Cover
Cover | 9 Months Ended |
Aug. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Aug. 31, 2024 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --11-30 |
Entity File Number | 000-56526 |
Entity Registrant Name | ANKAM, INC. |
Entity Central Index Key | 0001781629 |
Entity Tax Identification Number | 61-1900749 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 5F., No. 97, |
Entity Address, Address Line Two | Jingye 1st Rd., |
Entity Address, Address Line Three | Zhongshan Dist., |
Entity Address, City or Town | Taipei City |
Entity Address, Country | TW |
Entity Address, Postal Zip Code | 104 |
City Area Code | 886 |
Local Phone Number | 928486237 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 4,558,063 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Aug. 31, 2024 | Nov. 30, 2023 |
CURRENT ASSETS: | ||
Cash | $ 19,185 | $ 286 |
Accounts receivable | 0 | 21,390 |
Prepaid expenses | 30,000 | 15,847 |
Right-of-use asset, net | 10,559 | 48,643 |
Total current assets | 59,744 | 86,166 |
Capitalized software costs, net | 117,695 | 22,157 |
TOTAL ASSETS | 177,439 | 108,323 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 2,000 | 84,000 |
Deferred revenue | 20,000 | 12,700 |
Related party loan | 449,338 | 292,026 |
Lease liability | 0 | 44,900 |
Total current liabilities | 471,338 | 433,626 |
Total liabilities | 471,338 | 433,626 |
Commitments and contingencies (Note 8) | ||
STOCKHOLDERS’ DEFICIT: | ||
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,558,063 shares issued and outstanding | 4,558 | 4,328 |
Additional paid in capital | 169,072 | 31,262 |
Accumulated deficit | (467,529) | (360,893) |
Total stockholders’ deficit | (293,899) | (325,303) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 177,439 | $ 108,323 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2024 | Nov. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |
Common Stock, Shares Authorized | 75,000,000 | |
Common Stock, Shares, Outstanding | 4,558,063 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Income Statement [Abstract] | ||||
REVENUE | $ 8,697 | $ 5,999 | $ 33,842 | $ 19,697 |
EXPENSES: | ||||
General and administrative expenses | 63 | 4,139 | 26,884 | 306 |
Director fee | 16,000 | 18,000 | 62,000 | 54,000 |
Professional fees | 4,942 | 4,989 | 35,320 | 25,322 |
Server expense | 44,925 | 44,898 | 134,721 | 134,694 |
Amortization | 13,170 | 6,978 | 35,861 | 20,933 |
Total expenses | 79,098 | 75,004 | 294,785 | 235,255 |
LOSS FROM OPERATIONS | (70,403) | (69,005) | (260,944) | (215,558) |
OTHER INCOME (EXPENSES): | ||||
Debt Forgiveness | 154,308 | 0 | 154,308 | 0 |
Loss before income taxes | 83,905 | (69,005) | (106,636) | (215,558) |
Provision for income taxes | 0 | 0 | 0 | 0 |
NET LOSS | $ 83,905 | $ (69,005) | $ (106,636) | $ (215,558) |
Net loss per common share - basic | $ 0.01 | $ (0.02) | $ (0.02) | $ (0.05) |
Net loss per common share - diluted | $ 0.01 | $ (0.02) | $ (0.02) | $ (0.05) |
Weighted average number of common shares outstanding - basic | 4,558,063 | 4,327,996 | 4,558,063 | 4,327,996 |
Weighted average number of common shares outstanding - diluted | 4,558,063 | 4,327,996 | 4,558,063 | 4,327,996 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Nov. 30, 2022 | $ 4,328 | $ 31,262 | $ (81,736) | $ (46,146) |
Beginning balance, shares at Nov. 30, 2022 | 4,327,996 | |||
Net profit | (81,677) | (81,677) | ||
Ending balance, value at Feb. 28, 2023 | $ 4,328 | 31,262 | (163,413) | (127,823) |
Ending balance, shares at Feb. 28, 2023 | 4,327,996 | |||
Beginning balance, value at Nov. 30, 2022 | $ 4,328 | 31,262 | (81,736) | (46,146) |
Beginning balance, shares at Nov. 30, 2022 | 4,327,996 | |||
Net profit | (215,558) | |||
Ending balance, value at Aug. 31, 2023 | $ 4,328 | 31,262 | (297,294) | (261,704) |
Ending balance, shares at Aug. 31, 2023 | 4,327,996 | |||
Beginning balance, value at Feb. 28, 2023 | $ 4,328 | 31,262 | (163,413) | (127,823) |
Beginning balance, shares at Feb. 28, 2023 | 4,327,996 | |||
Net profit | (64,876) | (64,876) | ||
Ending balance, value at May. 31, 2023 | $ 4,328 | 31,262 | (228,289) | (192,699) |
Ending balance, shares at May. 31, 2023 | 4,327,996 | |||
Net profit | (69,005) | (69,005) | ||
Ending balance, value at Aug. 31, 2023 | $ 4,328 | 31,262 | (297,294) | (261,704) |
