |
Date:
February 27, 2025 |
/s/
Douglas Cole |
|
Douglas
Cole |
|
Chief
Financial 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 Annual Report of M2i Global, Inc. (“Company”) on Form 10-K for the year ending November 30, 2024, as
filed with the Securities and Exchange Commission on the date hereof (“Report”), the undersigned, in the capacities and on
the date indicated below, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to the knowledge of each of the undersigned:
|
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. |
Date:
February 27, 2025 |
|
|
|
|
/s/
Alberto Rosende |
|
Alberto
Rosende |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
|
|
/s/
Douglas Cole |
|
Douglas
Cole |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
v3.25.0.1
Cover - USD ($)
|
12 Months Ended |
|
Nov. 30, 2024 |
Nov. 30, 2023 |
Feb. 24, 2025 |
Cover [Abstract] |
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Document Type |
10-K
|
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Amendment Flag |
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|
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FY
|
|
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Document Fiscal Year Focus |
2024
|
|
|
Current Fiscal Year End Date |
--11-30
|
|
|
Entity File Number |
333-229748
|
|
|
Entity Registrant Name |
M2I
GLOBAL, INC.
|
|
|
Entity Central Index Key |
0001753373
|
|
|
Entity Tax Identification Number |
37-1904036
|
|
|
Entity Incorporation, State or Country Code |
NV
|
|
|
Entity Address, Address Line One |
885
Tahoe Blvd.
|
|
|
Entity Address, City or Town |
Incline Village
|
|
|
Entity Address, State or Province |
NV
|
|
|
Entity Address, Postal Zip Code |
89451
|
|
|
City Area Code |
(775)
|
|
|
Local Phone Number |
909-6000
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
Yes
|
|
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Entity Interactive Data Current |
Yes
|
|
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Entity Filer Category |
Non-accelerated Filer
|
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true
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true
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Entity Public Float |
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76
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|
Auditor Opinion [Text Block] |
We
have audited the accompanying consolidated balance sheet of M2i Global,
Inc. (the “Company”) as of November 30, 2024, and the related consolidated statements of operations,
changes in stockholders’ (deficit) equity and cash flows for the year in the period ended November 30, 2024, and the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Company as of November 30, 2024, and the results of its operations and its cash flows
for the year in the period ended November 30, 2024, in conformity with accounting principles generally accepted in the United States of
America.
|
|
|
Auditor Name |
TAAD, L.L.P.
|
Turner,
Stone & Company, L.L.P
|
|
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Diamond
Bar, California
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Dallas,
Texas
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v3.25.0.1
Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2024 |
Nov. 30, 2023 |
Current assets |
|
|
Cash |
$ 80,281
|
$ 48,197
|
Prepaids and other current assets |
5,139
|
|
Total current assets |
85,420
|
48,197
|
TOTAL ASSETS |
85,420
|
48,197
|
Current liabilities |
|
|
Convertible note, net of discount |
270,000
|
250,000
|
Promissory Note |
302,960
|
|
Related party loan |
36,050
|
600,000
|
Total current liabilities |
2,617,892
|
1,087,143
|
Total Liabilities |
2,617,892
|
1,087,143
|
Commitments and contingencies |
|
|
Stockholders’ (deficit) |
|
|
Preferred stock, authorized 100,000 shares, $.001 par value, 100,000 and 100,000 shares issued and outstanding, respectively |
100
|
100
|
Common stock, authorized 1,000,000,000 shares, $.001 par value, 581,704,525 and 514,333,691 shares issued and outstanding at November 30, 2024 ended November 30, 2023, respectively |
581,705
|
514,334
|
Treasury stock |
(435,000)
|
(435,000)
|
Additional paid in capital |
3,321,905
|
995,541
|
Accumulated (deficit) |
(6,001,182)
|
(2,113,921)
|
Total stockholders’ (deficit) |
(2,532,472)
|
(1,038,946)
|
Total liabilities and stockholders’ (deficit) |
85,420
|
48,197
|
Nonrelated Party [Member] |
|
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
1,058,726
|
175,047
|
Related Party [Member] |
|
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
$ 950,156
|
$ 62,096
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
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v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Nov. 30, 2024 |
Nov. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
