Cover
Cover - shares | 6 Months Ended | ||||||
May 31, 2024 | Jul. 12, 2024 | Feb. 29, 2024 | Nov. 30, 2023 | May 31, 2023 | Feb. 28, 2023 | Nov. 30, 2022 | |
Cover [Abstract] | |||||||
Document Type | 10-Q/A | ||||||
Amendment Flag | true | ||||||
Amendment Description | This amendment is being filed because the previous 10-Q report for the period ending May 31, 2024, was incorrectly signed by Koichi Ishizuka as Chief Financial Officer, when the Chief Financial Officer at that time was Yuko Takeuchi. Additionally, this report provides updated information pertaining to resignations and appointments that were omitted in the previously filed 10-Q as a result of a clerical error.This amendment should be read as of the date originally filed, and does not include additional information or disclosure that may have occurred subsequent to the prior filing date. | ||||||
Document Quarterly Report | true | ||||||
Document Period End Date | May 31, 2024 | ||||||
Document Fiscal Period Focus | Q2 | ||||||
Document Fiscal Year Focus | 2024 | ||||||
Current Fiscal Year End Date | --11-30 | ||||||
Entity File Number | 000-55806 | ||||||
Entity Registrant Name | Photozou Holdings, Inc. | ||||||
Entity Central Index Key | 0001627469 | ||||||
Entity Tax Identification Number | 90-1260322 | ||||||
Entity Incorporation, State or Country Code | DE | ||||||
Entity Address, Postal Zip Code | 160-0004 | ||||||
Entity Current Reporting Status | Yes | ||||||
Entity Interactive Data Current | Yes | ||||||
Entity Filer Category | Non-accelerated Filer | ||||||
Entity Small Business | true | ||||||
Entity Emerging Growth Company | false | ||||||
Elected Not To Use the Extended Transition Period | false | ||||||
Entity Shell Company | false | ||||||
Contact Personnel Email Address | Fax number: +81-3-6369-3727 | ||||||
Shares issued and outstanding | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | May 31, 2024 | Nov. 30, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 13,009 | $ 11,562 |
Accounts receivable | 25,187 | 4,594 |
Prepaid and other current assets | 1,018 | 1,709 |
Sales tax recoverable | 2,033 | 14,771 |
Inventories, net | 43,602 | 68,466 |
TOTAL CURRENT ASSETS | 84,849 | 101,102 |
NON-CURRENT ASSETS | ||
Software, net | 40,596 | 55,311 |
TOTAL ASSETS | 125,445 | 156,413 |
CURRENT LIABILITIES | ||
Accrued expenses | 15,281 | 13,419 |
Due to related parties | 955,701 | 794,757 |
Long-term loan payable, current portion | 9,034 | 9,628 |
TOTAL CURRENT LIABILITIES | 980,016 | 817,804 |
Long-term loan payable, non-current portion | 1,506 | 6,419 |
TOTAL LIABILITIES | 981,522 | 824,223 |
Preferred stock ($0.0001 par value, 20,000,000 shares authorized; 0 issued and outstanding as of May 31, 2024 and November 30, 2023) | ||
Common stock ($0.0001 par value, 500,000,000 shares authorized; 8,000,000 shares issued and outstanding as of May 31, 2024 and November 30, 2023) | 800 | 800 |
Additional paid in capital | 50,030 | 50,030 |
Accumulated deficit | (1,157,992) | (938,784) |
Accumulated other comprehensive income | 251,085 | 220,144 |
TOTAL STOCKHOLDERS’ DEFICIT | (856,077) | (667,810) |
TOTAL LIABILITIES & STOCKHOLDERS’ DEFICIT | $ 125,445 | $ 156,413 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) | May 31, 2024 $ / shares shares |
Statement of Financial Position [Abstract] | |
preferred par value | $ / shares | $ 0.0001 |
preferred authorized | 20,000,000 |
preferred issued | 0 |
common par value | $ / shares | $ 0.0001 |
common authorized | 500,000,000 |
common issued | 8,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2024 | May 31, 2023 | May 31, 2024 | May 31, 2023 | |
REVENUES | ||||
Revenue from cameras sold | $ 15,524 | $ 16,475 | $ 36,314 | $ 32,729 |
Service revenue | 30,335 | 3,339 | 46,976 | 9,817 |
TOTAL REVENUES | 45,859 | 19,814 | 83,290 | 42,546 |
COST OF REVENUES | ||||
Cost of revenue from cameras sold | 12,892 | 11,492 | 30,150 | 23,912 |
Cost of service revenue | 14,921 | 6,800 | 29,553 | 15,259 |
TOTAL COST OF REVENUES | 27,813 | 18,292 | 59,703 | 39,171 |
GROSS PROFIT | 18,046 | 1,522 | 23,587 | 3,375 |
OPERATING EXPENSES | ||||
General and administrative expenses | 91,105 | 70,764 | 242,941 | 116,413 |
TOTAL OPERATING EXPENSES | 91,105 | 70,764 | 242,941 | 116,413 |
OTHER INCOME | 201 | 201 | 507 | 568 |