Ending balance, shares at Aug. 31, 2023 | 4,327,996 | |||
Beginning balance, value at Nov. 30, 2023 | $ 4,328 | 31,262 | (360,893) | (325,303) |
Beginning balance, shares at Nov. 30, 2023 | 4,327,996 | |||
Net profit | (118,713) | (118,713) | ||
Ending balance, value at Feb. 29, 2024 | $ 4,328 | 31,262 | (479,606) | (444,016) |
Ending balance, shares at Feb. 29, 2024 | 4,327,996 | |||
Beginning balance, value at Nov. 30, 2023 | $ 4,328 | 31,262 | (360,893) | (325,303) |
Beginning balance, shares at Nov. 30, 2023 | 4,327,996 | |||
Net profit | (106,636) | |||
Ending balance, value at Aug. 31, 2024 | $ 4,558 | 169,072 | (467,529) | (293,899) |
Ending balance, shares at Aug. 31, 2024 | 4,327,996 | |||
Beginning balance, value at Feb. 29, 2024 | $ 4,328 | 31,262 | (479,606) | (444,016) |
Beginning balance, shares at Feb. 29, 2024 | 4,327,996 | |||
Net profit | (71,828) | (71,828) | ||
Ending balance, value at May. 31, 2024 | $ 4,328 | 31,262 | (551,434) | (515,844) |
Ending balance, shares at May. 31, 2024 | 4,327,996 | |||
Addition Paid in Capital | $ 230 | 137,810 | 138,040 | |
Net profit | 83,905 | 83,905 | ||
Ending balance, value at Aug. 31, 2024 | $ 4,558 | $ 169,072 | $ (467,529) | $ (293,899) |
Ending balance, shares at Aug. 31, 2024 | 4,327,996 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Aug. 31, 2024 | Aug. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (106,636) | $ (215,558) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization expense | 35,861 | 20,933 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 21,390 | 4,800 |
Prepaid expenses | (14,153) | (20,099) |
Right-of-use asset/liability, net | 38,084 | 7,919 |
Accounts payable and accrued expenses | (82,000) | (40,324) |
Deferred revenue | 7,300 | 5,057 |
Lease Liability | (44,900) | 0 |
Net cash used in operating activities | (145,054) | (237,272) |
Cash Flow from Investing Activities: | ||
Capitalized Software Costs | (131,399) | 0 |
Net cash provided by (used in) investing activities | (131,399) | 0 |
Cash Flows from Financing Activities: | ||
Related party activity, net | 157,312 | 235,350 |
Additional paid in common stock | 230 | 0 |
Additional paid in capital | 137,810 | 0 |
Net cash provided by financing activities | 295,352 | 235,350 |
NET CHANGE IN CASH | 18,899 | (1,922) |
CASH AT BEGINNING OF THE PERIOD | 286 | 2,277 |
CASH AT THE END OF THE PERIOD | 19,185 | 355 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Aug. 31, 2024 | May 31, 2024 | Feb. 29, 2024 | Aug. 31, 2023 | May 31, 2023 | Feb. 28, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Pay vs Performance Disclosure [Table] | ||||||||
Net Income (Loss) | $ 83,905 | $ (71,828) | $ (118,713) | $ (69,005) | $ (64,876) | $ (81,677) | $ (106,636) | $ (215,558) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Aug. 31, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Ankam, Inc. (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. The Company’s business lies in possessing and developing Expense Minder, a proprietary product designed to streamline and manage expense reporting for users. The Company is constructing an application that facilitates a user’s expense management. On November 29, 2023, Ankam, Inc. entered into a material definitive agreement by establishing a wholly-owned subsidiary, Ankam LLC. Ankam LLC was organized in Wyoming and is authorized to engage in any legal act. On November 30, 2023, the Company completed the transfer of all operations associated with the business of MoneySaverApp to its wholly-owned subsidiary, Ankam LLC. The assets transferred included 100% of the ownership interests of MoneySaverApp and all operations associated with the MoneySaverApp. Ankam LLC is managed by Ankam, Inc. who holds the position of Manager of the Ankam LLC and owned in its entirety by the Company. The Company holds 100% ownership interest in the Ankam LLC and is duly authorized to oversee and execute its operational activities. On January 3, 2024, Ankam, Inc. entered into the Acquisition Agreement for the acquisition of complete ownership of Apex Intelligence LLC, a Wyoming limited liability company, inclusive of the Apex, a currency converter service, along with all codes, licenses, intellectual property rights, related documentation and all activities related to the business of the Apex, for total consideration of $ 