100,000
|
100,000
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares issued |
100,000
|
100,000
|
Preferred stock, shares outstanding |
100,000
|
100,000
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
581,704,525
|
514,333,691
|
Common stock, shares outstanding |
581,704,525
|
514,333,691
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.25.0.1
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Nov. 30, 2024 |
Nov. 30, 2023 |
Income Statement [Abstract] |
|
|
Revenue |
|
$ 3,400
|
Operating expenses |
|
|
General and administrative |
1,170,493
|
280,676
|
Legal and professional |
2,624,628
|
1,586,705
|
Amortization |
|
20,503
|
Impairment of assets |
|
94,952
|
Total operating expenses |
3,795,121
|
1,982,836
|
Loss from operations |
(3,795,121)
|
(1,979,436)
|
Other expense |
|
|
Interest expense |
92,140
|
10,726
|
Total other expense |
92,140
|
10,726
|
Net Loss |
$ (3,887,261)
|
$ (1,990,162)
|
Loss per share |
$ (0.01)
|
$ (0.01)
|
Weighted average shares outstanding - basic |
548,195,417
|
280,869,691
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.25.0.1
Consolidated Statement of Changes in Stockholders' (Deficit) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Nov. 30, 2022 |
|
$ 7,105
|
|
$ 120,255
|
$ (123,759)
|
$ 3,601
|
Balance, shares at Nov. 30, 2022 |
|
7,105,357
|
|
|
|
|
Shares issued for cash received |
$ 100
|
$ 507,229
|
|
728,148
|
|
1,235,477
|
Shares issued for cash received, shares |
100,000
|
507,228,334
|
|
|
|
|
Purchase of treasury shares |
|
|
(435,000)
|
|
|
(435,000)
|
Contribution from settlement of related party liabilities |
|
|
|
146,593
|
|
146,593
|
Cash received for shares to be issued |
|
|
|
545
|
|
545
|
Net loss |
|
|
|
|
(1,990,162)
|
(1,990,162)
|
Balance at Nov. 30, 2023 |
$ 100
|
$ 514,334
|
(435,000)
|
995,541
|
(2,113,921)
|
(1,038,946)
|
Balance, shares at Nov. 30, 2023 |
100,000
|
514,333,691
|
|
|
|
|
Shares issued for cash received |
|
$ 109,138
|
|
1,918,347
|
|
2,027,485
|
Shares issued for cash received, shares |
|
109,137,500
|
|
|
|
|
Cash received for shares to be issued |
|
|
|
370,400
|
|
370,400
|
Net loss |
|
|
|
|
(3,887,261)
|
(3,887,261)
|
Shares issued for contract agreements |
|
$ 20,000
|
|
(18,000)
|
|
2,000
|
Shares issued for contract agreements, shares |
|
20,000,000
|
|
|
|
|
Shares cancelled |
|
$ (61,767)
|
|
55,617
|
|
|
Shares cancelled, shares |
|
(61,766,666)
|
|
|
|
266,666
|
Balance at Nov. 30, 2024 |
$ 100
|
$ 581,705
|
$ (435,000)
|
$ 3,321,905
|
$ (6,001,182)
|
$ (2,532,472)
|
Balance, shares at Nov. 30, 2024 |
100,000
|
581,704,525
|
|
|
|
|
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v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Nov. 30, 2024 |
Nov. 30, 2023 |
Cash flows from operating activities |
|
|
Net loss |
$ (3,887,261)
|
$ (1,990,162)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Amortization of note discount |
20,000
|
|
Amortization |
|
20,503
|
Impairment of assets |
|
94,952
|
Changes in operating assets and liabilities |
|
|
Prepaid expenses and other current assets |
(3,139)
|
13,767
|
Accounts payable and accrued expenses |
883,679
|
233,182
|
Accounts payable and accrued expenses-Related Party |
888,060
|
|
Accrued payroll - related party |
|
16,500
|
Net cash used in operating activities |
(2,098,661)
|
(1,611,258)
|
Cash flows from financing activities |
|
|
Proceeds for issuance of common stock |
2,026,880
|
1,235,477
|
Proceeds for convertible note, net |
|
250,000
|
Cash received for shares to be issued |
369,855
|
545
|
Treasury repurchase |
|
(435,000)
|
Promissory Note |
302,960
|
|
Payment for cancelled shares |
(5,000)
|
|
Proceeds from related party loan |
127,550
|
608,319
|
Payments on related party loan |
(691,500)
|
|
Net cash provided by financing activities |
2,130,745
|
1,659,341
|
Net increase in cash |
32,084
|
48,083
|
Cash, beginning of period |
48,197
|
114
|
Cash, end of period |
80,281
|
48,197
|
Supplemental schedule for non-cash investing and financing activities |
|
|
Contribution from settlement of related party liabilities |
|
146,593
|
Original issue discount on convertible note |
$ 25,000
|
$ 20,000
|
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v3.25.0.1
Description of Organization and Business Operations
|
12 Months Ended |
Nov. 30, 2024 |
Accounting Policies [Abstract] |
|
Description of Organization and Business Operations |
Note
1 — Description of Organization and Business Operations
The
Company was incorporated in the State of Nevada on June 12, 2018. On June 7, 2023, the Company (“M2i Global, Inc.”) (formerly
known as “Inky, Inc.”) filed with the Secretary of State of Nevada an Amendment to the Certificate of Incorporation to change
its corporate name from “Inky, Inc.”, to “M2i Global, Inc.”, effective June 7, 2023.