OTHER EXPENSES | 29 | 29 | 361 | 60 |
NET LOSS | (72,863) | (69,071) | (219,208) | (112,530) |
OTHER COMPREHENSIVE INCOME | ||||
Foreign currency translation adjustment | 18,714 | 9,237 | 30,942 | 3,712 |
TOTAL COMPREHENSIVE LOSS | $ (54,149) | $ (59,834) | $ (188,266) | $ (108,818) |
BASIC AND DILUTED NET LOSS PER COMMON STOCK | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK OUTSTANDING, BASIC AND DILUTED | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | Total |
Shares issued and outstanding | 8,000,000 | ||||
Balance, value | $ 800 | $ 50,030 | $ 74,089 | $ (674,947) | $ (550,028) |
Beginning balance, value at Nov. 30, 2022 | 800 | 50,030 | 74,089 | (674,947) | (550,028) |
Net loss | (43,459) | (43,459) | |||
Foreign currency translation | (5,525) | (5,525) | |||
Beginning balance, value at Nov. 30, 2022 | 800 | 50,030 | 74,089 | (674,947) | (550,028) |
Net loss | $ (112,530) | ||||
Shares issued and outstanding | 8,000,000 | ||||
Net loss | $ (69,071) | ||||
Balance, value | 800 | 50,030 | 68,564 | (718,406) | (599,012) |
Beginning balance, value at Mar. 31, 2023 | 800 | 50,030 | 68,564 | (718,406) | (599,012) |
Net loss | (69,071) | (69,071) | |||
Foreign currency translation | 9,237 | $ 9,237 | |||
Shares issued and outstanding | 8,000,000 | ||||
Balance, value | 800 | 50,030 | 77,801 | (787,477) | $ (658,846) |
Shares issued and outstanding | 8,000,000 | ||||
Balance, value | 800 | 50,030 | 220,144 | (938,784) | $ (667,810) |
Beginning balance, value at Nov. 30, 2023 | 800 | 50,030 | 220,144 | (938,784) | (667,810) |
Net loss | (146,345) | (146,345) | |||
Foreign currency translation | 12,227 | 12,227 | |||
Beginning balance, value at Nov. 30, 2023 | 800 | 50,030 | 220,144 | (938,784) | (667,810) |
Net loss | $ (219,208) | ||||
Shares issued and outstanding | 8,000,000 | ||||
Balance, value | 800 | 50,030 | 232,371 | (1,085,129) | $ (801,928) |
Beginning balance, value at Feb. 29, 2024 | 800 | 50,030 | 232,371 | (1,085,129) | (801,928) |
Net loss | (72,863) | (72,863) | |||
Foreign currency translation | 18,714 | $ 18,714 | |||
Shares issued and outstanding | 8,000,000 | ||||
Balance, value | $ 800 | $ 50,030 | $ 251,085 | $ (1,157,992) | $ (856,077) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
May 31, 2024 | May 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
$ (219,208) | $ (112,530) | |
11,809 | 747 | |
(21,812) | 4,470 | |
634 | 399 | |
12,356 | 8,660 | |
21,566 | 18,348 | |
2,655 | 84,861 | |
267 | ||
(191,733) | 4,955 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
198,978 | 1,867 | |
(7,219) | ||
(4,774) | (5,309) | |
194,204 | (10,661) | |
Net effect of exchange rate changes on cash | (1,024) | (4,135) |
Net change in cash and cash equivalents | 1,477 | (9,841) |
Cash and cash equivalents – beginning of period | 11,562 | 19,104 |
Cash and cash equivalents – end of period | 13,009 | 9,263 |
NON-CASH TRANSACTIONS | ||
[custom:Expensespaidbyofficer] | 84,977 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 94 | 60 |
Income taxes paid |
NOTE 1 - ORGANIZATION, DESCRIPT
NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS | 6 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS Photozou Holdings, Inc., (the “Company”) was incorporated under the laws of the State of Delaware on September 29, 2014. Our principal executive offices are located at 4-30-4F, Yotsuya, Shinjuku-ku, Tokyo, 160-0004, Japan. The Company has elected November 30 th |
NOTE 2 - SIGNIFICANT ACCOUNTING
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the financial statements of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the nine months period, have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms “Company”, “we”, “us” or “our” mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our consolidated financial statements for the year ended November 30, 2023, included in our Form 10-K. USE OF ESTIMATES The presentation 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 disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates and assumptions made by management include going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, inventory obsolescence and sales allowance. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. RELATED PARTY TRANSACTION The Company accounts for related party transactions in accordance with ASC 850 (“Related Party Disclosures”). A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. FOREIGN CURRENCY TRANSLATION The Company maintains its books and record in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Shareholders’ equity is translated at historical exchange rate at the time of transaction. Translation of amounts from the local currency of the Company into US$1 May 31, 2024 May 31, 2023 Current JPY: US$1 exchange rate 156.74 139.77 Average JPY: US$1 exchange rate 150.01 133.88 COMPREHENSIVE INCOME OR LOSS ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statements of shareholders’ deficit consists of changes in unrealized gains and losses on foreign currency translation. REVENUE RECOGNITION AND DEFERRED REVENUE The Company recognizes its revenue in accordance with ASC 606 - Revenue from contracts with Customers. To determine revenue recognition for agreements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. There are two types of service revenue. Revenue for advertising service is recognized over time when the services are provided to the customers. Revenue for photo session service is recognized at a point of time when service is provided to the customers at the photo session. Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. There was no deferred revenue as of May 31, 2024 or November 30, 2023. Disaggregated revenue by nature of the Company For the six months Percentage of For the six months Percentage of ended total revenues ended total revenues May 31, 2024 May 31, 2023 Revenue from cameras sold $ 36,314 43.6% 32,729 76.9% Service revenue 46,976 56.4% 9,817 23.1% Total 83,290 100% 42,546 100% Disaggregated revenue by geographic of the Company For the six months Percentage For the six months Percentage of ended of total revenues ended total revenues May 31, 2024 May 31, 2023 Revenue from US $ 36,314 43.6% 27,978 65.8% Revenue from Japan 46,976 56.4% 14,568 34.2% Total 83,290 100% 42,546 100% -F6- Table of Contents |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 6 Months Ended |
May 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying consolidated financial statements are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities in the normal course of business. The Company is in the early stage of operations and has recurring net losses. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue-producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
NOTE 4 - RELATED-PARTY TRANSACT
NOTE 4 - RELATED-PARTY TRANSACTIONS | 6 Months Ended |
May 31, 2024 | |
Related Party Transactions [Abstract] | |
NOTE 4 - RELATED-PARTY TRANSACTIONS | NOTE 4 - RELATED-PARTY TRANSACTIONS For the six months ended May 31, 2024, the Company borrowed $ 198,978 266 254,243 0 For the six months ended May 31, 2023, the Company borrowed $ 86,844 84,977 1,867 7,219 701,459 728,644 For the six months ended May 31, 2024 and May 31, 2023, the Company utilized office space and storage space of the Company’s Chief Executive Officer, Koichi Ishizuka, free of charge. |
NOTE 5 - SHAREHOLDERs_ DEFICIT
NOTE 5 - SHAREHOLDERs’ DEFICIT | 6 Months Ended |
May 31, 2024 | |
Equity [Abstract] | |
NOTE 5 - SHAREHOLDERs’ DEFICIT | NOTE 5 - SHAREHOLDERs’ DEFICIT Preferred Stock The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.0001. The Company has not issued any shares for the six months ended May 31, 2024 and May 31, 2023. Common Stock The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. There were 8,000,000 shares of common stock issued and outstanding as of May 31, 2024 and November 30, 2023. Pertinent Rights and Privileges Holders of shares of common stock are entitled to one vote for each share held to be used at all stockholders’ meetings and for all purposes including the election of directors. Common stock does not have cumulative voting rights. Nor does it have preemptive or preferential rights to acquire or subscribe for any unissued shares of any class of stock. |
NOTE 6 - CONCENTRATION
NOTE 6 - CONCENTRATION | 6 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