158,040 20,000 138,040 10 On July 29, 2024, Ankam, Inc. and Maksym Hordieiev, the holder of the Convertible Promissory Note (the “Holder”) signed a Supplementary Agreement regarding the repayment of the outstanding debt of $138,040. And the Company approved the issuance of shares of its common stock to the Holder in exchange for the repayment of $ 138,040 230,067 On August 8, 2024, a group of investors led by Wang Wen Lung, Lin Chih Hsi, Kuo Yu Min, Sung Hsiang Yu, Wang Pao Kuei and Wang Pao Hua (the “Investor Group”) entered into stock purchase agreements for the acquisition of an aggregate of 3,480,067 77 As of August 8, 2024, Bakur Kalichava, the President, Treasurer, Director and Secretary of ANKAM INC. (the “Company”), is no longer holding the positions. Mr. Kalichava’s decision to resign is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Board of the Company appointed Wang Wen Lung as the President, Treasurer, Director and Secretary, effective on August 8, 2024. On August 27, 2024, Ankam Inc. (the “Company”) incorporated a new subsidiary, Mei Sheng Corporation Limited 美盛全球有限公司. This subsidiary mainly focus on expanding the Company's presence in the Asian market, particularly in Hong Kong, Taiwan and surrounding regions. The establishment of Mei Sheng Corporation Limited is part of the Company’s strategic initiative to diversify its operations and improve market reach. On August 30, 2024, Mei Sheng Corporation Limited entered into a software application development agreement with a Taiwan company, Consummation International Business Co., Ltd, for the development of a health products sales platform. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2023. Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2024 and 2023. Basis of Consolidation The consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiary. The financial statements of its subsidiary is included in the consolidated financial statements from the date that control commences until the date that control ceases. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. All transactions and balances between the Company and its subsidiaries are eliminated on consolidation. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Revenue Recognition The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts’ opinions, technical information that can be used to understand the market and make decisions in this area. The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer" Step 1: Identify the contract with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue when the customer obtains control of the good or service through the Company satisfying a performance obligation by transferring the promised good or service to the customer. The revenue is recognized on a straight-line basis from the date the subscription is sold. The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred revenue. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions. As of August 31, 2024 and November 30, 2023, an allowance for doubtful accounts was no Intangible Asset The Company accounts for its intangible assets in accordance with ASC Subtopic 350-40, Internal-Use Software-Computer Software Developed or Obtained for Internal Use, and ASC Subtopic 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-40 requires assets to be recorded at the cost to develop the asset and requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” no Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. Lease ASC 842, "Leases", ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows. At the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company's assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. As permitted under the new guidance, the Company has made an accounting policy election to apply the recognition provisions of the guidance to short term leases (leases with a lease term of twelve months). Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Aug. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As a development-stage company, the Company had limited revenues and incurred losses as of as of August 31, 2024. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
RIGHT-OF-USE ASSET
RIGHT-OF-USE ASSET | 9 Months Ended |
Aug. 31, 2024 | |
Right-of-use Asset | |
