Cover
Cover - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Feb. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 30, 2022 | |
Document Fiscal Period Focus | FY | |
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 | Las Vegas | |
Address State | NV | |
Address Posta lZip Code | 89108 | |
City Area Code | 995 | |
Local Phone Number | 599420389 | |
Well Known Seasoned Issuer | No | |
Voluntary Filers | No | |
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 | |
Public Float | $ 0 | |
Common Stock Shares Outstanding | 4,327,996 | |
Personnel Email Address | mainoffice@ankam.net | |
Auditor Firm Id | 3289 | |
Auditor Name | Accell Audit & Compliance, PA | |
Auditor Location | Tampa, Florida |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
CURRENT ASSETS: | ||
Cash | $ 2,277 | $ 877 |
Accounts receivable | 4,800 | |
Prepaid expenses | 3,265 | |
Right-of-use asset, net | 169,752 | |
Total current assets | 176,829 | 4,142 |
Project in process | 198,710 | |
Capitalized software costs, net | 70,491 | 6,735 |
TOTAL ASSETS | 446,030 | 10,877 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 123,499 | |
Deferred revenue | 4,000 | |
Related party loan | 215,017 | 34,072 |
Lease liability | 149,660 | |
Total current liabilities | 492,176 | 34,072 |
Total liabilities | 492,176 | 34,072 |
STOCKHOLDERS’ DEFICIT: | ||
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,327,996 and 3,250,000 shares issued and outstanding as of November 30, 2022 and November 30, 2021, respectively | 4,328 | 3,250 |
Additional paid in capital | 31,262 | |
Accumulated deficit | (81,736) | (26,445) |
Total stockholders’ deficit | (46,146) | (23,195) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 446,030 | $ 10,877 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2022 | Nov. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock Shares Issued | 4,327,996 | 3,250,000 |
Common Stock Shares Outstanding | 4,327,996 | 3,250,000 |
Statements of operations
Statements of operations - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Income Statement [Abstract] | ||
REVENUE: | $ 1,760 | |
EXPENSES: | ||
General and administrative expenses | 26,606 | 3,818 |
Professional fees | 17,200 | 17,439 |
Amortization | 13,245 | |
Total expenses | 57,051 | 21,257 |
Loss before income taxes | (55,291) | (21,257) |
Provision for income taxes | ||
NET LOSS | $ (55,291) | $ (21,257) |
Net loss per common share - basic | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding - basic and diluted | 4,085,776 | 3,250,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Equity - USD ($) | Common Stock [Member] | Common Stock Subscribed [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, shares | 3,250,000 | ||||
Beginning balance, value at Nov. 30, 2020 | $ 3,250 | $ (3,250) | $ (5,188) | $ (5,188) | |
Collection of stock subscription receivable | 3,250 | 3,250 | |||
Net loss | $ (21,257) | $ (21,257) | |||
Ending balance, value at Nov. 30, 2021 | 3,250 | (26,445) | $ (23,195) | ||
Balance, shares | 3,250,000 | ||||
Net loss | $ (55,291) | $ (55,291) | |||
Common stock issued for cash | 1,078 | 31,262 | 32,340 | ||
common stock issued for cash | $ 1,077,996 | ||||
Ending balance, value at Nov. 30, 2022 | $ 4,328 | $ 31,262 | $ (81,736) | $ (46,146) | |
Balance, shares | 4,327,996 |
Statements of cash flows
Statements of cash flows - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (55,291) | $ (21,257) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization expense | 13,245 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,800) | |
Prepaid expenses | 3,265 | (3,265) |
Right-of-use asset/liability, net | (20,093) | |
Project in process | (198,710) | |
Accounts payable and accrued expenses | 123,499 | |
Deferred revenue | 4,000 | |
Net cash used in operating activities | (134,885) | (24,522) |
Cash Flow from Investing Activities: | ||
Purchase of software | (77,000) | (6,735) |
Net cash used in investing activities | (77,000) | (6,735) |
Cash Flows from Financing Activities: | ||
Collection of stock subscription receivable | 3,250 | |
Proceeds from the issuance of common stock | 32,340 | |
Related party activity, net | 180,945 | 28,700 |
Net cash provided by financing activities | 213,285 | 31,950 |
NET INCREASE IN CASH | 1,400 | 693 |
CASH AT BEGINNING OF THE PERIOD | 877 | 184 |
CASH AT THE END OF THE PERIOD | 2,277 | 877 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
OTHER CASH FINANCING ACTIVITY: | ||
Server rental agreement | $ 179,592 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Nov. 30, 2022 | |
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 product is MoneySaverApp, an application created to aggregate various discount cards on your mobile device. This way, users can easily access any discounts at any time. The idea for the app emerged as a way to simplify the use of discount cards and enable people to share them with anyone. With this product, users can obtain discounts for services such 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 | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“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 years ended November 30, 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. 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. There are no additional performance obligations. The transaction price is fixed in the invoice. The company does not apply discounts. 15 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at 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. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer account, and the financial condition of the Company’s customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. As of November 30, 2022, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets”. 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. 16 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” 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", 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. 17 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Nov. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying 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 minimal revenues and incurred losses as of November 30, 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 beyond the next 12 months. 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 | 12 Months Ended |