NOTE 6 - CONCENTRATION | NOTE 6 - CONCENTRATION Financial instruments, which potentially subject the Company to concentrations of credit risk, consist primarily of purchases of inventory, accounts receivable and revenue. Concentration of Purchases Purchases from suppliers accounting for 10% or more of total purchases are as follows: For the six months ended May 31, 2024 and May 31, 2023, 100% of inventories of cameras was purchased from one supplier whose name was e-Sakura Market. For the six months ended May 31, 2024 and May 31, 2023, 100% of the purchase of inventory was handled by Mr. Takaharu Ogami whom the Company has a service agreement with to sell and buy used cameras on behalf of the Company. Concentration of Revenues Revenues from customers accounting for 10% or more of total revenues are as follows: For the six months ended May 31, 2024, 100% of the revenue from the sale of cameras was generated through Amazon USA. For the six months ended May 31, 2023, 85% and 15% of the revenue from the sale of cameras was generated through Amazon USA and Yahoo Japan, respectively. For the six months ended May 31, 2024 and May 31, 2023, 100% of the revenue from the sale of cameras was handled by Takaharu Ogami who the Company has a service agreement with to sell and buy used cameras on behalf of the Company. For the six months ended May 31, 2024, 81% of the service revenue was generated from ROCK STAR Co., Ltd., For the six months ended May 31, 2023, no customer accounted for 10% or more of service revenue. |
NOTE 7 - COMMITMENTS
NOTE 7 - COMMITMENTS | 6 Months Ended |
May 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 7 - COMMITMENTS | NOTE 7 - COMMITMENTS On May 1, 2017, the Company entered into an agreement with Mr. Takaharu Ogami, whereas he is to act as an independent contractor to Photozou Koukoku. The services he is to provide include, but are not limited to, handling the operations of Photozou Koukoku's used camera retail business through purchasing, selling and delivery of cameras by Mr. Ogami. He is compensated JPY 450,000 (approximately $2,999) a month. Unless either party expresses, in writing, their intention to terminate the agreement then it shall run another three months automatically. Mr. Ogami is responsible for the sale and shipping of the cameras at the expense of Photozou Koukoku. Photozou Koukoku is the legal owner of the camera(s) until the point of sale to the purchaser(s). |
NOTE 8 - LONG-TERM LOAN
NOTE 8 - LONG-TERM LOAN | 6 Months Ended |
May 31, 2024 | |
Debt Disclosure [Abstract] | |
NOTE 8 - LONG-TERM LOAN | NOTE 8 - LONG-TERM LOAN On July 2, 2020, the Company borrowed JPY7,000,000 ($65,286) from Japan Finance Corporation ("JFC"), a wholly owned public entity by the Japanese government as the COVID-19 subsidy. The loan is unsecured, repaid monthly, due in five years, and with an annual interest rate of 0.46% within three years and 1.36% thereafter. Ishizuka Koichi is the guarantor of the loan. For the six months ended May 31, 2024, the Company repaid $ 4,774 9,034 1,506 |
NOTE 9 - SUBSEQUENT EVENTS
NOTE 9 - SUBSEQUENT EVENTS | 6 Months Ended |
May 31, 2024 | |
Subsequent Events [Abstract] | |
NOTE 9 - SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS From June 1, 2024 through the current date, the Company borrowed $ 38,214 |
NOTE 2 - SIGNIFICANT ACCOUNTI_2
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the financial statements of its wholly-owned subsidiary, Photozou Koukoku. Intercompany transactions are eliminated. |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the nine months period, have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms “Company”, “we”, “us” or “our” mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our consolidated financial statements for the year ended November 30, 2023, included in our Form 10-K. |
USE OF ESTIMATES | USE OF ESTIMATES The presentation 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 disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates and assumptions made by management include going concern, allowance for doubtful accounts, valuation allowance on deferred income tax, inventory obsolescence and sales allowance. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. |