The
Company was formerly engaged in developing mobile software applications for smartphones and table devices. During May 2023, the Company
became the sole shareholder of U.S. Minerals and Metals Corp., a Nevada corporation (“USMM”) through the issuance of preferred
and common shares for cash (Note 9). Concurrently, the Company shifted its operations to specialization in the development and execution
of a complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The Company’s
vision is to develop and execute a complete global value supply chain for critical minerals for the United States government and certain
trading partners of the United States. To implement this vision, the Company intends to operate four key business units as set forth
below:
|
● |
M2i
Mining, Processing & Refining: a business engaged in developing and supplying the U.S sanctioned value chain of critical metals; |
|
● |
M2i
Scrap & Recycling: a business engaged in establishing a source of critical metals from scrap and recycling of metals; and |
|
● |
M2i
Government and Defense Industrial Base: a business engaged in aligning M2i’s business with U.S. policy in terms of industry
requirements and national interests.to facilitate participation in U.S. government programs such as the creation and management of
a Strategic Minerals Reserve as an enhancement of the U.S. government’s National Defense Stockpile. |
On
June 30, 2024, the Company and Komodo Capital (“Komodo”), a company specializing in the development and execution of a complete
global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into a strategic partnership
(the “Strategic Partnership”), in order for Komodo to use its relationships to provide the Company with access to various
critical minerals, with an ultimate goal of suppling the U.S. government and U.S. free trade partners with these critical minerals. Komodo
Capital also offers comprehensive advisory services. The Company issued 8,000,000 shares of common stock as part of this agreement.
On
June 30, 2024, the Company and NTM Minerals Limited (“NTM”), a company specializing in the development and execution of a
complete global value supply chain for critical minerals for the U.S. government and U.S. free trade partners, entered into an exclusive
offtake agreement (the “Offtake Agreement”), in which NTM will provide for 88,000 tonnes of copper, currently valued at approximately
$850 million. The Company is granted offtake rights for a maximum of 88,000 tonnes of copper that is sourced from the Redbank tenements
in return for 12 million shares of the Company’s common stock. NTM shall receive additional payments for incremental resource increases
or upgrades from the Redbank tenements. M2i retains the option to participate in production pre-funding opportunities.
|
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.25.0.1
Going Concern
|
12 Months Ended |
Nov. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note
2 – Going Concern
The
accompanying audited consolidated financial statements have been prepared in conformity with generally accepted accounting principles,
which contemplate continuation of the Company as a going concern. The Company had limited revenues and incurred losses during the fiscal
years ended November 30, 2024 and November 30, 2023. These conditions raise substantial doubt about the Company’s ability to continue
as a going concern.
Management
anticipates that the Company may be dependent, for the near future, on additional investment capital to fund operating expenses. It is
anticipated that revenues will be forthcoming within the third or fourth quarters of the current fiscal year. 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.
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v3.25.0.1
Summary of Significant Accounting Policies
|
12 Months Ended |
Nov. 30, 2024 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
3 — Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”).
Principles
of Consolidation
The
accompanying financial statements include the accounts of the Company, including its wholly owned subsidiary, USMM. Intercompany accounts
and transactions have been eliminated in consolidation.
Segment
Reporting
The
Company operates as a single segment.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
Cash
and Cash Equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased,
to be cash equivalents.
The
Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”).
The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest
and non-interest-bearing accounts. The Company’s cash balances may exceed FDIC limits. The Company has not experienced any losses
on these accounts and management does not believe that the Company is exposed to any significant risks.
Intangible
Assets
Intangible
assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its
intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management
tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
Impairment
of Long-Lived Assets
The
Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business
climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these
assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the
cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets
is reduced to fair value.
Revenue
Recognition
Previously,
the Company recognized revenues from a subscription-based service that provided users with access to AI generated tattoo ideas. The subscriptions
ranged from 14 to 30 days and revenue was recognized under a software as a service (SaaS) model. Revenues were recognized over the subscription
period with cash received but not earned recorded as deferred revenue.
As
stated in Note 1, the Company has shifted its focus and is currently pre-revenue. The Company will recognize revenues in accordance with
ASC 606.
Financial
Instruments
The
Company’s financial instruments include cash and cash equivalents, receivables, payables, and debt and are accounted for under
the provisions of ASC 825. The carrying amount of these financial instruments, with the exception of discounted debt, as reflected in
the accompanying consolidated balance sheets approximates fair value.
Commitments
and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management
assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated.
Income
Taxes
In
accordance with ASC 740, the Company provides for the recognition of deferred tax assets if realization of such assets is more likely
than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
In
addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in
the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely
than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be
performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has
interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense.
Debt
Issuance Costs
The
Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated
with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties
other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets.
Convertible
Debt
In
accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. The discount is amortized
over the life of the underlying convertible note. The Company reviews convertible debt for potential bifurcation. At the fiscal years
ended November 30, 2024 and 2023, there were no instruments which required bifurcation.
Basic
and Diluted Loss Per Share
ASC
260 requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (“EPS”)
computations.
Basic
earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares
outstanding during the year. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator
is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been
issued and if the additional common shares were dilutive.
The
Company had no additional dilutive securities outstanding at the fiscal years ended November 30, 2024 or November 30, 2023.
Treasury
Stock
Treasury
stock, representing shares of the Company’s common stock that have been repurchased after having been issued, are recorded at cost.
Treasury stock are considered issued and outstanding for basic and diluted earnings (loss) per share computations.
Related
Party
The
Company records all related party transactions in accordance with ASC 850-10.
Recently
Issued Accounting Pronouncements
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”),
Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate
reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption
is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
evaluating this ASU to determine its impact on the Company’s disclosures.
