Cover
Cover - shares | 3 Months Ended | |
Feb. 28, 2022 | Apr. 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Feb. 28, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --11-30 | |
File Number | 333-255392 | |
Registrant Name | ANKAM INC. | |
Entity Central Index Key | 0001781629 | |
Tax Identification Number | 61-1900749 | |
Incorporation State Country Code | NV | |
Address Line1 | 5348 Vegas Drive | |
Address City Or Town | Las Vegas | |
Address State Or Province | NV | |
Address Postal Zip Code | 89108 | |
City Area Code | 995 | |
Local Phone Number | 599420389 | |
Current Reporting Status | Yes | |
Interactive Data Current | No | |
Filer Category | Non-accelerated Filer | |
Small Business | true | |
Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Shell Company | false | |
Common Stock Shares Outstanding | 4,328,000 | |
Contact Personnel Email Address | mainoffice@ankam.net |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Feb. 28, 2022 | Nov. 30, 2020 |
CURRENT ASSETS: | ||
Cash | $ 19,821 | $ 877 |
Prepaid Expenses | 9,832 | 3,265 |
Total Current Assets | 29,653 | 4,142 |
Capitalized Software Costs | 6,174 | 6,735 |
TOTAL ASSETS | 35,827 | 10,877 |
CURRENT LIABILITIES: | ||
Related party loan | 40,085 | 34,072 |
Total Current Liabilities | 40,085 | 34,072 |
Total Liabilities | 40,085 | 34,072 |
STOCKHOLDERS’ DEFICIT: | ||
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,217,000 and 3,250,000 shares issued and outstanding as of February 28, 2022 and November 30, 2021, respectively | 4,217 | 3,250 |
Additional paid in capital | 28,043 | |
Accumulated Deficit | (36,518) | (26,445) |
Total Stockholders’ Deficit | (4,258) | (23,195) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 35,827 | $ 10,877 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 28, 2022 | Nov. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock Value Per Share | $ 0.001 | $ 0.001 |
Shares Authorized | 75,000,000 | 75,000,000 |
Shares Issued | 4,217,000 | 3,250,000 |
Shares Outstanding | 4,217,000 | 3,250,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Income Statement [Abstract] | ||
REVENUE: | ||
EXPENSES: | ||
General and Administrative Expenses | 3,573 | 71 |
Professional Fees | 6,500 | 5,000 |
Total Expenses | 10,073 | 5,071 |
Loss Before Income Taxes | (10,073) | (5,071) |
Provision for Income Taxes | ||
NET LOSS | $ (10,073) | $ (5,071) |
Net loss per common share - basic | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic | 3,322,538 | 3,250,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Nov. 30, 2020 | $ 3,250 | $ (5,188) | $ (5,188) | |
Beginning balance, shares at Nov. 30, 2020 | 3,250,000 | |||
Collection of stock subscription receivable | 3,250 | |||
Net loss | $ (5,071) | $ (5,071) | ||
Ending balance, value at Feb. 28, 2021 | 3,250 | (10,259) | $ (7,009) | |
Ending balance, shares at Feb. 28, 2021 | 3,250,000 | |||
Beginning balance, value at Nov. 30, 2021 | 3,250 | (26,445) | $ (23,195) | |
Beginning balance, value at Nov. 30, 2021 | 3,250,000 | |||
Net loss | $ (10,073) | $ (10,073) | ||
Common stock issued for cash | 967 | 28,043 | 29,010 | |
Common stock issued for cash | $ 967,000 | |||
Ending balance, shares at Feb. 28, 2022 | 4,217,000 | |||
Ending balance, value at Feb. 28, 2022 | $ 4,217,000 | |||
Balance, value | $ 4,217 | $ 28,043 | $ (36,518) | $ (4,258) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Feb. 28, 2022 | Feb. 28, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (10,073) | $ (5,071) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation expense | 561 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (6,567) | |
Net cash used in operating activities | (16,079) | (5,071) |
Cash flows from Financing Activities: | ||
Collection of stock subscription receivable | 3,250 | |
Proceeds from the issuance of common stock | 29,010 | |
Related party loan | 6,013 | 3,050 |
Net cash provided by financing activities | 35,023 | 6,300 |
NET INCREASE IN CASH | 18,944 | 1,229 |
CASH AT BEGINNING OF THE PERIOD | 877 | 184 |
CASH AT THE END OF THE PERIOD | 19,821 | 1,413 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Ankam (the “Company”) was incorporated in August 2018 under the laws of the State of Nevada. The Company's product is MoneySaverApp. It is an application created to aggregate various discount cards on your mobile device. This way you can get easy access to any discounts at any moment. The idea of the app appeared as a way of simplifying the use of discount cards and enabling people to share them with anyone. With this product users can get a discount for such services as chain stores, gas stations, car dealerships, sports clubs, laundries, pharmacies, clinics, airlines, beauty salons, restaurants, clubs, internet service providers, car repair shops, pet stores and other customer loyalty programs. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The unaudited condensed 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. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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. They do not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the SEC for the year ended November 30, 2021. Basis of presentation The accompanying condensed financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (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 three months ended February 28, 2022 and 2021. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. 10 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) Revenue Recognition 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 title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. Capitalized Software Costs The Company capitalizes the application development phase costs of internal use software in accordance with Accounting Standards Codification (“ASC”) 350-40, “ Intangibles-Goodwill and Other-Internal Use Software 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” 11 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) 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. 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 | 3 Months Ended |
Feb. 28, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying condensed 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 no revenues and incurred losses as of February 28, 2022. 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. 12 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Feb. 28, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS During the period from August 22, 2018 (inception) through February 28, 2022, the Company’s sole director has loaned to the Company $40,085. This loan is unsecured, non-interest bearing and due on demand. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Feb. 28, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5 – 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 | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
INCOME TAXES | NOTE 6 – INCOME TAXES The components of the Company’s provision for Federal income tax February 28, 2022 November 30, 2021 Federal income tax benefit attributable to: Current Operations $ 36,518 $ 26,445 Less: valuation allowance (36,518) (26,445) Net provision for Federal income taxes $ — $ — 13 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) The cumulative tax effect at the expected rate of 21% February 28, 2022 November 30, 2021 Deferred tax asset attributable to: Net operating loss carryover $ 7,669 $ 5,553 Less: valuation allowance (7,669) (5,553) 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 $36,518 as of February 28, 2022, for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The unaudited condensed 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. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. 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. They do not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes filed with the SEC for the year ended November 30, 2021. |
Basis of presentation | Basis of presentation The accompanying condensed financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (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 three months ended February 28, 2022 and 2021. |
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. 10 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) |
Revenue Recognition | Revenue Recognition 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 title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. |
Capitalized Software Costs | Capitalized Software Costs The Company capitalizes the application development phase costs of internal use software in accordance with Accounting Standards Codification (“ASC”) 350-40, “ Intangibles-Goodwill and Other-Internal Use Software |
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” 11 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) |
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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Feb. 28, 2022 | |
Accounting Policies [Abstract] | |
tax effect at the expected rate of 21% | The components of the Company’s provision for Federal income tax February 28, 2022 November 30, 2021 Federal income tax benefit attributable to: Current Operations $ 36,518 $ 26,445 Less: valuation allowance (36,518) (26,445) Net provision for Federal income taxes $ — $ — 13 ANKAM NOTES TO THE CONDENSED FINANCIAL STATEMENTS As of February 28, 2022 (Unaudited) The cumulative tax effect at the expected rate of 21% February 28, 2022 November 30, 2021 Deferred tax asset attributable to: Net operating loss carryover $ 7,669 $ 5,553 Less: valuation allowance (7,669) (5,553) Net deferred tax asset $ — $ — |
tax effect at the expected rate of 21% | The cumulative tax effect at the expected rate of 21% February 28, 2022 November 30, 2021 Deferred tax asset attributable to: Net operating loss carryover $ 7,669 $ 5,553 Less: valuation allowance (7,669) (5,553) Net deferred tax asset $ — $ — |
tax effect at the expected rate
tax effect at the expected rate of 21% (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Feb. 28, 2022 | Nov. 30, 2021 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 36,518 | $ 26,445 |
Less: valuation allowance | (36,518) | (26,445) |
Net operating loss carryover | 7,669 | 5,553 |
Less: valuation allowance | $ (7,669) | $ (5,553) |