RIGHT-OF-USE ASSET | NOTE 4 – RIGHT-OF-USE ASSET Operating lease right of use assets and liabilities are recognized at the present value of future lease payments at the lease commencement date. The interest rate used to determine the present value is the incremental borrowing rate, estimated to be 10%, as the interest rate implicit on the lease is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. The Company entered into a lease in November 2022 for a period of one year to rent servers on which the web-version of the crypto wallet is actually running and on which the web wallet and app code are being developed. The monthly 14,966 monthly 4,473 During the nine months ended August 31, 2024 and the year ended November 30, 2023, the Company recorded $ 134,721 53,144 Right-of-use assets are summarized below: Schedule of right of use assets August 31, November 30, Server rental $ 51,052 $ 51,052 Less: accumulated amortization (40,493 ) (2,409 ) Right-of-use, net $ 10,559 $ 48,643 Operating lease liabilities are summarized below: Schedule of operating lease liabilities August 31, November 30, Server rental $ – $ 44,900 Less: current portion – 44,900 Long term portion $ – $ – |
PROJECT IN PROGRESS
PROJECT IN PROGRESS | 9 Months Ended |
Aug. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
PROJECT IN PROGRESS | NOTE 5 – PROJECT IN PROGRESS During the fiscal year 2022, the Company was developing and implementing a cryptocurrency wallet project. The initial estimated cost of the project was $255,800, of which $77,000 had been completed and capitalized as of November 30, 2022, as shown in Note 6. The Company has divested the cryptocurrency wallet in October 2023 due to unforeseen higher costs and resource demands than initially anticipated. The cryptocurrency wallet was sold for $ 241,390 18,890 The Company is developing the MoneySaver App. The estimated cost of the project is $26,645, of which $ 26,645 |
CAPITALIZED SOFTWARE COSTS
CAPITALIZED SOFTWARE COSTS | 9 Months Ended |
Aug. 31, 2024 | |
Capitalized Software Costs | |
CAPITALIZED SOFTWARE COSTS | NOTE 6 – CAPITALIZED SOFTWARE COSTS Schedule of capitalized software costs Useful Life As of 2024 As of 2023 API development 3 $ 58,920 $ – MoneySaver App 3 26,645 26,645 Website development 3 72,480 – Total capitalized software 158,045 26,645 Accumulated amortization (40,349 ) (4,488 ) Balance $ 117,695 $ 22,157 During the three months ended August 31, 2024 and 2023, the amortization expense was $ 13,170 6,978 35,861 20,933 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Aug. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS The Company owed its sole director $ 449,338 292,026 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Aug. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with Financial Accounting Standards Board (“FASB”) ASC 450-20-50, “Contingencies” |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Aug. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES The components of the Company’s provision for federal income tax for the nine months ended August 31, 2024 and the year ended November 30, 2023 consists of the following: Schedule of provision for federal income tax August 31, 2024 November 30, Federal income tax benefit attributable to: Current operations $ 467,529 $ 360,893 Less: valuation allowance (467,529 ) (360,893 ) Net provision for federal income taxes $ – $ – The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: Schedule of net deferred tax amount August 31, 2024 November 30, Deferred tax asset attributable to: Net operating loss carryover $ 98,181 $ 75,787 Less: valuation allowance (98,181 ) (75,787 ) Net deferred tax asset $ – $ – Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $ 467,529 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10, “Subsequent Events”, the Company has analyzed its operations subsequent to August 31, 2024, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Aug. 31, 2024 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the Securities and Exchange Commission (the “SEC”) for the year ended November 30, 2023. |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the nine months ended August 31, 2024 and 2023. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiary. The financial statements of its subsidiary is included in the consolidated financial statements from the date that control commences until the date that control ceases. Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. All transactions and balances between the Company and its subsidiaries are eliminated on consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Revenue Recognition | Revenue Recognition The Company offers a newsletter subscription, which contains the most significant news in the cryptocurrency market. In most cases identified articles show price changes, experts’ opinions, technical information that can be used to understand the market and make decisions in this area. The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer" Step 1: Identify the contract with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue when the customer obtains control of the good or service through the Company satisfying a performance obligation by transferring the promised good or service to the customer. The revenue is recognized on a straight-line basis from the date the subscription is sold. The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred revenue. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and generally do not bear interest. An allowance for doubtful accounts is established, as necessary, based on past experience and other factors which, in management's judgment, deserve current recognition in estimating bad debts. Such factors include growth and composition of accounts receivable, the relationship of the allowance for doubtful accounts to accounts receivable, and current economic conditions. As of August 31, 2024 and November 30, 2023, an allowance for doubtful accounts was no |
Intangible Asset | Intangible Asset The Company accounts for its intangible assets in accordance with ASC Subtopic 350-40, Internal-Use Software-Computer Software Developed or Obtained for Internal Use, and ASC Subtopic 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. ASC Subtopic 350-40 requires assets to be recorded at the cost to develop the asset and requires an intangible asset to be amortized over its useful life and for the useful life to be evaluated every reporting period to determine whether events or circumstances warrant a revision to the remaining period of amortization. If the estimate of useful life is changed the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” no |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. |
Lease | Lease ASC 842, "Leases", ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statements of operations and cash flows. At the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company's assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company will allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. As permitted under the new guidance, the Company has made an accounting policy election to apply the recognition provisions of the guidance to short term leases (leases with a lease term of twelve months). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company. |
RIGHT-OF-USE ASSET (Tables)
RIGHT-OF-USE ASSET (Tables) | 9 Months Ended |
Aug. 31, 2024 | |
Right-of-use Asset | |
Schedule of right of use assets | Schedule of right of use assets August 31, November 30, Server rental $ 51,052 $ 51,052 Less: accumulated amortization (40,493 ) (2,409 ) Right-of-use, net $ 10,559 $ 48,643 |
Schedule of operating lease liabilities | Schedule of operating lease liabilities August 31, November 30, Server rental $ – $ 44,900 Less: current portion – 44,900 Long term portion $ – $ – |
CAPITALIZED SOFTWARE COSTS (Tab
CAPITALIZED SOFTWARE COSTS (Tables) | 9 Months Ended |
Aug. 31, 2024 | |
Capitalized Software Costs | |
Schedule of capitalized software costs | Schedule of capitalized software costs Useful Life As of 2024 As of 2023 API development 3 $ 58,920 $ – MoneySaver App 3 26,645 26,645 Website development 3 72,480 – Total capitalized software 158,045 26,645 Accumulated amortization (40,349 ) (4,488 ) Balance $ 117,695 $ 22,157 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Aug. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for federal income tax | Schedule of provision for federal income tax August 31, 2024 November 30, Federal income tax benefit attributable to: Current operations $ 467,529 $ 360,893 Less: valuation allowance (467,529 ) (360,893 ) Net provision for federal income taxes $ – $ – |