Nov. 30, 2022 | |
Right-of-use Asset | |
RIGHT-OF-USE ASSET | NOTE 4 – RIGHT-OF-USE ASSET The Company rents 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 server agreement balance as of November 30, 2022 and 2021, is $169,752 and $0, respectively. The Company determined this transaction to reflect an operating lease. The entire invoice was due upon invoice on November 11, 2022 and the Company is making payments towards the balance periodically, however, there are no extended terms for payment. Therefore, the present value of the lease is the invoice date, and all remaining amounts are due and are reflected in the current liability section of the balance sheet. |
PROJECT IN PROGRESS
PROJECT IN PROGRESS | 12 Months Ended |
Nov. 30, 2022 | |
Project In Progress | |
PROJECT IN PROGRESS | NOTE 5 – PROJECT IN PROGRESS The Company is developing and implementing a cryptocurrency wallet project. Upon completion of the development, the Company will receive an application with a cryptocurrency wallet and a version of the website. The approximate total cost of the project is $255,800. The project is planned to launch in June 2023. The Company believes that the development of this application will be relevant for 3 years with its constant testing, adjustment, control and improvement of functionality based on user feedback. |
CAPITALIZED SOFTWARE
CAPITALIZED SOFTWARE | 12 Months Ended |
Nov. 30, 2022 | |
Leases [Abstract] | |
CAPITALIZED SOFTWARE | NOTE 6 – CAPITALIZED SOFTWARE Useful Life As of November 30, 2022 As of November 30, 2021 Cryptocurrency Web Wallet + App 3 years $ 77,000 $ — MoneySaver App 3 years 6,735 6,735 Total capitalized software 83,735 6,735 Accumulated amortization (13,244) — Balance $ 70,491 $ 6,735 18 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Nov. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS The Company owed its sole director $ 215,017 34,072 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Nov. 30, 2022 | |
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 | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES The components of the Company’s provision for federal income tax for the year ended November 30, 2022 and the year ended November 30, 2021 November 30, 2022 November 30, 2021 Federal income tax benefit attributable to: Current operations $ 81,736 $ 26,445 Less: valuation allowance (81,736 ) (26,445 ) Net provision for federal income taxes $ — $ — The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax November 30, 2022 November 30, 2021 Deferred tax asset attributable to: Net operating loss carryover $ 17,165 $ 5,553 Less: valuation allowance (17,165 ) (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 $81,736 as of November 30, 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. 19 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to November 30, 2022, 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) | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“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 years ended November 30, 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. |
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. There are no additional performance obligations. The transaction price is fixed in the invoice. The company does not apply discounts. 15 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at 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. Allowances for doubtful accounts are determined based on assessing the Company’s portfolio on an individual customer and on an overall basis. This process consists of a review of historical collection experience, current aging status of the customer account, and the financial condition of the Company’s customers. Based on a review of these factors, the Company establishes or adjusts the allowance for specific customers and the accounts receivable portfolio as a whole. As of November 30, 2022, an allowance for doubtful accounts was not considered necessary as all accounts receivable were deemed collectible. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analyses in accordance with ASC 360-10-15, “Impairment or Disposal of Long-Lived Assets”. |
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. 16 ANKAM INC. NOTES TO THE AUDITED FINANCIAL STATEMENTS NOVEMBER 30, 2022 AND 2021 |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” |
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", |
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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Nov. 30, 2022 | |
Accounting Policies [Abstract] | |
net deferred tax | The components of the Company’s provision for federal income tax for the year ended November 30, 2022 and the year ended November 30, 2021 November 30, 2022 November 30, 2021 Federal income tax benefit attributable to: Current operations $ 81,736 $ 26,445 Less: valuation allowance (81,736 ) (26,445 ) Net provision for federal income taxes $ — $ — The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax November 30, 2022 November 30, 2021 Deferred tax asset attributable to: Net operating loss carryover $ 17,165 $ 5,553 Less: valuation allowance (17,165 ) (5,553 ) Net deferred tax asset $ — $ — |
net deferred tax | The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax November 30, 2022 November 30, 2021 Deferred tax asset attributable to: Net operating loss carryover $ 17,165 $ 5,553 Less: valuation allowance (17,165 ) (5,553 ) Net deferred tax asset $ — $ — |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Nov. 30, 2022 | Nov. 30, 2021 |
Related Party Transactions [Abstract] | ||
The Company owed its sole director | $ 215,017 | $ 34,072 |
net deferred tax (Details)
net deferred tax (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2021 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 81,736 | $ 26,445 |
Less: valuation allowance | (81,736) | (26,445) |
Net provision for federal income taxes | ||
Deferred tax asset attributable to: | ||
Net operating loss carryover | 17,165 | 5,553 |
Less: valuation allowance | (17,165) | (5,553) |
Net deferred tax asset |