Cover
Cover - shares | 3 Months Ended | |
Feb. 28, 2023 | Apr. 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Feb. 28, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --11-30 | |
File Number | 333-229748 | |
Registrant Name | INKY INC. | |
Entity Central Index Key | 0001753373 | |
Tax Identification Number | 37-1904036 | |
Incorporation State Country Code | NV | |
Address Line1 | 36 Aigyptou Avenue | |
Address City | Larnaca | |
Address Country | CY | |
Posta lZip Code | 6030 | |
City Area Code | 357 | |
Local Phone Number | 25057246 | |
Current Reporting Status | Yes | |
Interactive Data Current | No | |
Filer Category | Non-accelerated Filer | |
Small Business | true | |
Emerging growth company | true | |
extended transition period | false | |
Shell Company | false | |
Common Stock Shares Outstanding | 7,105,357 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Feb. 28, 2023 | Nov. 30, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalent | $ 114 | $ 114 |
Prepaid expenses | 13,567 | 13,767 |
Total Current Assets | 13,681 | 13,881 |
Intangible Assets | 104,272 | 111,970 |
TOTAL ASSETS | 117,953 | 125,851 |
Current Liabilities | ||
Accounts payable | 1,093 | 476 |
Accrued payroll - related party | 65,500 | 49,000 |
Related-party loan | 75,750 | 72,774 |
Total Current Liabilities | 142,343 | 122,250 |
Total Liabilities | 142,343 | 122,250 |
STOCKHOLDERS’ DEFICIT | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 7,105,357 and 7,105,357 shares issued and outstanding as of February 28, 2023 and November 30, 2022 , respectively | 7,105 | 7,105 |
Additional paid-in capital | 120,255 | 120,255 |
Accumulated deficit | (151,750) | (123,759) |
Total stockholders’ deficit | (24,390) | 3,601 |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 117,953 | $ 125,851 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 28, 2023 | Nov. 30, 2022 |
Statement of Financial Position [Abstract] | ||
CommonStockParOrStatedValuePerShare | $ 0.001 | $ 0.001 |
CommonStockSharesAuthorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Outstanding | 7,105,357 | 7,105,357 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
Income Statement [Abstract] | ||
Sales | $ 3,400 | |
Total income | 3,400 | |
Cost of goods sold | ||
Gross (Loss) profit | 3,400 | |
General and administrative expenses | 31,391 | 11,501 |
Total expenses | 31,391 | 11,501 |
INCOME (LOSS) BEFORE TAX PROVISION | (27,991) | (11,501) |
INCOME TAX EXPENSE | ||
NET LOSS | $ (27,991) | $ (11,501) |
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED | 7,105,357 | 5,092,023 |
BASIC AND DILUTED NET LOSS PER SHARE | $ 0 | $ 0 |
Statements of Changes in Stockh
Statements of Changes in Stockholders - USD ($) | 3 Months Ended | |||
Feb. 28, 2023 | Feb. 28, 2022 | Nov. 30, 2022 | Nov. 30, 2021 | |
Balance, November 30, 2022 | $ 3,601 | $ (20,557) | ||
Balance, February 28, 2023 | 7,105,357 | 5,092,023 | 7,105,357 | 5,092,023 |
Net income (loss) | $ (27,991) | $ (11,501) | ||
Balance, February 28, 2023 | (24,390) | (32,058) | ||
Common Stock [Member] | ||||
Balance, November 30, 2022 | 7,105 | 5,092 | ||
Net income (loss) | ||||
Balance, February 28, 2023 | 7,105 | 5,092 | ||
Additional Paid-in Capital [Member] | ||||
Balance, November 30, 2022 | 120,255 | 31,668 | ||
Net income (loss) | ||||
Balance, February 28, 2023 | 120,255 | 31,668 | ||
Retained Earnings [Member] | ||||
Balance, November 30, 2022 | (123,759) | (57,317) | ||
Net income (loss) | (27,991) | (11,501) | ||
Balance, February 28, 2023 | $ (151,750) | $ (68,818) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Feb. 28, 2023 | Feb. 28, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) | $ (27,991) | $ (11,501) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Amortization expense | 11,183 | |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses | 200 | 325 |
Increase in accrued payroll – related party | 16,500 | 10,500 |
Increase (decrease) in accounts payable | 617 | (943) |
Net cash flows provided by (used in) operating activities | 509 | (1,619) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Website development costs | (3,485) | |
Net cash flows used in investing activities | (3,485) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Related-party loan | 2,976 | 1,619 |
Net cash flows provided by financing activities | 2,976 | 1,619 |
NET INCREASE (DECREASE) IN CASH | ||
CASH, BEGINNING OF PERIOD | 114 | 114 |
CASH, END OF PERIOD | 114 | 114 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income tax |
Description of Organization and
Description of Organization and Business Operations | 3 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Description of Organization and Business Operations | Note 1 — Description of Organization and Business Operations Inky is a startup corporation, registered under the laws in the State of Nevada on June 12, 2018. The company (“we,” “us,” or the “Company”) plans to develop, publish and market mobile software application for smartphones and tablet devices (“Apps”). It is an ‘augmented reality’ (AR) app aiming to help users decide what and where to ink without having to regret the tattoo after the fact. The app includes a selection of tattoo sketches by different artists that can be virtually placed via smartphone-powered AR. A user gets to try on a virtual tattoo on their body in real-time. Our principal executive office is located at 24 Penteliss, Limassol 4102, Cyprus. The Company’s functional and reporting currency is the U.S. dollar. |
Going Concern
Going Concern | 3 Months Ended |
Feb. 28, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 – Going Concern The accompanying unaudited condensed financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a startup company, the Company had limited revenues and incurred losses as of February 28, 2023 Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3 — Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC"), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended November 30, 2022. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. The Company’s year-end is November 30. 10 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the three months ended February 28, 2023 Note 3 — Summary of Significant Accounting Policies Net Income (Loss) Per Common Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of 2023 and 022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported 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 investments with the original maturities of three months or less to be cash equivalents. The Company had $ 114 Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of February 28, 2023. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of February 28, 2023, and November 30, 2022, no amounts have been accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. 11 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the three months ended February 28, 2023 Note 3 — Summary of Significant Accounting Policies Research and Development Policy ASC 730, “Research and Development”, addresses the proper accounting and reporting for research and development costs. It identifies those activities that are to be identified as research and development, the elements of costs that shall be identified with research and development activities, the accounting for these costs, and the financial statement disclosures related to them. Costs and expenses that can be clearly identified as research and development are charged to expense as incurred. Software Development Policy The Company follows the provisions of ASC 985, “Software”, which requires that all costs incurred be expensed until technological feasibility have been established. Recent Accounting Pronouncements The Company reviews new accounting standards as issued. Management has not identified any new standards that it believes will have a significant impact on the Company’s financial statements. |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Feb. 28, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 4 – Stockholders’ Equity Upon formation the total number of shares of all classes of stock which the Company is authorized to issue is Seventy-Five Million (75,000,000) shares of Common Stock, par value $0.001 per share. There were 7,105,357 7,105,357 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Feb. 28, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 — Related Party Transactions During the three months period ended February 28, 2023 and 2022, the Company’s director loaned to the Company $ 2,976 1,619 As of February 28, 2023 and November 30, 2022, our sole director has a total outstanding balance of $75,750 and $ 72,774 As of February 28, 2023 and November 30, 2022, the payroll liability to our sole director was $65,500 and $49,000, respectively. 12 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the three months ended February 28, 2023 |
Prepaid Expenses
Prepaid Expenses | 3 Months Ended |
Feb. 28, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses | Note 6 — Prepaid Expenses As of February 28, 2023 and November 30, 2022, the prepaid balance As of February 28, 2023 As of November 30, 2022 API with the Base $ 8,000 $ 8,000 Database 5,300 5,300 Prepaid business license fees 267 467 Total prepaid expenses $ 13,567 $ 13,767 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Feb. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 7 – Intangible Assets The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company amortizes these costs using the straight-line method over the three years. During the year ended November 30, 2022, the Company acquired software for $100,000. As of February 28, 2023, the Company capitalized software costs of $ 4,055 As of February 23, 2023 the Company capitalized website development costs of $11,400. Amortization expense of acquired software was $2,850 as of February 28, 2023. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Feb. 28, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 28, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC"), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended November 30, 2022. In the opinion of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. The Company’s year-end is November 30. 10 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the three months ended February 28, 2023 Note 3 — Summary of Significant Accounting Policies |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. As of 2023 and 022, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported 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 investments with the original maturities of three months or less to be cash equivalents. The Company had $ 114 |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of February 28, 2023. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of February 28, 2023, and November 30, 2022, no amounts have been accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. 11 INKY NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS For the three months ended February 28, 2023 Note 3 — Summary of Significant Accounting Policies |
Research and Development Policy | Research and Development Policy ASC 730, “Research and Development”, addresses the proper accounting and reporting for research and development costs. It identifies those activities that are to be identified as research and development, the elements of costs that shall be identified with research and development activities, the accounting for these costs, and the financial statement disclosures related to them. Costs and expenses that can be clearly identified as research and development are charged to expense as incurred. |
Software Development Policy | Software Development Policy The Company follows the provisions of ASC 985, “Software”, which requires that all costs incurred be expensed until technological feasibility have been established. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 3 Months Ended |
Feb. 28, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
the prepaid balance | As of February 28, 2023 and November 30, 2022, the prepaid balance As of February 28, 2023 As of November 30, 2022 API with the Base $ 8,000 $ 8,000 Database 5,300 5,300 Prepaid business license fees 267 467 Total prepaid expenses $ 13,567 $ 13,767 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | Feb. 28, 2023 USD ($) |
Accounting Policies [Abstract] | |
cash and cash equivalents as of February 28, 2023 | $ 114 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | Feb. 28, 2023 shares |
Equity [Abstract] | |
Stockholders Equity Disclosure | 7,105,357 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Feb. 28, 2023 | Nov. 30, 2022 |
Related Party Transactions [Abstract] | ||
director loaned | $ 2,976 | $ 1,619 |
the prepaid balance (Details)
the prepaid balance (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Feb. 28, 2023 | Nov. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
API with the Base | $ 8,000 | $ 8,000 |
Database | 5,300 | 5,300 |
Prepaid business license fees | 267 | 467 |
Total prepaid expenses | $ 13,567 | $ 13,767 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) | Feb. 28, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Company capitalized software costs | $ 4,055 |