RELATED PARTY TRANSACTION | RELATED PARTY TRANSACTION The Company accounts for related party transactions in accordance with ASC 850 (“Related Party Disclosures”). A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION The Company maintains its books and record in its local currency, Japanese YEN (“JPY”), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In accordance with ASC Topic 830-30, “Translation of Financial Statement”, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Shareholders’ equity is translated at historical exchange rate at the time of transaction. Translation of amounts from the local currency of the Company into US$1 May 31, 2024 May 31, 2023 Current JPY: US$1 exchange rate 156.74 139.77 Average JPY: US$1 exchange rate 150.01 133.88 |
COMPREHENSIVE INCOME OR LOSS | COMPREHENSIVE INCOME OR LOSS ASC Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statements of shareholders’ deficit consists of changes in unrealized gains and losses on foreign currency translation. |
REVENUE RECOGNITION AND DEFERRED REVENUE | REVENUE RECOGNITION AND DEFERRED REVENUE The Company recognizes its revenue in accordance with ASC 606 - Revenue from contracts with Customers. To determine revenue recognition for agreements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Revenue for used cameras sold is recognized at a point in time when the cameras are delivered to the customer. There are two types of service revenue. Revenue for advertising service is recognized over time when the services are provided to the customers. Revenue for photo session service is recognized at a point of time when service is provided to the customers at the photo session. Deferred revenue is recorded when consideration is received from a customer prior to the goods or services were delivered. There was no deferred revenue as of May 31, 2024 or November 30, 2023. Disaggregated revenue by nature of the Company For the six months Percentage of For the six months Percentage of ended total revenues ended total revenues May 31, 2024 May 31, 2023 Revenue from cameras sold $ 36,314 43.6% 32,729 76.9% Service revenue 46,976 56.4% 9,817 23.1% Total 83,290 100% 42,546 100% Disaggregated revenue by geographic of the Company For the six months Percentage For the six months Percentage of ended of total revenues ended total revenues May 31, 2024 May 31, 2023 Revenue from US $ 36,314 43.6% 27,978 65.8% Revenue from Japan 46,976 56.4% 14,568 34.2% Total 83,290 100% 42,546 100% |
NOTE 2 - SIGNIFICANT ACCOUNTI_3
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
May 31, 2024 | |
Accounting Policies [Abstract] | |
Translation of amounts from the local currency of the Company into US$1 | Translation of amounts from the local currency of the Company into US$1 May 31, 2024 May 31, 2023 Current JPY: US$1 exchange rate 156.74 139.77 Average JPY: US$1 exchange rate 150.01 133.88 |
Disaggregated revenue by nature of the Company | Disaggregated revenue by nature of the Company For the six months Percentage of For the six months Percentage of ended total revenues ended total revenues May 31, 2024 May 31, 2023 Revenue from cameras sold $ 36,314 43.6% 32,729 76.9% Service revenue 46,976 56.4% 9,817 23.1% Total 83,290 100% 42,546 100% |
Disaggregated revenue by geographic of the Company | Disaggregated revenue by geographic of the Company For the six months Percentage For the six months Percentage of ended of total revenues ended total revenues May 31, 2024 May 31, 2023 Revenue from US $ 36,314 43.6% 27,978 65.8% Revenue from Japan 46,976 56.4% 14,568 34.2% Total 83,290 100% 42,546 100% |
NOTE 4 - RELATED-PARTY TRANSA_2
NOTE 4 - RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
May 31, 2024 | May 31, 2023 | |
Related Party Transactions [Abstract] | ||
borrowed from white knight co | $ 198,978 | |
accrued interest payable | 266 | |
total due to white knight | 254,243 | $ 0 |
[custom:Borrowedfromphotozouco] | 86,844 | |
[custom:Expensepaidbyrelatedparty] | 84,977 | |
[custom:Cashborrowingcompanybankaccount] | 1,867 | |
[custom:Repaidtophotozouco] | 7,219 | |
[custom:Totalduetophotozoucoasof-0] | $ 701,459 | $ 728,644 |
NOTE 8 - LONG-TERM LOAN (Detail
NOTE 8 - LONG-TERM LOAN (Details Narrative) | 6 Months Ended |
May 31, 2024 USD ($) | |
Debt Disclosure [Abstract] | |
[custom:Repaidtojfc] | $ 4,774 |
[custom:Currentportionasof-0] | 9,034 |
[custom:Noncurrentportionasof-0] | $ 1,506 |
NOTE 9 - SUBSEQUENT EVENTS (Det
NOTE 9 - SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended |
Jul. 12, 2024 USD ($) | |
Subsequent Events [Abstract] | |
[custom:Borrowedfromwhiteknightcosubsequently] | $ 38,214 |