In
November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting, which improves reportable
segment disclosure requirements. ASU 2023-07 primarily enhances disclosures about significant segment expenses by requiring that a public
entity disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and
included within each reported measure of segment profit or loss. This ASU also (i) requires that a public entity disclose, on an annual
and interim basis, an amount for other segment items by reportable segment, and a description of its composition; (ii) requires that
all annual disclosures are provided in the interim periods; (iii) clarifies that if the CODM uses more than one measure of profitability
in assessing segment performance and deciding how to allocate resources, that one or more of those measures may be reported; (iv) requires
disclosure of the title and position of the CODM and a description of how the reported measures are used by the CODM in assessing segment
performance and in deciding how to allocate resources; (v) requires that an entity with a single segment provide all new required disclosures.
ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024 and requires retrospective application. Early adoption is permitted. The amendments under ASU 2023-07 relate to financial
disclosures and its adoption will not have an impact on the Company’s results of operations, financial position or cash flows.
The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.
Subsequent
Events
The
Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment
consideration.
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v3.25.0.1
Commitments and Contingencies
|
12 Months Ended |
Nov. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
4 — Commitments and Contingencies
From
time to time, the Company may be involved in litigation in the ordinary course of business. The Company is not currently involved in
any litigation that the Company believes could have a material adverse effect on its financial condition or results of operations.
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v3.25.0.1
Impairment of Intangible Assets
|
12 Months Ended |
Nov. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Impairment of Intangible Assets |
Note
5 — Impairment of Intangible Assets
During
the fiscal year ended November 30, 2023, as a result in the shift in the Company’s operations, as described in Note 1, the Company
determined its intangible assets were impaired resulting in an impairment expense totaling $94,952. During the fiscal year ended November
30, 2024, the Company determined that there was no impairment of assets resulting in an impairment expense.
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v3.25.0.1
Income Taxes
|
12 Months Ended |
Nov. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note
6 – Income Taxes
The
Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes.
Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently
enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts are calculated for income tax purposes. The provision (benefit) for income taxes for the fiscal years ended
November 30, 2024, and 2022, assumes a statutory 21%, effective tax rate for federal income taxes.
Schedule
of Effective Income Tax Rate as A Percentage of Income Before Income Taxes
| |
2024 | | |
2023 | |
Federal tax statutory rate | |
| 21 | % | |
| 21 | % |
Temporary differences | |
| 0 | % | |
| 0 | % |
Permanent differences | |
| 0 | % | |
| 0 | % |
Valuation Allowance | |
| -21 | % | |
| -21 | % |
Total | |
| 0 | % | |
| 0 | % |
The
Company had deferred income tax assets as of the fiscal years ended November 30, 2024, and 2023, as follows:
Schedule
of Components of Deferred Tax Assets
| |
2024 | | |
2023 | |
Deferred Tax Assets | |
| | | |
| | |
Net operating loss carryforwards | |
$ | 1,270,500 | | |
$ | 444,000 | |
Temporary differences | |
| - | | |
| - | |
Permanent differences | |
| - | | |
| (1,000 | ) |
Valuation allowance | |
| (1,270,500 | ) | |
| (443,000 | ) |
Net deferred tax assets | |
$ | - | | |
$ | - | |
The
Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets.
The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income
will be generated in those taxing jurisdictions to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred
tax assets in the accompanying financial statements. The Company’s net deferred tax asset and valuation allowance increased by
$816,300 and $417,000 in the fiscal years ended November 30, 2024, and 2023, respectively.
At
the fiscal year ended November 30, 2024, the Company had approximately $6,050,000 in federal net operating loss carryforwards, substantially
all of which are allowed to be carried forward indefinitely and are to be limited to 80% of the taxable income. Pursuant to Internal
Revenue Code Section 382, the future utilization of the Company’s net operating loss carryforwards to offset future taxable income
may be subject to an annual limitation as a result of ownership changes that may have occurred previously or that could occur in the
future.
At
the fiscal year ended November 30, 2024, the Company had no uncertain tax positions, or interest and penalties, that qualify for either
recognition or disclosure in the financial statements. The company is subject to U.S. federal, state, and local income tax examinations
by tax authorities. The tax return for the fiscal year ended November 30, 2024, has not yet been filed.
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v3.25.0.1
Related Party Transactions
|
12 Months Ended |
Nov. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
7 — Related Party Transactions
During
May 2023, the Company’s former CEO forgave liabilities totaling $146,593, which consisted of $65,500 in accrued payroll and $81,093
in outstanding loans, which are further detailed in Note 8. As a result of the forgiveness, a contribution was recorded to additional
paid in capital. As of November 30, 2024, no balances due to the Company’s former CEO were outstanding.
During
the fiscal year ended November 30, 2024, the Company repurchased shares from the former CEO, as detailed in Note 9.
Under
the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667
per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the fiscal year ended November 30, 2024, the
Company incurred $524,000 in expenses related to the consulting agreement, of which $203,000 was repaid by the Company. At the fiscal
year ended November 30, 2024, $393,000 remained unpaid under the agreement.