Schedule of net deferred tax amount | Schedule of net deferred tax amount August 31, 2024 November 30, Deferred tax asset attributable to: Net operating loss carryover $ 98,181 $ 75,787 Less: valuation allowance (98,181 ) (75,787 ) Net deferred tax asset $ – $ – |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | Aug. 08, 2024 | Jul. 29, 2024 | Jan. 03, 2024 |
Investor Group [Member] | Stock Purchase Agreements [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Equity acuired percentage | 77% | ||
Stock Purchase Agreements [Member] | Investor Group [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Stock issued for change of control | 3,480,067 | ||
Apex Intelligence [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Total consideration paid | $ 158,040 | ||
Cash paid upon acquisition | 20,000 | ||
Note payable | $ 138,040 | ||
Debt stated interest rate | 10% | ||
Debt converted, amount converted | $ 138,040 | ||
Debt converted, shares issued | 230,067 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Nov. 30, 2023 | |
Accounting Policies [Abstract] | |||
Allowance for doubtful accounts | $ 0 | $ 0 | |
Dilutive securities | $ 0 | $ 0 |
RIGHT-OF-USE ASSET (Details)
RIGHT-OF-USE ASSET (Details) - USD ($) | Aug. 31, 2024 | Nov. 30, 2023 |
Right-of-use Asset | ||
Server rental | $ 51,052 | $ 51,052 |
Less: accumulated amortization | (40,493) | (2,409) |
Right-of-use, net | $ 10,559 | $ 48,643 |
RIGHT-OF-USE ASSET (Details 1)
RIGHT-OF-USE ASSET (Details 1) - USD ($) | Aug. 31, 2024 | Nov. 30, 2023 |
Right-of-use Asset | ||
Server rental | $ 0 | $ 44,900 |
Less: current portion | 0 | 44,900 |
Long term portion | $ 0 | $ 0 |
RIGHT-OF-USE ASSET (Details Nar
RIGHT-OF-USE ASSET (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Aug. 31, 2024 | Nov. 30, 2023 | |
Lease expense | $ 134,721 | $ 53,144 |
Lease November 2022 [Member] | ||
Debt frequency | monthly | |
Monthly rent expense | $ 14,966 | |
Lease November 2023 [Member] | ||
Debt frequency | monthly | |
Monthly rent expense | $ 4,473 |
PROJECT IN PROGRESS (Details Na
PROJECT IN PROGRESS (Details Narrative) - USD ($) | 1 Months Ended | ||
Oct. 31, 2023 | Aug. 31, 2024 | Nov. 30, 2023 | |
Capitalized software cost | $ 158,045 | $ 26,645 | |
Cryptocurrency Wallet Project [Member] | |||
Proceeds from sale of asset | $ 241,390 | ||
Gain on sale of asset | $ 18,890 | ||
Money Saver App [Member] | |||
Capitalized software cost | $ 26,645 | $ 26,645 |
CAPITALIZED SOFTWARE COSTS (Det
CAPITALIZED SOFTWARE COSTS (Details) - USD ($) | Aug. 31, 2024 | Nov. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Total capitalized software | $ 158,045 | $ 26,645 |
Accumulated amortization | (40,349) | (4,488) |
Balance | $ 117,695 | 22,157 |
API Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized software costs useful life | 3 years | |
Total capitalized software | $ 58,920 | 0 |
Money Saver App [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized software costs useful life | 3 years | |
Total capitalized software | $ 26,645 | 26,645 |
Website Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Capitalized software costs useful life | 3 years | |
Total capitalized software | $ 72,480 | $ 0 |
CAPITALIZED SOFTWARE COSTS (D_2
CAPITALIZED SOFTWARE COSTS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | |
Capitalized Software Costs | ||||
Amortization expense | $ 13,170 | $ 6,978 | $ 35,861 | $ 20,933 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Aug. 31, 2024 | Nov. 30, 2023 |
Related Party Transaction [Line Items] | ||
Related party loan | $ 449,338 | $ 292,026 |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Related party loan | $ 449,338 | $ 292,026 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2024 | Aug. 31, 2023 | Aug. 31, 2024 | Aug. 31, 2023 | Nov. 30, 2023 | |
Federal income tax benefit attributable to: | |||||
Current operations | $ 467,529 | $ 360,893 | |||
Less: valuation allowance | (467,529) | (360,893) | |||
Net provision for federal income taxes | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Aug. 31, 2024 | Nov. 30, 2023 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 98,181 | $ 75,787 |
Less: valuation allowance | (98,181) | (75,787) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Aug. 31, 2024 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carry forwards | $ 467,529 |