Under
the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate
him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the year ended November 30, 2024,
the Company incurred $353,333 in expenses related to the consulting agreement, of which $268,000 was repaid by the Company. At the fiscal
year ended November 30, 2024, $85,833 remained unpaid under the agreement.
The
Company reimburses related party business expenses. During the fiscal year ended November 30, 2024, the Company incurred $100,132 related
party business expenses. At the fiscal year ended November 30, 2024, the balance due to the Executive Chairman and CFO is $100,132.
The
Company has a note payable agreement with the Executive Chairman, further detailed in Note 8.
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v3.25.0.1
Debt
|
12 Months Ended |
Nov. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
Note
8 — Debt
Convertible
Note Payable
On
November 24, 2023, the Company entered into a 10 % convertible note payable agreement with proceeds totaling $250,000, net of an original
issuance discount of $20,000. The note, which matures on November 24, 2024, is convertible by the holder at $0.50 per share of common
stock for the first six months, then is convertible by the holder at 66% of the lowest traded price of the Company’s common stock
for the ten days prior to conversion. The note contains certain default provisions which may increase the balance of the note by up to
150%. On November 22, 2024, the Company entered into an extension of this note payable from November 24, 2024 to May 24, 2025.
Notes
Payable
During
the fiscal year ended November 30, 2023, the Company’s former CEO loaned the Company $8,319, At November 30, 2022, the loan payable
to the Company’s former CEO totaled $72,774. The balance was unsecured, non-interest bearing, and did not have a maturity date.
During May 2023, the loans, totaling $81,093, were forgiven as detailed in Note 7.
During
the fiscal year ended November 30, 2023, the Company entered into a loan agreement with the Company’s Executive Chairman. The loan,
which bears interest at 7%, is due on demand. During the fiscal years ended November 30, 2024 and 2023, the Executive Chairman loaned
the Company $127,550 and $600,000, respectively. During the fiscal year ended November 30, 2024, the Company repaid $691,500 to the Executive
Chairman. At the fiscal years ended November 30, 2024 and 2023, the amount due to the Executive Chairman was $36,050 and $600,000, respectively.
This loan is recorded as a related party loan on the balance sheet. During the fiscal years ended November 30, 2024 and 2023, the Company
recorded accrued interest of $31,761 and $6,781, respectively. During the fiscal year ended November 30, 2024, the Company repaid $17,352
interest. At the fiscal year ended November 30, 2024, accrued interest payable due to the loans from the Executive Chairman totaled $21,190.
During
the fiscal year ended November 30, 2024, the Company entered into a Promissory Note with the former President and CEO who resigned on
August 23, 2024 for the amount of $302,960 for payment of accumulated unpaid consultant fees. The note, which bears interest at 8%, is
due and payable by October 30, 2025.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.25.0.1
Stockholders’ Equity (Deficit)
|
12 Months Ended |
Nov. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity (Deficit) |
Note
9 — Stockholders’ Equity (Deficit)
During
the fiscal year ended November 30, 2022, and through May 15, 2023, the Company was authorized to issue 75,000,000 shares of common stock
with a par value of $0.001.
On
May 16, 2023, the Company filed an amendment to the Articles of Incorporation with the State of Nevada to increase the total number of
shares authorized to 1,000,100,000, consisting of 1,000,000,000 shares of common stock with a par value of $0.001 and 100,000 shares
of Series A Super-Voting Preferred stock with a par value of $0.001. The Series A Super-Voting Preferred stock vote on the basis of 10,000
votes per share. The common stock vote on the basis of 1 vote per share.
Shares
Issued for Cash
During
the fiscal year ended November 30, 2023, the Company exchanged 100,000 shares of Series A Super-Voting Preferred stock and 581,228,334
shares of common stock for proceeds totaling $1,235,477 and all outstanding shares of USMM common stock. As a result of the transaction,
USMM became a wholly owned subsidiary of the Company (Note 1). Prior to the merger, USMM had no operations and at the time of the share
exchange USMM had no assets or liabilities, other than cash. Accordingly, the transaction was accounted for as an asset acquisition.
During
the fiscal year ended November 30, 2024, the Company received $2,364,255 for 123,487,500 shares of common stock. During the fiscal year
ended November 30, 2024, 116,787,500 shares were issued with 6,700,000 shares to be issued.
Shares
Issued for Contract Agreements
During
the fiscal year ended November 30, 2024, the Company issued 20,000,000 shares per contract agreements with Komodo Capital and NT Minerals
LTD (See Note 1 above) for future considerations. These shares were valued at $2,000.
Stock
Repurchase/Cancellation
During
the fiscal year ended November 30, 2023, the Company purchased 6,013,334 shares of common stock from the Company’s former CEO for
$435,000. This transaction was recorded as Treasury Stock. As of November 30, 2024, the shares have not been retired.
During
the fiscal year ended November 30, 2024, the Company repurchased and cancelled 50,000,000
shares of common stock owned by a shareholder for $5,000.
During
the fiscal year ended November 30, 2024, the Company terminated two consultants which resulted in the cancellation of 11,500,000 shares
pursuant to each of their consulting agreements. The Company paid $1,150 to the consultants and the shares were cancelled.
During
the fiscal year ended November 30, 2024, the Company cancelled 266,666 shares which were issued in error in May 2023 for a value of $80,000.
During
the fiscal year ended November 30, 2024, the Company accepted the resignation of the President and CEO and entered into an agreement
with him. The President and CEO agreed to tender back to the Company 37,500,000 shares of Common Stock which are part of the shares issued
to him in May 2023. These shares have not yet been cancelled.
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v3.25.0.1
Subsequent Events
|
12 Months Ended |
Nov. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
10 — Subsequent Events
The Company has evaluated all transactions
through the date the financial statements were issued for subsequent event disclosure or adjustment consideration.
Subsequent
to the end of the fiscal November 30, 2024, the Company issued 28,700,000 shares of common stock for cash received totaling $472,400.
Subsequent
to the end of the fiscal year November 30, 2024, the Company issued 2,250,000
shares of common stock for services.
Subsequent
to the end of the fiscal year November 30, 2024, the Company received cash of $27,604
for issuance of 153,366
shares of common stock. These shares have not yet been issued.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.25.0.1
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Nov. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission
(“SEC”).
|
Principles of Consolidation |
Principles
of Consolidation
The
accompanying financial statements include the accounts of the Company, including its wholly owned subsidiary, USMM. Intercompany accounts
and transactions have been eliminated in consolidation.
|
Segment Reporting |
Segment
Reporting
The
Company operates as a single segment.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid debt instruments and other short-term investments with maturity of three months or less, when purchased,
to be cash equivalents.
The
Company maintains its cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”).
The FDIC provides coverage of up to $250,000 per depositor, per financial institution, for the aggregate total of depositors’ interest
and non-interest-bearing accounts. The Company’s cash balances may exceed FDIC limits. The Company has not experienced any losses
on these accounts and management does not believe that the Company is exposed to any significant risks.
|
Intangible Assets |
Intangible
Assets
Intangible
assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its
intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management
tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
The
Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business
climate, market conditions or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these
assets is measured by comparing the carrying amount of each asset to the future cash flows the asset is expected to generate. If the
cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets
is reduced to fair value.
|
Revenue Recognition |
Revenue
Recognition
Previously,
the Company recognized revenues from a subscription-based service that provided users with access to AI generated tattoo ideas. The subscriptions
ranged from 14 to 30 days and revenue was recognized under a software as a service (SaaS) model. Revenues were recognized over the subscription
period with cash received but not earned recorded as deferred revenue.
As
stated in Note 1, the Company has shifted its focus and is currently pre-revenue. The Company will recognize revenues in accordance with
ASC 606.
|
Financial Instruments |
Financial
Instruments
The
Company’s financial instruments include cash and cash equivalents, receivables, payables, and debt and are accounted for under
the provisions of ASC 825. The carrying amount of these financial instruments, with the exception of discounted debt, as reflected in
the accompanying consolidated balance sheets approximates fair value.
|
Commitments and Contingencies |
Commitments
and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when management
assesses that it is probable that a liability has been incurred and the amount can be reasonably estimated.
|
Income Taxes |
Income
Taxes
In
accordance with ASC 740, the Company provides for the recognition of deferred tax assets if realization of such assets is more likely
than not. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets
and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce
deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or
minus the change during the period in deferred tax assets and liabilities.
In
addition, the Company’s management performs an evaluation of all uncertain income tax positions taken or expected to be taken in
the course of preparing the Company’s income tax returns to determine whether the income tax positions meet a “more likely
than not” standard of being sustained under examination by the applicable taxing authorities. This evaluation is required to be
performed for all open tax years, as defined by the various statutes of limitations, for federal and state purposes. If the Company has
interest or penalties associated with insufficient taxes paid, such expenses are reported in income tax expense.
|
Debt Issuance Costs |
Debt
Issuance Costs
The
Company accounts for debt issuance costs in accordance with ASU 2015-03. This guidance requires direct and incremental costs associated
with the issuance of debt instruments such as legal fees, printing costs and underwriters’ fees, among others, paid to parties
other than creditors, are reported and presented as a reduction of debt on the consolidated balance sheets.
|
Convertible Debt |
Convertible
Debt
In
accordance with ASC 470 the Company records its convertible notes at the aggregate principal amount, less discount. The discount is amortized
over the life of the underlying convertible note. The Company reviews convertible debt for potential bifurcation. At the fiscal years
ended November 30, 2024 and 2023, there were no instruments which required bifurcation.
|
Basic and Diluted Loss Per Share |
Basic
and Diluted Loss Per Share
ASC
260 requires a reconciliation of the numerator and denominator of the basic and diluted earnings (loss) per share (“EPS”)
computations.
Basic
earnings (loss) per share are computed by dividing income available to common shareholders by the weighted-average number of common shares
outstanding during the year. Diluted earnings (loss) per share is computed similar to basic earnings per share except that the denominator
is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been
issued and if the additional common shares were dilutive.
The
Company had no additional dilutive securities outstanding at the fiscal years ended November 30, 2024 or November 30, 2023.
|
Treasury Stock |
Treasury
Stock
Treasury
stock, representing shares of the Company’s common stock that have been repurchased after having been issued, are recorded at cost.
Treasury stock are considered issued and outstanding for basic and diluted earnings (loss) per share computations.
|
Related Party |
Related
Party
The
Company records all related party transactions in accordance with ASC 850-10.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2023-09 (“ASU 2023-09”),
Income Taxes, which enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate
reconciliation and income taxes paid. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption
is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company is currently
evaluating this ASU to determine its impact on the Company’s disclosures.
In
November 2023, the FASB issued Accounting Standards Update 2023-07 (“ASU 2023-07”), Segment Reporting, which improves reportable
segment disclosure requirements. ASU 2023-07 primarily enhances disclosures about significant segment expenses by requiring that a public
entity disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and
included within each reported measure of segment profit or loss. This ASU also (i) requires that a public entity disclose, on an annual
and interim basis, an amount for other segment items by reportable segment, and a description of its composition; (ii) requires that
all annual disclosures are provided in the interim periods; (iii) clarifies that if the CODM uses more than one measure of profitability
in assessing segment performance and deciding how to allocate resources, that one or more of those measures may be reported; (iv) requires
disclosure of the title and position of the CODM and a description of how the reported measures are used by the CODM in assessing segment
performance and in deciding how to allocate resources; (v) requires that an entity with a single segment provide all new required disclosures.
ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024 and requires retrospective application. Early adoption is permitted. The amendments under ASU 2023-07 relate to financial
disclosures and its adoption will not have an impact on the Company’s results of operations, financial position or cash flows.
The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.
|
Subsequent Events |
Subsequent
Events
The
Company has evaluated all transactions through the date the financial statements were issued for subsequent event disclosure or adjustment
consideration.
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v3.25.0.1
Income Taxes (Tables)
|
12 Months Ended |
Nov. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Schedule of Effective Income Tax Rate as A Percentage of Income Before Income Taxes |
Schedule
of Effective Income Tax Rate as A Percentage of Income Before Income Taxes
| |
2024 | | |
2023 | |
Federal tax statutory rate | |
| 21 | % | |
| 21 | % |
Temporary differences | |
| 0 | % | |
| 0 | % |
Permanent differences | |
| 0 | % | |
| 0 | % |
Valuation Allowance | |
| -21 | % | |
| -21 | % |
Total | |
| 0 | % | |
| 0 | % |
|
Schedule of Components of Deferred Tax Assets |
The
Company had deferred income tax assets as of the fiscal years ended November 30, 2024, and 2023, as follows:
Schedule
of Components of Deferred Tax Assets
| |
2024 | | |
2023 | |
Deferred Tax Assets | |
| | | |
| | |
Net operating loss carryforwards | |
$ | 1,270,500 | | |
$ | 444,000 | |
Temporary differences | |
| - | | |
| - | |
Permanent differences | |
| - | | |
| (1,000 | ) |
Valuation allowance | |
| (1,270,500 | ) | |
| (443,000 | ) |
Net deferred tax assets | |
$ | - | | |
$ | - | |
|
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v3.25.0.1
Description of Organization and Business Operations (Details Narrative) $ in Millions |
Jun. 30, 2024
USD ($)
t
shares
|
Nov. 30, 2024
shares
|
Nov. 30, 2023
shares
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Common stock, shares issued |
|
581,704,525
|
514,333,691
|
Komodo Capital [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Common stock, shares issued |
8,000,000
|
|
|
NTM Minerals Limited [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Mineral offtake rights | t |
88,000
|
|
|
Value of assets purchased | $ |
$ 850
|
|
|
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v3.25.0.1
Related Party Transactions (Details Narrative) - USD ($)
|
1 Months Ended |
12 Months Ended |
May 31, 2023 |
Nov. 30, 2024 |
Related party business expenses |
|
$ 100,132
|
Chief Executive Officer [Member] |
|
|
Debt Instrument, Decrease, Forgiveness |
$ 146,593
|
|
Accrued Payroll Taxes, Current |
65,500
|
|
Outstanding loans |
$ 81,093
|
|
Chief Executive Officer [Member] | Consulting Agreement [Member] |
|
|
Obligated to compensate |
|
43,667
|
Consultant fees |
|
41,667
|
Monthly allowance |
|
2,000
|
Incurred expenses |
|
353,333
|
Repaid |
|
268,000
|
Remained unpaid amount |
|
85,833
|
Chief Financial Officer [Member] | Consulting Agreement [Member] |
|
|
Obligated to compensate |
|
43,667
|
Consultant fees |
|
41,667
|
Monthly allowance |
|
2,000
|
Incurred expenses |
|
524,000
|
Repaid |
|
203,000
|
Remained unpaid amount |
|
$ 393,000
|
X |
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v3.25.0.1
Debt (Details Narrative) - USD ($)
|
|
12 Months Ended |
|
|
Nov. 24, 2023 |
Nov. 30, 2024 |
Nov. 30, 2023 |
May 31, 2023 |
Nov. 30, 2022 |
Convertible note payable percentage |
10.00%
|
|
|
|
|
Proceeds from convertible debt |
$ 250,000
|
|
$ 250,000
|
|
|
Original issuance discount |
$ 20,000
|
20,000
|
|
|
|
Convertible price per share |
$ 0.50
|
|
|
|
|
Lowest traded price percentage |
66.00%
|
|
|
|
|
Loan, amount due |
|
$ 36,050
|
600,000
|
|
|
Debt payable due |
|
Oct. 30, 2025
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
Loans payable |
|
|
$ 8,319
|
|
|
Loan, amount due |
|
|
|
|
$ 72,774
|
Outstanding loans |
|
|
|
$ 81,093
|
|
Debt instrument, interest rate |
|
|
8.00%
|
|
|
payment of accumulated unpaid consultant fees |
|
$ 302,960
|
|
|
|
Executive Chairman [Member] |
|
|
|
|
|
Loans payable |
|
36,050
|
$ 600,000
|
|
|
Loan, amount due |
|
127,550
|
$ 600,000
|
|
|
Debt instrument, interest rate |
|
|
7.00%
|
|
|
Repaid Loan |
|
691,500
|
|
|
|
Accrued interest |
|
31,761
|
$ 6,781
|
|
|
Repaid interest |
|
17,352
|
|
|
|
Loans payable |
|
$ 21,190
|
|
|
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v3.25.0.1
Stockholders’ Equity (Deficit) (Details Narrative) - USD ($)
|
12 Months Ended |
|
|
Nov. 30, 2024 |
Nov. 30, 2023 |
May 16, 2023 |
May 15, 2023 |
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
1,000,000,000
|
1,000,000,000
|
1,000,000,000
|
75,000,000
|
Common stock par value |
$ 0.001
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
Number of shares authorized issue |
|
|
1,000,100,000
|
|
Preferred stock, shares authorized |
100,000
|
100,000
|
|
|
Preferred stock par value |
$ 0.001
|
$ 0.001
|
|
|
Common stock votes per share |
|
1
|
|
|
Preferred Stock, Shares Issued |
100,000
|
100,000
|
|
|
Stock Issued During Period, Value, Other |
$ 2,000
|
|
|
|
Common Stock Shares Issued |
581,704,525
|
514,333,691
|
|
|
Stock Repurchased and Retired During Period, Value |
|
$ 435,000
|
|
|
Number of shares cancelled |
266,666
|
|
|
|
Number of shares cancelled, value |
|
|
|
|
Number of shares cancelled, value |
$ 80,000
|
|
|
|
Contract Agreement [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Number of shares issued |
20,000,000
|
|
|
|
Value of shares issued |
$ 2,000
|
|
|
|
Consulting Agreement [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Number of shares cancelled |
11,500,000
|
|
|
|
Number of shares cancelled, value |
$ 1,150
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Common Stock shares issued |
37,500,000
|
|
|
|
Common Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, Other |
20,000,000
|
|
|
|
Stock Issued During Period, Value, Other |
$ 20,000
|
|
|
|
Shares of common stock recieved |
$ 2,364,255
|
|
|
|
Common Stock Shares Issued |
123,487,500
|
|
|
|
Number of shares to be issued |
116,787,500
|
|
|
|
Number of shares to be issued |
6,700,000
|
|
|
|
Stock Repurchased and Retired During Period, Value |
|
|
|
|
Number of shares cancelled |
(61,766,666)
|
|
|
|
Number of shares cancelled, value |
$ (61,767)
|
|
|
|
Common Stock shares issued |
109,137,500
|
507,228,334
|
|
|
Common Stock [Member] | Former Chief Executive Officer [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock Repurchased and Retired During Period, Shares |
|
6,013,334
|
|
|
Stock Repurchased and Retired During Period, Value |
|
$ 435,000
|
|
|
Repurchased shares |
50,000,000
|
|
|
|
Cancelled shares |
50,000,000
|
|
|
|
Repurchased shares value |
$ 5,000
|
|
|
|
Super Voting Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
|
|
100,000
|
|
Preferred stock par value |
|
|
$ 0.001
|
|
Preferred stock votes per share |
|
10,000
|
|
|
Preferred Stock, Shares Issued |
|
100,000
|
|
|
Stock Issued During Period, Shares, Other |
|
581,228,334
|
|
|
Stock Issued During Period, Value, Other |
|
$ 1,235,477
|
|
|
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v3.25.0.1
Subsequent Events (Details Narrative) - USD ($)
|
|
12 Months Ended |
Dec. 01, 2024 |
Nov. 30, 2024 |
Nov. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
Cash received from issuance of shares |
|
$ 2,027,485
|
$ 1,235,477
|
Common Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued |
|
109,137,500
|
507,228,334
|
Cash received from issuance of shares |
|
$ 109,138
|
$ 507,229
|
Subsequent Event [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued |
28,700,000
|
|
|
Cash received from issuance of shares |
$ 472,400
|
|
|
Repurchase of stock |
2,250,000
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued |
153,366
|
|
|
Cash received from issuance of shares |
$ 27,604
|
|
|
X |
- DefinitionNumber of new stock issued during the period.
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